NGEx Minerals : Corporate Presentation - March 2024

NO GUTS, NO GLORY

TSX: NGEX NGEXminerals.com

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, runway of value creation, optionality and synergies in district, potential to create value through exploration, leverage of the Company to the copper price. Information concerning mineral resource estimates are also forward-looking statements in that they reflect a prediction of the mineralization that would be encountered, and the results of mining, if a mineral deposit were developed and mined, the nature, scope and timing of the work to be undertaken to advance the Companies projects. While the Company anticipates continuing its drill program until May, it may encounter unexpected drilling and other challenges, costs, or delays that could prevent the Company from completing the program on the expected timeline or at all. Any drilling next season is dependent on pending results from this year's program and the Company securing additional funding. This program could be delayed or not be carried out at all. 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 atwww.sedarplus.ca.

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.

Estimates of Mineral Reserves and Mineral Resources

Information regarding reserve and resource estimates has been prepared in accordance with Canadian standards under applicable Canadian securities laws and may not be comparable to similar information for United States companies. The terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource"

used in this presentation are Canadian mining terms as defined in accordance with NI 43-101 under guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council on May 10, 2014. While the terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" are recognized and required by Canadian regulations, they are not defined terms under standards of the United States Securities and Exchange Commission. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve calculation is made. As such, certain information contained in this presentation concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the United States Securities and Exchange Commission. An "Inferred Mineral Resource" has a great amount of uncertainty as to its existence and as to its economic and legal feasibility. It cannot be assumed that all or any part of an "Inferred Mineral Resource" will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. Readers are cautioned not to assume that all or any part of Measured or Indicated Resources will ever be converted into Mineral Reserves. Readers are also cautioned not to assume that all or any part of an "Inferred Mineral Resource" exists or is economically or legally mineable. In addition, the definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" under CIM standards differ in certain respects from the standards of the United States Securities and Exchange Commission. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

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.

Technical Reports

For details on data verification, sample, analytical and testing results and further details regarding methods used to estimate mineral reserves in respect of the Los Helados project , refer to the technical report titled "Technical Report on the Los Helados and Lunahuasi Projects, Chile and Argentina" dated December 13, 2023 (effective date October 31, 2023), which incorporates the mineral resources statement for Los Helados is available on the Company's website and SEDAR+.

Copper Equivalent Calculations

Copper equivalent for drill intersections is calculated based on US$3.00/lb Cu, US$1,500/oz Au and US$18/oz Ag, with 80% metallurgical recoveries assumed for all metals. The formula is: CuEq % = Cu % + (0.7292 * Au g/t) + (0.0088 * Ag g/t).

NGEX SNAPSHOT

2 SIGNIFICANT COPPER-GOLD ASSETS IN THE WORLD-CLASS VICUÑA DISTRICT

60m @ 7.5% CuEq1 April 2023 Discovery Hole at Lunahuasi

72m @ 9.6% CuEq1 February 2024 Drill Hole at Lunahuasi

15,000m Drill Program Underway at Lunahuasi

2.1Bt @ 0.51% CuEq2 Updated Indicated Resource at Los Helados

~ C$1.5B (~US$1.1B) Market Capitalization

~ C$70M Cash on Hand (as of end of Jan) No Debt

~ 35% ~6.8% Lundin Family Share Ownership Management & Board Share Ownership

WINNERS OF THE 2024 PDAC GLOBAL DISCOVERY OF THE YEAR AWARD

(1) See copper equivalent ("CuEq") formula on page 1 (2) See page 28 for technical notes

VICUÑA

AN EMERGING WORLD-CLASS COPPER DISTRICT

• • The Vicuña District comprises a portfolio of world-class copper deposits within a ~150 km2 area located in the heart of the Central Andes - the World's Greatest Copper Belt

• • Recent discovery success has attracted significant interest from industry leaders

• ▪ Lundin Mining acquired Josemaria for C$625M in 2022

• ▪ BHP acquired a 5% equity interest in Filo for C$100M in 2022

• ▪ Lundin Mining acquired a 51% interest in Caserones for US$950M in 2023

• • The NGEx team has been involved in the prior discoveries of 3 major deposits in the region

THE TEAM HAS NOW DISCOVERED A

FOURTH SIGNIFICANT DEPOSIT

THE HEART OF THE DISTRICT AT A MAJOR STRUCTURAL INTERSECTION

LUNAHUASI LIES ALONG SAME STRUCTURAL CORRIDOR AS FILO DEL SOL AND LOS HELADOS

• • Located at intersection of the Filo-Los Helados Structural Corridor with northwest trending Copiapó lineament

• • Alteration footprint comparable to Filo del Sol (~C$2.8B market cap)

LUNAHUASI - 2023 DISCOVERY

The highest grades with the highest growth potential in the district

• • Very impressive results in first-pass drill program ➔ Discovery hole

drilled in second hole: 60m at 7.52% CuEq

• • The number of veins, the high grades intersected & the persistence of high grade to depth demonstrate the robust nature of the system

• • Results increase confidence that mineralization is a small part of a yet to be discovered major porphyry system

First drill program returned highest grades encountered to date in the Vicuña District

• • Top gold intervals*: 43.9 g/t, 18.0 g/t, 17.6 g/t, 17.3 g/t Au

• • Top silver intervals*: 39 intervals @ >100 g/t Ag

• • Top copper intervals*: 20 intervals @ >10% Cu

*Intervals are 2 metre drill samples

*Drill hole locations are approximate

LUNAHUASI - SECOND DRILL SEASON WELL UNDERWAY

Already Exceeding Expectations

• • 4 drills currently turning with a plan to drill 15,000m

  • • First results announced on January 8

  • • Second set of results announced February 21

HIGHLIGHTS TO DATE:

• • DPDH009: 62m at 6.98% CuEq (within a broader interval of 128.3m at 4.01% CuEq)

• • DPDH010: 460.9m at 1.09% CuEq

• • DPDH014: 184.2m at 4.61% CuEq, including:

  • • 71.9m at 9.63% CuEq, including

  • • 23.0m at 23.02% CuEq, including

  • • 9.4m at 40.12% CuEq

• • Bonanza gold and silver grades of up to 21.9 g/t Au and 1,490 g/t Ag

  Only a very small portion of 11 km2 alteration zone has been tested

LUNAHUASI - LOCATED IN A DEVELOPING MINING COMPLEX

• • Lunahuasi is only 8 km from Lundin Mining's Josemaria project

• • Josemaria is a large scale project currently advancing towards construction

  • • 1 billion tonnes of ore at ~0.30% Cu and 0.22 g/t Au over a 19-year mine life1

  • • Lundin Mining expects to spend US$225M in capital on the project in 20241

Panoramic view looking south

E

8 km

JOSEMARIALUNAHUASI

Josemaria

Planned Open Pit

Outline

Filo-Los Helados Structural Trend

W

(1) Lundin Mining website and news release dated January 14, 2024

LOS HELADOS

Large copper-gold resource next door to an operating mine

• • Los Helados is a copper-gold porphyry deposit in Region III, Chile, discovered by NGEx

• • ~69% owned and operated by NGEx

  (~31% owned by JX Nippon)

• • 93,750m of drilling in 106 diamond drill holes plus lots of historical engineering and metallurgical work completed

• • Los Helados is located 17 km from the operating Caserones mine, a large scale copper-moly mine

  • • Lundin Mining recently acquired a 51% interest in Caserones for US$950M in July 2023 (JX Nippon owns the remaining 49%)