Mr. Greg Ferron reports

PLATINEX RECEIVES EXPLORATION PERMITS FOR W2 COPPER-NICKEL-PGE PROJECT AND PROVIDES UPDATE ON SHINING TREE AND HEENAN MALLARD GOLD PROJECTS

Platinex Inc. has provided an update on its exploration activities and corporate developments.

W2 copper/nickel/platinum group element and gold project

At W2, located near Ontario's Ring of Fire, the company's wholly owned subsidiary, Endurance Elements Inc., has received exploration permits from Ontario's Ministry of Mines for 12 drill pads in the western and central areas of the project. The permits are dated June 14, 2023, and remain valid for three years. Permits for 19 drill pads in the eastern portion of W2 were issued in October and December, 2022. Endurance Elements is now authorized to proceed with a phase 1 exploration program.

Greg Ferron, president, and chief executive officer of Platinex, stated: "Since taking ownership of the project in January, 2022, Platinex/Endurance Elements has been actively engaging with local indigenous communities and Ontario's Ministry of Mines (MINES) and remains committed to strengthening these relationships as exploration activities proceed. The issuance of these permits is a valuable step, and we can now proceed to begin work to prove the significant copper/nickel/PGE potential of the project."

The W2 copper/nickel/PGE and gold project comprises 1,122 cell units covering 22,094 hectares (220 square kilometres) in an area of world-class geological targets near Ontario's Ring of Fire. W2 controls a significant part of the Oxford Stull dome complex, including the mineral-rich and underexplored, layered mafic-ultramafic Lansdowne House igneous complex (LHIC), which is highly prospective for copper/nickel, platinum group element and chromite deposits.

Historical drilling along a 7.5-kilometre folded corridor near the centre of the land package has identified widespread copper/nickel/PGE mineralization across the widely spaced holes. Over all, the system shows strong parallels with the nearby Ring of Fire intrusive suite, which may well be coeval.

W2 is also highly prospective for gold deposits. Exploration plans for W2 remain focused on expanding the historical copper/nickel/PGE zone at the centre of the property and testing Eagle's Nest style VTEM (versatile time-domain electromagnetic) targets in the eastern portion of the project. The western area of W2 brings compelling gold opportunities and optionality to the project.

Shining Tree gold project and Heenan Mallard gold project

The company is also updating on exploration activities on its Shining Tree and Heenan Mallard gold projects, in which the company holds a 75-per-cent interest through the South Timmins Mining joint venture with Fancamp Exploration Ltd. (see news release dated May 17, 2023).

At Shining Tree, field crews have completed additional sampling and prospecting work in area 3. A total of 535 B-horizon soil samples and 37 rock samples have been submitted to Activation Laboratories Ltd. (Actlabs) for assay, with results pending. Area 3 is located in south-central MacMurchy township and was selected as a priority target following an AI (artificial intelligence) review of historical data. The target area is cut by northwest-trending and northeast-trending shears/faults and a north-northwest-trending fault like the Michiwakenda Lake fault, which hosts Platinex's Herrick deposit, located 400 metres to the west in southeastern Churchill township.

The field crews are now working on a similar program in area 2 and have collected 322 soil samples and 32 rock samples to date. This target area, in northern MacMurchy township, covers the east-west-trending sheared Keewatin-Porcupine assemblage contact and is host to numerous northwest-trending splay structures off over a projected six-kilometre strike length of the Ridout-Tyrrell deformation zone (RTDZ).

Concurrently, a geological review of the central area of the project is in progress to evaluate the Herrick, Caswell and Ronda mine, which will be used by Platinex to finalize drill programs at Shining Tree in Q3 and Q4 2023.

At Heenan Mallard, the company has submitted an exploration permit application for mechanized stripping as well as four drill pads at the Heenan block and is developing exploration plans for the River and Camp zones on the Mallard block. Fieldwork is expected to commence once the crews finish the work in area 2 at Shining Tree, with a comprehensive geochemical and prospecting program planned for July that will target underexplored areas southeast of the River and Camp zones.

The technical information presented in this news release has been reviewed and approved by Ike Osmani, PGeo, and Joerg Kleinboeck, PGeo; both are qualified persons as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Platinex Inc.

Platinex creates shareholder value through the opportunistic acquisition and advancement of high-quality projects in prolific Ontario mining camps. Current assets include a 100-per-cent ownership interest in the W2 copper/nickel/PGE and gold project near the Ring of Fire in the James Bay Lowlands of Northern Ontario; a 75-per-cent interest in the South Timmins Mining joint venture with Fancamp Exploration, which includes the 225-square-kilometre Shining Tree gold project and the highly prospective Heenan Mallard gold project, both of which lie along the Ridout-Tyrell deformation zone, on strike with Iamgold's Cote Gold deposits; as well as an option to earn a 100-per-cent ownership interest in the Muskrat Dam critical mineral project, with a primary focus on lithium. Platinex also holds a portfolio of net smelter return (NSR) royalties on gold, PGE and base metal properties in Ontario. Having put together a strong and diversified project portfolio and an expert technical team, the company is focused on comprehensively exploring and evaluating each project to maximize shareholder value. Platinex is based in Toronto, Canada, with a primary listing on the Canadian Securities Exchange under the symbol PTX.

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