Mr. Max Porterfield reports

RESPECTED VMS EXPERT, ECONOMIC GEOLOGIST DR. STEPHEN PIERCEY JOINS CALLINEX'S TECHNICAL TEAM

Callinex Mines Inc. has appointed professional geologist and exploration consultant, Stephen Piercey, PhD, PGeo, FGC, to the company's technical team. Dr. Piercey is an award-winning geologist with over 25 years of experience focused on volcanogenic massive sulphide (VMS) deposits. Dr. Piercey has a deep understanding of VMS systems having worked in Canada's most prolific VMS districts (for example, Finlayson Lake district, Yukon; Ambler district, Alaska; Flin Flon -- Manitoba), including extensive research and VMS consulting in the Newfoundland Appalachians (for example, Buchans-Roberts Arm belt, Baie Verte belt, Tally Pond belt).

Highlights:

• Dr. Stephen Piercey, PGeo, is an exploration and economic geologist with over 25 years experience focused on VMS deposits.
• He has received numerous awards for his work including the D. R. Derry Medal, the highest award bestowed by the mineral deposits division of the Geological Association of Canada.
• Will provide oversight in the next stages of exploration as the company is set to utilize a modern integrated exploration approach to drive resource growth at the Pt. Leamington project.

Max Porterfield, president and chief executive officer of Callinex Mines, stated: "We are pleased to welcome Dr. Piercey onto our team as we advance the Pt. Leamington project. Steve's in-depth experience exploring for and working on some of the most significant VMS deposits across Canada significantly bolsters our team's focus in Newfoundland." Mr. Porterfield added, "In his short time on the team, Dr. Piercey has already provided oversight on regional exploration opportunities, including key comparisons with other similar VMS discoveries and facilitated fast-tracking mineralogical testing; as we unlock mineral processing of the deposit."

Dr. Stephen Piercey commented: "I welcome the opportunity to collaborate with Callinex Mines on the Point Leamington project. The Point Leamington deposit is one of the higher-tonnage VMS deposits in the Newfoundland Appalachians that is not fully understood and has not been fully evaluated with modern integrated exploration approaches. A similar situation exists for the regional host rocks of the deposit, despite tectonostratigraphic similarities to many productive VMS districts globally. I look forward to supporting the team and providing regional -- to deposit-scale contributions in the next stages of exploration and evaluation of this project."

Dr. Piercey is a university research professor in the department of earth sciences at Memorial University of Newfoundland, a professional geoscientist (PGeo) in Newfoundland and Labrador, Ontario, and British Columbia. He is a well respected VMS consultant and since 2008 has also been a consulting geologist with Piercey Geosciences Inc. (previously SJPGeoConsulting). He is a native of Newfoundland and Labrador and completed a BSc (honours) and MSc degrees at Memorial University, and a PhD at the University of British Columbia.

Awards and honours

In 2023, Dr. Piercey received the Duncan R. Derry Medal, the highest award bestowed by the mineral deposits division of the Geological Association of Canada, to an outstanding economic geologist who has made significant contributions to the science of economic geology in Canada.

Additionally, the Geological Association of Canada previously presented him with the W.W. Hutchinson Medal and the mineral deposits division previously awarded him the William Harvey Gross and the Howard Street Robinson Medals.

Previously, in 2017, he was named Geoscientist of the Year by the Canadian Institute of Mining, Metallurgy and Petroleum and received its Past President's Memorial Award.

Dr. Piercey is a fellow of the Society of Economic Geologists (SEG), the Association of Applied Geochemists, the Geological Society of America and Geoscientists Canada.

Dr. Piercey has published over 80 peer-reviewed papers, 15 book chapters, 53 government reports, six geological maps and field guidebooks, 25 short course notes, and 212 abstracts.

Qualified person

The technical information contained in this news release has been reviewed and approved by Aaryn Hutchins, PGeo, a qualified person under NI 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 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 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 (million tonnes) grading 2.5 grams per tonne AuEq (gold equivalent) for 402,000 ounces AuEq (145,700 oz gold, 60.0 Mlb (million pounds) copper, 153.5 Mlb zinc, 2.0 Moz silver, 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, 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, 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 CuEq (copper equivalent) for 272.4 Mlb CuEq (238.3 Mlb Cu, 56.9 Mlb Zn (zinc), 37,600 oz Au (gold), 692,800 oz Ag (silver), 2.3 Mlb Pb (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, 11,100 oz Au, 222,200 oz 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). Additionally, the portfolio includes the Nash Creek project located in the VMS rich Bathurst mining district of New Brunswick. A 2018 PEA generates a strong economic return with a pretax IRR (internal rate of return) of 34.1 per cent (25.2-per-cent posttax) and NPV 8 per cent (net present value, 8-per-cent discount rate) of $230-million ($128-million posttax) at $1.25 zinc (see news release dated May 14, 2018).

We seek Safe Harbor.