NGEx Minerals : Latin Rocks 2023 Presentation

LUNAHUASI

TSXV: NGEX

New Discovery in the Heart of the Giant Vicuña District

October 2023

Latin Rocks Congress, Santiago, Chile

FORWARD-LOOKING STATEMENTS

Certain statements made and information contained herein in the presentation constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively, "forward-looking information"). The forward-looking information contained in this presentation is based on information available to the company as of the date of this presentation. Except as required under applicable securities legislation, the company does not intend, and does not assume any obligation, to update this forward-looking information. Generally, this forward-looking information can frequently, but not always, be identified by use of forward- looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "targets", "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", "should", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotations thereof. All statements other than statements of historical fact may be forward-looking statements.

By their nature, forward-looking statements involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking. NGEX Minerals believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, but no assurance can be given that these expectations will prove to be correct. In particular, forward-looking statements contained in this presentation include statements regarding, potential exploration upside at Lunahuasi, timing and objectives for 2023- 2024 drill program at Lunahuasi, potential to create value through exploration, leverage of the Company to the copper price. Although NGEX Minerals believes that the expectations reflected in

such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since NGEX Minerals can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in NGEX Minerals periodic filings with Canadian securities regulators, available under the Company's SEDAR profile at www.sedar.com.

These factors are not, and should not be construed as being, exhaustive. 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 of 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.

Qualified Persons

The disclosure of scientific and technical information regarding the Company's properties in this presentation was prepared by or reviewed 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.

NGEx Latin Rocks Presentation October 2023

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Outline

• Corporate Introduction and Vicuña District Overview
• Lunahuasi in Context
• Deposit Description
• Sections and Rocks
• Plans for 2023/2024 Season

NGEx Latin Rocks Presentation October 2023

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VICUÑA DISTRICT

Strong Track record of value creation

4 major discoveries in the Vicuña District - 3 Lundin group companies

2009

3 early stage Exploration Projects

Market Cap

~$40M

Spin out

Current value

2016 $2.9B

2019		$625M

2019 $1.1B

Combined Value

~$4,625M

Stage

PFS + Major

Discovery

Acquired: Feasibility

Study Completed

Los Helados +

Lunahuasi Discovery

Market Caps of FIL and NGEX as of September 1, 2023; Josemaria acquisition price Dec 2021.
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VICUÑA DISTRICT

Deposit Clusters are Rare and Valuable

• 40% of the world's copper comes from the central Andes
• Globally, 60% of value comes from 10% of projects
• Structure is a key to formation and localization of giant porphyry copper clusters

Source: Hronsky, 2004 / Mackenzie, 1995

CUMULATIVE NPV @ 8% DISCOUNT RATE

CUMULATIVE NUMBER OF BASE METAL MINES

Farrar, et al. (2023), A Model for the Lithospheric

Architecture of the Central Andes and the

Localization of Giant Porphyry Copper Deposit Clusters;

NGEx Latin Rocks Presentation October 2023

Economic Geology, v. 118, no. 6, pp. 1235-1259

Vicuña

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