# NGEx Minerals Reports Positive Preliminary Metallurgical Results from Lunahuasi

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ngex-minerals-reports-positive-preliminary-metallurgical-results-from-lunahuasi--940cbc21-1ad0-44ab-97c8-755606419fc1

Original source: https://money.tmx.com/en/quote/NGEX/news/7243870395954970/ngex-minerals-reports-positive-preliminary-metallurgical-results-from-lunahuasi

Publisher: tmx

Original announcement: 2026-09-15T10:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-22T10:21:54.141Z

Atlas analysis updated: 2026-09-22T10:21:54.141Z

- Company: NGEx Minerals Ltd.

- Ticker: NGEX

- Exchange: TSX

- Region: San Juan Province, Argentina

- Primary commodity: Copper

- Secondary commodities: Gold, Silver, Arsenic

- Document categories: Metallurgy

- Extracted: 2026-09-22 10:21:54 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

NGEx Minerals reported positive preliminary metallurgical results from its Lunahuasi Project in Argentina. Phase 1 flotation achieved strong copper recoveries of up to 94.2%, while Phase 2 testing showed that GlassLock treatment can remove over 95% of arsenic from concentrates.

Reasoning: The results demonstrate high copper and gold recoveries and a viable pathway \(GlassLock\) to manage arsenic penalties, which is critical for the project's economic viability.

- Positive factor: Strong copper recoveries \(92.0% to 94.2%\)

- Positive factor: Successful arsenic removal via GlassLock treatment

- Positive factor: Simple sequential flotation flowsheet requires no cleaning stages

- Positive factor: High concentrate grades achieved after pyrolysis

- Negative factor: Initial concentrates contain arsenic above typical penalty thresholds

- Negative factor: Preliminary results require further scale-up and variability testing

Facts used in scoring: 9

## Classification and evidence

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: Copper recoveries reached up to 94.2% in flotation tests.

Evidence · text

> copper recoveries ranging from 92.0% to 94.2%

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: Testwork involved SAG mill, rod mill, and Bond ball mill testing.

Evidence · text

> included SAG mill comminution, rod mill and Bond ball mill testing

**POX/BIOX Route**

Polarity: neutral

Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX.

Why it applies: the document describes a pox\_biox route \("POX"\)

**Multi-Domain Tested**

Polarity: positive

Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed.

Why it applies: 3 distinct composites were tested

## Extracted facts

Stored fact records: 9. Some facts used in scoring do not have a stored record.

## Metallurgical Results (9)

### flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/ngex-minerals-reports-positive-preliminary-metallurgical-results-from-lunahuasi--940cbc21-1ad0-44ab-97c8-755606419fc1#fact-metallurgical-facts-0)

Lunahuasi · copper

#### Identity

- Project: Lunahuasi
- Commodity: copper
- Region: argentina
- Reported Region: San Juan Province, Argentina
- Ticker: NGEX

#### Test Work

- Program Status: preliminary
- Test Type: flotation
- Processing Route: flotation
- Sample: Mars composite

#### Recovery

- Recovery: 94.2 %
- Recovery Basis: actual\_test
- Head Grade: 4.16
- Head Grade Unit: %

#### Lab

- Laboratory: Base Metallurgical Laboratories Ltd.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-15T00:00:00.000Z

Reasoning: 94.2% copper recovery is exceptional for flotation.

- Positive factor: High recovery

Evidence · table

> 94.2

Context: 4.16

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 94.2% is at or above the exceptional band \(92%\)

### flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/ngex-minerals-reports-positive-preliminary-metallurgical-results-from-lunahuasi--940cbc21-1ad0-44ab-97c8-755606419fc1#fact-metallurgical-facts-1)

Lunahuasi · gold

#### Identity

- Project: Lunahuasi
- Commodity: gold
- Region: argentina
- Reported Region: San Juan Province, Argentina
- Ticker: NGEX

#### Test Work

- Program Status: preliminary
- Test Type: flotation
- Processing Route: flotation
- Sample: Mars composite

#### Recovery

- Recovery: 87.1 %
- Recovery Basis: actual\_test
- Head Grade: 5.38
- Head Grade Unit: g/t

#### Lab

- Laboratory: Base Metallurgical Laboratories Ltd.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-15T00:00:00.000Z

Reasoning: 87.1% gold recovery is strong for a flotation circuit.

- Positive factor: Strong gold recovery

Evidence · table

> 87.1

Context: 4.16

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

### flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/ngex-minerals-reports-positive-preliminary-metallurgical-results-from-lunahuasi--940cbc21-1ad0-44ab-97c8-755606419fc1#fact-metallurgical-facts-2)

Lunahuasi · silver

#### Identity

- Project: Lunahuasi
- Commodity: silver
- Region: argentina
- Reported Region: San Juan Province, Argentina
- Ticker: NGEX

#### Test Work

- Program Status: preliminary
- Test Type: flotation
- Processing Route: flotation
- Sample: Mars composite

#### Recovery

- Recovery: 88.3 %
- Recovery Basis: actual\_test
- Head Grade: 36.8
- Head Grade Unit: g/t

#### Lab

- Laboratory: Base Metallurgical Laboratories Ltd.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-15T00:00:00.000Z

Reasoning: 88.3% silver recovery is solid.

- Positive factor: Good silver recovery

Evidence · table

> 88.3

Context: 4.16

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

### flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/ngex-minerals-reports-positive-preliminary-metallurgical-results-from-lunahuasi--940cbc21-1ad0-44ab-97c8-755606419fc1#fact-metallurgical-facts-3)

Lunahuasi · copper

#### Identity

- Project: Lunahuasi
- Commodity: copper
- Region: argentina
- Reported Region: San Juan Province, Argentina
- Ticker: NGEX

#### Test Work

- Program Status: preliminary
- Test Type: flotation
- Processing Route: flotation
- Sample: Saturn composite

#### Recovery

- Recovery: 92 %
- Recovery Basis: actual\_test
- Head Grade: 3.85
- Head Grade Unit: %

#### Lab

- Laboratory: Base Metallurgical Laboratories Ltd.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-15T00:00:00.000Z

Reasoning: 92.0% copper recovery is strong.

- Positive factor: High copper recovery

Evidence · table

> 92.0

Context: 3.85

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 92% is at or above the exceptional band \(92%\)

### flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/ngex-minerals-reports-positive-preliminary-metallurgical-results-from-lunahuasi--940cbc21-1ad0-44ab-97c8-755606419fc1#fact-metallurgical-facts-4)

Lunahuasi · gold

#### Identity

- Project: Lunahuasi
- Commodity: gold
- Region: argentina
- Reported Region: San Juan Province, Argentina
- Ticker: NGEX

#### Test Work

- Program Status: preliminary
- Test Type: flotation
- Processing Route: flotation
- Sample: Saturn composite

#### Recovery

- Recovery: 79.6 %
- Recovery Basis: actual\_test
- Head Grade: 3.5
- Head Grade Unit: g/t

#### Lab

- Laboratory: Base Metallurgical Laboratories Ltd.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-15T00:00:00.000Z

Reasoning: 79.6% gold recovery is moderate for flotation.

Evidence · table

> 79.6

Context: 3.85

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**Low Recovery**

Polarity: negative

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: 79.6% is below the weak band \(80%\)

### flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/ngex-minerals-reports-positive-preliminary-metallurgical-results-from-lunahuasi--940cbc21-1ad0-44ab-97c8-755606419fc1#fact-metallurgical-facts-5)

Lunahuasi · silver

#### Identity

- Project: Lunahuasi
- Commodity: silver
- Region: argentina
- Reported Region: San Juan Province, Argentina
- Ticker: NGEX

#### Test Work

- Program Status: preliminary
- Test Type: flotation
- Processing Route: flotation
- Sample: Saturn composite

#### Recovery

- Recovery: 84 %
- Recovery Basis: actual\_test
- Head Grade: 57.1
- Head Grade Unit: g/t

#### Lab

- Laboratory: Base Metallurgical Laboratories Ltd.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-15T00:00:00.000Z

Reasoning: 84.0% silver recovery is solid.

- Positive factor: Good silver recovery

Evidence · table

> 84.0

Context: 3.85

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

### flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/ngex-minerals-reports-positive-preliminary-metallurgical-results-from-lunahuasi--940cbc21-1ad0-44ab-97c8-755606419fc1#fact-metallurgical-facts-6)

Lunahuasi · copper

#### Identity

- Project: Lunahuasi
- Commodity: copper
- Region: argentina
- Reported Region: San Juan Province, Argentina
- Ticker: NGEX

#### Test Work

- Program Status: preliminary
- Test Type: flotation
- Processing Route: flotation
- Sample: Jupiter composite

#### Recovery

- Recovery: 93.6 %
- Recovery Basis: actual\_test
- Head Grade: 2.51
- Head Grade Unit: %

#### Lab

- Laboratory: Base Metallurgical Laboratories Ltd.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-15T00:00:00.000Z

Reasoning: 93.6% copper recovery is strong.

- Positive factor: High copper recovery

Evidence · table

> 93.6

Context: 2.51

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 93.6% is at or above the exceptional band \(92%\)

### flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/ngex-minerals-reports-positive-preliminary-metallurgical-results-from-lunahuasi--940cbc21-1ad0-44ab-97c8-755606419fc1#fact-metallurgical-facts-7)

Lunahuasi · gold

#### Identity

- Project: Lunahuasi
- Commodity: gold
- Region: argentina
- Reported Region: San Juan Province, Argentina
- Ticker: NGEX

#### Test Work

- Program Status: preliminary
- Test Type: flotation
- Processing Route: flotation
- Sample: Jupiter composite

#### Recovery

- Recovery: 61.1 %
- Recovery Basis: actual\_test
- Head Grade: 1.78
- Head Grade Unit: g/t

#### Lab

- Laboratory: Base Metallurgical Laboratories Ltd.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-15T00:00:00.000Z

Reasoning: 61.1% gold recovery is weak for a flotation circuit.

- Negative factor: Low gold recovery

Evidence · table

> 61.1

Context: 2.51

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**Low Recovery**

Polarity: negative

Definition: Recovery below the weak band for the commodity and processing route.

Why it applies: 61.1% is below the weak band \(80%\)

### flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/ngex-minerals-reports-positive-preliminary-metallurgical-results-from-lunahuasi--940cbc21-1ad0-44ab-97c8-755606419fc1#fact-metallurgical-facts-8)

Lunahuasi · silver

#### Identity

- Project: Lunahuasi
- Commodity: silver
- Region: argentina
- Reported Region: San Juan Province, Argentina
- Ticker: NGEX

#### Test Work

- Program Status: preliminary
- Test Type: flotation
- Processing Route: flotation
- Sample: Jupiter composite

#### Recovery

- Recovery: 80.2 %
- Recovery Basis: actual\_test
- Head Grade: 60.6
- Head Grade Unit: g/t

#### Lab

- Laboratory: Base Metallurgical Laboratories Ltd.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-15T00:00:00.000Z

Reasoning: 80.2% silver recovery is solid.

- Positive factor: Good silver recovery

Evidence · table

> 80.2

Context: 2.51

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

## 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.