NGEx Minerals Ltd. announce an updated Mineral Resource Estimate for the Los Helados Project ("Los Helados" or the "Project") located in the Vicuña District in Region III, Chile, approximately 17 kilometres from the operating Caserones mine. The MRE incorporates results from 21 new drill holes from the 2021/2022 and 2022/2023 seasons, as well as two geotechnical holes which were not sampled until 2021. In addition, the MRE is based on a new geological modeling approach and a newly improved dyke model, all of which contribute to increased confidence in the estimation at Los Helados.

the Indicated Resource copper grade has increased by 6%, and contained copper metal has increased by 5%. The differences between the 2019 and 2023 Mineral Resource Estimates are primarily due to: (a) inclusion of the Fenix zone at depth; (b) the exclusion of near or below cut-off grade material within the mineralized zone through the improved geological modeling and estimation approaches; and (c) the conversion of previously Inferred higher-grade material through the inclusion of 2021/2022 and 2022/2023 in-fill drilling data. The Los Helados MRE is based on an interpreted breccia body emplaced within the local country rock.

The breccia hosts three internal higher-grade zones: Condor, Fenix, and Alicanto. A series of steep, sub-parallel dykes are found cross cutting both the breccia and higher-grade zones. The mineralization model was created in Leapfrog Geo 2023.1 by NGEx geologists and refined by SLR Consulting (Canada) Ltd. ("SLR").

The breccia was modeled using interpreted contacts drawn onto level plans by the site project geologists. Higher-grade mineralized zones (Condor, Fenix, and Alicanto) were modeled within the breccia at a modeling threshold of approximately 0.5% Cu. The breccia has a footprint of approximately 1,000 metres ("m") by 650 m at its widest with a vertical extension of 1,600 m. Condor and Alicanto are broad oval shaped bodies, while Fenix is more pipe-like in geometry.

The dykes were flagged from the original logged lithology and refined with assay results. They are modeled as steep, narrow domains, dipping at approximately 80° north-northeast. A colluvium surface was also created in this model, using the base of logged colluvium intervals and an offset surface from the topography.