NGEx Minerals Ltd. Drills 23.0 m At 23.02% Copper Equivalent Within 71.9 m At 9.63% Copper Equivalent At Lunahuasi

• Drillhole DPDH010 intersected several mineralized intervals:
  • 102.0 metres ("m") at 4.56% copper equivalent ("CuEq") from 192.0m (previously reported), including

• • • 62.6m at 5.84% CuEq from 226.0m, including

• • • • 9.4m at 12.10% CuEq from 232.0m, plus
      • 4.2m at 19.70% CuEq from 282.2m, plus

• • 460.9m at 1.09% CuEq from 609.3m (new), including

• • • 4.5m at 25.95% CuEq from 609.3m, plus
    • 1.9m at 10.57% CuEq from 764.5m, plus
    • 5.8m at 6.81% CuEq from 834.3m

• • Drill results down to a depth of 355.3m were previously reported on January 8, 2024.

• Drillhole DPDH011 intersected 46.0m at 2.06% CuEq from 330.0m, including

• • 10.0m at 3.42% CuEq from 330.0m.

• Drillhole DPDH014 intersected several mineralized intervals:

• • 184.2m at 4.61% CuEq from 166.0m, including

• • • 71.9m at 9.63% CuEq from 171.2m, including

• • • • 23.0m at 23.02% CuEq from 220.0m, including

• • • • • 9.4m at 40.12% CuEq from 231.7m, plus

• • 28.0m at 5.44% CuEq from 533.0m, plus
  • 10.9m at 4.39% CuEq from 722.4m, plus
  • 6.4m at 8.82% CuEq from 953.6m.

• Estimated true widths of the intersections and breakdown of individual metal grades are shown in Table 1 below.
• Plan view maps of Lunahuasi drill holes to date are attached to the end of this news release.

Wojtek Wodzicki, President and CEO, commented, "Lunahuasi continues to exceed our expectations and these new holes have delivered some of the longest, highest-grade, combined copper, gold and silver intersections seen globally for a long time. The deposit remains open in all directions and is rapidly turning into a major new discovery. In addition to the high grades in individual structures, we are starting to see longer intervals of stockwork and disseminated mineralization towards the western part of the deposit."

Table 1: Significant Intercepts

DPDH010 was reported to a depth of 355.3m on January 8, 2024. The hole was collared on Section 6225N and drilled to the west at an angle of -55 degrees to a total depth of 1,070.2m. The 62.6m intersection from 226.0m is interpreted to be the same structure drilled in holes DPDH002 (212.0m to 272.0m) and DSDH009 (144.0m to 272.3m). Mineralized structures below 288.6m cannot yet be reliably correlated with adjacent holes due to distances between holes and incomplete assay data for adjacent holes.

DPDH011 was collared 80m northeast of DPDH010 on Section 6275N and drilled to the west at an angle of -62 degrees to a total depth of 419m. The hole intersected 3 discrete mineralized structures.

DPDH014 was collared 50m east and 50m south of DPDH007 on Section 6225N and drilled to the west at -55 degrees to a total depth of 976.8m, intended to test the down-dip extent of the high-grade zone in DPDH007. A thick section of high-grade mineralization from 171.2m to 243.0m correlates very well with the zone in DPDH007 and is 90m away from it. Both intersections have high precious metal grades, supporting the interpretation that they represent the same zone. This zone remains open in all directions beyond DPDH014. From 533m to 960m the hole intersected both stockwork and disseminated mineralization and a series of discrete high-grade structures.

Full assay results have now been reported for ten holes at Lunahuasi (including six holes from last season) and drilling is beginning to outline a significant copper, gold and silver deposit. Mineralization has been intersected over:

• An east/west distance of 750m from DPDH014 at 60.0m to DPDH010 at 1,070.2m;
• A north/south distance of 180m from DPDH008 at 61.7m to DPDH002 at 648.0m;
• A vertical distance of 890m from DPDH005 at 32.0m to DPDH005 at 989.0m.

The deposit remains open in all directions beyond these dimensions.

Mineralization is remarkably consistent across this volume, typically occurring as mixed coarse-grained pyrite, enargite and lesser covellite, ranging from disseminations through semi-massive and breccia-fill textures to massive sulphide zones up to several metres in core length. There appears to be a transition from discreet high-grade structures separated by unmineralized and propylitically altered wall rock in the east towards higher temperature alteration and stockwork and disseminated mineralization to the west. This style of mineralization is typified by DPDH010 between 609.3m and 1,070.2m and DPDH014 from 533.0m to 960.0m and is comprised of almost continuous alteration of the host rhyolite and andesite cut by an apparent stockwork of massive sulphide veins ranging from 5cm to 5m thick.

Drilling is continuing with four rigs currently active. Holes DPDH001 through DPDH008 were completed and reported last season, and four holes from the current season, DPDH009, DPDH010, DPDH011 and DPDH014 have now been reported. A total of 15,000m is planned for the current program with 8,614m drilled to date. In addition to the holes reported here, five holes have been completed to date (DPDH012 to 704.0m, DPDH013 to 1,033.4m, DPDH015 to 917.5m, DPDH016 to 773.0m and DPDH017 to 393.0m) and four holes are currently in progress (DPDH018 at 1,052.0m, DPDH019 at 317.0m, DPDH020 at 233.0m and DPDH021 at 143.5m). Assays have been received for 3,485m of the current program with the remainder pending. Assay results for completed holes will be released as they are received, analyzed, and confirmed by the Company.

Table 2: Drill Hole Information

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

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

Copper equivalent for drill intersections is calculated based on US$3.00/lb Cu, US$1,500/oz Au and US$18/oz Ag, with 80% metallurgical recoveries assumed for all metals. The formula is: CuEq % = Cu % + (0.7292 * Au g/t) + (0.0088 * Ag g/t). True widths are estimated based on a preliminary geological interpretation and are subject to change as more information is acquired and the geological interpretation is refined.

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

NGEx Minerals owns 100% of Lunahuasi and is the majority partner and operator for the Los Helados project, subject to a Joint Exploration Agreement with Nippon Caserones Resources LLC, which is the indirect 49% owner of the operating Caserones open pit copper mine located approximately 17 kilometres north of Los Helados. Lundin Mining Corp. holds the remaining 51% stake in Caserones.

The Company is currently listed on the TSX Venture Exchange ("TSX-V") under the trading symbol "NGEX". NGEx Minerals is part of the Lundin Group of Companies. On February 20, 2024, the Company announced that it had received approval to list its shares on the TSX. NGEx's common shares will commence trading on the TSX at market open on February 22, 2024. Once listed on the TSX, the Company's common shares will be delisted from the TSX-V. There will be no change in the trading symbol or CUSIP for the common shares.

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

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

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

Certain statements made and information contained herein in the news release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively, "forward-looking information"). All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to, statements regarding: the nature and timing of the work to be undertaken to advance the Lunahuasi Project; the potential for the discovery of extensions of mineralized zones at the Lunahuasi Project; the results of exploration undertaken at new exploration targets identified at the Lunahuasi Project; the ability of the Company to complete the planned Lunahuasi program currently underway; and the timing and nature of the current and future exploration and/or drill programs. Words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "targets", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events, conditions or results "will", "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotations thereof and similar expressions identify forward-looking information.

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

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

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

Figure 1: Lunahuasi Plan View With Surface Geology

Figure 2: Enlarged Lunahuasi Plan View With Surface Geology