Mr. Max Porterfield reports

CALLINEX MINES INC. RECEIVES $150,000 GRANT AND ADDITIONAL EXPLORATION PERMITS FOR POINT LEAMINGTON PROJECT, NEWFOUNDLAND

Callinex Mines Inc. has received approval for a grant of up to $150,000 from the Newfoundland and Labrador junior exploration assistance (JEA) program for its 100-per-cent-owned Point Leamington project. Additionally, the company has secured additional exploration permits from the Department of Natural Resources, Newfoundland and Labrador, for the project, which encompasses the Point Leamington volcanogenic massive sulphide (VMS) deposit, located on the island of Newfoundland, hosting a significant resource of gold, copper, zinc and silver. The permits were approved just two weeks after submission, demonstrating the province's streamlined approach and reputation as a mining-friendly jurisdiction.

Max Porterfield, president and chief executive officer of Callinex Mines, stated: "We are thrilled to receive this significant financial support from the Newfoundland and Labrador JEA program, alongside the rapid approval of additional exploration permits. The swift permitting process, with approvals granted just two weeks after submission, underscores Newfoundland's reputation as a Tier 1 mining jurisdiction. This grant and the expanded permits position us to aggressively advance the Point Leamington project, expanding the resource base and unlocking the critical mineral potential of this exciting project."

The JEA grant, administered by the Department of Industry, Energy and Technology, Newfoundland and Labrador, supports the company's 2025 exploration plans targeting critical minerals as the primary exploration focus. The funding will contribute to exploration work aimed at expanding the Point Leamington deposit and refining and testing exploration targets along strike. The additional permits expand the scope of approved activities to include prospecting, geologic mapping and geochemical rock sampling within prospective areas of the broader land package, further advancing exploration efforts.

The Point Leamington project, consisting of a mining lease and exploration claims, is located approximately 37 kilometres by road and trails from the city of Grand Falls-Windsor and approximately 20 kilometres from the provincial power grid. The deposit is a large, felsic-hosted VMS deposit with a pit-constrained indicated mineral resource of 5.0 million tonnes (t) grading 2.5 grams per tonne (g/t) silver equivalent (AuEq) for 402,000 ounces (oz) gold equivalent (AuEq) (145,700 oz gold, 60.0 million pounds (lb) copper, 153.5 million lb zinc, 2.0 million oz silver and 1.5 million lb lead), a pit-constrained inferred mineral resource of 13.7 million t grading 2.24 g/t AuEq for 986,500 oz AuEq (354.8 koz gold, 110.2 million lb copper, 527.3 million lb zinc, 6.2 million oz silver and 7.0 milion lb lead), and an out-of-pit inferred mineral resource of 1.7 million t grading 3.06 g/t AuEq for 168,500 oz AuEq (65,400 oz gold, 13.3 million lb copper, 102.9 million lb zinc, 1.4 million oz Ag and 2.6 million lb lead) (see the news release dated Oct. 25, 2021).

The planned exploration campaign will leverage the recently secured two-year exploration permit (valid through June, 2027) for ground geophysics and diamond drilling, as well as the newly approved permits for surface field exploration. These additional permits enable prospecting, geologic mapping and geochemical sampling to refine high-priority targets identified from airborne electromagnetic anomalies along strike from the deposit.

The JEA program's financial support and the Department of Natural Resources' efficient permitting process highlight Newfoundland and Labrador's commitment to fostering exploration and development of critical mineral resources.

Qualified person

The technical information contained in this news release has been reviewed and approved by Aaryn Hutchins, PGeo, a qualified person under National Instrument 43-101. Ms. Hutchins is a consultant of the company and is independent of the company.

About Callinex Mines Inc.

Callinex Mines is advancing its portfolio of base-and-precious-metal-rich deposits located in established Canadian mining jurisdictions. The focus of the portfolio is highlighted by the 100-per-cent-owned Point Leamington deposit in Newfoundland, located in one of the richest VMS and gold districts in Canada. Additionally, the company is permitting the Rainbow deposit at its rich VMS Pine Bay project, located near existing infrastructure in the Flin Flon mining district, and the portfolio includes the Nash Creek project in the VMS-rich Bathurst mining district of New Brunswick.

We seek Safe Harbor.