NGEx Gets Green Light for Lunahuasi Adit, Boosting Argentina's Mining Hopes

VANCOUVER, BC – March 09, 2026 – NGEx Minerals Ltd. has received a critical environmental approval from authorities in Argentina, granting the company permission to develop an underground exploration tunnel, or adit, at its high-grade Lunahuasi project. The decision is being hailed as a major milestone that not only fast-tracks the promising copper-gold-silver deposit but also reinforces Argentina's renewed push to attract major mining investment.

The Mining Authority of San Juan Province officially approved the Environmental Impact Statement (Declaración de Impacto Ambiental, or DIA) for the project, located in the prolific Vicuña District. This green light allows the Canadian exploration firm, part of the esteemed Lundin Group of Companies, to move from surface drilling to direct underground evaluation, a pivotal step in understanding and de-risking what is believed to be the region's highest-grade mineral discovery.

A Crucial Step Forward

The approval marks the culmination of a swift permitting process, enabling NGEx to significantly accelerate the development of Lunahuasi. An exploration adit will allow the company to tunnel directly into the orebody, providing invaluable data that cannot be obtained from surface drilling alone.

"We are very pleased to receive environmental approval for the Lunahuasi exploration adit," commented Wojtek Wodzicki, President and CEO of NGEx Minerals, in a statement. "This decision by the San Juan Mining Authority supports our strategy of responsibly advancing Lunahuasi and underscores the strong working relationship we have developed with provincial authorities."

Wodzicki emphasized the technical advantages, stating, "The ability to proceed with underground development is a crucial step that will allow us to directly access high-grade bulk material for metallurgical and engineering studies, provide access for year-round underground drilling, improve geologic definition, and position Lunahuasi for the next stage of advancement."

With the DIA secured, NGEx will now proceed with detailed engineering, contractor selection, and preparing the site for construction. The company is targeting the fourth quarter of 2026 to begin underground development, pending the receipt of remaining sectoral permits.

Unlocking a High-Grade Behemoth

The Lunahuasi project has generated significant excitement in the mining industry since its discovery in 2023. Located in the Andes Mountains, the deposit is a high-sulphidation epithermal system known for exceptionally rich concentrations of copper, gold, and silver. Recent drilling has returned some of the highest-grade intercepts ever seen in the Vicuña District, including a remarkable 94 meters at 8.99% copper equivalent and another hole hitting 21.7 meters at an ultra-high grade of 31.92% copper equivalent.

More significantly, exploration has confirmed the presence of a massive copper-gold porphyry system lying beneath the high-grade epithermal veins. This discovery of a dual-style mineralization system dramatically increases the project's potential scale, suggesting it could rival other giant deposits in the region. The mineralized zone is already estimated to span a volume of at least 1,100 by 1,200 by 1,200 meters and remains open for expansion.

The new exploration adit is key to unlocking this potential. Direct underground access will enable geologists to collect large bulk samples for advanced metallurgical testing, which is essential to determine the most effective methods for processing the ore. It will also provide a platform for more efficient, year-round definition drilling and detailed geotechnical assessments—all critical inputs for future economic studies and project financing.

Argentina's Mining Renaissance

The timely approval for NGEx is a powerful signal of a broader shift in Argentina's investment climate. Both the provincial government in San Juan and the national administration have made attracting foreign capital for resource development a top priority. San Juan, in particular, has streamlined its administrative processes, reducing permitting timelines from years to months while maintaining regulatory oversight.

This pro-mining stance is creating tangible economic benefits. Mining trust funds in the province are already being invested in public infrastructure, including roads, water systems, and schools, directly improving the lives of local communities. The development of large-scale projects is expected to create thousands of direct and indirect jobs, providing a major economic boost to the region.

The national government's Incentive Regime for Large Investments (RIGI) further sweetens the pot for companies like NGEx, offering tax and currency exchange benefits to de-risk major capital expenditures. While the Lunahuasi project is still in exploration, the supportive environment bodes well for its transition to a full-scale mining operation.

"This approval is also an important signal from San Juan and Argentina, reflecting their commitment to responsible mineral development and the economic opportunities that it brings," Wodzicki noted.

A Crown Jewel in the Vicuña District

The Lunahuasi project is strategically located in the Vicuña District, a resource-rich corridor straddling the Chile-Argentina border that the Lundin Group has steadily consolidated into a world-class copper-gold frontier. The district is home to a cluster of massive deposits, including the operating Caserones mine and the development-stage Josemaria and Filo del Sol projects.

Within this stellar neighborhood, Lunahuasi stands out for its exceptional grade, positioning it as a potentially high-margin asset. Its discovery has affirmed the Lundin Group's long-held belief that the Vicuña District holds potential for multiple world-class mines. As part of this influential group, NGEx benefits from unparalleled regional expertise, operational synergies, and a strong financial backing.

Financially, NGEx is well-positioned to advance the project. Despite the heavy cash burn typical of an exploration company, it maintains very low debt and has successfully raised capital to fund its ambitious drill programs. The company's strategic decision to spin out royalties on its projects into a separate entity also allows shareholders to capture long-term value while the core company focuses on exploration and development.

As NGEx Minerals prepares to break ground on the new adit, the focus shifts from surface discovery to the complex but rewarding task of underground evaluation. This next phase will be instrumental in defining the true scale of the Lunahuasi deposit and charting its path toward becoming one of the most significant new mining projects in the Andes.