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NGEx Minerals Ltd. TSX: NGEX / OTCQX: NGXXF

Introduction

NGEx Minerals Ltd. is a Canadian-listed copper-gold-silver exploration and development company focused on the Vicuña District, one of the most important emerging copper-gold districts in South America. The company’s two core assets are Lunahuasi in San Juan Province, Argentina, and Los Helados in Chile’s Region III. NGEx owns 100 percent of Lunahuasi and is the majority partner and operator of Los Helados, where Lundin Mining is the minority partner.

The investment case is simple: NGEx is not a normal early-stage explorer. It already controls one of the most exciting high-grade copper-gold-silver discoveries in the Vicuña District, plus a very large copper-gold resource at Los Helados. This gives NGEx two different value drivers. Lunahuasi provides high-grade discovery upside, while Los Helados provides large-scale copper-gold development optionality.

The bull case is powerful because Lunahuasi has delivered extremely high-grade drill results, including wide copper-equivalent intervals and spectacular gold intercepts. The company has now completed Phase 4 drilling, identified multiple styles of mineralization, and is moving toward the next stage of project definition. This is still an exploration story, but it is no longer a pure idea. NGEx has already drilled a major mineralized system and is trying to prove that Lunahuasi can become a stand-alone high-grade copper-gold-silver mine.

The biggest risk is valuation and stage. NGEx already trades at a multi-billion-dollar market capitalization, so the market is not ignoring the story. The company still has no completed PEA, PFS, reserve, mine plan, capex estimate, AISC estimate, or production timeline for Lunahuasi. This means the geological upside is obvious, but the economic value still needs to be proven through technical studies, permitting, metallurgy, infrastructure planning, and eventually financing.

Overall, NGEx is a premium exploration-development story. It has elite discovery quality, Lundin Group backing, strong liquidity, major district positioning, and exposure to copper, gold, and silver. But investors must treat it differently from a cheap junior. This is already a large-cap exploration story, so future upside depends on NGEx continuing to expand Lunahuasi, de-risking development, proving economics, and finding a way to surface value from Los Helados and its LunR Royalties stake.

Projects / Location / MRE / Grades

Project 1: Lunahuasi Project, San Juan Province, Argentina

Lunahuasi is NGEx’s flagship discovery and the main reason the stock has re-rated. The project is located in San Juan Province, Argentina, within the Vicuña District. It sits near other major copper-gold systems, including Filo del Sol, Josemaria, Los Helados, and Caserones.

Lunahuasi is important because it combines three things that the market loves in mineral exploration: grade, scale, and district context. It is not only a narrow high-grade vein story, and it is not only a low-grade porphyry story. NGEx describes Lunahuasi as having multiple overlapping styles of mineralization, including high-sulphidation copper-gold-silver veins, copper-gold stockwork and disseminated mineralization, copper-gold porphyry mineralization, and ultra high-grade gold in quartz veins.

This matters because the system appears more complex and potentially larger than a single-zone discovery. Phase 4 drilling has continued to expand and define multiple named zones, including Mars, Saturn, and Jupiter, while also testing new targets outside the original discovery area.

Lunahuasi Drill Highlights

Drill Result Highlight	Commentary
60m at 7.5% CuEq from the 2023 discovery hole	Major discovery-style high-grade copper-equivalent intercept.
205m at 5.1% CuEq from a January 2025 drill hole	Wide, very high-grade interval that supports the scale and grade thesis.
1,619m at 0.9% CuEq from a May 2025 drill hole	Very broad mineralized interval showing large system potential.
94m at 9.0% CuEq from a January 2026 drill hole	Exceptional high-grade copper-equivalent result.
17.3m at 207.79 g/t gold, including 2.00m at 1,740 g/t gold	Ultra high-grade gold component that adds precious-metal optionality.
4.88m at 60.10 g/t gold	Additional high-grade gold vein result.

These are exceptional exploration results. The copper-equivalent grades show that Lunahuasi is not just a low-grade bulk-tonnage system. The ultra high-grade gold intercepts add a second layer of excitement because they suggest that the project may have precious-metal-rich zones that could become very valuable if continuity is proven.

Lunahuasi Grade Feel

Lunahuasi is high grade. That is the main attraction. A lot of large copper projects are low grade and require huge scale to work. Lunahuasi is different because it has delivered very high-grade copper-gold-silver intervals, plus ultra high-grade gold veins.

However, high grade alone is not enough. Investors still need to see whether the mineralization can be converted into a resource, whether the geometry supports a mine plan, whether metallurgy is clean, whether the deposit can be mined economically, and whether the project can be permitted and financed.

Current Status

Lunahuasi is still pre-resource / exploration-stage from an economic-study perspective. The company has drilled a lot of metres and generated very strong results, but it does not yet have a formal resource estimate, PEA, PFS, reserve, mine plan, capex estimate, AISC estimate, or production guidance.

The next major step is to move from discovery excitement toward development definition. The company has discussed exploration adit development, Phase 5 drilling, metallurgical sampling, geotechnical work, and future technical studies. That is the right direction, but the project still needs time before investors can value it like a mine.

Project 2: Los Helados Project, Region III, Chile

Los Helados is NGEx’s second major asset. It is a large copper-gold porphyry deposit located in Chile’s Region III, approximately nine to ten kilometres north of Lunahuasi. NGEx owns approximately 69 percent of Los Helados and operates the project. Lundin Mining owns approximately 31 percent.

Los Helados is one of the largest undeveloped copper-gold resources in the world. The project is important because it gives NGEx a large resource-backed valuation anchor, while Lunahuasi provides the high-grade discovery upside.

Los Helados Mineral Resource

Resource Category	Tonnes	Grade	Contained Metal
Indicated	2.08 billion tonnes	0.40% Cu, 0.15 g/t Au, 1.5 g/t Ag, 0.51% CuEq	18.4 billion lb copper, 10.2Moz gold, 97.5Moz silver
Inferred	1.08 billion tonnes	0.34% Cu, 0.10 g/t Au, 1.4 g/t Ag, 0.42% CuEq	8.2 billion lb copper, 3.6Moz gold, 50.2Moz silver
Higher-grade core	510Mt indicated	0.72% CuEq at 0.60% CuEq cut-off	Higher-grade core within the larger porphyry system

Los Helados Grade Feel

Los Helados is not high grade compared with Lunahuasi. It is a large-scale copper-gold porphyry / block-cave style development asset. The grade is moderate, but the scale is massive. This type of project becomes valuable if it can be developed with infrastructure advantages, strong copper prices, long mine life, and strategic partner support.

The key positive is that Los Helados is located near existing and future mining infrastructure in the Vicuña District. Lundin Mining is now the minority partner at Los Helados and also has major regional exposure through Caserones, Josemaria, and Filo del Sol. This makes Los Helados strategically relevant.

The challenge is that large block-cave copper projects are technically complex and capital intensive. Los Helados is valuable, but it is not a simple near-term development story.

Project 3: Valle Ancho Project, Catamarca Province, Argentina

Valle Ancho is NGEx’s secondary exploration optionality asset. It is located in Catamarca Province, Argentina, on the Argentina side of the Maricunga Gold Belt. The company describes it as a district-scale land package of approximately 100,000 hectares.

Valle Ancho is not the main investment thesis today. The main drivers are Lunahuasi and Los Helados. However, Valle Ancho adds extra long-term exploration optionality. Previous scout drilling returned oxide gold and supergene-enriched copper results, including long intervals of gold and copper-gold-silver mineralization.

Valle Ancho should be treated as a wildcard. It may become more important in the future, but today it is not the core valuation anchor.

Share Structure / Ownership / Insiders

Capital Structure

Capital Structure Item	Shares / Securities
Issued and outstanding common shares	216,858,780
Options outstanding	11,191,330
Fully diluted common shares	228,050,110
Recent TSX share price used	C$26.23
Estimated fully diluted market cap	Approximately C$5.98B
Estimated fully diluted market cap in USD	Approximately US$4.36B using rough CAD/USD exchange rate of 1.37

Share Structure Feel

The share structure is good for a company of this size. Fully diluted shares of around 228 million is reasonable, especially considering the company has already created a multi-billion-dollar market value from discovery success.

The positive is that NGEx is well-funded and has not destroyed the share structure with excessive dilution. The company has a strong treasury, short-term investments, and a large LunR Royalties stake, which gives it flexibility. This is very different from many junior explorers that constantly need to raise money just to survive.

The negative is valuation. The market cap is already very large for a company without a PEA, reserve, mine plan, or production. That does not mean the stock cannot go higher, but it means the margin of safety is lower than it was when NGEx was much smaller. Future share-price upside must be earned through more drilling success, resource definition, technical de-risking, and strategic value creation.

Ownership / Insider Alignment

NGEx has strong insider and Lundin Family alignment. The May 2026 corporate presentation shows a shareholder summary based on fully diluted in-the-money shares, with the Lundin Family and insiders representing a very large combined ownership position.

This is a major positive. The Lundin Group has a long history of creating value in natural resources, especially in copper, gold, and South American mining districts. Having the Lundin Family heavily aligned with shareholders gives NGEx credibility, access to technical talent, capital markets support, and strategic optionality.

Ownership feel: strong. NGEx has the kind of shareholder base that many junior miners wish they had. The company is not just backed by retail speculation. It has serious mining capital, a major family group, and institutional attention.

People / Management

Person / Group	Role	Background	Management Feel
Dr. Wojtek Wodzicki	President, CEO & Director	More than 30 years of international mineral exploration and corporate leadership experience. His teams have been responsible for several major discoveries, including Los Helados, Josemaria, Filo del Sol, El Limon-Guajes, and Lunahuasi.	Very strong. For an exploration-stage company, this is exactly the kind of CEO investors want: technical, experienced, discovery-proven, and connected to a successful mining group.
Bob Carmichael	Vice President, Exploration	Professional geological engineer with more than 30 years of international mineral exploration experience. Previously VP Exploration at Filo Corp. until the 2025 acquisition by BHP and Lundin Mining.	Strong. Exploration leadership is one of NGEx’s biggest advantages.
Arndt Brettschneider	Vice President, Operations & Projects	Around 30 years of international mining, project development, and consulting experience. Previously VP Operations and Projects at Filo Corp. and VP Projects and Technical Services at Josemaria Resources.	Important. As Lunahuasi moves from discovery toward development, NGEx needs project builders as well as geologists.
Alex Tong	Incoming Chief Financial Officer	Appointed CFO effective June 10, 2026. More than 20 years of mining finance experience and senior finance roles with international mining companies.	Good. As NGEx grows, finance and capital allocation become more important.
Board and Lundin Group Network	Board / Strategic Network	Board includes experience in securities law, capital markets, mining finance, ESG, exploration, corporate transactions, and public company governance. Adam Lundin’s presence reinforces the Lundin Group connection.	Very positive. NGEx benefits from discovery track record, Lundin Group backing, capital markets experience, and technical depth.

Overall management rating: Management is one of NGEx’s strongest categories. The company has discovery track record, Lundin Group backing, capital markets experience, and technical depth. This is not a weak junior team trying to promote a story. This is a serious exploration-development team with multiple past wins in the same district.

Risks / Catalysts / Timeline

Key Risks

Risk	Why It Matters
Valuation Risk	NGEx already trades at a multi-billion-dollar market cap, so expectations are high.
No PEA / PFS Yet	Lunahuasi has no economic study, reserve, capex estimate, AISC estimate, or mine plan yet.
Resource Definition Risk	Lunahuasi still needs a formal resource estimate and better geological continuity.
Metallurgical Risk	High-grade mineralization is exciting, but metallurgy must prove recoveries and concentrate quality.
Mining Method Risk	The project may contain different mineralization styles, which could complicate mine planning.
Permitting Risk	Lunahuasi is in Argentina and will require continued environmental and government approvals.
Infrastructure Risk	High-altitude Andean projects can face access, power, water, logistics, and seasonal challenges.
Financing Risk	A future mine could require substantial capital, especially if developed as a stand-alone operation.
Political / Fiscal Risk	Argentina and Chile can offer large mining upside, but tax, royalty, permitting, and currency rules matter.
Commodity Price Risk	NGEx is exposed to copper, gold, and silver prices. Lower metal prices would pressure valuation.
Exploration Risk	Even great drill results do not guarantee a profitable mine.
Strategic Execution Risk	NGEx must decide how to fund, partner, monetize, or develop Lunahuasi and Los Helados.

Catalysts

Timeline	Expected Catalyst
2026	Final Phase 4 assay results from Lunahuasi
2026	Full analysis of Phase 4 results
Q4 2026	Planned Phase 5 drill program
2026–2027	Exploration adit permitting and potential underground development preparation
2026–2027	Metallurgical sampling, geotechnical work, and deeper project studies
2027	Potential initial resource work for Lunahuasi if enough data is available
2027–2028	Potential PEA-level work if the company advances toward development studies
Medium Term	Further definition of Mars, Saturn, Jupiter, and newly discovered zones
Medium Term	Strategic decisions around Los Helados, LunR stake, partnerships, spinouts, or monetization
Longer Term	Stand-alone development pathway for Lunahuasi if drilling and studies support it

Expected Timeline to Production

Period	Expected Progress
2026	Exploration and de-risking year. Phase 4 results, planning for Phase 5, adit preparation, technical work, and continued district evaluation.
2027	Possible resource-definition and early development study period if drill results support it.
2028	Possible PEA / more advanced technical study stage, depending on resource work, adit progress, metallurgy, and permitting.
2029 onward	Potential development planning stage if economics are strong and permitting/financing are aligned.

Important note: A precise production timeline would be speculative. Lunahuasi does not yet have a PEA, PFS, reserve, construction decision, or project financing. The project could move fast because of its quality and strategic importance, but it still has many steps before production.

Valuation

Important Valuation Note

NGEx is difficult to value using a normal FCF model because Lunahuasi has no PEA, no mine plan, no annual production estimate, no capex estimate, and no AISC estimate. Therefore, this is not a cash-flow valuation. It is a strategic asset and discovery-stage valuation framework.

The current market is valuing NGEx based on three major components: Lunahuasi discovery value, Los Helados large copper-gold resource value, and the Lundin Group / strategic Vicuña District premium.

Current Market Valuation

Assumption	Value
Fully diluted shares	228,050,110
Recent TSX share price used	C$26.23
Estimated fully diluted market cap	C$5.98B
Estimated fully diluted market cap in USD	Around US$4.36B

This is a premium valuation. NGEx is not cheap on a simple market cap basis. The stock already prices in a lot of success.

Valuation Component Summary

Component	Value Driver	Main Valuation Risk
Lunahuasi	High-grade copper-gold-silver mineralization, ultra high-grade gold veins, multiple mineralization styles, open deposit potential, possible exploration adit, stand-alone development pathway, and strategic importance in the Vicuña District.	Without a resource and PEA, investors cannot yet calculate true project NPV, mine life, production scale, capex, AISC, or payback.
Los Helados	Large indicated and inferred copper-gold resource, copper-gold exposure, proximity to existing regional infrastructure, Lundin Mining partnership, and strategic district positioning.	Large block-cave copper projects can require huge capital and long development timelines.
LunR Royalties Stake	Meaningful stake in LunR Royalties, which holds royalties on Lunahuasi and Los Helados. This gives NGEx an additional financial asset that could be monetized or used strategically.	Not the core reason to own NGEx, but it adds financial flexibility and optionality.

Simple Valuation Interpretation

NGEx is already priced like a high-quality global discovery story. The current valuation is not based on near-term cash flow. It is based on scarcity value, grade, district scale, Lundin Group execution, and strategic copper-gold exposure.

For NGEx to keep re-rating, the company likely needs to deliver one or more of the following: continued high-grade drill success at Lunahuasi, a strong initial resource estimate, evidence that Lunahuasi can support a stand-alone mine, metallurgical and geotechnical confidence, a credible development pathway, strategic interest from a major mining company, monetization or partnership value from Los Helados, and continued strength in copper and gold prices.

Valuation Conclusion

NGEx is high quality, but not cheap. The company deserves a premium because the assets are rare and management has a strong track record. However, because the market cap is already large, this is not a low-risk bargain junior. The stock needs continued execution to justify and expand the valuation.

Summary & Quick Scorecard

Category	Points	Overall
Company Overview	Stock ticker: TSX: NGEX / OTCQX: NGXXF Main metal: Copper, gold, and silver Main project: Lunahuasi Secondary major asset: Los Helados Project phase: Advanced exploration / discovery-stage moving toward development definition Projects country: Argentina and Chile	—
1. Management	Previous successful project, discovery, mine build, or company sale: Yes Exploration to development experience: Yes Big mining company / Lundin Group experience: Yes Capital markets track record: Yes	✅ Strong
2. Projects	High grades: Yes, especially Lunahuasi MRE size: Yes for Los Helados, but Lunahuasi does not yet have an official resource estimate Optionality: Yes, Los Helados, Valle Ancho, LunR stake, district-scale exploration	✅ Strong
3. Cost Structure	Low AISC: Unknown, no PEA/PFS yet for Lunahuasi Low capex / Existing infrastructure: Unknown for Lunahuasi, but Los Helados has potential regional infrastructure advantages due to proximity to Caserones and other Vicuña District assets	⚠️ Unknown
4. Share Structure Discipline	Issued and outstanding shares: 216,858,780 Options outstanding: 11,191,330 Fully diluted shares: 228,050,110 Estimated fully diluted market cap: approximately C$5.98B / US$4.36B using C$26.23 share price	✅ Good share structure, but valuation is already premium
5. Insider / Ownership	Lundin Family ownership: High 35% insider aligned Insider ownership: High based on company presentation Strategic ownership: Strong Institutional / analyst attention: Strong	✅ Strong
6. Location	Countries: Argentina and Chile District: Vicuña District Tier: Tier 2 jurisdiction, but world-class mining district Main project: Lunahuasi, San Juan Province, Argentina Major secondary asset: Los Helados, Region III, Chile	✅ Good, but not Tier 1 like Canada or Australia

⭐ RT Rating, Commentary

NGEx Minerals is not on our watchlist.

We would rate this as 4 out of 5 stars.

NGEx is one of the highest-quality copper-gold exploration stories in the market. The company has world-class district exposure, a real high-grade discovery at Lunahuasi, a large copper-gold resource at Los Helados, strong liquidity, Lundin Group backing, and a management team with a proven Vicuña District discovery track record.

The strongest part of the story is Lunahuasi. The drill results are genuinely impressive. NGEx has shown grade, scale, and multiple mineralization styles. That combination is rare. The ultra high-grade gold component also gives the story an extra layer of excitement because it adds gold optionality on top of the copper-gold-silver system.

The second strongest part is management. This team has already created value in the same district through Filo, Josemaria, Los Helados, and now Lunahuasi. That is a major advantage. In junior mining, management quality matters a lot, and NGEx is clearly above average.

The main concern is valuation. NGEx is no longer a cheap early-stage discovery stock. It already trades at a multi-billion-dollar market cap. That means investors are paying up for quality. The company still needs to publish a Lunahuasi resource, complete economic studies, prove metallurgy, define a mine plan, and show a realistic development path. Until then, the valuation depends heavily on continued exploration success and strategic scarcity value. For this valuation so early at their stage, we will avoid it for now.

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