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NGEx Minerals

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NGEx Minerals is a copper and gold exploration company based in Canada, focused on exploration of the Lunahuasi copper-gold-silver project in San Juan Province, Argentina, and the nearby Los Helados copper-gold project located approximately nine kilometres to the northeast in Chi

Investor website: https://ngexminerals.com/

About

NGEx Minerals is a copper and gold exploration company based in Canada, focused on exploration of the Lunahuasi copper-gold-silver project in San Juan Province, Argentina, and the nearby Los Helados copper-gold project located approximately nine kilometres to the northeast in Chile’s Region III. Both projects are located within the Vicuña District, which includes the Caserones mine, and the Josemaria and Filo del Sol deposits. NGEx owns 100% of Lunahuasi and is the majority partner and operator for the Los Helados project, subject to a Joint Exploration Agreement with Nippon Caserones Resources LLC, which is the indirect 30% owner of the operating Caserones open pit copper mine located approximately 17 kilometres north of Los Helados. Lundin Mining Corporation holds the remaining 70% stake in Caserones. The Company’s common shares are listed on the TSX under the symbol “NGEX” and also trade on the OTCQX under the symbol “NGXXF”. NGEx is part of the Lundin Group of Companies.

Verified company data

Cash position
~C$143M (June 30, 2025)
Shares outstanding
216,858,780
Fully diluted shares
228,050,110
Mineral resource
The most recent Mineral Resource estimate for the Los Helados project, effective as of October 31, 2023, at a cut-off grade of 0.33% CuEq is comprised of 2.1 billion tonnes at 0.40% copper, 0.15 g/t gold and 1.5 g/t silver, containing 18.4 billion pounds of copper, 10.2 million ounces of gold and 97.5 million ounces of silver in the Indicated category, and an Inferred Mineral Resource estimate of 1.1 billion tonnes at 0.34% copper, 0.10 g/t gold and 1.4 g/t silver for 8.2 billion pounds of copper, 3.6 million ounces of gold and 50.2 million ounces of silver. The deposit contains a higher grade core at a cut-off grade of 0.60% CuEq of 510 million tonnes at 0.72% CuEq (0.56% copper, 0.21 g/t gold, 1.8 g/t silver).
Projects
["Lunahuasi: Location: San Juan Province, Argentina. Ownership: 100% NGEx. Deposit Type: High-sulphidation epithermal system. Mineralization: Copper-Gold-Silver. Lunahuasi is a copper-gold-silver high-sulphidation epithermal deposit discovered by NGEx in 2023, and the most recent discovery in the emerging Vicuña District which encompasses the Caserones mine, and the Josemaria, Filo del Sol and Los Helados deposits. Drilling to date at Lunahuasi has returned the highest grades ever encountered in the Vicuña District with significant upside as NGEx continues to explore the large mineralized system. The deposit is located in the Andes Mountains of San Juan Province, Argentina, approximately 10 kilometres south of the Los Helados project located in Region III, Chile. The local geology comprises a Permian-Triassic basement of the Choiyoi Group, consisting of rhyolites, rhyolitic ignimbrites, andesitic dikes, and granites (219–249 Ma; U-Pb zircon ages). This basement is unconformably overlain by an Upper Cretaceous volcano-sedimentary succession assigned to the Mogotes Formation, composed of sandstones, conglomerates, and sedimentary breccias with andesitic to dacitic volcanic components. The uppermost stratigraphic unit consists of Lower Miocene tuffs, lapilli tuffs, and felsic ignimbrites of the Escabroso Formation, Doña Ana Group (21.09 ± 0.4 Ma; U-Pb zircon age). An Eocene porphyritic diorite to quartz diorite intrusive body (36 ± 0.6 Ma; U-Pb) intrudes the basement and locally the Mogotes Formation, whereas Middle Miocene porphyritic dioritic dikes (13.3–13.4 Ma; Re-Os molybdenite ages; Creaser, 2025) are interpreted as early and late apophyses of a Cu-Au-Mo porphyry system located west of the explored area. Two NE-striking dextral fault systems are recognized: the Lunahuasi Fault System and the Lunahuasi South Fault System. These structures developed under a regional strike-slip regime characterized by WSW-ENE compression and NNW-SSE extension. Their overlap defines a transtensional zone in which the local stress field evolved into a mixed strike-slip/normal regime, constituting the principal control on permeability and mineralization. The highest-grade part of the deposit is a fault-related vein network comprising lithified faults, fault-fill veins, and extension vein sets, with ore-shoot geometry and distribution controlled by the interaction between these vein types. Four superimposed mineralization styles have been identified: (1) disseminated and stockwork HS Cu-Au-Ag mineralization, which forms a broad envelope around the system and grades westward into the porphyry environment; (2) massive HS enargite-pyrite veins carrying exceptionally high Cu, Au, and Ag grades (e.g., DPDH054: 21.7 m at 31.92% CuEq); (3) intermediate-sulfidation quartz veins hosting bonanza-grade gold, characterized by gray amorphous quartz and colloform banding (DPDH046: 1.55 m at 504 g/t Au), interpreted as a late, lower-temperature event; and (4) a Cu-Au-Mo porphyry system marked by A- and B-type quartz veinlets containing chalcopyrite-bornite ± molybdenite and biotite-magnetite potassic alteration (DPDH027: 743 m at 0.56% CuEq). Hydrothermal alteration displays well-developed zonation. The central part of the system is characterized by a residual quartz core with vuggy silica texture and advanced argillic alteration assemblages of quartz-alunite-dickite-kaolinite ± pyrophyllite ± zunyite ± topaz. This grades laterally into intermediate argillic alteration (kaolinite-pyrite ± dickite) and then into argillic alteration (illite-smectite ± chlorite). At depth and toward the west, potassic alteration (biotite-magnetite, K-feldspar) related to the dioritic porphyry is overprinted by phyllic alteration (quartz-sericite-pyrite) and advanced argillic alteration associated with the lithocap. At surface, the system is capped by powdery quartz and alunite-quartz assemblages linked to a steam-heated environment. Distally, propylitic alteration (chlorite ± epidote ± pyrite ± calcite) characterizes the cores of andesitic dikes and the diorite-quartz diorite intrusive rocks. Rhyolites of the Choiyoi Group constitute the most favorable host rocks for high-grade mineralization because of their brittle behavior, greater fracture intensity, and susceptibility to acidic fluid alteration. In contrast, andesites behave as relatively impermeable barriers. At greater depths, thinner veins (10–30 cm) are commonly emplaced along rhyolite-andesite contacts, exploiting planes of structural weakness. A preferred elevation for emplacement of the largest and highest-grade veins is recognized between 4,550 and 4,300 m a.s.l. in the Mars and Jupiter zones, extending down to 4,250 m a.s.l. in the Saturn zone. To date, four drilling campaigns have been completed, totaling approximately 70,000 m in more than 77 drill holes, all of which returned significant intercepts. Mineralization currently defines a minimum volume of 1,100 m (N-S) × 1,200 m (E-W) × 1,200 m (vertical extent) and remains open in all directions.","Los Helados: Location: Region III, Chile. Ownership: ~69% NGEx, ~31% Lundin Mining. Deposit Type: Copper-Gold Porphyry. Mineralization: Copper-Gold-Silver. Los Helados is one of the largest grassroots copper-gold discoveries made in the last decade and is one of the largest undeveloped copper-gold resources in the world. Los Helados is located within the Vicuna District, which includes the operating Caserones mine, where NGEx Minerals’ 31% partner at Los Helados, Lundin Mining, also holds a majority interest, and approximately 10 kilometers from Lundin Mining’s Josemaria and Filo del Sol deposits, which are moving toward development in San Juan Province, Argentina. Metallurgical test work indicates that Los Helados would produce a high-quality precious metal-rich copper concentrate. The combination of a large, high-quality resource in proximity to mining infrastructure owned by our joint-venture partner positions Los Helados as one of the best advanced-stage copper development opportunities globally. NGEx currently holds an approximate 69% interest in Los Helados subject to a Joint Exploration Agreement with Lundin Mining which holds the remaining approximate 31%. NGEx is the operator of the Los Helados project. The most recent Mineral Resource estimate for the Los Helados project, effective as of October 31, 2023, at a cut-off grade of 0.33% CuEq is comprised of 2.1 billion tonnes at 0.40% copper, 0.15 g/t gold and 1.5 g/t silver, containing 18.4 billion pounds of copper, 10.2 million ounces of gold and 97.5 million ounces of silver in the Indicated category, and an Inferred Mineral Resource estimate of 1.1 billion tonnes at 0.34% copper, 0.10 g/t gold and 1.4 g/t silver for 8.2 billion pounds of copper, 3.6 million ounces of gold and 50.2 million ounces of silver. The deposit contains a higher grade core at a cut-off grade of 0.60% CuEq of 510 million tonnes at 0.72% CuEq (0.56% copper, 0.21 g/t gold, 1.8 g/t silver). Los Helados is a copper-gold porphyry deposit. Mineralization at Los Helados is primarily hosted by a Miocene magmatic–hydrothermal breccia that forms a roughly circular, pipe-like body with minimum dimensions of 1,100m east–west, 1,200m north–south, and at least 1,500m vertically. The breccia body is surrounded by a broad halo of moderate to low grade copper-gold mineralization which diminishes in grade with increasing distance from the breccia contact. A two-phase metallurgical test work program for Los Helados was conducted at SGS Minerals S.A. (SGS) laboratories in Santiago, Chile, under the supervision of Amec Foster Wheeler. Material from Los Helados was also tested for amenability to processing by High Pressure Grinding Rolls (HPGR) by Thyssenkrupp. The testwork completed to date indicates Cu recovery ranges from 84.2% to 93.9%, gold recovery averages 76% and silver recovery averages 60%. No deleterious elements were noted in the concentrates produced from the testwork completed on Los Helados mineralization and they are expected to be marketable to copper smelters around the world. The two most recent years of exploration at Los Helados have discovered two new high-grade zones within the main breccia unit. These zones need further drilling to define their limits and both are open to depth with existing drilling ending in high-grade mineralization. Similarly, the high-grade central Condor Zone remains open to depth. With the existing drilling to date at Los Helados, there are still domains along the margin of the breccia that have not seen a high drill density and there remains ample room for further high-grade discoveries.","Valle Ancho: The Valle Ancho Project is a significant land package located in the Province of Catamarca, Argentina that covers approximately 1,000 km2 of underexplored and highly prospective ground on the Argentinian side of Chile’s Maricunga Gold Belt. More than 100 million ounces of gold have been defined on the Chilean side of the border whereas the Argentinian side has seen much less exploration despite having similar geology. NGEx has a 100% interest in the Project following completion of an earn-in with the Province of Catamarca in 2022. The project area was initially explored in the 1990’s resulting in the identification of several interesting gold and copper-gold targets. While not independently verified by the Company, historical drill intercepts include 62 metres at 1.0 g/t gold, and 108 metres at 1.0 g/t gold. Despite the encouraging results obtained by earlier explorers the area was not available for exploration for most of the last 20 years. The main targets lie along a major northwest trending structural corridor called the Valle Ancho Lineament. Many of the major deposits in the Andes are spatially related to similar northwest trending lineaments. The Company carried out an initial field program at the Valle Ancho Project during the 2019/2020 Southern Hemispshere Summer, and followed up with a 3,060 metre, 8-hole diamond drill program during the 2021/2022 field season to test high priority exploration targets. The 2021/2022 drill campaign at the Valle Ancho Project confirmed the discovery of a new copper-gold porphyry system at the La Quebrada target with an intersection of 596.5 metres grading 0.50% copper equivalent (0.23% copper, 0.37 g/t gold, 1.4 g/t silver). In addition, the two holes completed at the Nordin target, VADH001 and VADH002, returned 150 metres at 1.05 g/t gold from surface, and 198 metres at 0.63 g/t gold from surface, respectively. While the discoveries at Valle Ancho are encouraging and positive confirmation of the prospectivity of the broader land package, additional work will be required to better understand extent, geometry and controls of this mineralization."]
Leadership
Wojtek Wodzicki (President & CEO, Dr. Wodzicki holds a doctorate in Geosciences from the University of Arizona and brings over 30 years of international experience in mineral exploration and corporate leadership. He has led successful exploration teams worldwide, managing large-scale projects from the generative stage through to engineering studies.), Alex Tong (Chief Financial Officer, Mr. Tong is a seasoned mining finance professional with over 20 years of experience supporting exploration, development, and operating companies.), Bob Carmichael (Vice President Exploration, Mr. Carmichael joined NGEx Minerals’ predecessor company from the UK office of Lundin Mining Corporation, where he was General Manager, Resource Exploration. He has 23 years of experience in public company management and international mineral exploration.), Rich Flynn (Vice President Geology & Resources, Mr. Flynn joined the Lundin Group in 2022 as Principal Resource Geologist, responsible for data management, geological modeling and resource estimation. He has 15 years of experience in technical leadership.), Arndt Brettschneider (Vice President Operations & Projects, Mr. Brettschneider has 30 years of international mining, project development and consulting experience, previously serving as Vice President Operations and Projects at Filo Corp.), Finlay Heppenstall (Vice President, Corporate Development & Investor Relations, Mr. Heppenstall has over 10 years of experience in capital markets and the natural resource industry, previously serving as Director, Investor Relations & Corporate Development at Lundin Gold Inc.), Martin Rode (South America General Manager, Mr. Rode is a Geologist focused on South American Andean projects, with over twenty years of experience in the Vicuña District.), Judy A. McCall (Corporate Secretary, Ms. McCall is a senior corporate governance and securities professional with more than 18 years’ experience supporting publicly traded natural resource companies.

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