Mr. Chad Ulansky reports

CANTEX COMMENCES DRILLING AT NORTH RACKLA AND CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

Cantex Mine Development Corp., further to its news release of Sept. 20, 2023, announcing a private placement, closed the first tranche of the offering on Oct. 17, 2023, and has received $921,365 by the issuance of 1,424,550 flow-through units (FT units) and 1.9 million non-flow-through units. FT units were issued at 30 cents per FT unit and units were issued at 26 cents per unit; each FT unit comprises a flow-through share and one-half of a non-flow-through warrant and each unit comprises one non-flow-through share and one-half of a warrant. Each whole warrant entitles the holder to acquire one common share of the company at a price of 39 cents for a term of two years from closing.

Proceeds from the tranche will be used to finance the company's current drill program on the North Rackla project in Yukon and for general working capital. The company is looking forward to closing a coming second tranche, which will include the participation of its strategic shareholder, Crescat Capital LLP. Crescat has committed to investing up to $1.5-million of the previously announced offering.

The company was charged $30,034 in finders fees in connection with the tranche and issued 98,704 finders warrants; the finders warrants have the same terms and conditions as the warrants issued in the offering.

The securities issued in the offering, including the finder's warrants, are subject to a four-month hold period, expiring on Feb. 18, 2024.

Update on North Rackla project

Cantex is pleased to announce that a drill crew has been mobilized to the North Rackla project in Yukon to commence drilling.

About Cantex Mine Development Corp.

Cantex is focused on its 100-per-cent-owned, 20,000-hectare North Rackla project located 150 kilometres northeast of the town of Mayo in Yukon, Canada, where significant massive sulphide mineralization has been discovered. Over 60,000 metres of drilling has defined high-grade silver-lead-zinc-germanium mineralization over 2.3 kilometres of strike length and 700 metres depth. The mineralization remains open along strike and to depth. The company is led by Dr. Fipke, the founder of Ekati, Canada's first diamond mine.

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