Update: NGEx Minerals Launching 25,000-Meter Drill Program at Lunahuasi Project, Keeps Outperform Rating at National Bank of Canada

11:37 AM EDT, 09/25/2025 (MT Newswires) -- NGEx Minerals (NGXXF) said Thursday that it plans to conduct up to 25,000 meters of diamond drilling as part of its phase-four exploration plan at the Lunahuasi copper-gold-silver project in Argentina.

The phase four program is scheduled to start in early October and will likely continue until May 2026.

NGEx said the campaign will follow up on the results of 43,249 meters of drilling completed since the discovery of the deposit in 2023.

NGEx maintained its outperform rating and $28 price target at National Bank of Canada following the news. The bank expects the program to be increasingly more significant as the company shows more refined understanding of the mineralized system. The price target was based on a 0.90x multiple to NAVPS, and the bank ascribed a speculative risk rating as a significant portion of the thesis is contingent on exploration success, possible M&A and several de-risking initiatives.

"The upcoming drill program aims to build on the successes of the phase three program, further exploring the four distinct styles of mineralization discovered at Lunahuasi and extending the boundaries of the deposit, which remains open in all directions," president and chief executive officer Wojtek Wodzicki said.

NGEx traded at $24.63 per share at last look on the Toronto Stock Exchange.

Price: 24.51, Change: -0.11, Percent Change: -0.45

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