Ngex Minerals Ltd. · TSX:NGEX
Ngex Minerals — Investor Day (September 2025)
79 slides from Ngex Minerals's investor day presentation, Sep 25, 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 Investor Day Presentation | September 25, 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: Agenda
AGENDA INVESTOR DAY 2025 PRESENTING TODAY 1. Overview Wojtek Wodzicki 2. Exploration Bob Carmichael Wojtek Wodzicki Bob Carmichael President, CEO & Director VP, Exploration 3. Royalty Spin-Out Finlay Heppenstall 4. Summary Wojtek Wodzicki 5. Q&A All Finlay Heppenstall VP, Corp Dev & IR NGExminerals.
Slide 4: A couple of reminders
AGENDA A couple of reminders PRESENTING TODAY • This is not a corporate presentation – we will be providing more detail than we do in our usual investor deck. Be ready for a deeper geology dive • It’s hard to include enough information and detail in our news releases – this hopefully can bridge that
Slide 5: Vicuña District Today
MARICUNGA BELT Caldera Vicuna District Today Port & Desalination Plant Marte (Lundin Mining) Lobo La Pepa Copiapó FIVE MAJOR DEPOSITS, GROWIING AND Pantanillo Maricunga MOVING TOWARDS DEVELOPMENT Candelaria Mine (Lundin Mining) Caspiche ~155 km CASERONES Cerro Casale operating mine Los Helados CHILE
Slide 6: Lunahuasi: A Unique Beast in the Land of Giants
Lunahausi: A Unique Beast in the Land of Giants TSX: LUN NASDAQ STOCKHOLM: LUMI 5
Slide 7: Stay Focused – Stay Hungry
Stay Focused – Stay Hungry Build on the best track record in the exploration business Focus on grade Grow Build a pathway to Stay production entrepreneurial NGExminerals.com TSX:NGEX 6
Slide 8: Positive surprises
, positive surprises NGExminerals.com TSX:NGEX 7
Slide 9: NGExminerals.com TSX:NGEX
NGExminerals.com TSX:NGEX 8
Slide 10: To form a Lunahuasi turn everything up to eleven
To form a Lunahuasi turn everything up to eleven NGExminerals.com TSX:NGEX 9
Slide 11: Lunahuasi
Filo del Sol Lunahuasi Lunahuasi Los Helados Caserones the discovery that proved the GMD concept Josemaria NGExminerals.com TSX:NGEX 10
Slide 12: Four distinct styles of mineralization overprint each other at Lunahuasi
Four distinct styles of mineralization overprint each other at Lunahuasi High-sulfidation vein Cu-Au-Ag Disseminated and stockwork high-sulphidation Cu-Au Intermediate-sulfidation high-grade Au Porphyry Cu-Au NGExminerals.com TSX:NGEX 11
Slide 13: Porphyry Copper Model
Porphyry Copper Model Porphyry Copper Model Filo style breccia ? Giant systems with multiple styles of mineralization • 4 mineralization styles discovered to date o High-sulphidation Cu-Au-Ag veins o Intermediate sulphidation epithermal Au quartz veins o Disseminated and stockwork high- sulphidation
Slide 14: Analogs
Styles Analogs Scale Grade NGExminerals.com TSX:NGEX 13
Slide 15: Collahuasi, Chile (3 styles)
Collahuasi, Chile (3 styles) High and intermediate sulphidation veins surrounding a porphyry system • High-sulphidation lode (Cu-Au-Ag) veins o Historic production approx. 300Kt @ 25% Cu; 180g/t Ag, 2 g/t Au1 • Porphyry style mineralization o 1094 Mt @ 1.04% Cu1 • Intermediate sulphidation quartz (A
Slide 16: Butte, Montana (2 styles)
Butte, Montana (2 styles) High sulphidation lode vein swarm “a mile wide by a mile long by a mile deep” surrounding a porphyry system two 168 Mt @~4.2% Cu from lode veins1 1Reed, M. H., & Dilles, J. H. (n.d.). Ore deposits of Butte, Montana. In MBMG Special Publication 122: Geology of Montana, Volum
Slide 17: Fruta del Norte, Ecuador (2 styles)
Fruta del Norte, Ecuador (2 styles) Intermediate sulphidation gold veins associated with a porphyry copper system • Swarm of intermediate sulphidation gold veins adjacent to a newly discovered porphyry system • M&I Resource (Dec. 2024): 30.6 Mt @ 7.17 g/t Au1 • Dimensions: 1,670m x 150-300m x 700m •
Slide 18: El Indio, Chile (2 styles)
El Indio, Chile (2 styles) High sulphidation lode copper-gold-silver veins overprinted by later intermediate sulphidation quartz gold veins • High-sulphidation lode copper and intermediate sulphidation gold veins • No porphyry mineralization • 23.2 mt @ 6.6 g/t Au, 50 g/t Ag, 4% Cu. Bonanza grade go
Slide 19: Chuquicamata, Chile (2 styles)
Chuquicamata, Chile (2 styles) Swarm of high-sulphidation copper lode veins cutting a major porphyry system • Chuquicamata deposit extends at least 3km x 1km x 1km within a major NNE trending >15km long structural zone with multiple mineralized centers • Total production through 1997 2 Bt @ 1.54% Cu
Slide 20: Scale, grade and gold at Lunahuasi
Lunahuasi has multiple styles of mineralization overprinting each other 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 at 10.04 g/t Au (5.
Slide 21: Lunahuasi Exploration Update
Lunahuasi Exploration Update TSX: LUN NASDAQ STOCKHOLM: LUMI 20
Slide 22: Quick Geology Lesson
Quick Geology Lesson TSX: LUN NASDAQ STOCKHOLM: LUMI 21
Slide 23: Porphyry Copper Systems - Lithology
Porphyry Copper Systems - Lithology NGExminerals.com TSX:NGEX 22
Slide 24: Porphyry Copper Systems - Alteration
Porphyry Copper Systems - Alteration NGExminerals.com TSX:NGEX 23
Slide 25: The Discovery of Lunahuasi
The Discovery of Lunahausi TSX: LUN NASDAQ STOCKHOLM: LUMI 24
Slide 26: Lunahuasi Exploration History
Lunahuasi Exploration History 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 initial
Slide 27: Lunahuasi Discovery: Key Drill Holes
Lunahuasi Discovery: Key Drill Holes N 500m JUPITER MARS SATURN NGExminerals.com TSX:NGEX 26
Slide 28: Lunahuasi Discovery: Key Drill Holes
Lunahuasi Discovery: Key Drill Holes N DPDH002 (April 4, 2023) 500m Jupiter Zone • Deposit Discovery Hole • 60m @ 7.52% CuEq (5.65% Cu, 2.04 g/t Au, 44.0 g/t Ag) • Identified the deposit and style of mineralization; large size potential • Mineralization over the entire 714m hole length • Unusually h
Slide 29: Lunahuasi Discovery: Key Drill Holes
Lunahuasi Discovery: Key Drill Holes N DPDH007 (July 4, 2023) 500m Mars Zone discovery hole • 20m @ 10.60% CuEq (5.49% Cu, 6.31 g/t Au, 57.7 g/t Ag) • Incl: 2.2m @ 35.07 g/t Au • Identified gold-rich character of the deposit, confirmed presence of multiple zones NGExminerals.com Note: For more detai
Slide 30: Lunahuasi Discovery: Key Drill Holes
Lunahuasi Discovery: Key Drill Holes N DPDH014 (February 21, 2024) 500m Mars Zone • 23.00m @ 23.02% CuEq (14.68% Cu, 9.95 g/t Au, 123.1 g/t Ag) • Thick, high-grade massive sulphide • Very unusual widths and grades, this is something special NGExminerals.com Note: For more details see news release da
Slide 31: Lunahuasi Discovery: Key Drill Holes
Lunahuasi Discovery: Key Drill Holes N DPDH028 (January 22, 2025) 500m Saturn Zone discovery hole • 51.10m @ 13.84% CuEq (5.98% Cu, 9.70 g/t Au, 90.4 g/t Ag) from 464.30m; plus • 59.10m @ 5.07% CuEq (3.63% Cu, 1.05 g/t Au, 76.7 g/t Ag) from 834.50m; plus • 53.50m @ 7.79% CuEq (5.64% Cu, 2.45 g/t Au,
Slide 32: Lunahuasi Discovery: Key Drill Holes
Lunahuasi Discovery: Key Drill Holes N DPDH027 (February 19, 2025) 500m Porphyry discovery • 1,619m @ 0.86% CuEq (0.52% Cu, 0.32 g/t Au, 13.2 g/t Ag), including: • 743m @ 0.55% CuEq (0.43% Cu, 0.13 g/t Au, 2.3 g/t Ag) from 1,262m of porphyry mineralization • Long hole into conceptual porphyry target
Slide 33: Lunahuasi Discovery: Key Drill Holes
Lunahuasi Discovery: Key Drill Holes N DPDH043 (July 2, 2025) 500m Most northern hole drilled to date • 46.8m @ 9.55% CuEq (6.63% Cu, 3.05 g/t Au, 79.2 g/t Ag) from 492.20m • Wide open to the north NGExminerals.com Note: For more details see news release dated July 2, 2025 TSX:NGEX 32
Slide 34: Lunahuasi Discovery: Key Drill Holes
Lunahuasi Discovery: Key Drill Holes N DPDH046 (July 8, 2025) 500m Saturn Zone • 2.20m @ 142.27 g/t Au from 467.10m • 1.55m @ 504.00 g/t Au from 521.00m • Bonanza-grade Gold NGExminerals.com Note: For more details see news release dated July 8, 2025 TSX:NGEX 33
Slide 35: Predictive Discovery
Predictive Discovery TSX: LUN NASDAQ STOCKHOLM: LUMI 34
Slide 36: A Well-Understood Geological Model
A Well-Understood Geological Model Deposit lies along same structural corridor as Filo del Sol and Los Helados Lunahuasi Los Helados Caserones 6km Filo del Sol 9km 17km 8km Josemaria NGExminerals.com TSX:NGEX 35
Slide 37: Predictive Discovery
Predictive Discovery Good track record of discoveries based on a well understood geological model and regional analogues Bonanza- Grade Gold Cu-Au Porphyry Multiple High- Grade Zones Initial Discovery We’re still “missing” parts of the system - and have an idea where to find them NGExminerals.com TS
Slide 38: Cu-Au Porphyry: Plan View – Phase 1 & 2 Drilling
Cu-Au Porphyry: Plan View – Phase 1 & 2 Drilling N 500m PDAC Core Shack, March 2025 NGExminerals.com TSX:NGEX 37
Slide 39: Cu-Au Porphyry: Plan View – All Drilling
Cu-Au Porphyry: Plan View – All Drilling N 500m NGExminerals.com TSX:NGEX 38
Slide 40: Cu-Au Porphyry: Cross Section – Phase 1 & 2 Drilling
Cu-Au Porphyry: Cross Section – Phase 1 & 2 Drilling 500m PDAC Core Shack, March 2025 NGExminerals.com TSX:NGEX 39
Slide 41: Cu-Au Porphyry: Cross Section – All Drilling
Cu-Au Porphyry: Cross Section – All Drilling 500m NGExminerals.com TSX:NGEX 40
Slide 42: Bonanza Gold: The Latest Good Surprise
Bonanza Gold: The Latest Good Surprise “Bonanza” grade gold mineralization is a well- known component of many high-sulphidation epithermal deposits The El Indio Deposit • Located 150km southwest of Lunahuasi • Renowned for bonanza gold, including the “3600 Vein” named after its initial assay values
Slide 43: Bonanza Gold: Key Results
Hole number From To Length (m) Au g/t Ag g/t Cu % 504.1 505.7 1.6 24.40 89 2.20 Bonanza Gold: Key Results 505.7 507.0 1.3 3.98 57 4.08 507.0 508.5 1.5 115.00 96 4.00 508.5 509.7 1.2 23.30 376 14.19 DPDH028 509.7 510.6 0.9 39.40 162 7.56 510.6 511.5 0.8 24.80 70 12.10 511.5 512.3 0.8 22.90 50 2.08 51
Slide 44: Phase 3 was a Huge Step Forward
Phase 3 was a Huge Step Forward TSX: LUN NASDAQ STOCKHOLM: LUMI 43
Slide 45: Lunahuasi Continues to Show Significant Upside
Lunahuasi Continues to Show Significant Upside 10km N to 43,249m Drilled Since Discovery 1,200m Los Helados Phase 1: 4,912m o DPDH001 – 008 Phase 2: 12,950m Mars o DPDH009 – 023 Jupiter Phase 3: 25,387m o DPDH024 – 047 1,200m 1000m 4 Distinct Styles of Mineralization Saturn • Cu-Au high-sulphidation
Slide 46: Improving Our Understanding of Lunahuasi’s Structural Geology
Improving Our Understanding of Lunahuasi’s Structural Geology Lunahuasi is a series of high-sulphidation veins controlled by a brittle fault system • Well-understood structural setting – faults control fluid flow and mineral deposition o Leads to complex – BUT PREDICTABLE – geometries o Different ge
Slide 47: Fault-vein geometries at the drill core scale
Patterns indicative of fault-vein geometries at the drill core scale – will be repeated at the deposit scale DDH-009, 326.5m DDH009, 143 m Interaction between minor fault and extensional veinlets, fault Steps and bends along minor fault-fill veins Dilational steps and jogs terminations NGExminerals.
Slide 48: Sophisticated Work Undertaken to Better Understand Lunahuasi Geometry
Sophisticated Work Undertaken to Better Understand Lunahuasi Geometry Processes are evolving and growing as we learn more Structural style definition Data analysis Plans - sections interpretation Conceptual structural model New structural codes + 6,500 m re-logged + 3,600 new measurements (9,500 tot
Slide 49: Three Main High-Grade Zones Match Surface Structures
Three Main High-Grade Zones Match Surface Structures Structural interpretation of Lunahuasi geometry from drill core is aligned with structures mapped at surface Mars Jupiter NE general trending, NE-NW conjugated structures Jupiter Mars NE trending Saturn NE-NW large structures conjunction, internal
Slide 50: Those Same Mineralized Structures Can Help Define New Targets
Those Same Mineralized Structures Can Help Define New Targets Analyzing geometry of mineralized structures at different scales can define natural extensions and new targets Lunhausi sits in a jog in the major regional structure that connects Filo and Los Helados NGExminerals.com TSX:NGEX 49
Slide 51: Grade Distribution and Hole Compositing
Grade Distribution and Hole Compositing TSX: LUN NASDAQ STOCKHOLM: LUMI 50
Slide 52: Lunahuasi is Several Deposits in One
Lunahuasi is Several Deposits in One Understanding grade distribution unlocks value • Potentially economic grades vary over two orders of magnitude, from 0.5% CuEq to 50% CuEq • High- to medium-grade structures cut barren or lower-grade host rock • Drill hole composites can help to communicate the g
Slide 53: DPDH028: High-Grade Structures Cut Lower-Grade Host Rock
DPDH028: High-Grade Structures Cut Lower-Grade Host Rock… > 10 5 - 10 Est True Hole ID From (m) To (m) Length (m) Cu % Au g/t Ag g/t CuEq % 1-5 Width (m) DPDH028 181.80 187.00 5.20 3.9 0.58 2.16 30.7 2.42 <1 plus 221.40 232.10 10.70 7.9 1.30 2.65 31.9 3.51 SATURN incl 230.10 232.10 2.00 1.5 3.63 10.
Slide 54: But Importantly, Intervening Material is Still Mineralized
… But Importantly, Intervening Material is Still Mineralized… > 10 5 - 10 1-5 <1 SATURN Est True Hole ID From (m) To (m) Length (m) Cu % Au g/t Ag g/t CuEq % Width (m) DPDH028 181.80 1273.00 1091.20 851.0 1.26 1.00 18.83 2.15 ? incl 181.80 378.50 196.70 153.0 0.16 0.37 8.08 0.51 and incl 378.50 583.
Slide 55: And Very High-Grade Intervals Provide Optionality
… And Very High-Grade Intervals Provide Optionality > 10 5 - 10 Est True Hole ID From (m) To (m) Length (m) Cu % Au g/t Ag g/t CuEq % 1-5 Width (m) DPDH028 181.80 187.00 5.20 3.9 0.58 2.16 30.7 2.42 <1 plus 221.40 232.10 10.70 7.9 1.30 2.65 31.9 3.51 SATURN incl 230.10 232.10 2.00 1.5 3.63 10.13 91.
Slide 56: 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 have intersections > 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 55
Slide 57: Phase 4 Drill Program
Phase 4 Drill Program TSX: LUN NASDAQ STOCKHOLM: LUMI 56
Slide 58: Proposed Phase 4 Drill Program
Proposed Phase 4 Drill Program To start in October 2025 • Proposed plan involves 25,000m of drilling using 8 rigs • Mix of “Resource Definition”, “Step-out” and “Exploration” holes • Resource Definition: define and expand the Mars, Saturn and Jupiter zones o Improve understanding/confidence of three
Slide 59: Short-Range: Resource Definition Drilling
Short-Range: Resource Definition Drilling Key Objectives • Define and expand the Mars, Saturn and Jupiter zones MARS • Increase data density to build DPDH002 confidence in the geological DPDH014 model such that it can be classified • Resource definition will need to be staged – and will be greatly a
Slide 60: Resource Definition: Drillhole Design Methodology
Resource Definition: Drillhole Design Methodology 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 59
Slide 61: Mid-Range: Step-Out Drilling
7m @ 11.87% 40m @ 7.02% Mid-Range: Step-Out Drilling CuEq CuEq 43m @ 10.15% CuEq 11m @ 8.06% Key Objectives CuEq JUPITER MARS • Continue to understand and 54m @ 6.46% expand the deposit - numerous CuEq intersections outside of the three main zones are open to 13m @ expansion 16.18% CuEq • Looking to
Slide 62: Long-Range: Exploration Drilling
Long-Range: Exploration Drilling Key Objectives • Test anomalies and district scale modeling to discover new components of the Lunahuasi system and demonstrate its true potential • Holes are designed to explore for the existence of missing parts of the porphyry system, such as a disseminated and sto
Slide 63: Long-Range: Exploration Drilling
Long-Range: Exploration Drilling NGExminerals.com TSX:NGEX 62
Slide 64: Long-Range: Exploration Drilling
Long-Range: Exploration Drilling 1,000m NGExminerals.com TSX:NGEX 63
Slide 65: One Step Further: MT Results Suggest A Much Bigger Prize
One Step Further: MT Results Suggest A Much Bigger Prize 1,000m NGExminerals.com TSX:NGEX 64
Slide 66: One Step Further: MT Results Suggest A Much Bigger Prize
One Step Further: MT Results Suggest A Much Bigger Prize 1,000m NGExminerals.com TSX:NGEX 65
Slide 67: Royalty Spin-Out Update
Royalty Spin-Out Update TSX: LUN NASDAQ STOCKHOLM: LUMI 66
Slide 68: Spin-Out of Lunahuasi and Los Helados Royalties
Spin-Out of Lunahuasi and Los Helados Royalties NGEx to create 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 eac
Slide 69: NGEx to Retain 19.9% Interest in LunR Royalties Corp.
NGEx to Retain 19.9% Interest in LunR Royalties Corp. Retaining future optionality Long-term exposure to Potential future source of Lunahuasi and Los Helados financing for development NGExminerals.com TSX:NGEX 68
Slide 70: Rationale
Rationale Value upside with limited downside • Provide alternate exposure to an underlying asset o Leveraged to exploration and metal price upside o Lower risk – insulation from inflation, operating costs, risks, or profitability of operation • Have the potential to create value in a number ways o I
Slide 71: Growth and Diversification at the Heart of LunR Royalties Corp.
Growth and Diversification at the Heart of LunR Royalties Corp. Opportunity to create value through a new Lundin Family backed royalty vehicle There is a clear gap in the intermediate royalty space $48,938 Opportunistic M&A Creative dealmaking $41,271 Market Cap (US$mm)1 Ability to generate Lundin G
Slide 72: Timeline of Remaining Key Dates
Timeline of Remaining Key Dates Record Date to be set shortly and will be communicated via news release July 22, 2025: Publication of news release announcing August 12, 2025: intention to create Publication of and spin out Los management September 12, Helados and information circular 2025: Special L
Slide 73: Concluding Remarks
Concluding Remarks TSX: LUN NASDAQ STOCKHOLM: LUMI 72
Slide 74: Long Term Vision
Long Term Vision Develop comprehensive plan to explore, finance, and eventually build a new high-grade copper-gold-silver mine • Expand Lunahuasi through exploration drilling • Permit and construct exploration adit to provide access to mineralization and for resource definition drilling • Apply for
Slide 75: Q&A
Q&A TSX: LUN NASDAQ STOCKHOLM: LUMI 74
Slide 76: 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 77: Appendix A – Precedent Royalty Transactions
Appendix A – Precedent Royalty Transactions TSX: LUN NASDAQ STOCKHOLM: LUMI 76
Slide 78: Producing Royalty Precedents
Producing Royalty Precedents Asset Details Royalty Terms Transaction Metrics Announcement Asset Buyer Seller Deal Value P/NAV P/CF IRR Date Primary Commodity Country % NSR (US$mm) (x) (x) (%) 02-Sep-2025 Laverton & Jasper Hills Elemental Altus Undisclosed Gold Australia 2.0% GRR $52.0 1.33x 22.4x 3.
Slide 79: Developing Royalty Precedents
Developing Royalty Precedents Asset Details Royalty Terms Transaction Metrics Announcement Date Asset Buyer Seller Deal Value P/NAV IRR Primary Commodity Country % NSR (US$mm) (x) (%) 02-Sep-2025 Dugbe Elemental Altus Pasofino Gold Gold Liberia 2.5% NSR $16.5 0.27x 24.0% 25-Aug-2025 La Preciosa Avin