Mr. Greg Ferron reports

PTX METALS PROVIDES PROJECTS UPDATE

PTX Metals Inc. has provided an update on recent corporate and project activities related to the W2 copper-nickel-platinum-group-elements (Cu-Ni-PGE) project located in the Ring of Fire region of Northwestern Ontario, and the South Timmins joint venture (JV) gold projects.

Highlights include:

• Successful completion of the phase 1 expansion drill program at W2 project in Northwestern Ontario:
  • Assays pending on the 1,544-metre program.
• Engagement of independent geological consulting firm BAW Mining Inc. to commence an exploration target that will include a 3-D shell modelling, and reporting of tonnage and grade estimates expressed as ranges:
  • The modelling will include the 84 historical diamond drill holes that are in the central area and the phase 1 drill program assays (see news release dated April 9, 2024).
• Commencement of exploration activities at the South Timmins JV Shining Tree gold project;
• Completion of sale of Dorothy gold project to Heritage Mining (HML).

W2 project drill program

The company has completed phase 1 of the exploration and expansion drill program at the W2 project, with a total of 1,544 metres drilled over seven drill holes. Core samples have been sent to Activation Labs in Thunder Bay, Ont., and assays are pending.

Phase 1 drill program was designed with several objectives: (1) to test high-priority Cu-Ni-PGE targets and stepout drilling in the central area of W2, along the known 7.5-kilometre-long trend of Cu-Ni-PGE mineralization (the central mineralized envelope) in areas that have seen little to no drilling by previous operators; (2) to expand the zones of mineralization adjacent to Inco Ltd.'s historical resource area in the Southwest area (CA zone) and the Aurora Platinum drilling in the Northeast area (AP zone); (3) as well, to test newly identified geological and geophysical anomalies that were generated through the recently completed geological interpretation and modelling of historical airborne geophysical data.

W2 exploration target model

The objective of the exploration target model is to prepare a 3-D shell modelling, and reporting tonnage and grade estimates expressed as ranges. The modelling includes analyzing 84 historical diamond drill holes together with the results from the recently completed phase 1 drill program, covering the three key areas of the project including the CA zone, AP zone and the central mineralized envelope.

The modelling work will follow the guidelines set forth in National Instrument 43-101, Section 14, and will be used to inform further prospecting strategies for exploration at W2. This exploration target model is conceptual in nature, and more work and information, including drilling, are required before fulfilling CIM (Canadian Institute of Mining, Metallurgy and Petroleum) requirements toward the disclosure of a mineral resource.

The recent acquisition and consolidation of the historical resource area has supported the ability to produce a comprehensive study.

Commencement of exploration programs for South Timmins joint venture projects

Work on the South Timmins joint venture projects has commenced with stripping near the former Ronda mine at the Shining Tree gold project. Additional stripping and channel sampling on a wider surface area at Ronda has been designed to follow-up on the anomalous high-grade sample results reported from work in 2023, including 9.04 grams per tonne (g/t) over 16.15 metres at surface (see press release dated Feb. 7, 2024).

This work program follows the successful results reported from the first three programs completed in 2023 and 2024, which confirmed high-grade gold mineralization through stripping and channel sampling at Shining Tree, and, notably, included a new gold discovery at Heenan in the Swayze greenstone belt. Following completion of the work at Shining Tree, the program will continue at Heenan and Mallard gold projects.

Sale of Dorothy gold project to Heritage Mining

PTX Metals has completed the sale of the Dorothy project in Northwestern Ontario to Heritage Mining. Pursuant to an asset purchase agreement with a subsidiary of PTX Metals, dated May 31, 2024, the company will receive $100,000 in the common shares of Heritage Mining over an 18-month period ($15,000 on signing, $35,000 in six months from signing and a final $50,000 in 18 months from signing) and also includes granting of a 1-per-cent net smelter return (NSR) (0.5 per cent buyback for $500,000) as consideration for the 1,888.72-hectare land package.

This divestment is pursuant to PTX Metals' mission to capitalize non-core projects and focus its resources on the two flagship assets.

Qualified person

The technical information presented in this news release has been reviewed and approved by Shuda Zhou, PGeo for W2, and Joerg Kleinboeck, PGeo for Shining Tree, both are qualified persons as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About PTX Metals Inc.

PTX Metals is a minerals exploration company with two flagship projects situated in Northern Ontario, renowned as a world-class mining jurisdiction for its abundance of mineral resources and investment opportunities. The corporate objective is to advance the exploration programs toward proving the potential of each asset, which includes the W2 copper-nickel-PGE project and South Timmins joint venture gold projects.

The portfolio of assets offers investors exposure to some of the world's most valuable metals, including gold, as well as essential metals critical for the clean energy transition: copper, nickel, uranium and rare metals. The projects were acquired for their geologically favourable attributes and proximity to established mining producers. PTX work programs are designed by a team of expert geologists with extensive career knowledge gained from their tenure working for global mining companies in Northern Ontario.

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