NGEx Minerals (NGEX) Investor Day 2026 summary

Strategic and Operational Highlights

• Focus remains on advancing Lunahuasi, with significant expansion of the mineralized footprint and improved geological understanding following a successful phase IV drill program; phase V will continue resource definition and exploration drilling using 8 rigs for 25,000m.

• Underground exploration adit at Lunahuasi is permitted and set to begin, aiming to accelerate drilling, enable detailed underground mapping, and facilitate bulk sampling for metallurgical test work with minimal surface impact.

• Los Helados gains new momentum with Lundin Mining as a 31% minority partner, opening potential for asset integration and value creation; Los Helados remains one of the largest undeveloped copper projects in Chile with 2.08Bt Indicated at 0.40% Cu, 0.15g/t Au, and 1.5g/t Ag.

• Spin-out of Valiente Resources announced, with Valle Ancho as its foundational project, aiming to unlock value from assets not prioritized within the main portfolio and to pursue new exploration opportunities in South America.

• NGEx retains a significant stake in LunR Royalties, creating a virtuous circle as project advancement increases royalty value.

Technical and Exploration Developments

• Lunahuasi hosts four distinct mineralization styles, each open to expansion, with ongoing drilling revealing high-grade copper, gold, and silver zones and a promising porphyry system; exceptional drill results include intersections such as 60m @ 7.52% CuEq and 110.1m @ 8.82% CuEq.

• Metallurgical test work at Lunahuasi demonstrates high recoveries and the ability to produce marketable concentrates using technologies like GlassLock, with options for on-site metal production being explored.

• Exploration at Valle Ancho has identified significant porphyry copper-gold and oxide gold targets, with future drilling and potential partnerships planned under Valiente Resources.

• The Vicuña District continues to attract major investment and infrastructure improvements, benefiting all regional projects.

• Next steps at Lunahuasi include variability and comminution testing, further optimization, and evaluation of cathode copper and doré production.

Financial and Corporate Initiatives

• CAD 175 million raised in a major private placement, supporting ongoing exploration and development.

• Enhanced sustainability reporting aligns with growing institutional investor requirements and supports broader access to capital.

• Spin-out strategy continues to be a core value creation lever, with shareholders set to receive shares in new vehicles like Valiente; previous spin-outs have delivered strong returns.

• Portfolio includes LunR Royalties and the new Valiente Resources spin-out, aiming to capture value in royalties and early-stage exploration.

• Timeline for Valiente Resources spin-out includes shareholder and court approvals in Q4 2026.