Ngex Minerals Ltd. · TSX:NGEX
Ngex Minerals — Investor Presentation (December 2025)
36 slides from Ngex Minerals's investor presentation, December 2025
Slide 1: Building the Next Copper-Gold Giant
BUILDING THE NEXT COPPER-GOLD GIANT NO GUTS, NO GLORY TSX: NGEX High-Grade, High-Impact, Strategically Positioned OTCQX: NGXXF NGEXminerals.com December, 2025
Slide 2: Cautionary Statement
Cautionary Statement Certain statements made and information contained herein in the presentation constitutes “forward-looking Estimates of Mineral Reserves and Mineral Resources information” and “forward-looking statements” within the meaning of applicable securities legislation (collectively, “for
Slide 3: NGEx is the last piece of the Vicuña puzzle
NGEx is the last piece of the Vicuña puzzle Strongly positioned to create shareholder value in one of the most prospective copper-gold districts in the world Lunahuasi Phase 4 Los Helados underpins Entry of Major into Developing gold story drilling underway - value and provides district gives credib
Slide 4: 2026 to drive further upside at NGEx
2026 to drive further upside at NGEx Phase 4 drilling at Lunahuasi and IR initiatives aimed to drive shareholder return Objectives 2026 Objectives Complete 25,000m Phase 4 drill program Focus on Receive permits and begin development of exploration adit Lunahuasi Submit application for RIGI Limited a
Slide 5: NGEx owns two world-class assets
NGEx owns two world-class assets Lunahuasi and Los Helados located in the rapidly advancing Vicuña District LUNAHUASI LOS HELADOS SAN JUAN ARGENTINA REGION III CHILE NEW HIGH-GRADE DISCOVERY ONE OF THE LARGEST COPPER PROJECTS GLOBALLY 60m @ 429m @ 205m @ 1,619m @ 18.4 10.2 97.5 7.5% CuEq 2.3% CuEq 5
Slide 6: The last way to attain exploration leverage in the Vicuña district
MARICUNGA BELT The last way to attain exploration Caldera Port & Desalination Plant Marte leverage in the Vicuña district (Lundin Mining) La Pepa Lobo Copiapó Pantanillo Maricunga Candelaria Mine (Lundin Mining) Caspiche CASERONES ~155 km operating mine Cerro Casale Los Helados CHILE Caserones (Lund
Slide 7: Lunahuasi
Lunahuasi An emerging giant TSX: LUN NASDAQ STOCKHOLM: LUMI 6
Slide 8: Unique in the Vicuña District
Unique in the Vicuña District Lunahuasi has multiple overprinting styles of mineralization GRADE + SCALE + GOLD Cu-Au porphyry with high-sulphidation Cu-Au-Ag high-sulphidation veins Ultra high-grade Au in quartz veins overprint Hole 2: Hole 21: Hole 22: 60m at 7.52% CuEq 772.5m at 1.60% CuEq 38.9m
Slide 9: Part of a well-understood geological model
Part of a well-understood geological model Deposit lies along same structural corridor as Filo del Sol and Los Helados Filo del Sol Lunahuasi Los Helados Caserones 6km 9km 17km 8km Josemaria Vicuña (Filo del Sol + Josemaria) JV Mineral Resource Estimate1: Cu AU Ag M&I 13 Mt 32 Moz 659 Moz Inferred 2
Slide 10: Lunahuasi is still a new discovery
Lunahuasi is still a new discovery Phase 1 drill program: Phase 2 drill program: September 2025: 4,912m in 8 holes 12,950m in 15 holes Announcement of Phase 4 drill program 2023 2024 2025 2026 Phase 3 drill program: Proposed Phase 4 drill program: April 2023: 25,388m in 27 holes 25,000m Lunahuasi in
Slide 11: Phase 3 program made a number of significant discoveries
Phase 3 program made a number of significant discoveries Deposit still open in all directions 10km to Los Helados Mineralized volume to date: 1,200m N 1.2km x 1.2km x 1km 1,200m East-West North-South Vertical Successful step out holes tripled size of the mineralized volume 4 distinct styles of miner
Slide 12: Porphyry system discovered at Lunahuasi
Porphyry system discovered at Lunahuasi High-grade Lunahuasi mineralization part of a much larger porphyry related system NGExminerals.com TSX:NGEX 11
Slide 13: Also discovered high-grade gold veins
Also discovered high-grade gold veins Ultra high-grade free gold in quartz veins including 504.0 g/t over 1.55m and 290.0 g/t over 0.90m in two separate veins Select DPDH046 Au results Est. True Width Au g/t (cut to From (m) To (m) Length (m) Au g/t (m) 90 g/t) DPDH046 447.00 551.80 104.80 68 14.74
Slide 14: Phase 4 drill program now underway
Phase 4 drill program now underway Plan involves 25,000m of drilling using 8 rigs – mix of Resource Definition, Step-out and Exploration holes To consist of three targeted ranges of drill spacing: These types of systems usually get bigger Resource Definition: define and expand the Mars, Saturn and J
Slide 15: Short range: resource definition
Short range: resource definition SECTION VIEW Lots of expansion potential in the vertical plane MAP VIEW 0.1 – 5.0% CuEq 5.0 – 7.0% 7.0 – 9.0% 9.0 – 10.0% 10.0 – 11.0% 11.0 – 14.0% 14.0 – 19.0% 19.0 – 26.0% Proposed holes (conceptual) 26.0 – 38.0% NGExminerals.com TSX:NGEX
Slide 16: Mid-range: step-out drilling
Mid-range: step-out drilling Numerous high-grade intersections outside the three named zones – step out drilling intended to expand and connect them MARS SATURN Cu % NGExminerals.com TSX:NGEX 15
Slide 17: Long-range: exploration drilling
Long-range: exploration drilling Test anomalies and district scale modeling to discover new components of the Lunahuasi system and demonstrate its full potential Wedge above drilling to date a huge opportunity MT results suggest a much bigger prize 500m “Wedge” is ~ 1500m x 1500m x 1000m NGExmineral
Slide 18: Los Helados
Los Helados Fundamental to value proposition and provides optionality TSX: LUN NASDAQ STOCKHOLM: LUMI 17
Slide 19: Los Helados is a large deposit with operating infrastructure nearby
Los Helados is a large deposit with operating infrastructure nearby Large copper-gold porphyry deposit located 9 km north of Lunahuasi in Region III, Chile Snapshot Ownership: ~69% owned and operated by NGEx, ~31% owned by JX Nippon Location: Region III, Chile - 17 km from Caserones mine (Lundin Min
Slide 20: A highly valuable asset that underpins NGEx's valuation
A highly valuable asset that underpins NGEx’s valuation Los Helados vs Other Copper Projects Undeveloped Copper Projects in Latin American not Owned by a Major 50 (Billions of pounds of copper equivalent) Inferred Resources Measured & Indicated Resources 40 30 20 10 -- Cascabel Los Azules Los Helado
Slide 21: LunR Royalties Corp.
LunR Royalties Corp. A new opportunity to generate value TSX: LUN NASDAQ STOCKHOLM: LUMI 20
Slide 22: Spin-out of Lunahuasi and Los Helados royalties
Spin-out of Lunahuasi and Los Helados royalties NGEx created a 1% NSR royalty on Lunahuasi and 2% NSR royalty on Los Helados 1% NSR 2% NSR on Los Helados Royalty Structure on Lunahuasi (to NGEx) (1.38% to NGEx; 0.62% to JX) NGEx Minerals Terms of Arrangement: 1/4 share LunR Royalties Corp. for each
Slide 23: Delivering value
Delivering value through successful exploration TSX: LUN NASDAQ STOCKHOLM: LUMI 22
Slide 24: NGEx has generated significant value for shareholders
NGEx has generated significant value for shareholders… LunR Royalties is the next chapter in the ongoing story Track record of value creation through the drill bit Share price has outperformed copper 2500% 2016 2019 2025 2000% 1500% Market Cap $4.5bn $5.3bn $625mm Consensus: 1000% ~$40million $400-
Slide 25: There is further unrealized value to be unlocked
… and there is further unrealized value to be unlocked NGEx is undervalued in the context of the broader Vicuna district CASERONES $3.3B NAV4 LOS HELADOS 2P Reserves: 0.9Bt at 0.31% Cu3 Current mine life: 20403 Ind. resources: 2.1Bt at 0.51% CuEq2,6 (incl. 510 Mt at 0.72% CuEq) NGEx ownership Multi-
Slide 26: Pathway to continued value creation
Pathway to continued value creation Develop comprehensive plan to explore, finance, and eventually build a new high-grade copper-gold-silver mine Advance Permit and construct Stay flexible stand-alone development exploration adit focus on value creation of Lunahuasi Consider options to Evaluate pote
Slide 27: No Guts, No Glory
NO GUTS, NO GLORY Company Head Office Contact NGEx Minerals Ltd. Finlay Heppenstall Suite 2800 – 1055 Dunsmuir Street VP, Corp Dev & IR Vancouver, BC Telephone: (778) 386-4688 Canada V7X 1L2 Email: finlayh@ngexminerals.com @NGEx_minerals | NGExminerals.com | TSX: NGEX
Slide 28: Appendix
Appendix TSX: LUN NASDAQ STOCKHOLM: LUMI 27
Slide 29: Corporate Snapshot
Corporate Snapshot Key Leadership Snapshot (as of December 9, 2025) Shareholder Summary Dr. Wojtek Wodzicki Listings TSX:NGEX, OTCQX:NGXXF % based on FDITM shares President, CEO & Director Basic Shares Outstanding1 206.9M • CEO of NGEx since inception in 2009 • Holds a doctorate in Geosciences & has
Slide 30: Lunahuasi is part of a porphyry copper system
Lunahuasi is part of a porphyry copper system Filo style breccia ? Giant systems with multiple styles of mineralization • 4 mineralization styles discovered to date at Lunahuasi o High-sulphidation Cu-Au-Ag veins o Intermediate sulphidation epithermal Au quartz veins o Disseminated and stockwork hig
Slide 31: Long intervals of grades >1% CuEq a common theme at Lunahuasi
Long intervals of grades >1% CuEq a common theme at Lunahuasi 26 out of 43 holes average > 1% CuEq 19 of those are > 500m > 500m > 1% Almost every hole ends in mineralization NGExminerals.com Note: See full drill results in Corporate Presentation TSX:NGEX 30
Slide 32: NGEx exploring possibility for Lunahuasi RIGI application
NGEx exploring possibility for Lunahuasi RIGI application Significant benefits from both a valuation and political risk standpoint RIGI benefits that can improve a project’s cash flow Tax General Regime (without RIGI) With RIGI Benefits General Rate 35% 25% Income Dividend Rate 7% 7% (years 1-7), 3.
Slide 33: RIGI (Regimen De Incentivos Para Grandes Inversiones)
RIGI (Regimen De Incentivos Para Grandes Inversiones) Argentine Fiscal Stability Regime RIGI benefits that reduce the discount rate and financing costs Tax General Regime (without RIGI) With RIGI Benefits Exempt from the obligation to be brought into the country. Obligation to be brought into the Th
Slide 34: Los Helados – Mineral Resource Statement
Los Helados – Mineral Resource Statement Grade Contained Metal Cut-Off Tonnes Category (%CuEq) (billions) Cu Au Ag CuEq Cu Au Ag (%) (g/t) (g/t) (%) (Blbs) (Moz) (Moz) Indicated 2.39 0.38 0.15 1.4 0.49 19.9 11.3 106.6 0.25% Inferred 1.84 0.30 0.10 1.3 0.38 12.2 5.8 75.4 Indicated 2.08 0.40 0.15 1.5
Slide 35: Valle Ancho
Valle Ancho Highly prospective copper-gold project in Catamarca Province, Argentina Snapshot Ownership: 100% owned by NGEx Location: Underexplored district scale 100,000 hectare land package on the Argentina side of the Maricunga Gold Belt The Lundin Group • Located ~40 km from the Norte Abierto and
Slide 36: NGEx's Sustainability Strategy Framework
NGEx’s Sustainability Strategy Framework To responsibly develop Los Helados and Lunahuasi, two significant copper assets whose development will help power the green economy, creating lasting value for our stakeholders and contributing to a sustainable future Responsible Resource Strong Workforce & E
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