Mr. Greg Ferron reports

PLATINEX CONSOLIDATES W2 COPPER-NICKEL-PGE PROJECT ACQUIRING HISTORICAL RESOURCE

Platinex Inc. has successfully acquired a major claim package which contains a historical resource within the existing central area boundary of Platinex's 100-per-cent-owned W2 copper-nickel-platinum-group-element project located in the Ring of Fire region of Northern Ontario. The acquisition includes 19 single-cell mining claims from Gungnir Resources Inc.; as well, Platinex acquired 13 adjacent claims to complete the consolidation of the W2 project area.

"This acquisition gives the company full control of W2, including all of the historical resource area. This not only improves the project's economic potential, but also enables us to execute a complete exploration program along the 7.5-kilometre mineralization zone which shows potential for expansion at depth and along strike," says Greg Ferron, president and chief executive officer of Platinex.

The 32 newly acquired claims total 630 hectares (6.3 square km) and include 42 out of 73 historical drill holes drilled within the central area of W2. A large portion of the historically identified mineralization zones lay on these newly acquired claims. This includes the following drill hole intersections completed by previous owners:

• Hole 54002 intersected 0.92 per cent Cu, 0.73 per cent Ni over 18.2 metres;
• Hole 54004 intersected 0.48 per cent Cu, 0.15 per cent Ni over 32 metres.

Most of the historical drill holes are shallow (less than 150 m) with potential open at depth. The new claim areas are mainly composed of mafic to ultramafic intrusive rocks that are associated with electromagnetic anomalies. They are also in proximity to lithological contact between mafic volcanics/metasedimentary rocks and mafic-ultramafic intrusive rocks which is interpreted to be an important factor for controlling higher-grade Cu-Ni mineralization.

Terms of the transaction

Platinex has paid $30,000 and issued three million Platinex shares to Gungnir. The Platinex shares were issued at a deemed price of five cents and are subject to the standard four-month-and-a-day hold period. Platinex has also granted Gungnir a 2-per-cent net smelter return royalty on the 19 claims, which the company may repurchase 1 per cent for $500,000.

W2 is permitted for a phase 1 exploration program with mineral exploration permits in place for up to 31 drill pads across the property. Additional desktop work, including further compilation of greenfield areas and modelling of airborne geophysical data, is continuing, and the company is finalizing plans for its 2024 exploration program at W2.

Previous operators identified numerous mineralized zones within a 7.5 km long folded corridor. Inco described the central area as containing a potential resource of approximately 14.6 million tons averaging 0.58 per cent copper and 0.37 per cent nickel with minor values in cobalt, gold, platinum and palladium based upon 47 drill holes. Platinex advises that a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the company is not treating the historical estimate as current mineral resources or mineral reserves.

Qualified person

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

About W2

W2 is a district-scale land package comprising 1,154 cell units covering 22,763 hectares (227.6 square km) 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 (Cu-Ni), platinum group element (PGE), gold and chromite deposits. The common thread of strong Cu-Ni-PGE, chromium and titanum-vandium 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 EM) 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 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, 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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