NGEx Expands Lunahuasi Deposit with High-Grade Drill Results — NGEx Minerals Ltd.

Event summary

NGEx completed its Phase 4 drill program at Lunahuasi, intersecting high-grade copper-gold-silver mineralization and expanding the Saturn, Mars, and Jupiter zones.
Key intersections include 88 meters at 8.65% CuEq in the Saturn Zone and 57.75 meters at 9.41% CuEq in the Jupiter Zone.
The company discovered a new high-grade zone east of the Mars zone, intersecting 23.10 meters at 4.72% CuEq.
NGEx reported a net loss of $20.0 million for Q2 2026, with exploration and project investigation costs totaling $17.8 million.

The big picture

NGEx's Phase 4 drill results at Lunahuasi highlight the growing scale and grade potential of the deposit, positioning it as a significant copper-gold-silver asset in Argentina. The discovery of new high-grade zones and the expansion of existing zones demonstrate the exploration upside of the project. NGEx's strong financial position, with $463.3 million in working capital, provides flexibility for future exploration and development activities.

What we're watching

Resource Expansion: How NGEx will leverage the expanded Lunahuasi deposit to attract investment and advance towards a mineral resource estimate.
Execution Risk: Whether NGEx can sustain high-grade intersections in future drilling phases, particularly with the planned Phase 5 program starting in Q4 2026.
Strategic Reorganization: The impact of transferring the Valle Ancho Project and Maricunga Properties to a subsidiary on NGEx's focus and financial flexibility.