Mr. Greg Ferron reports

PLATINEX ANNOUNCES INCREASED FLOW THROUGH FINANCING AND RECEIPT OF STUDY RESULTS ON THE W2 COPPER-NICKEL-PGE PROJECT IN NORTHERN ONTARIO

Platinex Inc. has increased its previously announced flow-through (FT) financing (see press release dated Nov. 27, 2023) to $1.5-million. The flow-through common shares are priced at four cents per share. Each FT common share consists of one common share of the company. The closing of this final tranche of the FT offering is under way and is expected to be completed shortly.

The company will use the gross proceeds of the FT offering to incur eligible Canadian exploration expenses that are flow-through critical mineral mining expenditures and will qualify as flow-through mining expenditure, as such terms are defined in the Income Tax Act (Canada), related to advancing the W2 copper-nickel-platinum group element (Cu-Ni-PGE) project, on or before Dec. 31, 2024. All qualifying expenditures will be renounced in favour of the subscribers effective Dec. 31, 2023.

All securities issued in connection with the FT offering are subject to a four-month-plus-one-day hold period from the closing date, in accordance with applicable securities laws.

The closing of the FT offering is subject to certain conditions, including, but not limited to, receipt of all necessary regulatory approvals. The company may pay finder's fees to eligible finders in connection with the FT offering.

Platinex completes geological compilation and 3-D modelling program on W2 copper-nickel-PGE project

Platinex is also pleased to announce results from the geological compilation and 3-D modelling program completed by BAW Mining Inc. on its 100-per-cent-owned W2 copper-nickel-PGE project located in a region of world-class geological targets near Northern Ontario's Ring of Fire.

In total, 71 holes totalling 12,157 metres drilled by historical operators (Aurora Platinum, Canadian Nickel/INCO and KWG Resources) were compiled into digital format. BAW completed one geological model, one moderate-grade mineralization model (calculated as copper equivalent (CuEq) grades over 0.3 per cent) and one high-grade mineralization model with CuEq over 0.8 per cent based on the compiled data.

Key findings of the modelling program include:

• Moderate-grade mineralization is extensive (over six kilometres strike length) in the central area of the W2 project, with mineralized zones open to depth and in all directions.
• Multiple zones of high-grade mineralization with over 0.8 per cent CuEq were identified.
• High-grade zones occur in the gabbroic unit and seem closely spatially associated with the lithological contacts between mafic volcanics/metasedimentary rocks and mafic to ultramafic intrusive rocks.
• Historical drill holes intersected wide intersections of mineralization in the central area of the property: for example, LH01-06 intersected 220.6 metres of 0.54 per cent CuEq and LH01-05 intersected 151.6 m of 0.56 per cent CuEq.
• Strong correlation is observed between Cu-Ni mineralization and electromagnetic (EM) anomalies in the central area of the project. In addition, numerous EM anomalies, which have not been explored, are located across the project. Greenfield targets remain to be tested in the north, west and east of the property.
• Titanium-vanadium targets in the northwest area near hole LH01-10 remain to be further explored.

Drill target areas have been designed and were categorized into three categories (confirmation, expansion and greenfield). Further exploration programs, such as gravity, EM and induced polarization (IP) geophysical surveys, as well as more data compilation on the W2 project, are being planned to refine certain drilling targets on top of the 3-D modelling.

Please visit the W2 project page on Platinex's website for a presentation on W2, including modelling results and other project information.

Qualified person

The technical information presented in this news release has been reviewed and approved by Shuda Zhou, PGeo, who is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects for the W2 project.

About the W2 project

W2 is a district-scale land package composed of 1,122 cell units covering 22,094 hectares (220 square kilometres) in an area of world-class geological targets located in the Oxford Stull dome complex near Ontario's Ring of Fire. W2 controls the mineral-rich and underexplored, layered mafic-ultramafic Lansdowne House igneous complex (LHIC), which is highly prospective for copper-nickel, platinum group element (PGE), gold and chromite deposits. The common thread of strong Cu-Ni-PGE, Cr (chromium) and Ti-V (titanium-vanadium) mineralization in the mafic-ultramafic intrusions ringing the Oxford Stull dome is suggestive of a common source, a very large magmatic system and, therefore, a potential significant abundance of metals in each intrusion.

Historical work, including approximately 20,000 metres of drilling in the W2 area by operators such as INCO and Aurora Platinum, has delineated at least seven significant mineralized zones within a 7.5 km long folded corridor near the centre of the land package. Additionally, VTEM (versatile time domain electromagnetics) and AeroTEM II airborne geophysical surveys have identified multiple high-priority conductors in the eastern section of the property, which have yet to be drill tested.

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 project near the Ring of Fire in Northern Ontario; and a 75-per-cent interest in the South Timmins mining joint venture with Fancamp Exploration, which is focused on gold exploration along the Ridout-Tyrell deformation zone near Iamgold's Cote Gold operation in the southwest Abitibi. Platinex also holds majority ownership in Green Canada Corp., which holds uranium assets in Saskatchewan, Ontario and Quebec, as well as an option to earn as a 100-per-cent ownership interest in the Muskrat Dam critical minerals project in Northwestern Ontario. In addition to its mineral exploration assets, Platinex 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.

We seek Safe Harbor.