NGEx Minerals (NGEX) investor relations material

Vicuña district and portfolio

• Lunahuasi, a high-grade discovery in Argentina, and Los Helados, discovered in Chile in 2009, are the two core assets; earlier discoveries partly comprise the Vicuña Project being developed by Lundin Mining and BHP.

• The Vicuña project partners were moving toward FID, potentially in the next couple of months based on their statements; the district's advancing development is improving the outlook for nearby assets.

• Lundin Mining acquired JX Nippon's 31% interest in Los Helados through its Caserones transaction, aligning interests and raising the prospect of joint development.

• Los Helados was described as one of Chile's largest undeveloped copper-gold projects, with potential synergies from combining its resource with Caserones operating infrastructure.

Lunahuasi growth and access

• A 25,000 m drill program over the prior 12 months added to Lunahuasi; the system remains open and further drilling is planned to define its limits.

• Environmental approval for an exploration adit was received; with sectoral permits still pending, underground development was targeted for the Southern Hemisphere summer.

• Underground access is expected to cut resource-definition drill distances by between one half and one third per hole, allowing 2–3 times as much area to be tested for the same drilling meters.

• The adit will cross known mineralized zones, enable larger bulk samples for metallurgical tests and improve understanding of mining conditions; full-sized equipment could support future development and permitting.

• Management aims to preserve the standalone development option and shorten timelines to production; Lunahuasi remains an exploration-stage growth asset with substantial upside.

Los Helados development opportunity

• Discussions with Lundin Mining are planned to find an arrangement that advances Los Helados; a preferred outcome would retain a significant interest and carry the asset to production, but no deal had been reached.

• A successful arrangement could give the asset a clearer path to production and address its portfolio discount; the parties still need to agree on terms.

• Management sees urgency to advance Los Helados given Caserones' operating timeline and Lundin Mining's stated interest in moving the project forward.