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NEW DISCOVERIES AT THE LUNAHUASI DEPOSIT San Juan, Argentina NGEXminerals.com TSX: NGEX OTCQX: NGXXF NO GUTS, NO GLORY AMEBC Roundup| January 27, 2026
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NGExminerals.com TSX:NGEX Cautionary Statement 1 Certain statements made and information contained herein in the presentation constitutes “forward-looking information” and “forward-looking statements” within the meaning of applicable securities legislation (collectively, “forward-looking information”). The forward-looking information contained in this presentation is based on information available to the company as of the date of this presentation. Except as required under applicable securities legislation, the company does not intend, and does not assume any obligation, to update this forward- looking information. 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", “targets”, "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", “should”, "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotations thereof. All statements other than statements of historical fact may be forward-looking statements. By their nature, forward-looking statements involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking. NGEX Minerals believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, but no assurance can be given that these expectations will prove to be correct. In particular, forward-looking statements contained in this presentation include all statements regarding, 2026 Objectives, potential exploration upside at Lunahuasi, Predictive Discovery, RIGI Application, permitting and constructing an adit, timing, goals and objectives for Phase 4 drill program at Lunahuasi, ability to: complete planned program; achieve timelines set out in Royalty section, generate future shareholder returns; realize optionality and synergies in District,. Information concerning mineral resource estimates are also forward-looking statements in that they reflect a prediction of the mineralization that would be encountered, and the results of mining, if a mineral deposit were developed and mined, the nature, scope and timing of the work to be undertaken to advance the Companies projects. While the Company anticipates continuing its drill program until May, it may encounter unexpected drilling and other challenges, costs, or delays that could prevent the Company from completing the program on the expected timeline or at all. Any drilling next season is dependent on pending results from this year’s program. This program could be delayed or not be carried out at all. Although NGEX Minerals believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since NGEX Minerals can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in NGEX Minerals periodic filings with Canadian securities regulators, available under the Company’s SEDAR+ profile at www.sedarplus.ca. These factors are not, and should not be construed as being, exhaustive. 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 of 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. Estimates of Mineral Reserves and Mineral Resources Information regarding reserve and resource estimates has been prepared in accordance with Canadian standards under applicable Canadian securities laws and may not be comparable to similar information for United States companies. The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” used in this presentation are Canadian mining terms as defined in accordance with NI 43-101 under guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council on May 10, 2014. While the terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are recognized and required by Canadian regulations, they are not defined terms under standards of the United States Securities and Exchange Commission. Under United States standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve calculation is made. As such, certain information contained in this presentation concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the United States Securities and Exchange Commission. An “Inferred Mineral Resource” has a great amount of uncertainty as to its existence and as to its economic and legal feasibility. It cannot be assumed that all or any part of an “Inferred Mineral Resource” will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. Readers are cautioned not to assume that all or any part of Measured or Indicated Resources will ever be converted into Mineral Reserves. Readers are also cautioned not to assume that all or any part of an “Inferred Mineral Resource” exists or is economically or legally mineable. In addition, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” under CIM standards differ in certain respects from the standards of the United States Securities and Exchange Commission. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Qualified Persons The disclosure of scientific and technical information regarding the Company’s properties in this presentation was prepared by or reviewed 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. Technical Reports For details on data verification, sample, analytical and testing results and further details regarding methods used to estimate mineral reserves in respect of the Los Helados project, refer to the technical report titled “Technical Report on the Los Helados Project, Chile and Argentina” dated August 22, 2025 (effective date July 29, 2025), which incorporates the mineral resources statement for Los Helados. For the Lunahuasi project refer to the “Technical Report on the Lunahuasi Project, Argentina dated August 22, 2025 (effective date August 8, 2025). Both reports are available on the Company’s website and SEDAR+. Copper Equivalent Calculations Copper equivalent for Lunahuasi 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). For Los Helados copper equivalent (“CuEq”) formula see Los Helados Resource Statement
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NGExminerals.com TSX:NGEX OUTLINE ▪ Overview – Vicuña District Context ▪ Geology Overview ▪ Deposit Style and Description ▪ Exploration and Discovery History ▪ Current Drill Program – Update and Outlook 2
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NGExminerals.com TSX:NGEX LUNAHUASI New Major High-Grade Discovery 8 km LOS HELADOS Large Resource + Exploration NGEx FILO DEL SOL PFS + exploration CASERONES operating mine Lundin Mining BHP JX Nippon Vicuña District Today FIVE MAJOR DEPOSITS, GROWING AND MOVING TOWARDS DEVELOPMENT 3 MARICUNGA BELT CHILE ARGENTINA Candelaria Mine (Lundin Mining) ~155 km Caldera Port & Desalination Plant (Lundin Mining) EL INDIO BELT VICUÑA Copiapó Relincho El Indio Alturas Tambo Veladero Pascua-Lama El Morro Filo del Sol (BHP/Lundin Mining) Josemaria (BHP/Lundin Mining) Cerro Casale Caserones (Lundin Mining/JX NMM) Caspiche Maricunga Pantanillo La Pepa Lobo Marte Los Helados Lunahuasi Vallenar La Serena Mines/Deposits Towns JOSEMARIA feasibility study NGEx Asset Valeriano
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NGExminerals.com TSX:NGEX LUNAHUASI New Major High-Grade Discovery 8 km LOS HELADOS Large Resource + Exploration NGEx FILO DEL SOL PFS + exploration CASERONES operating mine Lundin Mining BHP JX Nippon Vicuña District Today TRUE WORLD-CLASS METAL ENDOWMENT 4 JOSEMARIA feasibility study Lunahuasi Filo del Sol Josemaria Los Helados Caserones ~30 km Cu Au Ag Cu Au Ag (%) (g/t) (g/t) (kt) (Moz) (Moz) Indicated 2.08 0.40 0.15 1.5 8,346 10.2 97.5 Inferred 1.08 0.34 0.1 1.4 3,719 3.6 50.2 M+I 1.65 0.28 0.19 1.10 4,623 9.8 59.0 Inferred 0.74 0.22 0.11 1.00 1,587 2.6 23.0 Indicated 1.19 0.54 0.39 8.10 6,452 14.8 311.0 Inferred 6.08 0.37 0.20 3.20 22,643 38.9 631.0 M+I 1.33 0.28 3,717 Inferred 0.12 0.22 256 6.25 0.37 0.17 2.3 23,138 34.8 467.5 8.01 0.35 0.18 2.7 28,205 45.1 704.2 Los Helados Deposit Category Tonnes (billions) Grade Contained Metal Josemaria Filo del Sol Caserones Total Indicated Total Inferred Note: See Appendix for References
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TSX: LUN NASDAQ STOCKHOLM: LUMI 5 Geology Overview
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NGExminerals.com TSX:NGEX Geology Overview 6
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NGExminerals.com TSX:NGEX 7 Geology Overview
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NGExminerals.com TSX:NGEX Porphyry Copper Model 8 Filo style breccia ?Porphyry Copper Model • 4 mineralization styles discovered to date o Disseminated and stockwork high- sulphidation Cu-Au o High-sulphidation Cu-Au-Ag veins o Intermediate sulphidation epithermal Au quartz veins o Porphyry Cu-Au • All unusually high-grade • What else is out there? Giant systems with multiple styles of mineralization Sillitoe, 2010
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NGExminerals.com TSX:NGEX Four distinct styles of mineralization at Lunahuasi 9 Disseminated and stockwork high-sulphidation Cu-Au-Ag High-sulphidation vein Cu-Au-Ag Intermediate-sulfidation high-grade Au Porphyry Cu-Au
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NGExminerals.com TSX:NGEX 10Note: See full drill results in Corporate Presentation DPDH014: 9.4m at 40.12% CuEq (27.68% Cu, 14.13 g/t Au, 242.4 g/t Ag) DPDH021: 4.8m at 41.12% CuEq (20.97% Cu, 24.34 g/t Au, 272.1 g/t Ag) DPDH024: 4.1m at 55.26% CuEq (22.29% Cu, 45.28 g/t Au, 218.6 g/t Ag) DPDH032 27.4m at 25.19% CuEq (7.80% Cu, 23.17 g/t Au, 55.9 g/t Ag) DPDH054: 21.7m at 31.92% CuEq (12.70% Cu, 25.21 g/t Au, 95.5 g/t Ag) DPDH029: 823.1m at 1.17% CuEq (0.84% Cu, 0.29 g/t Au, 12.8 g/t Ag) DPDH027: 876.4m at 1.13% CuEq (0.59% Cu, 0.48 g/t Au, 22.3 g/t Ag) DPDH022: 726.5m at 1.66% CuEq (0.89% Cu, 0.88 g/t Au, 14.5 g/t Ag) DPDH021: 772.5m at 1.60% CuEq (1.02% Cu, 0.64 g/t Au, 14.2 g/t Ag) DPDH018: 429.4m at 2.31% CuEq (1.41% Cu, 0.67 g/t Au, 46.6 g/t Ag) High-sulphidation vein Cu-Au- Ag DPDH028: 1.5m at 115.00 g/t Au DPDH032: 2.3m at 149.78 g/t Au DPDH035: 21.5m at 23.81 g/t Au DPDH033: 1.1m at 151.50 g/t Au DPDH046: 2.2m at 142.27 g/t Au Intermediate-sulphidation high-grade Au Disseminated and stockwork high-sulphidation Cu-Au-Ag – in part overprinting porphyry Porphyry Cu-Au DPDH027: 743.0m at 0.56% CuEq (0.44% Cu, 0.13 g/t Au, 2.3 g/t Ag) Including DPDH027: 233.0m at 0.93% CuEq (0.74% Cu, 0.21 g/t Au, 3.8 g/t Ag) Four distinct styles of mineralization at Lunahuasi DPDH027: 1,619.4m at 0.86% CuEq (0.52% Cu, 0.32 g/t Au, 13.2 g/t Ag)
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NGExminerals.com TSX:NGEX Lunahuasi is Several Deposits in One 11 • Potentially economic grades vary over two orders of magnitude, from 0.5% CuEq to 50% CuEq • High-grade structures cut lower-grade host rock • Drill hole composites can help to communicate the grade distribution, but are complicated and variable depending on cutoff grade and internal dilution used • 823.1m at 1.17% CuEq • 9.4m at 40.12% CuEq • 1.1m at 151.50 g/t Au • Has implications for potential production scenarios – large, lower grade or smaller, high grade? Something in between? Sequential opportunities? • Several different possible scenarios, but which is best? Understanding grade distribution unlocks value
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TSX: LUN NASDAQ STOCKHOLM: LUMI 12 Discovery
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NGExminerals.com TSX:NGEX Lunahuasi Exploration History 13 2023 2024 2025 2026 April 2023: Lunahuasi initial discovery (DPDH002: 60m @ 7.5% CuEq) Phase 2 drill program: 12,950m in 15 holes Phase 3 drill program: 25,388m in 27 holes Phase 4 drill program Underway: plan 25,000m >14,000m completed 57,500m in 70 holes drilled during four drill campaigns at Lunahausi (to Jan. 21) ALL holes in deposit area have significant drill intersections Good success in "predictive discovery” - understanding the system and predicting where and what we should hit Deposit remains open in all directions Continuous process of major discoveries LOTS more to come… Phase 1 drill program: 4,912m in 8 holes
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NGExminerals.com TSX:NGEX 14 Lunahuasi Discovery: Key Drill Holes JUPITER MARS SATURN 500mN CuEq %
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NGExminerals.com TSX:NGEX 15 Lunahuasi Discovery: Key Drill Holes • 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 high grade – samples up to 18.74% Cu 500m DPDH002 (April 4, 2023) Jupiter ZoneN Note: For more details see news release dated April 4, 2023 > 10% 4 – 10% 2 – 4% < 0.8% CuEq %
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NGExminerals.com TSX:NGEX 16 Lunahuasi Discovery: Key Drill Holes • 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 500m DPDH007 (July 4, 2023) Mars Zone discovery holeN Note: For more details see news release dated July 4, 2023 > 10% 4 – 10% 2 – 4% < 0.8% CuEq %
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NGExminerals.com TSX:NGEX 17 Lunahuasi Discovery: Key Drill Holes • 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 500m DPDH014 (February 21, 2024) Mars ZoneN Note: For more details see news release dated February 21, 2024 > 10% 4 – 10% 2 – 4% < 0.8% CuEq %
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NGExminerals.com TSX:NGEX 18 Lunahuasi Discovery: Key Drill Holes • 2005m long hole into conceptual porphyry target – confirmed porphyry system to west of high-sulphidation • 1,619.4m @ 0.86% CuEq (0.52% Cu, 0.32 g/t Au, 13.2 g/t Ag), including: • 876.4m @ 1.13% CuEq (0.59% Cu, 0.48 g/t Au, 22.3 g/t Ag) from 385.6m in HS mineralization • 743.0m @ 0.56% CuEq (0.44% Cu, 0.13 g/t Au, 2.3 g/t Ag) from 1,262m of porphyry mineralization 500m DPDH027 (February 19, 2025) Porphyry discoveryN Note: For more details see news release dated February 19, 2025 > 10% 4 – 10% 2 – 4% < 0.8% CuEq %
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NGExminerals.com TSX:NGEX 19 Lunahuasi Discovery: Key Drill Holes • 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 500m DPDH043 (July 2, 2025) Most northern hole drilled to dateN Note: For more details see news release dated July 2, 2025 > 10% 4 – 10% 2 – 4% < 0.8% CuEq %
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NGExminerals.com TSX:NGEX 20 Lunahuasi Discovery: Key Drill Holes • 2.20m @ 142.27 g/t Au from 467.10m • 1.55m @ 504.00 g/t Au from 521.00m • Bonanza-grade Gold 500m DPDH046 (July 8, 2025) Saturn ZoneN Note: For more details see news release dated July 8, 2025 > 10% 4 – 10% 2 – 4% < 0.8% CuEq %
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NGExminerals.com TSX:NGEX Predictive Discovery 21 Initial Discovery Multiple High- Grade Zones Cu-Au Porphyry Bonanza- Grade Gold Good track record of discoveries based on a well understood geological model and regional analogues We’re still “missing” parts of the system - and have an idea where to find them
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NGExminerals.com TSX:NGEX 22 Lunahuasi Filo del Sol 6km A Well-Understood Geological Model Deposit lies along same structural corridor as Filo del Sol and Los Helados Los Helados Caserones 8km 9km 17km Josemaria
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NGExminerals.com TSX:NGEX 23 Cu-Au Porphyry: Plan View – Phase 1 & 2 Drilling 500mN PDAC Core Shack, March 2025
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NGExminerals.com TSX:NGEX 24 Cu-Au Porphyry: Plan View – All Drilling 500mN
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NGExminerals.com TSX:NGEX Bonanza Gold: The Latest Good Surprise 25 * Barrick – unpublished presentation 0.90m @ 25.00% Cu, 290.00 g/t Au, 1,090.0 g/t Ag 1.55m @ 4.84% Cu, 504.00 g/t Au, 90.00 g/t Ag • Located 150km southwest of Lunahuasi • Renowned for bonanza gold, including the “3600 Vein” named after its initial assay values of 3,600 g/t gold • 1.2Moz of gold came out of 190,000t of ore @ 196 g/t* The El Indio Deposit • Located 275km northeast of Lunahuasi • Includes a high-grade zone with 10s to 100s g/t gold The Salares Norte Deposit Typically in a distinct “creamy silica” phase “Bonanza” grade gold mineralization is a well- known component of many high-sulphidation epithermal deposits
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TSX: LUN NASDAQ STOCKHOLM: LUMI 26 Phase 4 Drill Program
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NGExminerals.com TSX:NGEX • Plan involves minimum 25,000m of drilling using 8 rigs • Mix of “Deposit Definition”, “Step-out” and “Exploration” holes • Deposit Definition: define and expand the Mars, Saturn and Jupiter zones o Improve understanding/confidence of three main zones • Step-out: extending open mineralized intersections o Looking to extend/discover new zones • Exploration: aimed at discovering new components to the system o To test anomalies and district scale modeling to discover new components of the Lunahuasi system and demonstrate its true potential 27 Phase 4 Drill Program Started in October 2025: >14,000m completed to date
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NGExminerals.com TSX:NGEX • Define and expand the Mars, Saturn and Jupiter zones • Increase data density to build confidence in the geological model 28 MARS SATURN DPDH014 Cu % DPDH028 DPDH002 Short-Range: Definition Drilling Key Objectives 300m
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NGExminerals.com TSX:NGEX 29 JUPITER MARS SATURN Cu % Mid-Range: Step-Out Drilling 7m @ 11.87% CuEq40m @ 7.02% CuEq 11m @ 8.06% CuEq 54m @ 6.46% CuEq 13m @ 16.18% CuEq 11m @ 8.06% CuEq 10m @ 10.08% CuEq 59m @ 5.07% CuEq 39m @ 4.35% CuEq Key Objectives • Continue to understand and expand the deposit - numerous intersections outside of the three main zones are open to expansion • Looking to define new zones – and develop confidence in the location of the next 4 – 5 zones 300m 9m @ 7.33% CuEq 43m @ 10.15% CuEq Note: See full drill results in Corporate Presentation
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NGExminerals.com TSX:NGEX 30 Long-Range: Exploration Drilling Key Objectives • Discover new components of the Lunahuasi system and demonstrate its true potential • Explore for missing parts of the system, such as a disseminated and stockwork +\- breccia-hosted HS above the center of the porphyry • Begin establishing the extent and geometry of the porphyry mineralization 1,000m EastWest
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NGExminerals.com TSX:NGEX 31 Long-Range: Exploration Drilling
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NGExminerals.com TSX:NGEX 32 Long-Range: Exploration Drilling 1,000m
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NGExminerals.com TSX:NGEX 33 One Step Further: MT Results Suggest A Much Bigger Prize 1,000m
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TSX: LUN NASDAQ STOCKHOLM: LUMI 34 Concluding Remarks • Lunahuasi is one of the most significant discoveries in the last decade • It lies in the middle of the Vicuña district, a quickly evolving giant mineral district • Exploration is facilitated by a detailed knowledge of the district geology • Testing targets developed from this understanding has been successful – but there are still “missing” parts of the system • We are still early in the exploration process with a lot left to learn and discover
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Company Head Office NGEx Minerals Ltd. Suite 2800 – 1055 Dunsmuir Street Vancouver, BC Canada V7X 1L2 @NGEx_minerals | NGExminerals.com | TSX: NGEX NO GUTS, NO GLORY
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NGExminerals.com TSX:NGEX • Los Helados: • Evans, L. “Technical Report on the Los Helados Project, Chile and Argentina”, 2025. • Josemaria and Filo del Sol: • Evans, L. et.al. “Vicuña Project, Argentina and Chile”, 2025. • Caserones • AGP Mining Consultants Inc. “NI 43-101 Technical Report on the Caserones Mining Operation, Caserones Project”, 2023. 36 Vicuña District Resource Table References available at www.ngexminerals.com and www.lundinmining.com