Argentina's Copper Future? NGEx Drill Results Signal a World-Class Find

VANCOUVER, BC – June 23, 2026 – In the high Andes of Argentina's San Juan province, the steady hum of a drill rig has given way to a seismic announcement that is reverberating through the global mining industry. NGEx Minerals Ltd. today released assay results from its Lunahuasi project that are not merely encouraging; they are the kind of figures that define careers and build billion-dollar mines. The data points to a mineral system of exceptional size and richness, suggesting that the region may be home to another world-class copper and gold deposit.

The centerpiece of the announcement is drillhole DPDH064, which intersected a staggering 1,540 meters of continuous mineralization grading 1.17% copper equivalent (CuEq). To put that in perspective, the mineralized interval is longer than four Eiffel Towers stacked end-to-end. More importantly, the hole bottomed out while still in well-mineralized rock, indicating the true scale of the system remains unknown and open for expansion.

These results do more than just boost a company's stock; they provide a crucial look into the systems of resource discovery and development that will power our future. As the world accelerates its transition to green energy and digital infrastructure, the demand for copper—the essential metal of electrification—is soaring. Discoveries of this magnitude are becoming vanishingly rare, and this one could play a pivotal role in meeting that future demand.

A Discovery of Remarkable Scale and Grade

While the sheer length of the mineralized intercept is impressive, the true value lies in its composition. Tucked within the 1,540-meter-long column of rock is an exceptionally high-grade section known as the Saturn Zone, which returned 88 meters grading 8.65% CuEq. This zone includes an even richer core of 15.65 meters at an astonishing 30.13% CuEq—a grade rarely seen outside of a few legendary deposits.

"Hole DPDH064 is one of the most important holes we have drilled, crossing the high-sulphidation system and continuing well into the adjacent porphyry deposit, highlighting the impressive scale and grade of Lunahuasi," commented Wojtek Wodzicki, President and CEO of NGEx Minerals. He emphasized the discovery of a large, high-grade breccia body—a type of fractured, mineral-rich rock—as a critical development. "High-grade breccias are an important part of many notable porphyry deposits worldwide and the fact that we are seeing this style of mineralization in only our second hole into the Lunahuasi porphyry bodes well for the potential of the deposit."

This is not just a single lucky strike. The drillhole successfully transitioned from the upper, high-sulphidation part of the system into a deeper, large-scale porphyry deposit, confirming the company's geological model. The intersection of a 501-meter zone of porphyry mineralization, itself containing a 156-meter interval of 1.00% CuEq within the breccia, demonstrates the system's complexity and multifaceted potential.

Unlocking a Geologic Treasure Chest

The significance of the breccia discovery cannot be overstated. Geologically, it connects Lunahuasi to its illustrious neighbors in the Vicuña District, a resource-rich belt straddling the Argentina-Chile border that the Lundin Group of Companies, NGEx's parent organization, was instrumental in identifying. This district hosts giants like the Filo del Sol and Los Helados deposits, both of which contain similar high-grade breccia bodies that are key to their economic potential.

The presence of this feature at Lunahuasi suggests it belongs to the same family of elite, large-scale mineral systems. It provides geologists with a clear, well-understood model for exploration and a powerful tool for targeting the highest-grade portions of the deposit in the upcoming Phase 5 drill program. By confirming this geological signature, NGEx has significantly de-risked the project and illuminated a path toward defining a potentially massive resource.

The findings from a second hole, DPDH066, drilled over two kilometers away, further reinforce the system's immense scale. While intersecting lower grades, it provided critical geological markers that, according to the company, form "important vectors which will help guide the next phase of drilling." It paints a picture of a vast, vertically extensive system stretching over 1.5 kilometers from its potassic core deep underground to the near-surface alteration zone.

Building a Foundation for Growth

Behind these stunning technical results lies a deliberate and well-executed corporate strategy. NGEx, backed by the financial and technical prowess of the Lundin Group, has been systematically advancing Lunahuasi. The company recently secured a key environmental permit for an underground exploration tunnel, which will provide more efficient access for future drilling and bulk sampling. Furthermore, a heavily oversubscribed C$175 million financing completed in late 2025 fortified its treasury, ensuring it has the capital to aggressively pursue its exploration goals.

This combination of geological success and strategic foresight has not gone unnoticed by the market. Analysts maintain a strong "Buy" consensus on the company, and its stock has responded positively to the string of successful announcements. This investor confidence is crucial, as it underpins the company's ability to fund the long and capital-intensive journey from discovery to production.

This isn't just a story about one company; it's about the ecosystem required to bring a major resource to light. It involves technical expertise, patient capital, and a stable regulatory environment. With its recent successes, NGEx is demonstrating how these elements can converge to unlock significant value, not just for shareholders, but for the host jurisdiction.

The Vicuña District and Argentina's Economic Horizon

The Lunahuasi discovery solidifies the Vicuña District's reputation as one of the world's most important new copper-gold frontiers. For Argentina, and specifically the province of San Juan, the potential economic implications are profound. A future mine at Lunahuasi would represent billions in investment, thousands of jobs, and a substantial stream of tax revenue and export dollars for decades.

This development comes at a critical moment. With copper prices forecast to remain strong, driven by the unstoppable momentum of the global energy transition and the explosive growth of data centers for AI, the economic case for developing new, high-grade copper mines has never been stronger. The world needs more copper, and Argentina is now positioned to become a key supplier.

The results from hole DPDH064 have provided a tantalizing glimpse of what may lie beneath the surface at Lunahuasi. As NGEx prepares to launch its Phase 5 drill program later this year, the industry will be watching closely to see just how large this geologic treasure chest truly is.