Mr. Greg Ferron of Platinex reports

PLATINEX ANNOUNCES ACQUISITION OF A CANADIAN URANIUM PORTFOLIO AND FORMATION OF GREEN CANADA CORPORATION

Platinex Inc. has created Green Canada Corp. (GCC), an unlisted subsidiary of Platinex. Concurrently, Platinex and GCC have entered into a binding letter of intent with International Prospect Ventures Inc. to acquire a portfolio of exploration-stage uranium projects located in top jurisdictions in Canada. Platinex has also assigned its option agreement on the Muskrat Dam critical minerals project with Springer Mineral Resources Corp. to GCC.

Platinex shareholders will participate as direct shareholders of GCC, providing them with exposure to uranium and other critical minerals as Canada begins to experience increased global interest and investment in mineral exploration driven by the green energy transition. GCC is strategically positioned with an advantageous portfolio of critical mineral discoveries.

The uranium portfolio includes a 100-per-cent interest in the following projects:

• The Beartooth Island uranium project, Athabasca basin, Saskatchewan (145 square kilometres);
• The Matoush-Otish Mountain project (219 square km) and Mistassini project (eight square km) in Quebec, including ground immediately north and south of Consolidated Uranium Inc.'s Matoush uranium deposit, a large high-grade uranium deposit;
• Three large claim blocks (126 square km) in Elliot Lake, Ont., including key claims at the Eco Ridge uranium and rare earth element project located adjacent to Radio Fuels Energy Corp.'s flagship which is a past producer and large-scale uranium oxide resource;
• The Cypress uranium and copper project, Athabasca basin, Saskatchewan (34 square km), acquired recently by GCC.

As consideration for the uranium portfolio, International Prospect Ventures, led by Glenn Mullan, will receive 7.5 million common shares of Platinex (value of $300,000), 2,666,667 common shares of GCC and net smelter royalties on the uranium portfolio. The issuance of Platinex shares is subject to a 12-month hold period. The GCC common shares are subject to escrow conditions further defined below.

The Muskrat Dam project has considerable base and rare earth element potential, and the new structure will better facilitate GCC to access capital and explore this early-stage, yet highly compelling and underexplored, Muskrat Dam greenstone belt located in Northwestern Ontario.

Collectively, these properties cover over 650 square km of highly prospective ground situated adjacent to proven uranium and rare earth element projects.

GCC private placement and ownership

GCC has also closed a private placement held in escrow, raising $500,000 at nine cents per common share to a group of high-net-worth, institutional and corporate investors. These funds will be used for mineral exploration and administrative expenses related to GCC.

Greg Ferron, president and chief executive officer of Platinex, said: "Platinex has an established history exploring for critical minerals in Canada, and with the uranium spot market signalling the future undersupply of uranium, the capital markets will be supporting new exploration ventures. The Green Canada portfolio complements Platinex's Canadian critical mineral portfolio and is in line with our corporate strategy to be nimble and seize opportunities for accretive transactions that benefit our shareholders."

The transaction allows Platinex to continue to advance its flagship W2 copper-nickel-PGE (platinum group element) project and its South Timmins gold joint venture in Timmins.

Platinex will own approximately 60 per cent of the issued common shares of GCC following the private placements, completion of the uranium acquisition, assignment of the Muskrat Dam project and a share for debt issuance. Platinex will also be entitled to a 1-per-cent net smelter return royalty on Muskrat Dam upon completion of the earn-in conditions between GCC and Springer.

All GCC common shares issued under the above noted transactions are subject to a statutory four-month hold period. In addition, GCC shares will be subject to either an 18-month or 36-month escrow holder period which will be further described in the closing press release.

The initial GCC board of directors includes Olivier Crottaz, a portfolio manager based in Lausanne, Switzerland, Jean-David Moore, an experienced junior miner investor based in Quebec, and Mr. Ferron, CEO of Platinex.

Closing of the transaction is expected to take place on or about Oct. 6, 2023.

All disclosure related to GCC shares are based on a proposed 3:1 share consolidated basis.

Next steps

GCC is analyzing additional assets in the uranium and lithium space to enhance its portfolio on an accretive basis and has engaged Red Cloud Securities, an active leader in the uranium sector, as an adviser.

All future steps as they pertain to listing timelines of GCC and potential distributions of these common shares to Platinex shareholders will be disclosed in the coming months.

Qualified person

The technical information presented in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans, PhD, PMP, PGeo (uranium portfolio), who is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Dr. Jobin-Bevans is also a director and the vice-president, exploration, of International Prospect Ventures.

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 JV with Fancamp Exploration, which includes the 225 square km Shining Tree gold project, as well as the highly prospective Heenan and Mallard gold projects, all of which lie along the Ridout-Tyrell deformation zone on strike with Iamgold's Cote gold deposits. Also, Platinex holds an option to earn a 100-per-cent ownership interest in the Muskrat Dam critical minerals project which is primarily focused 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.

We seek Safe Harbor.