NGEx Minerals Ltd. (TSX: NGEX) (OTCQX: NGXXF) is pleased to announce it has closed its previously announced non-brokered private placement, which was originally announced on October 15, 2024, and was subsequently upsized due to strong investor demand.

Wojtek Wodzicki, President and CEO commented “I am excited to announce that the private placement financing was met with overwhelming demand, led by a number of international institutional investors and the Lundin Family. NGEx initially announced the size of the financing at C$100 million, which was ultimately expanded to $176.9 million. This significantly oversubscribed private placement puts NGEx in an enviable position. The Company is now fully funded and well positioned to execute our current phase 3 exploration program and has flexibility to expand the program if justified. The demand and size of this raise speaks volumes to the strong market support that NGEx currently has and the quality of the Company’s assets.”

The Company sold an aggregate of 16,082,453 common shares of the Company at a price of C$11.00 per Common Share for gross proceeds of approximately C$176.9 million. In connection with the Private Placement, the Company paid a 5.0% cash finder’s fee on a portion of the Private Placement.

The net proceeds of the Private Placement will be predominantly used towards furthering exploration programs at the Lunahuasi project in San Juan Province, Argentina, continued exploration and maintenance of the Company’s Los Helados project located in Region III, Chile, as well as for general corporate and working capital purposes.

The Common Shares issued under the Private Placement will be subject to a hold period expiring on March 1, 2025.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein in the United States (the “U.S.”) nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold in the U.S., or to the account or benefit of a U.S. person or a person in the U.S., absent registration or an applicable exemption from the registration requirements.

About NGEx Minerals

NGEx Minerals is a copper and gold exploration company based in Canada, focused on exploration of the Lunahuasi copper-gold-silver project in San Juan Province, Argentina, and the nearby Los Helados copper-gold project located approximately nine kilometres northeast in Chile’s Region III. Both projects are located within the Vicuña District, which includes the Caserones mine, and the Josemaria and Filo del Sol deposits.

NGEx owns 100% of Lunahuasi and is the majority partner and operator for the Los Helados project, subject to a Joint Exploration Agreement with Nippon Caserones Resources LLC, which is the indirect 30% owner of the operating Caserones open pit copper mine located approximately 17 kilometres north of Los Helados. Lundin Mining Corporation holds the remaining 70% stake in Caserones.