LunR Royalties Debuts on TSXV, NGEx Minerals Sharpens Exploration Focus

VANCOUVER, BC – December 18, 2025 – The TSX Venture Exchange is set to welcome a new player to its boards as LunR Royalties Corp. will commence trading tomorrow, December 19, 2025, under the symbol "LUNR". The listing marks the successful culmination of a strategic spin-out from copper and gold explorer NGEx Minerals Ltd., a move designed to unlock value and create two distinct, focused investment opportunities.

LunR Royalties was officially formed through a statutory plan of arrangement on October 23, 2025, creating an independent entity dedicated to the mining royalty and streaming business. Following the arrangement, NGEx Minerals confirmed it retains a significant 19.9% stake in the new company, holding 13,370,107 common shares. This move allows NGEx shareholders to maintain exposure to the royalty model's potential while enabling the parent company to concentrate its resources on its primary mission: mineral exploration and development.

A New Player in a Resilient Sector

LunR Royalties enters the public market at a time of significant investor interest in the royalty and streaming sector. This business model is often favored for its lower-risk profile compared to traditional mining operations. Royalty companies provide capital to miners in exchange for a percentage of future revenue or production, granting them exposure to commodity price upside without the direct burdens of operational execution, capital overruns, or exploration risk.

LunR's foundation is built upon a portfolio of two compelling royalties on world-class assets located in the highly prospective Vicuña District, a resource-rich belt straddling Argentina and Chile. The initial portfolio consists of a 1.00% Net Smelter Return (NSR) royalty on the Lunahuasi project in Argentina and a 1.38% NSR royalty on the Los Helados project in Chile. Both projects are operated by NGEx Minerals, providing LunR with a stake in the future success of two of the region's most promising copper-gold discoveries.

The company's leadership, helmed by President and CEO Adam Lundin, has signaled a clear growth strategy. The ambition is to leverage this strong starting position to acquire a diversified portfolio of royalties and streams, building a significant new player in a sector populated by heavyweights like Franco-Nevada and Royal Gold. The timing is seen as opportune, with a global commodities supercycle and surging demand for metals like copper, which is critical for global decarbonization efforts, driving significant investment into the space.

NGEx Minerals: A Sharpened Focus on Discovery

For NGEx Minerals, the spin-out of LunR Royalties represents a strategic pivot, clarifying its identity as a pure-play exploration and development company. With the royalty assets now housed in a separate vehicle, management can dedicate its full attention and capital to advancing its flagship projects, Lunahuasi and Los Helados.

The Lunahuasi project, 100% owned by NGEx, has rapidly emerged as a cornerstone asset since its discovery in 2023. Located in Argentina's San Juan Province, the project has consistently delivered some of the highest-grade copper, gold, and silver intersections ever seen in the Vicuña District. Recent drilling has confirmed both high-grade veins and bulk tonnage potential, with a June 2025 announcement highlighting a remarkable intercept of 16.35 meters grading 12.97% copper equivalent. The deposit remains open for expansion in all directions, and the discovery of an underlying porphyry system suggests its true scale may be far larger than what has been defined to date. As of mid-2025, its inferred resource already stood at an immense 1.4 billion tonnes.

Just across the border in Chile lies the Los Helados project, an advanced-stage copper-gold porphyry deposit that ranks as one of the largest undeveloped copper resources in the world. NGEx is the majority partner and operator of the project, which boasts an Indicated Resource of 2.1 billion tonnes. An updated Mineral Resource Estimate in late 2023 demonstrated a significant increase in grade, reinforcing the project's robust economics. Together, Lunahuasi and Los Helados represent a powerful value proposition centered on the discovery and development of globally significant copper-gold systems.

The Lundin Legacy and Market Outlook

The creation of LunR Royalties is a strategic maneuver characteristic of the Lundin Group of Companies, of which NGEx is a part. The group has a long and successful history of creating shareholder value by building, financing, and often spinning out focused resource companies. By separating the royalty business from the high-risk, high-reward exploration work, the strategy allows investors to choose the profile that best suits their objectives.

NGEx, now streamlined and well-capitalized following a recent C$175 million private placement, is positioned to aggressively pursue its exploration programs at Lunahuasi. The market will be closely watching for further drill results that could continue to expand the scope and scale of its world-class discoveries.

Meanwhile, LunR Royalties debuts as a new, pure-play royalty vehicle with a foundational link to the Lundin Group's exploration success. Its future will be defined by its ability to execute on its acquisition strategy and build a diversified portfolio that can generate long-term, sustainable value for its shareholders, beginning with the potential cash flow from its foundational assets in the Vicuña District.