Updated Mineral Resource Estimate At Los Helados

VANCOUVER - NGEx Minerals Ltd. reported on an updated Mineral Resource Estimate (MRE) for the Los Helados Project located in the Vicuña District in Region III, Chile, approximately 17 kilometres from the operating Caserones mine. A 6% increase to the copper (Cu) grade in the Indicated Resource category and a 7% increase to the Cu grade in the Inferred Resource category compared to the previous Mineral Resource Estimate in 2019. There was an increase of approximately 0.8 billion pounds (Blbs) Cu in Indicated Resources and 2.4 Blbs Cu in Inferred Resources compared to the previous Mineral Resource Estimate in 2019. Reported increase by 30% to 1.1 billion tonnes (Bt) at a grade of 0.42% copper equivalent (CuEq), containing 8.2 Blbs Cu, 3.6 million ounces (Moz) of gold (Au), and 50.2 Moz of silver (Ag). Conversion of Fenix zone from exploration potential to Indicated and Inferred Resources and additional definition of high-grade zones in Condor zone. Mineral Resource Estimate now includes 510 million tonnes ("Mt") at 0.72% CuEq in the Indicated Resource category at a 0.60% CuEq cut-off grade. Future growth potential to convert Fenix Inferred Resources to Indicated Resources with minimal additional drilling.

Wojtek Wodzicki, President and CEO, said, "The delivery of this updated Mineral Resource Estimate is another key milestone in the advancement of Los Helados with a notable increase in copper and gold grades and contained metal compared to the 2019 Mineral Resource Estimate.  With over 2 billion tonnes of Indicated Resources and a substantial higher-grade core above a 0.6% CuEq cut-off, Los Helados is one of the largest undeveloped copper projects globally and has the potential to provide a clean supply of copper for many decades as the world accelerates the decarbonization of the global economy.

Although the Company's current exploration efforts are focused on the Lunahuasi project, we continue to be very excited about the exploration upside at Los Helados.  The Fenix and Alicanto zones remain open for expansion and new mapping and geophysical surveys conducted earlier this year successfully defined new exploration targets with geological and geophysical signatures similar to the Fenix and Alicanto zones to be tested in the future."