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SETTING THE STAGE FOR CONTINUED VALUE CREATION High-Grade, High-Impact, Strategically Positioned NGEXminerals.com TSX: NGEX OTCQX: NGXXF NO GUTS, NO GLORY Investor Day Presentation | September 15, 2026
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NGExminerals.com TSX:NGEX 1 Cautionary Statement 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, 2026/7 objectives, potential exploration upside at Lunahuasi, Predictive Discovery, RIGI Application, permitting and constructing an adit, timing, goals and objectives for Phase 5 drill program at Lunahuasi, ability to: complete planned program; achieve timelines set out in Valiente Resources 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 commencing its drill program before year and continuing 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 AGENDA INVESTOR DAY 2026 1. Introduction 2. Lunahuasi Update 3. Los Helados Refresher 4. Valiente Resources Spin-Out 5. Summary 6. Q&A 2 Wojtek Wodzicki President, CEO & Director Bob Carmichael VP, Exploration Finlay Heppenstall VP, Corp Dev & IR PRESENTING TODAY
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NGExminerals.com TSX:NGEX AGENDA A couple of reminders 3 Wojtek Wodzicki President, CEO & Director Bob Carmichael VP, Exploration Finlay Heppenstall VP, Corp Dev & IR PRESENTING TODAY • This is not simply a corporate presentation – we will be providing more geological and technical detail than we do in our usual investor deck • Intended to put recent results into a broader context and provide an overview of corporate strategy • A lot of work has gone into interpreting results achieved to date and our geological model is getting more sophisticated as we progress • This presentation will provide an update on Lunahuasi, a refresher on Los Helados, and also talk about our recently announced next spin-out – Valiente Resources • The presentation should take around 2hrs • Please hold all questions until the end of the presentation • Webcast viewers can ask questions through the messenger tab • This presentation can be found on our website
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TSX: LUN NASDAQ STOCKHOLM: LUMI 4 Introduction | Creatively driving shareholder value
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NGExminerals.com TSX:NGEX From Investor Day 2025: Stay Focused – Stay Hungry Build on the best track record in the exploration business 5 Focus on grade Grow Build a pathway to production Stay entrepreneurial
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NGExminerals.com TSX:NGEX 6 Received EIA for development of exploration adit at Lunahuasi Released second annual sustainability report Announced plans to create a new exploration vehicle - Valiente Resources Welcomed Lundin Mining as new partner at Los Helados Closed $175M Private Placement NGEx has achieved a lot in the last 12 months Continuing to do what we say Completed highly successful Phase 4 drill program Closed spin-out of LunR Royalties creating a new Lundin Group royalty vehicle
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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 7 JOSEMARIA feasibility study BHP/Lundin Mining JV moving Vicuna project towards FID Lundin Mining increased interest in Casarones to 75%; acquired 31% interest in Los Helados Around us the Vicuna District is rapidly advancing CREATING OPPORTUNITIES TO GENERATE VALUE FOR NGEx SHAREHOLDERS
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NGExminerals.com TSX:NGEX 8 Phase 4 Program reinforced the exceptional nature of Lunahuasi Significantly expanded mineralized footprint and improved geological interpretation and understanding of overall system Saturn zone: continued expansion and consistent intersection of high- grades Extension of existing zones and delineation of new zones Mars zone: outlining of a potentially very high-grade core within an expanding envelope Jupiter zone: expansion and continued intersection of high- grades Continued intersection of high-grade gold quartz veins over a wide area Confirmation that the Lunahuasi porphyry includes a large breccia body with significant copper and gold grades
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NGExminerals.com TSX:NGEX 9 o Will facilitate resource definition drilling supporting eventual MRE o Year-round, more efficient and targeted drilling in a controlled environment o Detailed mapping o Collection of bulk samples for metallurgical testwork o Detailed geotechnical data collection New adit will facilitate exploration and eventual development of Lunahuasi An important next step for the Project: Underground development with minimal surface impact: o 4.5m x 4.5m adit with 1,300m total linear development o Small temporary waste rock storage with max. 50,000m3 capacity o Compact surface infrastructure layout o Small water treatment plant
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NGExminerals.com TSX:NGEX ` 10 Lunahuasi The path forwardmaximizing the value of the NGEx portfolio "Will it create shareholder value?" Los Helados LunR Royalties Valiente Resources o One of the largest undeveloped deposits in Chile located 17km from Caserones o Multiple pathways to development with Lundin Mining now our 31% partner o Valuable potential future generator of cash flow within the NGEx portfolio o NGEx owns 13,370,107 shares (~$280M) o Potential future source of financing o Spun-out of NGEx to capture value in the mining royalty and streaming space by building a concentrated portfolio of high-quality royalty and streaming interests o Renewed focus on an asset currently overlooked in the NGEx portfolio o Historically, spin-outs from NGEx have generated substantial value for shareholders o A pure play Lundin Group exploration vehicle aiming to build a portfolio of prospective exploration projects o Focus on exploration to fully define potential o Continue down pathway towards eventual production o Keep all development options open
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TSX: LUN NASDAQ STOCKHOLM: LUMI 11 Lunahuasi | Continued focus on exploration
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TSX: LUN NASDAQ STOCKHOLM: LUMI 12 Lunahuasi Phase 4 Update • Exploration Update - Lunahuasi is still primarily an exploration story o Mineralized system remains completely open o All identified “zones” remain completely open o New discovery potential remains excellent • Metallurgical Testwork Results o We are starting to do internal engineering work to conceptualize production scenarios o Metallurgy is largely independent of any particular scenario and is a good place to start
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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 13 JOSEMARIA feasibility study Vicuña District Today FIVE MAJOR DEPOSITS, GROWING AND MOVING TOWARDS DEVELOPMENT Vicuña Sillitoe, 2010 JX Nippon Valle Ancho
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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 14 JOSEMARIA feasibility study Vicuña District Today TRUE WORLD-CLASS METAL ENDOWMENT JX Nippon Lunahuasi Filo del Sol Josemaria Los Helados Caserones ~30 km Cu Au Ag Cu Au Ag (%) (g/t) (g/t) (kt) (Moz) (Moz) Indicated 2,080 0.40 0.15 1.5 8,320 10.2 98 Inferred 1,080 0.34 0.10 1.4 3,672 3.6 50 M+I 4,181 0.34 0.27 5.4 14,338 36.1 729 Inferred 10,641 0.30 0.18 3.1 32,255 61.3 1,051 M+I 1,296 0.28 - - 3,600 - 0 Inferred 0.1 0.20 - - 147 - - 7,557 0.35 0.19 3.4 26,258 46.3 827 11,721 0.30 0.17 2.9 36,074 64.9 1,101 Caserones Tonnes (millions) Total M+I Total Inferred Deposit Category Grade Contained Metal Los Helados Vicuña District North Note: See Lundin Mining Vicuña Technical Report – Vicuña District Resource included Filo del Sol and Josemaria deposits
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TSX: LUN NASDAQ STOCKHOLM: LUMI 15 The Evolution of Lunahausi
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NGExminerals.com TSX:NGEX Lunahuasi Exploration History 16 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: 27,320m in 32 holes 70,570m in 84 holes drilled during four drill campaigns at Lunahausi ALL holes in deposit area have significant drill intersections New discovery potential remains high Deposit remains open in all directions Continuous process of major discoveries LOTS more to come… Phase 1 drill program: 4,912m in 8 holes Phase 5 drill program A very recent discovery
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NGExminerals.com TSX:NGEX 07: 90.0m @ 4.05% CuEq 17 21: 192.6m @ 3.37% CuEq 22: 101.0m @ 5.86% CuEq 14: 71.9m @ 9.63% CuEq 07: 90.0m @ 4.05% CuEq 02: 60.0m @ 7.52% CuEq 18: 102.7m @ 4.25% CuEq 18: 37.8m @ 4.05% CuEq 1,000m Phase 1 & 2: May 2024 2 - %.0 4.0 4.0 10.0 - % > 10.0 % CuEq % 1 - 2 %.0 .0 Hole #: Length @ CuEq Note: See Appendix for full drillhole intersection information
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NGExminerals.com TSX:NGEX 18 Phase 3: May 2025 46: 104.8m @ 6.90% CuEq* * Au cut to 90 g/t 28: 110.1m @ 8.82% CuEq 41: 109.7m @ 3.65% CuEq 44: 340.3m @ 3.72% CuEq 43: 89.6m @ 2.42% CuEq 38: 42.4m @ 6.14% CuEq 35: 51.5m @ 12.26% CuEq 43: 46.8m @ 9.55% CuEq 33: 23.0m @ 4.49% CuEq 25: 29.8m @ 4.80% CuEq 33: 40.0m @ 7.02% CuEq 28: 53.5m @ 7.79% CuEq 28: 59.1m @ 5.07% CuEq 1,000m 2 - %.0 4.0 4.0 10.0 - % > 10.0 % CuEq % 1 - 2 %.0 .0 29: 157.7m @ 2.18% CuEq Hole #: Length @ CuEq Note: See Appendix for full drillhole intersection information
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NGExminerals.com TSX:NGEX 19 Phase 4: May 2026 64: 88.0m @ 8.65% CuEq 63: 110.0m @ 2.54% CuEq* 57: 131.0m @ 5.09% CuEq GT004: 48.0m @ 7.43% CuEq GT004: 23.1m @ 4.71% CuEq 78:20.5m @ 17.83% CuEq 75: 13.5m @ 11.36% CuEq 75: 47.3m @ 2.79% CuEq 75: 17.0m @ 2.47% CuEq 77: 57.8m @ 9.41% CuEq 64: 156.0m @ 1.00% CuEq * Au cut to 90 g/t 1,000m 2 - %.0 4.0 4.0 10.0 - % > 10.0 % CuEq % 1 - 2 %.0 .0 73: 56.1m @ 3.19% CuEq 73: 65.0m @ 2.67% CuEq Hole #: Length @ CuEq Note: See Appendix for full drillhole intersection information
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NGExminerals.com TSX:NGEX 20 Phase 4: May 2026 1,000m 2 - %.0 4.0 4.0 10.0 - % > 10.0 % CuEq % 1 - 2 %.0 .0
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TSX: LUN NASDAQ STOCKHOLM: LUMI 21 Quick Geology Refresher
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NGExminerals.com TSX:NGEX 22 Porphyry Copper Systems - Lithology Sillitoe, 2010
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NGExminerals.com TSX:NGEX 23 Porphyry Copper Systems - Alteration High-sulphidation vein Cu-Au- Ag High-grade Au Disseminated and stockwork high-sulphidation Cu-Au-Ag Porphyry Cu-Au Sillitoe, 2010
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NGExminerals.com TSX:NGEX 24 • Think of Lunahuasi as a collection of mineral deposits • Each is exceptional • There is some degree of overprint – which can lead to remarkable grades • Each is open to expansion – as is the entire system • Together, they fit the porphyry / high-sulphidation model very well • Using the model, we can predict where to find other mineralized zones – we are still in the discovery phase Lunahuasi is a Mineral System – not a single deposit Four styles of mineralization – each significant on its own
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NGExminerals.com TSX:NGEX 25Note: 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: 6.8m at 83.88 g/t Au DPDH035: 21.5m at 23.81 g/t Au DPDH046: 3.6m at 245.39 g/t Au DPDH063: 1.4m at 159.50 g/t Au DPDH070: 2.0m at 1,740 g/t Au High-grade AuDisseminated and stockwork high-sulphidation Cu-Au-Ag 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) DPDH064: 501.1m at 0.73% CuEq (0.54% Cu, 0.22 g/t Au, 3.0 g/t Ag) Including DPDH064: 156.0m at 1.00% CuEq (0.78% Cu, 0.26 g/t Au, 3.6 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) DPDH064: 1,540.1m at 1.17% CuEq (0.79% Cu, 0.39 g/t Au, 11.3 g/t Ag)
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NGExminerals.com TSX:NGEX 26 High-Grade Gold: Improving our understanding of this component of the system * 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 The El Indio Deposit The Salares Norte Deposit A well-known component of many high-sulphidation epithermal deposits • 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* • Located 275km northeast of Lunahuasi • Includes a high-grade zone with 10s to 100s g/t gold Typically in a distinct “creamy silica” phase
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NGExminerals.com TSX:NGEX 27 High-Grade Gold: Representative intersections Hole ID From (m) To (m) Length (m) Est True Width (m) Cu % Au g/t Ag g/t DPDH016 274.0 276.0 2.0 1.3 0.85 29.76 14.0 DPDH022 408.0 446.9 38.9 25.0 2.92 10.04 67.7 DPDH025 372.45 378.19 5.74 4.2 1.92 19.13 608.0 DPDH037 521.40 524.40 3.00 1.6 0.16 19.13 135.3 DPDH046 520.00 523.60 3.60 2.3 2.68 245.39 14.7 DPDH059 547.00 554.00 7.00 7.0 2.17 15.74 12.6 DPDH063 831.50 836.38 4.88 2.8 3.88 60.10 112.8 incl 835.00 836.38 1.38 0.8 0.09 159.50 80.0 DPDH070 334.90 352.20 17.30 9.2 2.02 207.79 16.2 incl 334.90 336.90 2.00 1.1 2.50 1740.00 55.0
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NGExminerals.com TSX:NGEX 28 High-Grade Gold: Representative intersections Saturn Jupiter Mars Diorite Overburden Volcaniclastic Silicified Zones 1,000m
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NGExminerals.com TSX:NGEX 29 High-Grade High Sulphidation: The backbone - so far.... This is the most unique part of the deposit, best combination of grade and size DPDH064 (Mars): Intersection: 15.65m @ 24.33% Cu, 4.72 g/t Au, 268.1 g/t Ag Analogues • Massive sulphide veins > 20m true width • Seen in Mars, Saturn and Jupiter – and beyond • Gold grades can be very high where coincident with gold-quartz veins • New discoveries in Phase 4 drilling (DPGT004: 4.20m @ 11.67% Cu, 5.95 g/t Au, 219.2 g/t Ag (17.94% CuEq) • Timok • Lepanto • El Indio • Wafi Golpu Simple, consistent mineralogy
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NGExminerals.com TSX:NGEX 30 High-Grade High Sulphidation: Representative intersections Hole ID From (m) To (m) Length (m) Est True Width (m) Cu % Au g/t Ag g/t CuEq % DPDH009 188.50 195.00 6.50 3.6 17.19 8.71 279.04 26.00 DPDH014 220.00 243.00 23.00 11.7 14.68 9.95 123.07 23.02 DPDH021 476.00 496.10 20.10 13.0 9.18 6.86 98.50 15.05 DPDH021 614.00 620.00 6.00 4.0 15.09 4.27 160.72 19.62 DPDH024 834.00 849.25 15.25 7.9 13.83 2.52 101.70 16.56 DPDH042 292.25 304.80 12.55 8.8 13.30 6.63 104.58 19.05 DPDH043 492.20 508.00 15.80 7.9 14.25 5.02 132.78 19.08 DPDH049 941.45 948.90 7.45 4.5 13.38 1.62 52.83 15.03 DPDH054 284.10 305.80 21.70 16.0 12.70 25.22 95.54 31.92 DPDH056 552.50 560.55 8.05 4.8 14.09 4.06 87.08 17.82 DPDH057 514.80 525.00 10.20 6.5 11.48 3.51 172.41 15.56 DPDH060 245.30 248.00 2.70 1.5 13.89 6.64 127.28 19.85 DPDH064 572.00 615.10 43.10 17.2 11.98 3.18 163.87 15.74 DPDH077 326.00 345.00 19.00 7.6 18.84 5.54 336.74 25.84 DPGT004 497.70 505.00 7.30 4.3 15.09 15.90 135.64 27.88
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NGExminerals.com TSX:NGEX 31 High-Grade High Sulphidation: Representative intersections Saturn Jupiter Mars Diorite Overburden Volcaniclastic Silicified Zones 1,000m
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NGExminerals.com TSX:NGEX 32 Disseminated and Stockwork High Sulphidation: Size potential Hole number From To Length Cu % Au g/t Ag g/t CuEq DPDH018 1056.00 1058.05 2.05 0.424 0.109 3.0 0.53 DPDH018 1058.05 1059.00 0.95 1.774 0.140 6.0 1.93 DPDH018 1059.00 1060.00 1.00 4.063 1.035 157.0 6.20 DPDH018 1060.00 1061.10 1.10 0.924 0.186 8.0 1.13 DPDH018 1061.10 1062.20 1.10 1.062 0.184 13.0 1.31 DPDH018 1062.20 1064.00 1.80 0.146 0.150 3.0 0.28 DPDH018 1064.00 1066.00 2.00 0.826 0.256 3.0 1.04 DPDH018 1066.00 1068.00 2.00 0.308 0.072 1.0 0.37 DPDH018 1068.00 1070.00 2.00 1.134 0.470 3.0 1.50 Very large volume of this style of mineralization – implications for production scenarios
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NGExminerals.com TSX:NGEX 33 Disseminated and Stockwork High Sulphidation: Representative intersections Hole ID From (m) To (m) Length (m) Est True Width (m) Cu % Au g/t Ag g/t CuEq % DPDH018 738.00 1167.40 429.40 429 1.41 0.67 46.6 2.31 DPDH021 430.00 1202.50 772.50 773 1.02 0.64 14.2 1.60 DPDH022 380.00 1106.50 726.50 727 0.89 0.88 14.5 1.66 DPDH027 385.60 1262.00 876.40 876 0.59 0.48 22.3 1.13 DPDH028 439.60 1275.00 835.40 835 1.59 1.19 21.9 2.65 DPDH029A 460.00 1361.00 901.00 901 0.77 0.32 12.1 1.11 DPDH034 542.80 1124.50 581.70 582 1.32 0.44 26.7 1.87 DPDH037 494.70 1178.00 683.30 683 0.84 0.58 15.5 1.40 DPDH039 298.00 1137.30 839.30 839 0.87 0.45 18.8 1.36 DPDH044 259.00 721.20 462.20 462 1.61 1.44 41.0 3.02 DPDH051 436.70 764.10 327.40 327 2.43 1.53 21.8 3.74 DPDH059 406.55 866.37 459.82 460 1.75 1.68 23.7 3.18 DPDH063 550.70 1294.00 743.30 743 1.38 0.91 18.4 2.21 DPDH064 404.00 1235.00 831.00 831 1.11 0.46 16.3 1.59 DPDH071 274.60 848.00 573.40 573 1.27 0.88 28.6 2.17
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NGExminerals.com TSX:NGEX 34 Disseminated and Stockwork High Sulphidation: Representative intersections Diorite Overburden Volcaniclastic Silicified Zones 1,000m
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NGExminerals.com TSX:NGEX 35 Porphyry Copper-Gold: The source This is the driver of the system – potential for the most contained metal Porphyry plus high-grade breccia phases Hole number From To Length (m) Cu % Au g/t Ag g/t CuEq % DPDH064 1532.0 1534.0 2.0 0.88 0.21 2.0 1.05 DPDH064 1534.0 1536.0 2.0 1.11 0.27 3.0 1.33 DPDH064 1536.0 1538.0 2.0 0.92 0.64 4.0 1.42 DPDH064 1576.0 1578.0 2.0 1.27 0.23 6.0 1.49 DPDH064 1578.0 1580.0 2.0 1.28 0.35 5.0 1.58 DPDH064 1580.0 1582.0 2.0 1.05 0.23 6.0 1.27
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NGExminerals.com TSX:NGEX 36 Hole ID From (m) To (m) Length (m) Est True Width (m) Cu % Au g/t Ag g/t CuEq % DPDH027 1262.00 2005.00 743.00 743 0.43 0.13 2.3 0.55 incl 1343.00 1576.00 233.00 175 0.74 0.21 3.8 0.93 DPDH064 1235.00 1736.10 501.10 500 0.54 0.22 3.0 0.73 incl 1352.70 1736.10 383.40 383 0.61 0.23 3.2 0.81 incl 1512.00 1668.00 156.00 156 0.78 0.26 3.6 1.00 Porphyry Copper-Gold: The source Only two holes to date
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NGExminerals.com TSX:NGEX 37 Porphyry Copper-Gold: The source Diorite Overburden Volcaniclastic Silicified Zones 1,000m
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NGExminerals.com TSX:NGEX 38 Combined Zones Diorite Overburden Volcaniclastic Silicified Zones 1,000m
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NGExminerals.com TSX:NGEX 39 Combined Zones Diorite Overburden Volcaniclastic Silicified Zones 1,000m
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NGExminerals.com TSX:NGEX 40 High-Grade Hypogene: The missing piece Sillitoe, 2010 Calder et al, 2022 Yang and Wilkinson, 2025 The deposit model, and analogies with other deposits, point to an exploration target
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NGExminerals.com TSX:NGEX 41 High-Grade Hypogene: The missing piece The deposit model, and analogies with other deposits, point to an exploration target
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NGExminerals.com TSX:NGEX 42 High-Grade Hypogene: The missing piece The deposit model, and analogies with other deposits, point to an exploration target
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NGExminerals.com TSX:NGEX 43 High-Grade Hypogene: The missing piece Magnetotelluric geophysical results support interpretation
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NGExminerals.com TSX:NGEX Lunahuasi is a combination of several deposits 44 • We are starting to understand the details, and to predict locations and geometries • High-potential exploration targets remain • Each one of the four deposits, on its own, would be an exciting project. Each deposit type high-grade for its class • Adds complexity to resource estimation o Different deposits need different drill spacing and hole orientations, different variography and classification criteria o At this stage, the more we drill, the larger the resource will be (through both step-out to expand the zones and infill to improve classification) Variety provides optionality for conceptual mine planning
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TSX: LUN NASDAQ STOCKHOLM: LUMI 45 Phase 5 Drill Program
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NGExminerals.com TSX:NGEX 46 • Proposed plan involves 25,000m of drilling using 8 rigs – similar to Phase 4 • Development of exploration adit • Mix of “Resource Definition”, “Step-out” and “Exploration” holes • Resource Definition: continue to define and expand the Mars, Saturn, Jupiter and other zones o Improve geological model o Building towards an initial resource estimate o Adit will dramatically increase efficiency of this work • Step-out: extending open mineralized intersections o Both at a zone scale and a system scale o Multiple directions to extend • Exploration: aimed at discovering new components to the system o To test anomalies and district scale concepts to discover new components of the Lunahuasi system and demonstrate its true potential Proposed Phase 5 Drill Program
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NGExminerals.com TSX:NGEX 47 Short-Range: Resource Definition Drilling • Define and expand the Mars, Saturn and Jupiter zones • Increase data density to build confidence in the geological model • Resource definition is much more efficient with the planned underground development • Not just a simple geostatistical exercise – defining geometries and grade distribution is critical Key Objectives
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NGExminerals.com TSX:NGEX 48 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 • Continue to understand and expand the deposit - numerous intersections outside of the three main zones are open to expansion • Looking to discover / 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 Key Objectives
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NGExminerals.com TSX:NGEX 49 Long-Range: Exploration Drilling • 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 stockwork +\- breccia-hosted high sulphidation deposit above the center of the porphyry • Aim to also begin establishing the full extent and geometry of the porphyry mineralization Key Objectives
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NGExminerals.com TSX:NGEX 50 Regional Exploration 3,000m Strong surface alteration Anomalous surface sampling Secondary plateau drill target Porphyry / HS Breccia Target Area
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NGExminerals.com TSX:NGEX 51 Regional Exploration
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TSX: LUN NASDAQ STOCKHOLM: LUMI 52 Metallurgical Testwork Results
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NGExminerals.com TSX:NGEX 53 • Lunahuasi is a new discovery – no historical engineering work of any kind • Main copper carrier in the high sulphidation mineralization is enargite, Cu3AsS4 o Enargite is rich in copper (48% vs 35% for chalcopyrite) but arsenic goes with copper • High sulphidation zones have simple and consistent sulphide mineralogy – enargite + pyrite +/- covellite – reduces complexity in processing • Very high gold and silver values improve everything • Two Phase initial testwork program: o Phase 1: flotation testwork to develop a flowsheet and produce concentrates for Phase 2 o Phase 2: concentrate treatment options to remove arsenic and make marketable products • Very successful in producing clean concentrates through a simple flowsheet with very high recoveries for copper, gold and silver • Good potential for further improvements through optimization o Several options to evaluate, flexible process 2025/26 Initial Metallurgical Testwork
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NGExminerals.com TSX:NGEX 54 Sample Selection Initial focus on high sulphidation mineralization in Jupiter, Mars and Saturn Saturn Jupiter Mars Composite Drill holes Length (m) Weight (kg) Cu (%) Au (g/t) Ag (g/t) Mars 10 431 1,179 4.16 5.38 36.8 Saturn 6 460 1,200 3.85 3.50 57.1 Jupiter 3 338 901 2.51 1.78 60.6 Spatial distribution of samples Creation of three main composites Porphyry and high-grade gold to be tested in future
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NGExminerals.com TSX:NGEX 55 Phase 1: Flotation • Jupiter, Mars and Saturn tested separately • Sequential copper concentrate -> pyrite concentrate -> tailings • Very simple flow sheet – rougher concentrate only – no cleaning stages • Option to combine copper and pyrite concentrate to produce a bulk concentrate • Pyrite : Enargite ratio important Grade Recovery (%) Cu % Au g/t Ag g/t As % Cu Au Ag Mars Cu Con 27.8 30.9 226.0 11.1 94.2 87.1 88.3 Py Con 2.5 5.4 49.0 0.8 4.7 8.5 10.7 Saturn Cu Con 23.8 15.5 349.0 10.0 92.0 79.6 84.0 Py Con 1.4 2.5 47.0 0.5 6.0 15.0 13.1 Jupiter Cu Con 17.6 7.1 339.0 7.6 93.6 61.1 80.2 Py Con 0.6 3.1 49.9 0.2 4.4 35.2 15.5
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NGExminerals.com TSX:NGEX • Several processes tested: o Pressure Oxidation (POX) o Caustic Leaching o Dundee Sustainable Technologies GlassLockTM o Albion ProcessTM • All worked well and warrant further testwork • GlassLockTM had the best initial results • Tested Cu Cons – option to blend product with untreated Py Con – Grade / Recovery tradeoff • Tested Bulk Con separately – opportunity for a very simple flotation process 56 Phase 2: Concentrate Treatment Grade Recovery (%) Cu % Au g/t Ag g/t As % Cu Au Ag Mars Cu Con 39.4 43.7 320.0 0.2 94.2 87.1 88.3 Saturn Cu Con 32.9 21.4 483.0 0.3 92.0 79.6 84.0 Jupiter Cu Con 23.4 9.5 452.0 0.3 93.6 61.1 80.2 Combined Bulk Con 16.8 15.4 228.8 0.3 98.3 95.6 97.3
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NGExminerals.com TSX:NGEX 57 Metallurgy: Next Steps • Variability testing; assessing metallurgical response across spatial domains, grade ranges and alteration types • Comminution testing • Concentrate treatment o Continued optimization and trade-off studies of several options o Evaluation of opportunities to produce cathode copper and precious metal doré through POX/SXEW o Data collection to support economic trade-off studies • Initial testing of HG gold mineralization and Porphyry Cu-Au mineralization
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TSX: LUN NASDAQ STOCKHOLM: LUMI 58 Los Helados | New partnership with Lundin Mining creates opportunity
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NGExminerals.com TSX:NGEX 59 Los Helados is one of the largest undeveloped deposits in Chile IndicatedCu (@ 0.33% Cut-Off) Inferred IndicatedAg (@ 0.33% Cut-Off) Inferred IndicatedAu (@ 0.33% Cut-Off) Inferred 18.4 Blbs 8.3 Blbs 10.2 Moz 3.6 Moz 97.5 Moz 50.2 Moz SE 500 m SE Drillholes > 1% CuEq > 0.5% CuEq Block Model CuEq (%) > 0.25% CuEq > 0.1% CuEq Open at Depth Alicanto Fenix Condor Scale ~ 1.3 km long x ~1.3 vertical extent NW High-grade zones Mineral Resource: (1) Refer to slide 85 for copper equivalent (“CuEq”) formula and additional details regarding the reporting of the Los Helados resources statement
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NGExminerals.com TSX:NGEX 60 N Caserones claims Alteration Footprint Access Drillholes > 0.33% CuEq > 0.8% CuEq Mineralization Footprint 500 m Fenix Zone ~17 km to Caserones Open Alicanto Zone Open towards Caserones Mineral Property Condor Zone Hosts three higher-grade zones: Condor, Fenix, and Alicanto Mineral Resource includes 510 Mt at 0.72% CuEq of Indicated Resource at a 0.6% CuEq cut-off
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NGExminerals.com TSX:NGEX 61 Located 17km from Lundin Mining’s Caserones Mine in Region III, Chile Los Helados: NGEx 69%/Lundin Mining 31% Caserones: Lundin Mining 75%/JX 25% Ownership summary:
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Valiente Resources|The New Lundin Group Exploration Company
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NGExminerals.com TSX:NGEX Valiente Resources is the Lundin Group’s new exploration vehicle A pure play South American exploration vehicle with an intention to grow 63 Aiming to build a portfolio of highly prospective exploration projects Valle Ancho is a district- scale copper-gold exploration opportunity Track record of world- class discoveries - same team that discovered the Vicuna District A new Lundin Group exploration vehicle presents a significant opportunity for NGEx shareholders
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NGExminerals.com TSX:NGEX Select Lundin companies’ historical returns from inception 64 The Lundin Group has a strong track record of value creation… … And the spin out strategy has been especially effective Note: Canadian dollars; Market capitalization as of July 30, 2026 15,600% 4,342% 1,757% 1,091% 1,041% 961% 609% 558% 449% 352% 139% shareholder return Lundin Energy Filo Corp. International Musto Argentina Gold Red Back Mining Tanganyika Oil International Uranium Tenke Mining Josemaria Valkyries Petroleum Lundin Oil 3 early stage exploration projects in the (future) Vicuna District 2016 2019 Market Cap ~$40million Lunahuasi Los Helados Valle Ancho 2025 Market Cap ~$13billion NGEx Spinouts – Returns to date
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NGExminerals.com TSX:NGEX 65 Successful exploration can generate significant shareholder returns World class discoveries generate significant value $0 $5 $10 $15 $20 $25 $30 $35 Share price (C$/sh) Filo Corp Announcement of hole 41 Announcement of acquisition by BHP/Lundin Mining $0 $5 $10 $15 $20 $25 $30 $35 Share price (C$/sh) NGEx Minerals Discovery of Lunahuasi
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NGExminerals.com TSX:NGEX 66 Valle Ancho will be the foundational piece of Valiente Resources Highly prospective copper-gold project in Catamarca Province, Argentina Snapshot Ownership: 100% owned by NGEx Location: Underexplored 100,000 hectare land package on the Argentina side of the Maricunga Gold Belt • Located ~40 km from the Norte Abierto and Maricunga gold projects • Prolific Maricunga Gold Belt contains over 100 Moz gold on the Chilean side History: No meaningful exploration work completed for nearly 20 years prior to NGEx acquiring the project in 2019 Drilling: NGEx completed 3,060m scout drill program in 2022. Results demonstrated occurrence of significant porphyry mineralization Future plans: Multiple drill ready targets Valle Ancho Interceptor
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NGExminerals.com TSX:NGEX 67 Several high potential targets already identified Over an area similar in size to the Vicuna District o La Quebrada – porphyry target o Nordin and 3N – oxide gold target o La Austral – gold silicified breccias o Interceptor – porphyry target o Los Aparejos – copper-gold skarn Initial targets identified La Quebrada Copper-Gold Target: o VADH003: 596m of 0.50% CuEq (0.23% Cu; 0.37 g/t Au; 1.4 g/t Ag); including 104m of 0.62% CuEq (0.25% Cu; 0.50 g/t Au; 1.5 g/t Ag) o VADH006: 423m of 0.40% CuEq (0.19% Cu; 0.27 g/t Au; 2.2 g/t Ag); including 108m of 0.50% CuEq (0.22% Cu; 0.38 g/t Au; 1.9 g/t Ag) and 136m of 0.50% CuEq (0.25% Cu; 0.32 g/t Au; 4.2 g/t Ag) Nordin Oxide Gold Target: o VAD001: 150m of 1.05 g/t Au o VAD002: 198m of 0.63 g/t Au; including 70m of 0.94 g/t Au Selected drill results
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NGExminerals.com TSX:NGEX Valiente Resources will also look to grow its portfolio Opportunistic acquisitions to grow a diversified portfolio of high-quality exploration prospects in South America 68 1. 2 . 3. Opportunistic Cu-Au-Ag focus will leverage experience of top tier team Exploration upside/ special situations Initial Chile & Argentina Focus
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NGExminerals.com TSX:NGEX 69 Timeline of Remaining Key Dates Details and exact dates to be provided via news release once finalized August 6, 2026: Publication of news release announcing intention to spin out Valiente Resources [COMPLETED] Q4 2026: Special meeting of shareholders to approve Arrangement Q4 2026: Court approval of Arrangement Q4 2026: Publication of management information circular Q4 2026: Expected Effective Date and completion thereafter Note: For more detailed information on the royalty spin-out please refer to the news release dated August 6, 2026
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TSX: LUN NASDAQ STOCKHOLM: LUMI 70 Concluding Remarks
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NGExminerals.com TSX:NGEX Macro trends favor NGEx assets For the first time in our history 71 • We are in the early innings of a historic bull market for hard assets • Demand is strong • Metal prices are at record highs – projects have not been revalued to match • High quality projects in favorable jurisdictions are scarce • NGEx assets are in the middle of the largest new copper development project in the world
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NGExminerals.com TSX:NGEX 72 Maximize the value of NGEx assets; Make sure value flows through to the share price FOCUS ON THE BUSINESS OF REALIZING THE MAXIMUM VALUE FOR THE NGEX ASSETS Continue to think creatively and entrepreneurially about value Work with Lundin Mining to move Los Helados toward production Grow Lunahuasi - make sure the full system is defined • Find ways to shorten timelines to production • Maintain optionality
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TSX: LUN NASDAQ STOCKHOLM: LUMI 73 Q&A
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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 Contact Finlay Heppenstall VP, Corp Dev & IR Telephone: (778) 386-4688 Email: finlayh@ngexminerals.com
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TSX: LUN NASDAQ STOCKHOLM: LUMI 75 Appendix
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NGExminerals.com TSX:NGEX 76 Lunahuasi Drillhole Intersections Hole ID From (m) To (m) Length (m) Est True Width (m) Cu % Au g/t Ag g/t CuEq % DPDH002 212.0 272.0 60.0 20.5 5.65 2.04 44.0 7.52 DPDH007 74.0 164.0 90.0 51.6 2.05 2.46 23.2 4.05 DPDH014 171.2 243.0 71.9 36.6 5.79 4.70 46.9 9.63 DPDH018 741.3 844.0 102.7 71.9 1.89 1.43 149.6 4.25 DPDH018 1125.2 1162.9 37.8 26.7 3.26 0.73 29.5 4.05 DPDH025 369.05 398.85 29.80 22 0.79 4.03 121.3 4.80 DPDH028 439.60 549.70 110.10 81 4.23 5.61 57.0 8.82 DPDH028 834.50 893.60 59.10 46.0 3.63 1.05 76.7 5.07 DPDH028 1219.50 1273.00 53.50 37.0 5.64 2.45 41.1 7.79 DPDH029 776.90 934.60 157.70 85.0 1.67 0.49 16.7 2.18 DPDH033 407.00 430.00 23.00 14 2.34 2.51 35.6 4.49 DPDH033 935.00 975.00 40.00 22 2.23 6.02 45.6 7.02 DPDH035 222.00 273.50 51.50 23 4.37 10.42 32.6 12.26 DPDH038 146.00 188.40 42.40 25 4.11 2.35 35.7 6.14 DPDH041 533.80 643.50 109.70 66 2.460 1.073 46.54 3.65 DPDH042 411.50 521.30 109.80 79 1.082 0.982 18.20 1.96 DPDH043 198.40 288.00 89.60 46 1.54 1.03 14.4 2.42 DPDH043 492.20 539.00 46.80 23 6.63 3.05 79.2 9.55 DPDH044 346.70 687.00 340.30 340 1.996 1.756 50.44 3.72 DPDH057 424.00 555.00 131.00 84 3.10 2.03 58.23 5.09 DPDH064 572.00 660.00 88.00 35 6.49 1.91 87.8 8.65 DPDH064 1512.00 1668.00 156.00 156 0.78 0.26 3.6 1.00 DPDH073 544.90 601.00 56.10 34 2.04 1.32 21.3 3.19 DPDH073 708.00 773.00 65.00 39 1.66 1.06 26.9 2.67 DPDH075 385.50 399.00 13.50 7.5 5.74 7.25 38.3 11.36 DPDH075 553.70 601.00 47.30 26 2.22 0.58 16.2 2.79 DPDH075 717.00 734.00 17.00 9.4 1.60 1.03 14.6 2.47 DPDH077 310.25 368.00 57.75 23 6.51 2.50 121.8 9.41 DPDH078 284.00 304.50 20.50 11 6.29 15.18 53.5 17.83 DPGT004 187.90 211.00 23.10 15 2.75 2.07 50.8 4.71 DPGT004 475.00 523.00 48.00 28 4.03 4.23 35.3 7.43
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77 Lunahuasi Analogs
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NGExminerals.com TSX:NGEX 78 Collahuasi High and intermediate sulphidation veins surrounding a porphyry system Some giant systems exhibit multiple styles of mineralization Selected analogs exhibiting similar styles, grades and scale of mineralization Butte High sulphidation lode vein swarm “a mile wide by a mile long by a mile deep” surrounding a porphyry system Fruta del Norte High grade gold in quartz veins El Indio High sulphidation lode copper-gold-silver veins overprinted by later intermediate sulphidation quartz gold veins Chuquicamata Swarm of high- sulphidation copper lode veins cutting a major porphyry system Note: See appendix for more detailed description of each analog
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NGExminerals.com TSX:NGEX two 79 Butte, Montana (2 styles) High sulphidation lode vein swarm “a mile wide by a mile long by a mile deep” surrounding a porphyry system 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, Volume 2 – Special Topics. Montana Bureau of Mines and Geology. Retrieved September 24, 2025, from https://mbmg.mtech.edu/pdf/geologyvolume/ReedDillesButteChapter_Final.pdf
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NGExminerals.com TSX:NGEX • 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 (Ag-Au) veins • Mineralization spread over approx. 6km by 4km area 80 High and intermediate sulphidation veins surrounding a porphyry system Collahuasi, Chile (3 styles) 1Masterman GJ,, Cooke, D.R. and Moore, R.L 2005 Geology and Discovery of Porphyry Cu-Mo-Ag Depoists in the Collahuasi District, Northern Chile in Porter, T.M. (Ed.) Super Porphyry Copper & Gold Deposits: A Global Perspective, PGC Publishing, Adelaide, v.1, pp175-188
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NGExminerals.com TSX:NGEX 81 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 • Recently discovered porphyry copper mineralization o 667.1mat 0.32% Cu, 0.12 g/t Au, 2.61 g/t Ag, and 17.21 ppm Mo2 1Reserves and Resources | Lundin Gold Inc., 2Lundin Gold news release dated August 5, 2025
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NGExminerals.com TSX:NGEX 82 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 gold ore totalled 0.5 mt @ 121 g/t Au1 • 500m x 150m x 300m mineralized block • Located 150km south of Lunahuasi 1Jannas, R.R., Beane, R.E., Ahler, B.A. and Brosnahan, D.R., 1990. Gold and copper mineralization at the E1 Indio deposit, Chile. In: J.W. Hedenquist, N.C. White and G. Siddeley {Editors), Epithermal Gold Mineralization of the Circum-Pacific: Geology, Geochemistry, Origin and Exploration, II. J. Geochem. Explor., 36: 233-266.
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NGExminerals.com TSX:NGEX 83 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% Cu1 • Current Total Resources: 2.7 Bt @ 0.62% Cu2 1 Camus et al 2003, 2 Codelco Memoria Annual 2025
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84 Los Helados
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NGExminerals.com TSX:NGEX 85 Notes: 1. Mineral Resource prepared in accordance with CIM (2014) definitions 2. All dollar amounts are presented in U.S. dollars 3. Mineral Resources are estimated at a cut-off grade of 0.33% CuEq based on an underground block cave mining cost of $8.00/t, a processing cost of $12.00/t, and a general & administrative cost of $1.00/t 4. Mineral Resources are estimated using a copper price of $3.90/ lb, a gold price of $1,800/oz, and a silver price of $20/oz 5. Metallurgical recoveries used for the CuEq calculation correspond to three geometallurgical zones, defined by depth below surface: a) Upper: Cu 83.1%, Au 72.8%, Ag 31.0% b) Intermediate: Cu 90.2%, Au 80.3%, Ag 54.9% c) Deep: Cu 93.1%, Au 82.5%, Ag 70.5% 6. The formulas used for the CuEq calculation are: a) Upper: CuEq % = Cu % + (0.681008 x Au (g/t)) + (0.002989 x Ag (g/t)) b) Intermediate: CuEq % = Cu % + (0.692039 x Au (g/t)) + (0.004877 x Ag (g/t)) c) Deep: CuEq % = Cu % + (0.688852 x Au (g/t)) + (0.006068 x Ag (g/t)) 7. Bulk density is 2.67 t/m3 8. Mineral Resources are reported within an optimized underground block cave mining shape to demonstrate reasonable prospects fo r eventual economic extraction (RPEEE). The block cave considered a column size of 20m x 20m x (≥ 80m) 9. There are 40 Mt of unclassified material excluded from inside the base case block cave shape 10. Cut-off grades refer to diluted cut-off grades used to generate the corresponding block cave shapes. For each cut -off grade, the tonnes and grade represent the total Indicated or Inferred material within each of these shapes 11. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability 12. Numbers may not add due to rounding 13. “Technical Report on the Los Helados and Lunahuasi Projects, Chile and Argentina” dated December 13, 2023 (effective date October 31, 2023), which incorporates the mineral reso urces statement for Los Helados is available on the Company’s website and SEDAR+. Cut-Off (%CuEq) Category Tonnes (billions) Grade Contained Metal Cu (%) Au (g/t) Ag (g/t) CuEq (%) Cu (Blbs) Au (Moz) Ag (Moz) 0.25% Indicated 2.39 0.38 0.15 1.4 0.49 19.9 11.3 106.6 Inferred 1.84 0.30 0.10 1.3 0.38 12.2 5.8 75.4 0.33% Indicated 2.08 0.40 0.15 1.5 0.51 18.4 10.2 97.5 Inferred 1.08 0.34 0.10 1.4 0.42 8.2 3.6 50.2 0.60% Indicated 0.51 0.56 0.21 1.8 0.72 6.3 3.5 30.2 Inferred 0.04 0.62 0.09 2.4 0.70 0.6 0.1 3.4 Los Helados – Mineral Resource Statement