Canada-based NGEx Minerals continues to advance one of Argentina’s most active exploration projects. The company confirmed that its Phase 4 program at Lunahuasi has reached approximately 88% of its 25,000-meter target, in a campaign aimed at validating the potential of a large-scale copper-gold system in San Juan province.
By Panorama Minero
Located in the Vicuña district, the project continues to deliver results that support the interpretation of a system with international-scale potential. According to the company, “assay results received and released to date confirm the high grades, size and continuity of the system,” consistent with findings from Phase 3.
Phase 4: Intensive drilling and consistent results
The current campaign began in October 2025 and reached full capacity by mid-November, with eight drill rigs in operation. To date, more than 22,000 meters have been completed as part of a program designed to deepen understanding of the system and expand mineralized zones.
The plan includes three lines of work: definition drilling in known areas, mid-range exploration and district-scale target testing. Within this framework, initial results show progress in the Marte, Saturno and Júpiter zones.
At Saturno, results indicate continuity and expansion. Hole DPDH048 intersected 649 meters grading 1.64% copper equivalent (CuEq), including higher-grade intervals. Hole DPDH051 returned 327.4 meters at 3.74% CuEq, with subintervals up to 14.5% CuEq, while DPDH057 extended mineralization at depth with intersections of up to 5.09% CuEq.
At Marte, results also confirm a high-grade core. Hole DPDH054 returned 94 meters at 8.99% CuEq, including a 21.7-meter interval grading 31.92% CuEq, among the highest values reported in the campaign. Meanwhile, DPDH060 extended mineralization toward the northeast.
These results reinforce the project’s geological interpretation. As the company noted, Phase 4 aims to “further explore and define the different styles of mineralization identified to date,” including disseminated copper-gold systems, high-grade vein systems and recent discoveries.
Solid foundation: Phase 3 results
Current progress builds on the results of Phase 3, completed in May 2025, during which 25,003 meters were drilled across 24 holes. That campaign marked a turning point for the project, with the identification of two new mineralization styles: a copper-gold porphyry system and ultra-high-grade gold in quartz veins.
It also significantly expanded the mineralized footprint, which now reaches minimum dimensions of 1,100 x 1,200 x 1,200 meters and remains open in all directions.
The company noted that these results position Lunahuasi among the highest-grade systems drilled globally in 2025.
Next step: underground development
Alongside exploration progress, NGEx received environmental approval from the San Juan government in March 2026 for the construction of an exploration adit, a key step in the project’s advancement.
According to the company, this infrastructure will allow for “deeper drilling, metallurgical sampling and geotechnical evaluation,” all critical inputs for future technical studies. It will also enable year-round operations by reducing the impact of seasonal weather conditions.
The company is targeting the start of underground development in the fourth quarter of 2026, subject to additional permitting.
The program is supported by a strong financial position. In October 2025, NGEx completed an oversubscribed private placement raising US$175 million.
As of year-end 2025, the company reported a solid financial position, with US$192.5 million in cash and equivalents, US$80.7 million in short-term investments and working capital of US$436.5 million, on total assets of US$456.6 million.
In terms of results, NGEx reported a net loss of US$123.3 million, primarily driven by US$100 million in exploration expenditures and US$29.6 million in administrative costs, reflecting the pace of investment.
During 2025, the company also completed a strategic restructuring through the spin-off of LunR Royalties. The transaction involved the distribution of shares to existing shareholders, while NGEx retained a 19.9% stake.
CEO Wojtek Wodzicki stated that the decision “has been very well received by the market” and allows the company to maintain exposure to royalties without significant dilution.
At the same time, NGEx appointed Peter J. O'Callaghan to its board, which now comprises nine members.
Lunahuasi in the global context
NGEx Minerals, part of the Lundin Group, is focused on the Vicuña district, where it also advances the Los Helados project in Chile.
This asset is part of a joint exploration agreement with Nippon Caserones Resources LLC (NCR), linked to the Caserones mine. On March 9, Lundin Mining and JX Advanced Metals announced an agreement that, subject to closing, would result in Lundin acquiring an additional stake in Los Helados.
The transaction is expected to close in April 2026, after which Lundin Mining would hold a minority interest in the project.
With the advancement of Phase 4, Lunahuasi is emerging as one of the most relevant assets within NGEx’s portfolio and within Argentina. The combination of grade, scale and multiple mineralization styles outlines a significant development scenario.
“We continue building on NGEx’s track record and expect to successfully complete Phase 4 while advancing the next stage,” Wodzicki said.
