Mr. Greg Ferron reports

PLATINEX COMPLETES FLOW THROUGH FINANCING FOR W2 PROJECT

Platinex Inc. has closed the final tranche of flow-through financing with an additional $452,000 to achieve a total financing of $1,972,000 (see press release dated Dec. 13, 2023).

"We are pleased to have attracted enthusiastic new investors into this financing who recognize the opportunity based on our diversified holdings in two globally significant mining camps in Northern Ontario," said Greg Ferron, chief executive officer and president of Platinex. "The W2 copper/nickel/PGE [platinum group element] project is permitted for exploration, and our plan is to initiate a drill program to expand on the extensive copper, nickel and PGE mineralization over six kilometres of strike length in the central area and investigate new greenfield targets in the north, west and east of the property, which have been identified in the airborne work done to date and compiled in the modelling study recently completed by BAW Mining Inc.

"As well, we will continue to be active with exploration work at our Shining Tree JV [joint venture] gold camp in the Abitibi, including drilling at Heenan. This financing helps to set Platinex up for a productive 2024."

The final-tranche financing consists of an issuance of 11.3 million flow-through common shares at a price of four cents per share. Each flow-through common share comprises one common share of the company.

The company will use the gross proceeds of the flow-through offering to finance eligible Canadian exploration expenses associated with the W2 copper/nickel/PGE project that qualify as flow-through critical mineral mining expenditures," as defined in the Income Tax Act (Canada), on or before Dec. 31, 2024. Platinex will renounce benefits of all qualifying expenditures in favour of the subscribers effective Dec. 31, 2023.

All securities issued in connection with this flow-through 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 flow-through offering is subject to certain conditions, including, but not limited to, receipt of all necessary regulatory approvals. The company may pay finders' fees to eligible finders in connection with the offering.

About the W2 copper/nickel/PGE project

W2 is a district-scale land package encompassing 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 famous 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, gold and chromite deposits. The common thread of strong copper/nickel/PGE, chromium and 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 potential for a 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-kilometre-long folded corridor near the centre of the land package. Additionally, VTEM (versatile time-domain electromagnetic) 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 Canadian 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 as well as 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 region.

Platinex also has a majority ownership in Green Canada Corp., which holds uranium assets in Saskatchewan, Ontario and Quebec, as well as an option to earn a 100-per-cent ownership interest in the Muskrat Dam critical mineral 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, with a primary listing on the Canadian Securities Exchange under the symbol PTX. The company is also listed in Frankfurt under the symbol 9PF and on the OTCQB in the United States as PANXF.

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