Mr. Max Porterfield reports

RESPECTED VMS GEOLOGIST AND INDUSTRY LEADER PETER DIMMELL JOINS CALLINEX'S BOARD OF DIRECTORS

Callinex Mines Inc. has appointed professional geologist and exploration consultant Peter Dimmell to the company's board of directors as the lead director on the technical committee. Mr. Dimmell, while working with Noranda, was part of the discovery and delineation team of the gold-, copper-, zinc- and silver-rich Point Leamington volcanogenic massive sulphide deposit. Mr. Dimmell was also involved with exploration and production at the past-producing Rambler mine (now owned by Firefly Metals) and exploration leading to the discovery of the Duck Pond mine on the island of Newfoundland. He will bring over 50 years of exploration experience to create immediate value to the company as it advances the Pt. Leamington project.

Max Porterfield, president and chief executive officer of Callinex Mines, stated: "We are pleased to welcome Mr. Dimmell to our team as we advance the Pt. Leamington deposit in Newfoundland. Peter's unique tie to the deposit, subsequent experience and passion for exploration will no doubt add immense value to the company and its shareholders. Our team has already enjoyed working with Peter in the field as we plan for our upcoming exploration campaign, which we will soon announce."

Peter Dimell, Callinex director, commented: "I'm excited to be involved with exploration and development on the Pt. Leamington deposit again after so many years. Limited exploration has been completed on the deposit since I left, and I believe there's potential to significantly grow the resource. I'm also eager to get to work with the rest of the team to outline opportunities to discover additional deposits in proximity to the deposit."

Mr. Dimmell is a PGeo registered in Newfoundland and Ontario, and is a fellow of Geoscientists Canada. He is a past president of the Prospectors and Developers Association of Canada from 2004 to 2006, a past chairman and executive director of Mining Industry NL, a member and past councillor of the Geological Association of Canada, a member of the Canadian Institute of Mining, Metallurgy and Petroleum, and an associate member of the Association of Applied Geochemists and the Society of Economic Geologists. He currently sits on the board of the Canadian Mining Hall of Fame as a PDAC representative. He has served on the boards and associated board committees of both Toronto Stock Exchange- and TSX Venture Exchange-listed companies.

The Point Leamington project, consisting of mining lease 136 (2,655), is located in central Newfoundland approximately 37 kilometres by road/trails from the city of Grand Falls-Windsor and approximately 20 km from the provincial power grid. Callinex prepared a pit-constrained indicated mineral resource of 5.0 million tonnes grading 2.5 grams per tonne gold equivalent for 402,000 ounces AuEq (145,700 ounces gold, 60.0 million pounds copper, 153.5 million pounds zinc, 2.0 million ounces silver and 1.5 million pounds lead), a pit-constrained inferred mineral resource of 13.7 Mt grading 2.24 g/t AuEq for 986,500 oz AuEq (354,800 oz gold, 110.2 Mlb copper, 527.3 Mlb zinc, 6.2 Moz silver and 7.0 Mlb lead) and an out-of-pit inferred mineral resource of 1.7 Mt grading 3.06 g/t AuEq for 168,500 oz AuEq (65,400 oz gold, 13.3 Mlb copper, 102.9 Mlb zinc, 1.4 Moz Ag and 2.6 Mlb lead) (see news release dated Oct. 25, 2021).

The deposit is a large, felsic-hosted volcanogenic massive sulphide deposit that dips 70 degrees to the west, and has a strike length of 500 metres and a maximum thickness of 85 m. Massive sulphides have been intercepted to a depth of 360 m below surface in 21,714 m of drilling in 72 drill holes. Regional government mapping and lithogeochemical sampling have indicated that Point Leamington's host volcanic stratigraphy extends well beyond the vicinity of the deposit.

Acquisition of mineral licence

Callinex is also pleased to announce it has entered into a purchase agreement with RDF Consulting Ltd., a third party property vendor, whereby Callinex has agreed to purchase one mineral licence from the vendor, in consideration of which Callinex has agreed to issue 50,000 common shares to the vendor. The mineral licence consists of five claims and is adjacent to Callinex's Pt. Leamington project, Newfoundland.

The shares to be issued to the vendor will be subject to a four-month hold period. Callinex will also grant a 1-per-cent net smelter return royalty to the vendor, which can be repurchased for $1-million.

The transaction is subject to the acceptance of the TSX Venture Exchange.

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. Historical information was verified from geological reports filed with the government by previous operators.

About Callinex Mines Inc.

Callinex 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. Callinex prepared a pit-constrained indicated mineral resource of 5.0 Mt grading 2.5 g/t AuEq for 402,000 oz AuEq (145,700 oz gold, 60.0 Mlb copper, 153.5 Mlb zinc, 2.0 Moz silver and 1.5 Mlb lead), a pit-constrained inferred mineral resource of 13.7 Mt grading 2.24 g/t AuEq for 986,500 oz AuEq (354,800 oz gold, 110.2 Mlb copper, 527.3 Mlb zinc, 6.2 Moz silver and 7.0 Mlb lead) and an out-of-pit inferred mineral resource of 1.7 Mt grading 3.06 g/t AuEq for 168,500 oz AuEq (65,400 oz gold, 13.3 Mlb copper, 102.9 Mlb zinc, 1.4 Moz Ag and 2.6 Mlb lead) (see news release dated Oct. 25, 2021). 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. Callinex prepared an indicated mineral resource on the Rainbow deposit of 3.44 Mt grading 3.59 per cent copper equivalent for 272.4 million pounds CuEq (238.3 Mlb Cu, 56.9 Mlb Zn, 37,600 oz Au, 692,800 oz Ag and 2.3 Mlb Pb), 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, 11,100 oz Au, 222,200 oz Ag and 800,000 lb 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). Additionally, the portfolio includes the Nash Creek project located in the volcanogenic-massive-sulphide-rich Bathurst mining district of New Brunswick. A 2018 preliminary economic assessment generates a strong economic return with a pretax internal rate of return of 34.1 per cent (25.2 per cent posttax) and a net present value discounted at 8 per cent of $230-million ($128-million posttax) at $1.25 zinc (see news release dated May 14, 2018).

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