Mr. Ben Whiting reports

OREX CLOSES PRIVATE PLACEMENT

Orex Minerals Inc. has closed its non-brokered private placement in only one tranche as previously announced on Nov. 28, 2023. As announced on Dec. 20, 2023, the company previously issued 1,225,000 units at a price of 15 cents per unit for aggregate gross proceeds of $183,750 under the offering (see the company's news release dated Dec. 20, 2023, for additional details).

The issuance of units to Ben Whiting, president and chief executive officer of the company, under the first tranche is considered to be a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the first tranche by such related party does not exceed 25 per cent of the fair market value of the company's market capitalization.

About Orex Minerals Inc.

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