Mr. Max Porterfield reports

CALLINEX ANNOUNCES MAGNETOTELLURIC ("MT") GEOPHYSICAL SURVEY RESULTS OVER THE DESCENDENT COPPER-GOLD-SILVER-ZINC DISCOVERY AT THE PINE BAY PROJECT

Callinex Mines Inc. has released results from the recently completed magnetotelluric geophysical survey on the company's 100-per-cent-owned Pine Bay project located in the Flin Flon mining district of Manitoba (see news release dated Jan. 29, 2024). The three-kilometre MT survey line over the Descendent discovery and near surface historic Cabin deposit has been collected and processed. MT is a deep penetrating geophysical tool that is used in mineral exploration to identify systems that produce conductive minerals such as copper, gold and silver and mapping of geologic features.

Max Porterfield, president and chief executive officer, stated: "The MT survey results over the Descendent deposit provide additional support for and strengthen our conviction of the potential of the company's newest discovery. Additionally, the emergence of a second stronger anomaly that correlates to existing base metals rich VMS horizons indicate the potential for multiple parallel deposits to exist in proximity to Descendent. We are excited to follow up at Descendent and this significant anomaly in the future."

The MT survey completed over the Descendent discovery, the first of three MT lines completed at the project to be announced, has been very successful on multiple fronts. Resistivity low survey results strongly correlate with the halo of stringer mineralization (alteration package) enveloping the Descendent discovery which consists of copper-gold-zinc-silver bearing volcanogenic massive sulphide mineralization. It is also important to note that the resistivity low anomaly associated with the Descendent VMS system remains open at depth, as supported by other geological, geophysical and geochemical data.

Of additional exploration relevance, a second stronger and even more widespread, resistivity low anomaly starting 350 metres below surface and extending to the full depth capability of the MT survey is located to the west of the Descendent MT anomaly and is interpreted to represent a deeply buried, blind, very large alteration system, equivalent to the 1,100 m by 700 m Descendent alteration system mapped on surface. This second resistivity low of importance is interpreted to occupy the axial region of a tight isoclinal fold separating the east-facing Pine Bay VMS horizon from the stratigraphically equivalent, west-facing Rainbow VMS horizon. Drill hole PBM-024, the only drill hole to test near this large resistivity low feature at depth and tracking parallel roughly 185 m south of the MT survey line, intersected both the Pine Bay and Rainbow VMS horizons as well as a very thick package of intensely altered felsic volcanic rocks occupying almost the entire distance between the two. As shown in the survey data and as would be expected, the Rainbow and Pine Bay VMS horizons occur along the western and eastern edges of the strong MT, alteration zone-related anomaly.

This large low resistivity anomaly represents a compelling exploration target that is further supported by favourable geology in nearby shallow historic drilling and a number of borehole pulse electromagnetic anomalies that also sit along the edges of the low resistivity anomaly. Previously, low resistivity has been a physical rock property that the company has successfully employed in its search for high-grade VMS deposits at the project. For example, the company has targeted resistivity low anomalies identified as part of the 2019 and 2021 induced polarization geophysical surveys, then followed up BPEM survey results from the drill holes originally designed to test the IP targets, all leading to the discovery of the Rainbow VMS deposit.

The VMS deposits discovered to date within the Pine Bay area are all located within the Baker Patton felsic complex, one of the largest and most highly altered accumulations of felsic rocks within the Flin Flon greenstone belt. As mentioned, the new Descendent VMS discovery is directly associated with an underlying major alteration zone that has been previously identified at surface and spans 1,100 m by 700 m. Since the huge alteration zone seen at surface is structurally overturned, the exploration thesis is that the massive sulphides associated with this mineralizing event would be preserved at depth, which the company is now intersecting with the Descendent discovery (see news release dated Jan. 22, 2024). Typically, there is a correlation between the size of an alteration zone and the size of the VMS deposit it is associated with.

The company will soon announce the remaining two MT survey lines, Pine Bay and Odin, in the very near future. This will be followed by an exciting 2024 exploration campaign that will include a focus on expanding the current resource base through additional step-out drilling and testing a number of compelling exploration targets. Callinex is building upon an indicated mineral resource on the Rainbow deposit of 3.44 million tonnes grading 3.59 per cent copper equivalent for 272.4 million pounds CuEq (238.3 Mlb Cu, 56.9 Mlb zinc, 37,600 ounces gold, 692.8 koz silver, 2.3 Mlb lead), an inferred mineral resource on the Rainbow deposit of 1.28 Mt grading 2.95 per cent CuEq containing 83.4 Mlb CuEq (72.1 Mlb Cu, 19.5 Mlb Zn, 11.1 koz Au, 222.2 Koz Ag, 0.8 Mlb Pb) and an inferred mineral resource at the Pine Bay deposit of 1.0 Mt grading 2.62 per cent Cu containing 58.1 Mlb Cu (see news release dated July 10, 2023).

J.J. O'Donnell, PGeo, a qualified person under National Instrument 43-101, has reviewed and approved the technical information in this news release.

About Callinex Mines Inc.

Callinex Mines is advancing its portfolio of base and precious metals rich deposits located in established Canadian mining jurisdictions. The focus of the portfolio is highlighted by the rapidly expanding Rainbow deposit at its rich VMS Pine Bay project located near existing infrastructure in the Flin Flon mining district.

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