Lunahuasi

• Lunahuasi is a significant copper-gold-silver high-sulphidation epithermal vein deposit discovered by NGEx Minerals in 2023, and the most recent discovery in the Vicuña District which encompasses the the Josemaria, Filo del Sol and Los Helados deposits, and the Caserones mine. • 4 distinct styles of mineralization: Cu-Au-Ag high-sulphidation veins / Cu-Au high-sulphidation stockwork and disseminated / Cu-Au porphyry / Ultra high-grade gold in quartz veins • Phase 4 drill program now underway: Plan involves 25,000m of drilling using 8 rigs – mix of Resource Definition, Step-out and Exploration holes • All holes in deposit area have significant drill intersections / Deposit remains open in all directions / Continuous process of major discoveries • 2026 Objectives: Complete 25,000m Phase 4 drill program / Receive permits and begin development of exploration adit / Submit application for RIGI

The mineralization discovered at Lunahuasi is recognized as part of a high-sulfur epithermal vein system. These systems are known to be important sources of gold, silver, and copper mineralization. Precious metal mineralization develops in high-permeability zones within the hydrothermal system in contemporary volcanic rocks or pre-mineral host rocks, typically around 1.5 km from the surface. Disseminated mineralization may be present in breccias, coarse clastic rocks, and heavily leached rocks, producing lower-grade mineralization; however, subvertical veins are common and can produce bonanza-grade ores. High-sulfur systems are characterized by quartz-alunite-pyrophyllite-dickite alteration, with native gold, electrum, pyrite, enargite, and covellite as the most common mineralization.
The size and shape of epithermal systems vary, from less than 10 km² to districts with several deposits covering 200 km² (Simmons et al., 2005), and the location of high-grade veins within an alteration system can be particularly difficult to assess, as mineralization may be found beneath extensions of altered cover rocks.
These systems are genetically linked to porphyry systems, although the spatial relationship between the two types of deposits may vary laterally and with depth. High-sulfur vein systems can form directly above the associated porphyry system, or they may be displaced up to two kilometers from the porphyry center. There are known epithermal systems where the associated porphyry system has not been discovered, in situations where the porphyry system is presumed to be too deep; conversely, there are systems where it is known that epithermal systems developed directly above the underlying porphyry system, or extended over it as a result of tectonic uplift during emplacement. The exploration of a porphyry-related system with a known epithermal vein system will depend on a good understanding of alteration patterns and geological knowledge of the mineral deposit type.