Mr. B.H. Whiting reports

OREX ANNOUNCES SHARE CONSOLIDATION

Effective Sept. 27, 2023, Orex Minerals Inc. will consolidate its issued and outstanding common shares at a ratio of one postconsolidation share for 10 preconsolidation shares. The reasons for the consolidation are to increase the company's flexibility and competitiveness in the marketplace and to attract new equity investment in the company.

The shares are expected to commence trading on a consolidated basis at the start of trading on Wednesday, Sept. 27, 2023. Following completion of the consolidation, the company expects to have approximately 18.74 million shares outstanding.

No fractional shares will be issued under the consolidation. The holdings of any shareholder who would otherwise be entitled to receive a fractional share as a result of the consolidation shall be rounded up to the next higher whole number if the fraction is 0.5 or greater and rounded down to the next lower whole number if the fraction is less than 0.5. The consolidation will not affect any shareholder's percentage ownership in the company other than by the minimal effect of the aforementioned elimination of fractional shares, even though such ownership will be represented by a smaller number of shares. Instead, the consolidation will reduce proportionately the number of shares held by all shareholders.

Shareholders who hold uncertificated shares (including shares held through a brokerage account and/or not represented by a physical share certificate) will have their holdings electronically adjusted by the company's transfer agent or by their brokerage firms, banks, trust or other nominees. Such shareholders do not need to take any additional actions to exchange their preconsolidation shares for postconsolidation shares. Letters of transmittal are being mailed to all registered shareholders holding share certificates with instructions on how to exchange existing share certificates for new share certificates.

A copy of the letter of transmittal will also be available on the company's profile on SEDAR+.

The company's new Cusip number for the postconsolidation shares will be 68616X209, and its new ISIN number is CA68616X2095.

About Orex Minerals Inc.

Orex Minerals is a mineral exploration company focused on precious and base metal exploration in Mexico and Canada. Orex Minerals has several current projects: Two projects are located in Durango state, Mexico: the Sandra silver-gold project with Pan American Silver Corp. and the Coneto gold-silver project with Fresnillo PLC. The third project is the Jumping Josephine gold project in British Columbia, Canada. Orex Minerals is managed by the experienced Belcarra Group Management Ltd., composed of highly qualified mining professionals.

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