Ms. Linda Lam reports

ADEX MINING ENGAGES MONETA SECURITIES TO LEAD 100% SALE OF MOUNT PLEASANT MINE IN NEW BRUNSWICK

Adex Mining Inc. has provided an update on the strategic review being conducted by the special committee of the board of directors of the company, together with its external adviser Moneta Securities (Alberta) Corp. that was previously announced by the company on May 15, 2025. Based on work conducted to date by the special committee in consultation with Moneta, an asset sale of the company's wholly owned Mount Pleasant mine property has emerged as the preferred alternative for the special committee and the board of directors of the company. In accordance with Moneta's previously announced strategic review engagement, Moneta has now been mandated to pursue bids for the strategic asset sale.

The company's special committee has determined that a full asset sale is in the best interests of stakeholders, given strong inbound interest and growing demand for secure, domestic sources of critical minerals. Moneta will oversee a structured sale process targeting both domestic and international strategic and financial acquirers. Non-binding bids in connection with the asset sale are due by the end of July, 2025. Any parties interested in the Mount Pleasant mine property should contact Moneta directly.

The Mount Pleasant mine property

The Mount Pleasant mine property is a past-producing operation with fully built infrastructure, a permitted tailings facility and underground access. Located in Charlotte county, New Brunswick, the Mount Pleasant mine property is 80 kilometres south of Fredericton, the provincial capital, and 65 kilometres from the U.S. border. Strategically located near the U.S. border with road and grid power connectivity, the Mount Pleasant mine property represents a rare opportunity to acquire an advanced-stage Canadian critical minerals asset.

The Mount Pleasant mine property is Canada's only known deposit containing significant quantities of tungsten, molybdenum, tin, bismuth and indium. It has benefited from extensive historical exploration and feasibility-level work, with a strong foundation for near-term development.

The project includes:

• Past-producing mine (approximately 990,200 tonnes processed) with existing shaft access, surface infrastructure and a permitted tailings facility;
• One of North America's largest undeveloped tungsten-polymetallic resources;
• Historical measured and indicated (M&I) resource estimate (the Mount Pleasant technical report (as defined herein)):
  • North zone (tin, zinc and indium):
    • Indicated: 12.4 million tonnes grading 0.38 per cent tin, 0.86 per cent zinc and 64 grams per tonne indium;
    • Inferred: 2.8 million tonnes grading 0.30 per cent tin, 1.13 per cent zinc and 70 grams per tonne indium;
  • Fire Tower zone (tungsten and molybdenum):
    • Indicated: 13.5 million tonnes grading 0.33 per cent tungsten oxide, 0.21 per cent molybdenum sulphide, 0.57 per cent arsenic and 0.06 per cent bismuth;
    • Inferred: 840,000 tonnes grading 0.26 per cent tungsten oxide, 0.20 per cent molybdenum sulphide, 0.21 per cent arsenic and 0.04 per cent bismuth;
• Extensive historical capital investment and technical studies;
• Exposure to strategic critical minerals aligned with North American supply chain priorities;
• Full permittance for advanced exploration with dewatering and underground infrastructure in place.

Scientific and technical information in this news release relating to the Mount Pleasant mine property is historical in nature and is derived from the technical report titled "Amended Technical Report of the Mount Pleasant Property, including Mineral Resource Estimates, Southwestern New Brunswick for Adex Mining Inc.," dated April 13, 2012, and amended on Oct. 11, 2013, prepared for the company by Dr. Steven McCutcheon, PhD, PGeo, of McCutcheon Geo-Consulting, John Reddick, MSc, PGeo, of Reddick Consulting Inc. and Watts Griffis and McOuat Ltd., Tim McKeen, PEng and Stephanie Scott, PEng, of Thibault & Associates Inc., Dorota El-Rassi, PEng, of SRK Consulting, and Michael Kociumbas, PGeo, of Watts Griffis and McOuat. Reference should be made to the full text of the Mount Pleasant technical report, which was prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, and is available electronically on SEDAR+ under Adex's issuer profile.

The foregoing historical scientific and technical information and statements regarding historical mineral estimates in relation to the Mount Pleasant mine property are no longer current and should not be relied upon. The company has not prepared any more recent estimates since the historical estimates referred to above. While the company generally believes these estimates to be reliable historical estimates of mineralized material contained in the Mount Pleasant mine property, their relevance is qualified by the amount of time that has passed since the effective date of those estimates. A qualified person under NI 43-101 has not done sufficient work to classify the historical estimates presented above as current mineral resources or mineral reserves and Adex is not treating the historical estimates as current mineral resources or reserves. Additional drilling and sampling and quality control, amongst other things, will be required to verify the historical estimate as current mineral resources or mineral reserves.

The historical estimates were prepared based on the Canadian Institute of Mining Metallurgy and Petroleum (CIM) definition standards on mineral resources and reserves adopted by the CIM council on Nov. 27, 2010. The 2010 CIM definition standards were updated by CIM in 2014 to create the current standards that harmonize Canadian definitions with other members of the committee for mineral reserve international reporting standards (CRIRSCO). In particular, the 2010 CIM definition standards omitted the reasonable prospectus for eventual economic extraction component, which the 2014 CIM definition standards incorporated to align with other CRIRSCO members. The 2014 CIM definition standards updated mineral reserves categorization also requires the reference point at which mineral reserves are defined to be stated.

The scientific and technical information contained in this news release has been reviewed and approved by Robin Adair, a qualified person as defined in NI 43-101. Mr. Adair is independent of the company and is a professional geologist registered in New Brunswick.

About Adex Mining Inc.

Adex Mining is a Canadian junior mining company with an experienced management team. The company has maintained stewardship over the Mount Pleasant mine property while evaluating strategic alternatives and ensuring regulatory compliance. The Mount Pleasant mine property is a multimetal project that is host to promising tungsten-molybdenum and tin-indium-zinc mineralization. The common shares of Adex trade on the TSX Venture Exchange under the stock symbol ADE.

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