en.Wedoany.com Report on Mar 21st, NGEx Minerals is preparing to advance the Lunahuasi project in the Vicuña district of San Juan Province, Argentina, in 2026, utilizing eight drill rigs and ample funding. The company is focused on its Phase IV drilling program, which commenced in October 2025 and has completed 88% of the planned 25,000 meters, with analysis confirming mineralization continuity. In March 2026, the San Juan provincial government approved the Environmental Impact Statement for exploration adits, allowing year-round operations and enhancing exploration precision.
In October 2025, the company completed a US$175 million private placement, exceeding its original target and reflecting market confidence. Despite reporting a net loss of US$123.3 million, primarily due to US$100 million allocated to exploration studies, the company held US$192.5 million in cash as of December 31, indicating a strong financial position. Chairman and CEO Wojtek Wodzicki stated: "We continue to build on the track record of value creation by NGEx and its predecessors, further solidifying our position in 2025."
Drilling results have demonstrated high-grade mineralization. Phase III, completed in May 2025 with 25,003 meters, identified a copper-gold porphyry system and gold-bearing quartz veins. Among Phase IV data, drillhole DPDH051 in the Saturn zone intersected 327.40 meters at 3.74% copper equivalent (CuEq), while drillhole DPDH054 in the Mars zone showed 94 meters at 8.99% CuEq, including a 21.70-meter section grading 31.92% CuEq.
The company's strategic adjustments include appointing Peter J. O’Callaghan to the Board of Directors and spinning off LunR Royalties Corp., retaining a 19.9% equity interest. At the Los Helados project in Chile, Lundin Mining is acquiring Nippon Caserones Resources' stake, with the transaction scheduled for completion in April 2026. NGEx plans to commence underground adit development in Q4 2026, and drilling will continue through May to test the potential of a mineralization system measuring at least 1,100 meters by 1,200 meters.
