NGEx Reports 2025 Results; Solidifies Lunahuasi as a Globally-significant High-grade System; Announces New Board Appointment

Executive Summary

• NGEx Minerals reported FY 2025 results, posting a net loss of $123.3 M but ending the year with $192.5 M cash and short‑term investments and a strong treasury position bolstered by an oversubscribed $175 M private placement.
• Phase 4 drilling at Lunahuasi is 88% complete (≈22,000 m of 25,000 m target) with multiple high‑grade copper‑gold‑silver intercepts confirming the size and continuity of a globally significant system.
• The company received environmental approval for an exploration adit at Lunahuasi and completed the spin‑out of 80.1% of LunR Royalties to shareholders, retaining a 19.9% interest.

Key Details

• Financial Highlights (FY 2025 vs FY 2024)
• Net loss: $123.3 M (vs $63.6 M) – primarily exploration & G&A costs.
• Cash & short‑term investments: $192.5 M (up from $153.4 M).
• Working capital: $436.5 M (up from $188.9 M).
• Private Placement – Closed Oct 15 2025; 7,000,000 common shares at $25.00 each; gross proceeds $175 M; net proceeds to fund exploration, Los Helados project, and general corporate purposes.
• Spin‑out of LunR Royalties – Effective Oct 23 2025; shareholders received ¼ LunR share per NGEx share; NGEx retained 13,370,107 LunR shares (19.9% ownership).
• Board Appointment – Peter J O'Callaghan appointed to Board effective Mar 20 2026; board now nine members.
• Phase 4 Drilling at Lunahuasi (88% complete)
• Saturn Zone:
  • Hole DPDH048: 649 m @ 1.64 % CuEq (incl. 126.55 m @ 5.09 % CuEq).
  • Hole DPDH051: 327.4 m @ 3.74 % CuEq; includes 7.30 m @ 14.50 % CuEq and 5.80 m @ 14.40 % CuEq.
  • Hole DPDH057: 131 m @ 5.09 % CuEq; includes 30 m @ 7.91 % CuEq and 40.2 m @ 6.09 % CuEq.
• Mars Zone:
  • Hole DPDH054: 94 m @ 8.99 % CuEq; includes 21.7 m @ 31.92 % CuEq.
  • Hole DPDH060: 32.3 m @ 4.95 % CuEq (extension NE ~70 m).
• Environmental Approval – Received DIA for proposed exploration adit at Lunahuasi; enables underground access for deeper drilling, metallurgical sampling, and geotechnical work. Target start of underground development: Q4 2026, pending remaining permits.
• Phase 3 Summary (completed 2025) – 25,003 m in 24 holes; identified two new discoveries (copper‑gold porphyry & ultra‑high‑grade gold veins) and expanded high‑grade vein envelope to ≥1,100 × 1,200 × 1,200 m.
• Los Helados Project – NGEx remains majority partner/operator; Lundin Mining’s pending acquisition of NCR’s 31% interest expected to close Apr 2026, making Lundin a minority partner.

Notable Quotes

“We continue to build on NGEx and its predecessor companies' track record of value creation… Phase 4 drilling has now completed over 22,000 metres to date with results confirming the deposit's unique combination of size and grade.” – Wojtek Wodzicki, President & CEO.

All forward‑looking statements are subject to risks and uncertainties detailed in the release.