Mr. Max Porterfield reports

CALLINEX TARGETS EXPANDING HISTORIC HIGH GRADE COPPER AND GOLD DEPOSITS NEAR SURFACE IN THE FLIN FLON MINING DISTRICT, MB

Callinex Mines Inc. has identified its 2025 exploration targets at the company's consolidated Pine Bay camp in the Flin Flon mining district of Manitoba. Investors are invited to view a prerecorded webinar detailing the exploration objectives outlined below.

The 2025 exploration objectives outlined across four target areas will include further definition and expansion of historic near-surface high-grade-copper-, gold-, silver- and zinc-rich volcanogenic massive sulphide deposits and associated high-grade quartz-carbonate-hosted gold deposits on the company's recently consolidated Pine Bay camp.

Max Porterfield, president and chief executive officer, said: "We are very excited to extend historic resources and drilling intersections for both known near-surface high-grade-copper-rich VMS and narrow vein gold deposits. The 2025 exploration program will extend known copper and gold deposits and also target discovery of large VMS deposits on our newly acquired Alberts Lake property, now consolidated into our Pine Bay camp."

The Visionary area: building on near-surface high-grade copper and gold

The Visionary area was first staked in the 1920 to 1928 period, with the first drill discovery at the Leo deposit, interpreted to be on the same horizon that hosts the Descendent deposit 3.5 kilometres to the southeast along strike. Historic work on the Leo deposit led Aur Resources Inc. to calculate the following historical inferred mineral inventory, above the 500-foot level:

• 192,292 metric tonnes in four zones (21, 22, 23 and 24) with an average grade of 2.29 per cent copper and 0.91 per cent zinc, including the 21 zone of 79,417 metric tonnes at 3.65 per cent Cu and 1.94 per cent Zn.

Callinex believes it is the first company to model the historical drilling in 3-D and interprets the Leo deposit to be open at depth based on both historical drilling and past interpretation of borehole pulse electromagnetic surveys of deeper holes drilled by Aur.

Historic drilling in the Visionary area has intersected high-grade copper, gold, zinc and silver VMS mineralization near the surface over a strike length of 380 metres. The mineralization associated directly with the near-surface Leo deposit, based on the new interpretation, has a strike length of 130 metres and is open at depth. Many of the deposits in the Flin Flon greenstone belt, such as Callinex's nearby Rainbow deposit, are elongated with a plunge extent between five and eight times the strike length.

Since 1997, exploration drilling has identified several significant intersections, including:

• 3.13 per cent Cu, 10.48 per cent Zn, 10.39 grams per tonne silver and 1.28 g/t gold over 1.52 metres (98-LW-18);
• 5.33 per cent Cu, 0.66 g/t Au and 4.94 g/t Ag over 3.05 m (98-LW-16);
• 1.25 per cent Cu over 11.27 m, including 2.58 per cent Cu, 0.17 g/t Au and 1.73 g/t Ag over 1.83 m (98-LW-16);
• 1.23 per cent Cu, 0.19 g/t Au and 1.39 g/t Ag over 3.48 m (98-LW-14).

No exploration for VMS style deposits has occurred in the immediate area since Aur ceased exploration in 1999.

In the 2025 exploration season, Callinex plans either reaming drill hole 99-LW-25 to a larger diameter, suitable for a modern BPEM survey, or drilling a new hole to test a historical BPEM anomaly consistent with the reinterpretation by Callinex, along the plunge line of the Leo deposit.

Flanking high-grade gold system

Large VMS systems, such as Hudbay's Lalor mine currently in operation in the Snow Lake camp of the Flin Flon greenstone belt, have a significant gold endowment some times located nearby the base-metal-rich VMS deposit. The company believes that the Visionary area possesses similar potential.

In 2025, Calinex plans follow-up drilling to historical intersections to further test the potential of a flanking high-grade gold system, which includes historical intersections of:

• 9.19 g/t Au and 14.84 g/t Ag over 4.57 m (97-LW-1);
• 140.70 g/t Au and 220.00 g/t Ag over 0.4 m (98-LW-14);
• 38.50 g/t Au and 49.80 g/t Ag over 3.0 m (98-LW-16);
• 31.60 g/t Au and 32.00 g/t Ag over 0.30 m (98-LW-17);
• 74.60 g/t Au and 56.00 g/t Ag over 0.36 m (98-LW-20).

The high-grade gold mineralization has been intersected over a strike length of 200 m, remains open at depth and has not been tested since exploration ceased (2005).

The General target area: near-surface gold with VMS potential

The General target area has historically been a focus for gold exploration. Historically, 83 holes have been drilled over a 500-metre strike length to more-than-300-metre vertical depth. Selected historical drilling results include:

• 204.86 g/t Au and 6.24 g/t Ag over 1.62 m (AL1-16);
• 3.80 g/t Au and 7.21 g/t Ag over 8.50 m (AL1-61);
• 4.27 g/t Au and 9.77 g/t Ag over 8.3 m (AL1-24);
• 6.65 g/t Au and 11.40 g/t Ag over 2.50 m (AL1-37).

Callinex believes there is strong potential for gold mineralization at the Alberts gold deposit to continue at depth. The company plans to drill test this theory and advance to a National Instrument 43-101 mineral resource estimate based on both historical and new drilling results.

Moving forward, Callinex also plans to complete an induced polarization survey, similar to what has previously been done at Visionary, as a first step to determining whether a VMS deposit may be associated with the Alberts gold deposit.

Amulet target area -- targeting high-grade copper/gold/silver/zinc deposit

The Amulet VMS deposit occurs three kilometres along strike to the northeast of the company's Rainbow deposit in the same felsic volcanic stratigraphy. The near-surface Amulet has not been explored at depth, and previous drilling results include:

• 1.40 per cent Cu, 0.43 g/t Au and 3.99 g/t Ag over 5.42 m (Amulet-2);
• 3.2 per cent Zn, 0.42 g/t Au and 0.42 g/t Ag over 4.26 m (Amulet-6);
• 1.43 per cent Cu, 0.61 g/t Au and 1.97 g/t Ag over 5.33 m (Amulet-11);
• 2.38 per cent Cu, 4.5 per cent Zn, 1.37 g/t Au and 24.59 g/t Ag over 0.79 m (Amulet-15).

The largest proportion of exploration work in the Amulet Lake area was done by Hudbay between 1945 and 1953, during which time 61 drill holes tested several targets. Subsequent exploration by Guggenheim Exp. (1969 to 1972) and Granges (1980 to 1984) tested specific targets (total seven drill holes). The historic Amulet deposit hosts three small VMS lenses. The area has also been explored by trenching and an adit.

Callinex believes the Amulet target area hosts the potential for another high-grade copper VMS deposit similar to Rainbow, and, in 2025, the company plans to drill test down plunge from the historic high-grade mineralization and also use a modern BPEM survey, which has not been previously used on this deposit.

Blueberry target area -- a potential near surface discovery

The Blueberry target area consists of two anomalies identified from a 2010 VTEM survey that are interpreted to be located at the contact between felsic and mafic volcanic rocks on the Pine Bay horizon, which hosts the Pine Bay copper VMS deposit located two km along strike to the southeast.

Blueberry is situated within a growth fault corridor that also hosts the Amulet deposit to the west and the Leo deposit to the east. The growth fault corridor that hosts the Blueberry, Amulet and Leo deposits is similar to the growth fault corridor immediately to the south that hosts eight VMS deposits, including the high-grade-copper-rich Rainbow.

Drill hole BLU-111, the first drilled by Callinex into Blueberry, intersected the interpreted Pine Bay horizon with 4.1 m of stringers and bands of red-brown sphalerite mineralization hosted within a setting typical of a footwall alteration zone in a broader unit of sericite altered dacite flow and hyaloclastite with disseminated pyrite and pyrrhotite mineralization, intersected between 223.95 and 247.25 m from the hole collar (see news release dated Feb. 27, 2025).

Red-brown sphalerite, or zinc sulphide, is often an indication of higher temperatures and close proximity to VMS discharge systems and potentially high-grade-copper-, gold-, zinc- and silver-rich volcanogenic massive sulphide deposits. As a recent example, in 2020, Callinex intersected a much narrower one-metre interval of red-brown sphalerite stringer-bearing sulphide stringers much deeper, 945.8 m downhole, in drill hole PBM-033. A subsequent BPEM survey of PBM-033 provided a highly conductive offhole anomaly that has become the high-grade-copper-rich Rainbow deposit (see news release dated July 21, 2020).

Samples from BLU-111 have been shipped for laboratory assaying. Meanwhile, a borehole pulse electromagnetic survey is planned, and, once complete, together with assay data modelling, a decision on the next exploration steps will be made.

Aaryn Hutchins, PGeo, a qualified person under National Instrument 43-101, has reviewed and approved the technical information in this news release.

About Callinex Mines Inc.

Callinex is advancing its portfolio of base- and precious-metal-rich deposits located in established Canadian mining jurisdictions. The focus of the portfolio is highlighted by the rapidly expanding Rainbow deposit at its rich VMS Pine Bay project located near existing infrastructure in the Flin Flon mining district. Callinex prepared an indicated mineral resource on the Rainbow deposit of 3.44 million tonnes grading 3.59 per cent copper equivalent for 272.4 million pounds CuEq (238.3 Mlb Cu, 56.9 Mlb Zn and 37,600 ounces gold, 692,800 oz Ag and 2.3 Mlb Pb), an inferred mineral resource on the Rainbow deposit of 1.28 Mt grading 2.95 per cent CuEq containing 83.4 Mlb CuEq (72.1 Mlb Cu, 19.5 Mlb Zn, 11,100 oz Au, 222,200 oz Ag and 800,000 lb Pb) and an inferred mineral resource at the Pine Bay deposit of 1.0 Mt grading 2.62 per cent Cu containing 58.1 Mlb Cu (see news release dated July 10, 2023). The second asset in the portfolio is the Nash Creek project located in the VMS rich Bathurst mining district of New Brunswick. A 2018 preliminary economic assessment generates a strong economic return with a pretax internal rate of return of 34.1 per cent (25.2 per cent posttax) and net present value discounted at 8 per cent of $230-million ($128-million posttax) at $1.25 zinc (see news release dated May 14, 2018). The third asset, 100-per-cent-owned Point Leamington deposit in Newfoundland, is located in one of the richest VMS and gold districts in Canada. Callinex prepared a pit-constrained indicated mineral resource of 5.0 Mt grading 2.5 g/t gold equivalent for 402,000 oz AuEq (145,700 oz gold, 60.0 Mlb copper, 153.5 Mlb zinc, 2.0 Moz silver and 1.5 Mlb lead), a pit-constrained inferred mineral resource of 13.7 Mt grading 2.24 g/t AuEq for 986,500 oz AuEq (354.8 koz gold, 110.2 Mlb copper, 527.3 Mlb zinc, 6.2 Moz silver and 7.0 Mlb lead) and an out-of-pit inferred mineral resource of 1.7 Mt grading 3.06 g/t AuEq for 168,500 oz AuEq (65,400 oz gold, 13.3 Mlb copper, 102.9 Mlb zinc, 1.4 Moz Ag and 2.6 Mlb lead) (see news release dated Oct. 25, 2021).

We seek Safe Harbor.