Mr. Pierre Gagne reports

ROCKEX MINING ANNOUNCES PIONEER LITHIUM HAS EXERCISED THE OPTION ON ROCKEX'S ROOT LAKE LITHIUM PROJECT AND FORMED A JOINT VENTURE WITH ROCKEX

Pioneer Lithium Ltd. and its subsidiary, Root Lake Resources Ltd., have exercised the option in the option and joint venture agreement (see news releases dated July 20, 2023, and Aug. 25, 2023) pursuant to which Root Lake had the right to acquire a 90-per-cent interest in Rockex Mining Corp.'s Root Lake mineral exploration claims in Northwestern Ontario.

The Root Lake property comprises 94 contiguous cell claims (1,927 hectares) approximately 100 kilometres north of Sioux Lookout near the west end of Lake St. Joseph, a prospective lithium project.

Pursuant to the option and JV agreement Pioneer has exercised the option by paying Rockex the following: (i) a cash payment of $550,000, (ii) 3,184,184 shares of Pioneer and (iii) a 2-per-cent net smelter royalty. Pursuant to the rules of the Australian Securities Exchange (the ASX) the consideration shares are subject to escrow for a period of one year until Sept. 21, 2024.

On exercise of the option, Rockex and Root Lake are deemed to have constituted a joint venture on the terms set out in the option and JV agreement. Root Lake is vested with a 90-per-cent interest in the Root Lake property and Rockex has retained a 10-per-cent carried interest until a final investment decision is made to proceed with the construction of a mine in respect of the project based on a feasibility study (a mine decision). At any time after Root Lake makes a mine decision and before the commencement of commercial production from the project, Rockex has the right to elect to have its interest purchased by Root Lake at fair market value, following which Root Lake will have the right, exercisable within 12 months, to agree to purchase Rockex's interest. Whether or not Root Lake elects to purchase Rockex's interest, Rockex's interest will revert to a carried interest (retroactive back to the date of the mine decision) and Rockex's share of costs will be funded by Root Lake. In the event that Root Lake exercises its right to purchase Rockex's interest, the purchase amount will be payable in 60 equal monthly instalments. In the event that Root Lake does not elect to purchase Rockex's interest, Rockex's share of costs financed by Root Lake are to be repaid by Rockex to Root Lake from the proceeds of the sale of Rockex's share of production from the mine.

About Rockex Mining Corp.

Rockex is a Canadian exploration company focused on developing high-quality iron ore assets strategically located in areas largely underexplored, and that host significant mineral potential. Its core asset is the Lake St. Joseph project which includes the Eagle Island deposit, as well as additional potential deposits at Wolf Island and Fish Island. It also has other properties in Northwestern Ontario which it refers to as the East Soules Bay property, the Root Lake property and the North Spirit Lake property.

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