NGEx Minerals Ltd. Announces Remarkable High‑Grade Gold Intersections at Lunahuasi

NGEx Minerals Ltd. (TSX: NGEX) reported a series of striking drill results from its Lunahuasi project in San Juan, Argentina, on 13 May 2026. The most notable finding came from drillhole DPDH 070, which intersected 17.3 m at 207.79 g/t gold. Within that interval the company measured a 2.00 m at 1,740.00 g/t Au and an additional 4.88 m at 60.10 g/t Au. Another hole, DPDH 063, yielded 4.88 m at 60.10 g/t Au from 831.50 m, including a 1.38 m at 159.50 g/t Au interval from 835.00 m.

These results reinforce the presence of high‑grade gold quartz veins that appear to permeate the Mars and Saturn zones, as well as in less targeted areas of the deposit. Chief Executive Officer Wojtek Wodzicki highlighted that the high‑grade intersections are “comparable to some of the best gold‑only deposits worldwide,” underscoring the potential significance of Lunahuasi for the company’s portfolio.

Market Reaction and Share Performance

The announcement prompted a positive market response. NGEx Minerals shares closed up $1.36 at $28.36 on the Toronto Stock Exchange, reflecting investor confidence in the recent drill outcomes. At the time of reporting, the company’s share price stood at $28.36 on 11 May 2026, comfortably above its 52‑week low of $11.83 (recorded on 14 May 2025) and approaching its 52‑week high of $32.41 (achieved on 24 Feb 2026). With a market capitalization of $6.15 billion CAD and a price‑earnings ratio of –38.28, NGEx remains in a phase of exploration and development rather than immediate profitability.

Phase 4 Drill Program Progress and Financial Position

The company also released an update on its Phase 4 Lunahuasi drill program on 11 May 2026. After completing 27,318 m of drilling across 32 holes, the company reported that the campaign met its objectives, demonstrating the deposit’s scale and high grades, particularly in the Mars and Saturn zones. Final assay results for approximately 50 % of the drilling will be released during the third quarter of 2026.

Despite a widened first‑quarter loss—with a basic and diluted loss per share of C$0.20 versus $0.17 a year earlier—NGEx maintains a robust liquidity profile. As of 31 March 2026, net working capital stood at $632.2 million CAD, comprising $106.3 million CAD in cash, an investment in LunR valued at $406.6 million CAD, and short‑term investments of $142.1 million CAD. This represents a significant increase from the $436.5 million CAD reported at 31 December 2025.

The strong net working capital position gives the company flexibility to pursue Phase 5 drilling, explore the development of an exploration adit, and evaluate long‑term project feasibility.

Strategic Outlook

NGEx Minerals’ focus remains on identifying and defining mineral resources in copper and gold deposits for global clients. The Lunahuasi project, with its high‑grade gold intersections, could become a key asset in the company’s exploration pipeline. While the company is still in a developmental stage and has not yet turned a profit, its recent drilling successes, coupled with solid liquidity, suggest a cautiously optimistic outlook for investors and stakeholders interested in the potential upside of this venture.