NGEx Minerals begins phase 4 drilling at Lunahuasi

Executive Summary

• NGEx Minerals Ltd. has commenced Phase 4 of its drill program at the 100%-owned Lunahuasi property in San Juan, Argentina, following a successful Phase 3 program in the first half of 2025.
• The Phase 4 program aims to test four identified styles of mineralization, explore for new high-grade zones, and expand deposit boundaries, with up to 25,000 metres of diamond drilling planned.
• The company is fully funded following a $175-million oversubscribed private placement, providing flexibility to expand the program if justified.

Key Details

• Drilling Program Scope: The Phase 4 program targets up to 25,000 metres of diamond drilling.
• Current Progress: Six drill rigs are currently active, with two more starting soon. Over 2,000 metres have already been drilled in this phase.
• Historical Context: This follows 43,249 metres drilled since the discovery of the deposit in March 2023.
• Phase 3 Achievements: The preceding Phase 3 program (completed H1 2025) delivered high-grade copper, gold, and silver intercepts, confirmed a new copper-gold porphyry system, and discovered ultrahigh-grade gold in quartz veins (a fourth distinct mineralization type).
• Drilling Strategy: The program utilizes three targeted drill spacing ranges:
  • Short-range for resource definition.
  • Mid-range for stepout.
  • Long-range for exploration.
• Timeline: Initial assay results are expected toward the end of Q4 2025, subject to drilling rates and assay turnaround times.
• Financial Position: The company recently completed a significantly oversubscribed private placement financing of $175 million, adding to its existing treasury.

Notable Quotes

• Wojtek Wodzicki, President and CEO: "We are very excited to kick off our fourth drill program at Lunahuasi, which aims to build on the successes of the phase 3 program. Drilling this season is designed to further test the four styles of mineralization identified to date while also exploring for new high-grade zones and continuing to expand the boundaries of the deposit, which remains open in all directions. With the recent completion of a significantly oversubscribed private placement financing of $175-million added to our substantial existing treasury, we are fully funded and well positioned to execute our current plan and will have flexibility to expand the program if justified."