# NGEx Reports Q1 2026 Results; Phase 4 Lunahuasi Drill Program Continues to Highlight Size, Grade and Upside Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/ngex-reports-q1-2026-results-phase-4-lunahuasi-drill-program-continues-to-highli--0502bed8-ab18-44b0-b18a-006348ea62f9 Original source: https://money.tmx.com/en/quote/NGEX/news/6781415645537053/ngex-reports-q1-2026-results-phase-4-lunahuasi-drill-program-continues-to-highli Publisher: tmx Original announcement: 2026-05-08T23:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: NGEx Minerals Ltd. - Ticker: NGEX - Exchange: TSX - Region: San Juan Province, Argentina - Primary commodity: Copper - Secondary commodities: Gold, Silver - Document categories: Drill results, Permitting, Other - Extracted: 2026-09-14 14:53:38 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary NGEx Minerals completed its Phase 4 drill program at the Lunahuasi project, reporting high-grade copper-equivalent intercepts in the Mars and Saturn zones and confirming two new high-grade zones. The company also received environmental approval for a proposed exploration adit in Argentina. Financial results for Q1 2026 show a net loss of $44.1 million, primarily driven by exploration costs. Reasoning: The release reports significant high-grade drill intercepts that confirm existing zones and discover new ones, alongside a key environmental permitting milestone. - Positive factor: High-grade copper-equivalent intercepts in Mars and Saturn zones - Positive factor: Discovery of two new high-grade zones - Positive factor: Environmental approval received for exploration adit - Positive factor: Phase 4 drill program completed successfully - Negative factor: Approximately 50% of Phase 4 assays are still pending Facts used in scoring: 9 ## Classification and evidence **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: Phase 4 drilling included mid-range step-out holes to extend the outer edges of the Lunahuasi deposit. Evidence · text > Mid-range step-out holes – to extend the outer edges of the Lunahuasi deposit **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The release mentions that assays are being received from labs and refers to previous assay results. Evidence · text > Phase 4 assay results received to date ## Extracted facts Stored fact records: 9. Some facts used in scoring do not have a stored record. ## Drill Results (9) ### DPDH054 [Link to this fact](https://atlas-extractions.minestarters.com/news/ngex-reports-q1-2026-results-phase-4-lunahuasi-drill-program-continues-to-highli--0502bed8-ab18-44b0-b18a-006348ea62f9#fact-drill-facts-0) Lunahuasi · copper #### Identity - Hole ID: DPDH054 - Project: Lunahuasi - Commodity: copper - Region: argentina - Reported Region: argentina - Ticker: NGEX #### Geometry - Grade: 3.88 - Grade Unit: % - Intercept: 94 m #### Classification - Deposit Type: other - Program: resource - Sample Type: drill - Group ID: DPDH054:0-94.0 - Mining Method: unknown #### Location - Location: Mars zone - Loc. Source: document #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 8.99 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-05-08T00:00:00.000Z Reasoning: 94m at 8.99% CuEq is a very strong intercept for this system. - Positive factor: High grade intercept Evidence · text > DPDH054, which intersected 94.00 metres at 8.99% copper equivalent \("CuEq"\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### DPDH054 [Link to this fact](https://atlas-extractions.minestarters.com/news/ngex-reports-q1-2026-results-phase-4-lunahuasi-drill-program-continues-to-highli--0502bed8-ab18-44b0-b18a-006348ea62f9#fact-drill-facts-1) Lunahuasi · gold #### Identity - Hole ID: DPDH054 - Project: Lunahuasi - Commodity: gold - Region: argentina - Reported Region: argentina - Ticker: NGEX #### Geometry - Grade: 6.66 - Grade Unit: g/t - Intercept: 94 m #### Classification - Deposit Type: other - Program: resource - Sample Type: drill - Group ID: DPDH054:0-94.0 - Mining Method: unknown #### Location - Location: Mars zone - Loc. Source: document #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-05-08T00:00:00.000Z Reasoning: Part of a high-grade CuEq intercept. - Positive factor: High grade gold component Evidence · text > 6.66 g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### DPDH054 [Link to this fact](https://atlas-extractions.minestarters.com/news/ngex-reports-q1-2026-results-phase-4-lunahuasi-drill-program-continues-to-highli--0502bed8-ab18-44b0-b18a-006348ea62f9#fact-drill-facts-2) Lunahuasi · silver #### Identity - Hole ID: DPDH054 - Project: Lunahuasi - Commodity: silver - Region: argentina - Reported Region: argentina - Ticker: NGEX #### Geometry - Grade: 29.6 - Grade Unit: g/t - Intercept: 94 m #### Classification - Deposit Type: other - Program: resource - Sample Type: drill - Group ID: DPDH054:0-94.0 - Mining Method: unknown #### Location - Location: Mars zone - Loc. Source: document #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-05-08T00:00:00.000Z Reasoning: Byproduct silver grade. Evidence · text > 29.6 g/t Ag #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### DPDH054 [Link to this fact](https://atlas-extractions.minestarters.com/news/ngex-reports-q1-2026-results-phase-4-lunahuasi-drill-program-continues-to-highli--0502bed8-ab18-44b0-b18a-006348ea62f9#fact-drill-facts-3) Lunahuasi · copper #### Identity - Hole ID: DPDH054 - Project: Lunahuasi - Commodity: copper - Region: argentina - Reported Region: argentina - Ticker: NGEX #### Geometry - Grade: 12.7 - Grade Unit: % - Intercept: 21.7 m #### Classification - Deposit Type: other - Program: resource - Sample Type: drill - Group ID: DPDH054:sub-21.7 - Mining Method: unknown #### Location - Location: Mars zone - Loc. Source: document #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 31.92 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-05-08T00:00:00.000Z Reasoning: Extremely high grade sub-interval of 31.92% CuEq. - Positive factor: Bonanza grade sub-interval Evidence · text > 21.70 metres at 31.92% CuEq #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### DPDH051 [Link to this fact](https://atlas-extractions.minestarters.com/news/ngex-reports-q1-2026-results-phase-4-lunahuasi-drill-program-continues-to-highli--0502bed8-ab18-44b0-b18a-006348ea62f9#fact-drill-facts-4) Lunahuasi · copper #### Identity - Hole ID: DPDH051 - Project: Lunahuasi - Commodity: copper - Region: argentina - Reported Region: argentina - Ticker: NGEX #### Geometry - Grade: 2.43 - Grade Unit: % - Intercept: 327.4 m #### Classification - Deposit Type: other - Program: resource - Sample Type: drill - Group ID: DPDH051:0-327.4 - Mining Method: unknown #### Location - Location: Saturn zone - Loc. Source: document #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 3.74 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-05-08T00:00:00.000Z Reasoning: Very wide intercept of 327m at 3.74% CuEq. - Positive factor: Significant width and consistent grade Evidence · text > DPDH051, which intersected 327.40 metres at 3.74% CuEq #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### DPDH059 [Link to this fact](https://atlas-extractions.minestarters.com/news/ngex-reports-q1-2026-results-phase-4-lunahuasi-drill-program-continues-to-highli--0502bed8-ab18-44b0-b18a-006348ea62f9#fact-drill-facts-5) Lunahuasi · copper #### Identity - Hole ID: DPDH059 - Project: Lunahuasi - Commodity: copper - Region: argentina - Reported Region: argentina - Ticker: NGEX #### Geometry - Grade: 2.25 - Grade Unit: % - Intercept: 335.15 m #### Classification - Deposit Type: other - Program: resource - Sample Type: drill - Group ID: DPDH059:0-335.15 - Mining Method: unknown #### Location - Location: Saturn zone - Loc. Source: document #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 4.08 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-05-08T00:00:00.000Z Reasoning: Large width intercept of 335m at 4.08% CuEq. - Positive factor: Significant width Evidence · text > DPDH059, which intersected 335.15 metres at 4.08% CuEq #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### DPDH058 [Link to this fact](https://atlas-extractions.minestarters.com/news/ngex-reports-q1-2026-results-phase-4-lunahuasi-drill-program-continues-to-highli--0502bed8-ab18-44b0-b18a-006348ea62f9#fact-drill-facts-6) Lunahuasi · copper #### Identity - Hole ID: DPDH058 - Project: Lunahuasi - Commodity: copper - Region: argentina - Reported Region: argentina - Ticker: NGEX #### Geometry - Grade: 1.77 - Grade Unit: % - Intercept: 109 m #### Classification - Deposit Type: other - Program: resource - Sample Type: drill - Group ID: DPDH058:0-109.0 - Mining Method: unknown #### Location - Location: northern limit - Loc. Source: document #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 3.37 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-05-08T00:00:00.000Z Reasoning: Helps outline a new zone at the northern limit. - Positive factor: Defines new zone Evidence · text > DPDH058 intersected 109.00 metres at 3.37% CuEq #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### DPGT004 [Link to this fact](https://atlas-extractions.minestarters.com/news/ngex-reports-q1-2026-results-phase-4-lunahuasi-drill-program-continues-to-highli--0502bed8-ab18-44b0-b18a-006348ea62f9#fact-drill-facts-7) Lunahuasi · copper #### Identity - Hole ID: DPGT004 - Project: Lunahuasi - Commodity: copper - Region: argentina - Reported Region: argentina - Ticker: NGEX #### Geometry - Grade: 2.75 - Grade Unit: % - Intercept: 23.1 m - From: 187.9 m - To: 211 m - Intercept Depth: 187.9 m #### Classification - Deposit Type: other - Program: resource - Sample Type: drill - Group ID: DPGT004:187.9-211 - Mining Method: unknown #### Location - Location: 300m east of Mars - Loc. Source: document #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 4.71 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-05-08T00:00:00.000Z Reasoning: Discovery of a previously unknown high-grade zone. - Positive factor: Discovery of new high-grade zone Evidence · text > DPGT004 intersected 23.10 metres at 4.71% CuEq #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### DPDH049 [Link to this fact](https://atlas-extractions.minestarters.com/news/ngex-reports-q1-2026-results-phase-4-lunahuasi-drill-program-continues-to-highli--0502bed8-ab18-44b0-b18a-006348ea62f9#fact-drill-facts-8) Lunahuasi · gold #### Identity - Hole ID: DPDH049 - Project: Lunahuasi - Commodity: gold - Region: argentina - Reported Region: argentina - Ticker: NGEX #### Geometry - Grade: 5.49 - Grade Unit: g/t - Intercept: 20 m - From: 350.65 m - To: 370.65 m #### Classification - Deposit Type: other - Sample Type: drill #### Location - Location: Mars zone - Loc. Source: document #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-05-08T00:00:00.000Z Reasoning: 94m at 8.99% CuEq is a very strong intercept for this system. - Positive factor: High grade intercept Evidence · text > 20.00 metres at 5.49 g/t Au\) and a lower copper-rich zone from 350.65 metres #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.