Mr. Vikas Ranjan reports

VORTEX METALS SECURES FINAL APPROVAL ON THE OPTION FOR THE ILLAPEL COPPER PROJECT

Vortex Metals Inc., further to its news releases dated June 27, 2023, Nov. 20, 2023, and May 1, 2024, has received final approval from the TSX Venture Exchange for its proposed acquisition of up to an 80-per-cent interest in the Illapel copper project in Chile, pursuant to an option agreement dated Nov. 17, 2023, with Windows Minerals SCM and SLM Rio 27 de Farellon Sanchez (together with Windows, the optionors).

Vikas Ranjan, chief executive officer and a co-founder of Vortex Metals, stated: "We are thrilled to receive final approval for the highly prospective Illapel copper project. This marks a crucial milestone in the progress of our company. The Illapel project, located adjacent to and extending from an existing mining operation in a well-established mining region, offers multiple high-potential, drill-ready targets that the company plans to explore immediately. With copper prices continuing to rally, Vortex Metals is eager to commence the first phase of drilling and deliver shareholder value."

Illapel copper project highlights:

• Three mineral leases totalling approximately 6,000 hectares;
• ROFR (right of first refusal) on the currently operating Rio 27 copper mine with average grade of 1.39 per cent copper (Cu) for processed ore;
• Proximity to the El Espino copper project, with an estimated value of $380-million (U.S.);
• North and south of Rio 27 mine: Mineralization extending along strike from the Rio 27 mine;
• Permitted for drilling -- epithermal gold-copper targets: Mapping and drilling of epithermal veins in the concession's western portion;
• Proximity to major infrastructure, paved roads, power grid and water;
• Low elevation -- 1,500 metres above sea level with year-round drilling conditions.

Details of the option agreement

Pursuant to the terms of the option agreement, the company has an option to earn a 60-per-cent interest in the Illapel project (the first option) by making total cash payments of at least $1.1-million over a four-year period, issuing a maximum of 23 million common shares of the company over a six-year period, incurring exploration expenditures on the Illapel project totalling $10-million over a five-year period, and completing a prefeasibility study within the next six years.

If the first option is exercised in full, the optionors have agreed to grant an exclusive option to the company to acquire an additional 20-per-cent interest in the entity that will be incorporated upon exercise of the first option, following the terms set out in the option agreement.

All common shares issued pursuant to the option agreement will be subject to a contractual restriction on transfer from the date of issuance in accordance with the following schedule: (a) 25 per cent within six months of the issue date; (b) 25 per cent within eight months of the issue date; (c) 25 per cent within 10 months from the issue date; and (d) 25 per cent within 12 months of the issue date.

Upon exercise of the first option, the optionors will be granted a 2.5-per-cent net smelter returns (NSR) royalty on the Illapel project. The company can buy back 0.5 per cent of the NSR for $1.75-million. If the company incurs in excess of $10-million in exploration expenditures within a five-year period after closing but does not exercise the first option, then Windows will grant the company a 1.5-per-cent net smelter returns royalty (the expenditure return royalty) on the Illapel project and a mortgage and prohibition to transfer the Illapel project in favour of the company to secure payment of the expenditure return royalty.

In connection with the option agreement, the company will pay a finder's fee to Ishkan Inc. of (i) a maximum of $47,500 in cash; and (ii) a maximum of 987,500 common shares as consideration common shares are issued to Windows, with both the cash and common share issuances made pursuant to the option agreement in accordance with a predetermined issuance schedule. The exchange has approved the finder's fee.

Phase 1 exploration -- 2024 plan

Vortex will now initiate a first-pass exploration program, which includes:

1. Immediate testing of high-priority, drill-ready targets north and south of the Rio 27 mine;
2. Detailed mapping, sampling and drilling of targets linked to the epithermal veins in the western concession area;
3. Initiation of mapping and sampling across promising structural formations and dikes, enriched with crosscutting ocoite and copper oxides, identified throughout the project area.

This program aims to swiftly evaluate high-priority targets while expanding the company's regional geological exploration to discover new drilling sites.

The company also announces the resignation of Roger (Zelong) He, the chief financial officer, effective May 17, 2024. The company thanks Mr. He for his services and wishes him well in his future endeavours.

The company is pleased to announce that it has hired Calibre Capital Partners, based in Vancouver, Canada, to provide CFO and related services. The founder of Calibre Capital Partners, Kevin Ma, who holds a CPA designation, and has extensive experience acting as the chief financial officer for public companies, will act as the chief financial officer of the company.

Qualified person

All scientific or technical information in this press release referred to is based upon information prepared by or under the supervision of, or has been approved by, Robert J. Johansing, Bsc geology, MSc economic geology, MMSA QP (qualified person), a certified professional geologist who is a qualified person for purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Johansing is independent from the company.

About Vortex Metals Inc.

Vortex Metals is the parent company of Mexican subsidiary Empresa Minera Acagold SA de CV, which is the owner of a 100-per-cent interest in two drill-ready high-potential copper volcanogenic massive sulphide (VMS) properties (Riqueza Marina and Zaachila) in the state of Oaxaca, and a third high-potential gold property (El Rescate) in the state of Puebla. The Oaxaca projects incorporate the most highly prospective areas of high-grade copper mineralized surface exposures (gossans) and prominent gravity anomalies along an emerging copper volcanogenic massive sulphide belt that includes Minaurum Gold's Santa Marta project.

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