NGEx Drills 40.0m at 7.02% CuEq, including 10.1m at 18.21% CuEq, plus 271.9m at 2.88% CuEq at Lunahuasi

VANCOUVER, April 24, 2025 - NGEx Minerals Ltd. ("NGEx", "NGEx Minerals" or the "Company") (TSX: NGEX) (OTCQX: NGXXF) is pleased to provide the fifth update on its ongoing Phase 3 drill program at the 100% owned Lunahuasi high-grade copper-gold-silver project in San Juan, Argentina. Six drill rigs continue to turn at Lunahuasi with twenty holes completed and 23,352m drilled to date. Two rigs have now been successfully demobilized as the Company begins to wind down its Phase 3 program in anticipation of the onset of winter weather conditions at the project. PDF Version

Highlights:

• Drillhole DPDH033 extends mineralization to the north and intersected:
  • 40.00m at 7.02% copper equivalent ("CuEq") (including 6.02 g/t Au) from 935.00m, including:
    • 6.20m at 7.96% CuEq from 937.80m
    • 10.10m at 18.21% CuEq (including 19.32 g/t Au) from 964.90m
      • Including 1.10m at 151.50 g/t Au from 964.90m
        
        
• Drillhole DPDH034 extends mineralization down dip from DPDH028 and intersected:
  • 271.90m at 2.88% CuEq from 564.00m, including:
    • 3.10m at 14.02% CuEq from 583.00m
    • 5.75m at 11.25% CuEq from 722.75m
    • 61.90m at 3.68% CuEq from 774.00m

Wojtek Wodzicki, President and CEO, commented, "Today's drill results mark a significant step forward in our geological understanding of the high-grade mineralization at Lunahuasi. As drill results continue to come in, we are gaining confidence in our geological interpretation of Lunahuasi as an extensive network of vein hosted high-sulfidation mineralization associated with a porphyry copper-gold system. Although a porphyry system is the source and driver of the high-grade mineralization, we believe that the high-grade mineralization is starting to demonstrate significant scale and consider it to be the primary target at Lunahuasi.

We are starting to be able to correlate high-grade drill intersections along individual northeast trending, steeply dipping, structural corridors which control the mineralized veins. Just one of these structural corridors (shown in the section at the end of this release) may be traced for at least 800 meters on strike and 650 meters vertically. Mineralization along this corridor pinches and swells, with estimated true widths exceeding 100m in the thickest high-grade zones and pinching to just one or two metres between zones. This structure is open upward, downward, and along strike. Drilling has also intersected several sub-parallel corridors which host additional wide, high-grade zones of mineralization at least as good as the results shown in Table 2. It is still early days though, and we will require additional drilling to confirm dimensions and extents. Our interpretations will evolve with more data, but these results are an important step forward in our understanding of the geology.

We also continue to intersect significant gold grades which confirm Lunahuasi as a very interesting gold project in addition to the copper and silver. We believe that the importance of the gold mineralization at Lunahuasi is still underappreciated by investors and that over time gold has the potential to become a significant part of the Lunahuasi story.

We are very pleased with the results of the Phase 3 program so far. We have achieved all our program objectives and the completion of our 25,000 meter drill plan is in sight."

This news release includes partial results for three holes (DPDH033, DPDH034 and DPDH035). Highlighted intersections, including individual metal grades and estimated true widths, are shown in Table 1. Updated drill program progress and collar locations are shown in Table 3 and a summary of all Phase 3 assay intervals by news release date is included in Table 4.

DPDH033 was collared from the same platform as DPDH025 and angled to the north at 288^o with a dip of -54^o to test for a northern extension to the mineralization in hole 25. This hole was successful in intersecting several mineralized structures, extending the deposit to the north by up to 50m. Of particular note is the 40m intersection from 935.0m which includes some very high gold values and is open in all directions. The hole was completed at a final depth of 1,235.00m and all assays have been reported.

DPDH034 was collared from the same platform as DPDH028 and drilled towards the west at -57^o degrees in order to test the down-dip extension of the mineralized zones intersected by that hole. The down-dip projection of the main zone was intersected between 564.0m and 835.9m, a distance of 140m below DPDH028 along the eastern contact and 300m along the western contact (see section at end of release). This broad zone of mineralization included several high-grade intervals and appears to represent a large, continuous mineralized structure which has now been intersected in several holes as described in the discussion below. This hole has been completed at a final depth of 1,329.70m and all assays have been reported.

DPDH035 was collared from the DPDH014 platform and drilled towards the west at a dip of -65^o to test one of the high-grade zones down-dip of the intersection at 171.2m in hole 14 and results to 273.50m were reported on March 13, 2025. The hole intersected numerous narrower zones of good grade mineralization, including two very high-grade gold intervals, along the eastern margin of the drill pattern. This hole was completed at a final depth of 1,073.00m and all assays have been reported.

Discussion:

Holes DPDH022, DPDH028 and DPDH034 are drilled on the same section and intersected several of the same mineralized structures (shown in section at end of release). These structures are interpreted to trend northeasterly and dip sub-vertically and the strongest of them may be traced for at least 800m along strike and 650m down dip.

Our current interpretation is that these structures are continually mineralized, but pinch and swell as a result of intersecting structural patterns and typically occur in drill core as longer intervals of strong advanced argillic alteration and closely-spaced sulphide veins and include internal intervals of high-grade massive sulphide. Our best drill intersections are zones of thick, high-grade massive sulphide mineralization occurring within these main structures.

The eastern zone shown in the section is a good example of the interpreted continuity of the alteration and vein mineralization along these structures and the high-grade intervals within them. On this section the structure can be correlated between holes DPDH022, DPDH028 and DPDH034. Off-section, the zone can be correlated with closest holes (distances are from the centre of the intersection in DPDH028 from 439.6m) DPDH018 (125m northeast), DPDH021 (120m southwest), DPDH027 (200m southwest) and DPDH029 (500m southwest) as shown in Table 2.

To the northeast of DPDH018, the zone can possibly be correlated along strike to the intersection in DPDH033 at 407m (23.0m @ 4.49% CuEq, 2.34% Cu, 2.51 g/t Au, 35.6 g/t Ag), a distance of 300m. If this correlation is correct, the length of this one structure is at least 800m and remains open in all directions. Several other parallel structures have also been intersected in the drilling, with similar size and grade potential. For example, the headline intersection in DPDH033 (40.0m at 7.02% CuEq) is interpreted to be a parallel structure some 300m to the west of the one described above.

Drillholes DPDH027 and DPDH029 are long holes testing the concept of porphyry mineralization located to the west of the main Lunahuasi deposit. Hole DPDH029 ended at 1,600m while DPDH027 ended at 2,005m. Assays for the remaining parts of these holes will be released once results for the entire holes are received.

Drilling is planned to continue to about the end of April, with a staged demobilization of drill rigs as holes are completed, and the project wrapping up by early May for the winter season. Included in the remaining holes are three geotechnical holes (DPGT series) designed to collect data along the axis of a potential exploration adit which the Company is contemplating.

Qualified Persons and Technical Notes

The scientific and technical disclosure included in this news release have been reviewed and approved by Bob Carmichael, B.A.Sc., P.Eng. who is the Qualified Person as defined by NI 43-101. Mr. Carmichael is Vice President, Exploration for the Company.

Samples were cut at NGEx's operations base in San Juan, Argentina by Company personnel. Diamond drill core was sawed and then sampled in maximum 2-meter intervals, stopping at geological boundaries. Core diameter is a mix of PQ, HQ and NQ depending on the depth of the drill hole. Samples were bagged, tagged and packaged for shipment by truck to the ALS preparation laboratory in Mendoza, Argentina where they were crushed and a 500g split was pulverized to 85% passing 200 mesh. The prepared sample splits were sent to the ALS assay laboratory in Lima, Peru for copper, gold and silver assays, and multi-element ICP. ALS is an accredited laboratory which is independent of the Company. Gold assays were by fire assay fusion with AAS finish on a 30g sample. Copper and silver were assayed by atomic absorption following a 4-acid digestion. Samples were also analyzed for a suite of 48 elements with ME-MS61 plus mercury and a sequential copper leach analysis was completed on each sample with copper greater than 500ppm (0.05%). Copper and gold standards as well as blanks and duplicates (field, preparation, and analysis) were randomly inserted into the sampling sequence for Quality Control. On average, 9% of the submitted samples are Quality Control samples. No data quality problems were indicated by the QA/QC program.

Copper equivalent (CuEq) for drill intersections is calculated based on US$3.00/lb Cu, US$1,500/oz Au and US$18/oz Ag, with 80% metallurgical recoveries assumed for all metals. The formula is: CuEq % = Cu % + (0.7292 * Au g/t) + (0.0088 * Ag g/t).

Estimated true widths are rounded to the nearest metre for widths over 10 m and to the nearest 0.1 m for widths less than 10 m, as this better reflects the precision of the estimates. True widths should be regarded as approximate as these are derived from an estimation that uses a preliminary interpretation of the geological model and are subject to change as more information becomes available.

Collar coordinates in Table 3 are updated with precision surveyed data as it becomes available and may change between news releases.

Assay composites are calculated based on a 2% CuEq cutoff with a maximum of 10 consecutive metres of waste material included. Intervals are then reviewed and manually adjusted to reflect coherent geological intervals where necessary.

Integration of core scanning into our core logging and geological interpretation processes is being implemented to improve workflows for more routine tasks and to give geologists more time for targeting and interpretation.

About NGEx Minerals

NGEx Minerals is a copper and gold exploration company based in Canada, focused on exploration of the Lunahuasi copper-gold-silver project in San Juan Province, Argentina, and the nearby Los Helados copper-gold project located approximately nine kilometres to the northeast in Chile's Region III. Both projects are located within the Vicuña District, which includes the Caserones mine, and the Josemaria and Filo del Sol deposits.

NGEx owns 100% of Lunahuasi and is the majority partner and operator for the Los Helados project, subject to a Joint Exploration Agreement with Nippon Caserones Resources LLC, which is the indirect 30% owner of the operating Caserones open pit copper mine located approximately 17 kilometres north of Los Helados. Lundin Mining Corp. holds the remaining 70% stake in Caserones.

The Company's common shares are listed on the TSX under the symbol "NGEX" and also trade on the OTCQX under the symbol "NGXXF". NGEx is part of the Lundin Group of Companies.

Additional information relating to NGEx may be obtained or viewed on SEDAR+ at www.sedarplus.ca.

Additional Information

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this news release.

The information contained in this news release was accurate at the time of dissemination but may be superseded by subsequent news release(s). The Company is under no obligation, nor does it intend to update or revise the forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Cautionary Note Regarding Forward-Looking Statements

Certain statements made and information contained herein in the news release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively, "forward-looking information"). All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to, statements regarding: the geological interpretation of the Lunahuasi system which is expected to evolve with additional drilling, the nature and timing of the work to be undertaken to advance the Lunahuasi project, including actual metres that will be completed during the Company's 2024/25 Phase 3 program and the Company's ability to continue holes in-progress; the potential for further discovery and/or extension of mineralized zones at the Lunahuasi project; the timing of, and conclusions resulting from, an update to the geological interpretation at Lunahuasi, including the Company's ability to establish an Exploration Target, or the timing and/or results thereof; and the Company's ability to use information gathered from drilling to date to effectively target and drill in future campaigns, including whether the timing and ultimate outcome of the Company's efforts to locate the centre of the Lunahuasi system are successful. Generally, this forward-looking information can frequently, but not always, be identified by use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "projects", "budgets", "assumes", "strategy", "objectives", "potential", "possible", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events, conditions or results "will", "may", "could", "would", "should", "might" or "will be taken", "will occur" or "will be achieved" or the negative connotations thereof.

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management with respect to the nature, scope and timing of the work to be undertaken to advance the Lunahuasi Project. Although the Company believes that these factors and expectations are reasonable as at the date of this document, in light of management's experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown risks, uncertainties and other factors may cause actual results or events to differ materially from those anticipated in such forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, without limitation: the emergence or intensification of infectious diseases, such as COVID 19, and the risk that such an occurrence globally, or in the Company's operating jurisdictions and/or at its project sites in particular, could impact the Company's ability to carry out the program and could cause the program to be shut down; estimations of costs, and permitting time lines; ability to obtain environmental permits, surface rights and property interests in a timely manner; currency exchange rate fluctuations; requirements for additional capital; changes in the Company's share price; changes to government regulation of mining activities; environmental risks; unanticipated reclamation or remediation expenses; title disputes or claims; limitations on insurance coverage, fluctuations in the current price of and demand for commodities, particularly gold prices, as they are fluctuating currently due to market volatility; material adverse changes in general business, government and economic conditions in the Company's operating jurisdictions, particularly Argentina; the availability of financing if and when needed on reasonable terms; risks related to material labour disputes, accidents, or failure of plant or equipment; there may be other factors that cause results not to be as anticipated, estimated, or intended, including those set out in the Company's annual information form and annual management discussion and analysis for the year ended December 31, 2024, which are available on the Company's website and SEDAR+ at www.sedarplus.ca under the Company's profile.

The forward-looking information contained in this news release is based on information available to the Company as at the date of this news release. Except as required under applicable securities legislation, the Company does not undertake any obligation to publicly update and/or revise any of the included forward-looking information, whether as a result of additional information, future events and/or otherwise. Forward-looking information is provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of the Company's operating environment. Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All the forward-looking information contained in this document is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof.

Cautionary Note to U.S. Readers

Information concerning the mineral properties of the Company contained in this news release has been prepared in accordance with the requirements of Canadian securities laws, which differ in material respects from the requirements of securities laws of the United States applicable to U.S. companies subject to the reporting and disclosure requirements of the United States Securities and Exchange Commission.

SOURCE NGEx Minerals Ltd.