Mr. Greg Ferron reports

EXPLORATION TARGET MODELLING OUTLINES LARGE SCALE PROJECT (59 M TO 135 M TONNES AVERAGE BETWEEN 0.78% TO 1.03% CUEQ) FOR PTX METALS' W2 CU-NI-PGE PROJECT, ONTARIO, CANADA

PTX Metals Inc. has provided the results of a technical report summarizing the exploration target model estimate for the 100-per-cent-owned W2 Cu-Ni-PGE (copper-nickel-platinum group element) project in Ontario which outlines a large scale near-surface Cu-Ni-PGE project near the Ring of Fire area, Ontario.

The company's 3-D (three-dimensional) geological and grade shell modelling of historic and recent drilling results indicates a near-surface exploration target of approximately 59 to 135 million tonnes (Mt) averaging between 0.78 per cent to 1.03 per cent copper equivalent (CuEq), containing approximately 610,000 tonnes to 1,052,000 tonnes copper equivalent (using CuEq grade higher than 0.7 per cent and 0.5 per cent, respectively). This is equivalent to 1.34 billion to 2.3 billion pounds copper equivalent.

Using CuEq grade higher than 0.9 per cent, the exploration target estimation is 31 million tonnes at 1.25 per cent CuEq.

In total, five mineralization zones -- CA zone 1, CA zone 2, AP Main and two satellite zones (AP North and AP East) -- were defined from the exploration targets models. The five mineralization zones have an extended strike length of approximately seven kilometres (km) and are mostly near surface (less than 150 metres (m) deep), but open at depth. All drill hole databases were compiled into The Geovia GEMS database which consisted of 98 drill holes totalling 16,841 metres completed by Inco, Aurora Platinum and PTX Metals.

Highlight of the results:

• The recently acquired CA zones (CA zone 1 and CA zone 2) are estimated to have a potential for 24 million tonnes at 0.98 per cent CuEq (using CuEq grader higher than 0.7 per cent).
• The CA zone 2 located to the southeast reported the highest grade of two MT at 1.42 per cent CuEq (using grade higher than 0.9 per cent CuEq for estimation).
• Higher PGEs (Pd (palladium), Pt (platinum) and more) are noted in the AP Main zone, which is estimated to have a potential for 20 million tonnes at 1.25 per cent CuEq using grade higher than 0.9 per cent CuEq for estimation.
• There are many undrilled conductors throughout the property and the 2024 phase 1 drilling revealed zones of previously unknown mineralization over wide widths across a seven-kilometre strike on the property.
• In addition, the 2024 phase 1 drilling was successful in confirming mineralization.
• Next steps for the project include confirmation drilling principally where Inco drilled in the CA zones and infill drilling in the AP zone, metallurgy and further community engagement. All of these activities should enhance confidence in the deposit potential and considerably derisk the project.

"We are delighted with the results of this initial work showing the significant scale of the W2 project and the potential to become a mining project of significance," said Greg Ferron, chief executive officer and president of PTX Metals Inc. "The tonnage and grade reported substantially benefitted from the high-quality drilling completed by Inco, Aurora Platinum and PTX. We remain confident that confirmation drilling and continued exploration will both upgrade and expand resources."

All historical drill core and some collar location and survey results are not able to be traced at the moment. In addition, a portion of the historical drilling assay data predates the implementation of National Instrument 43-101. This was the rationale for estimating the model as an exploration target.

The exploration target modelling work followed the guidelines set forth in National Instrument 43-101, Section 14 resource estimate, and will also be used to inform further exploration drill program strategies at W2 such as confirmation drilling and in-fill drilling. The potential grade and tonnage of the 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 for the disclosure of an eventual mineral resource. At this stage, it is uncertain if further exploration will result in the exploration target being delineated as a mineral resource. In addition, important aspects such as metallurgical processing options need to be investigated to evaluate potential recoveries in the mineralized zones.

Methodology

The exploration target has been completed by BAW Mining Inc., a consultant independent of the company and has been completed in accordance with National Instrument 43-10 (Standards of Disclosure for Mineral Projects). The completed NI 43-101 technical report will be filed on SEDAR and company's website within 45 days of the date of this news release.

Five mineralization zones -- CA zone 1, CA zone 2, AP Main and two satellite zones (AP North and AP East) -- were determined from the exploration targets. The five mineralization zones have an extended strike length of approximately seven km and are mostly near surface (less than 150 m deep), but open to depth. The mineralized zones were estimated by generating 3-D grade-shell geological and mineralization wire frames using seven drill holes completed by PTX in 2024 and historical drill holes which were collected and digitized from various documents. The entire drill hole databases were compiled into the Geovia GEMS V6.8.4 database which consisted of 98 drill holes totalling 16,841 metres.

Based on the available lithology and assay information, the mineralization is hosted mostly within gabbro. A gabbro 3-D model was created using a regional geological map, drill hole lithology and assay data available within the PTX claims. The mineralization wire frame was refined from grade boundary interpretation constrained within the gabbro from visual inspection of drill hole sections. The outlines were influenced by the selection of mineralized material above 0.3 per cent copper equivalence (CuEq) that demonstrated a lithological and structural zonal continuity along strike and downdip. The CuEq was calculated with the formula below.

The CuEq was determined with metal prices only and metallurgical recovery was not estimated since no metallurgical test has been done to date on the project.

The database contains lithology of all drill holes and assays of 68 holes. The collar elevation (Z) of the historical holes were pressed onto the topographic surface created based on the USGS Shuttle Radar Topography Mission (SRTM) digital elevation data as the elevation were not available in the source documents.

The minimum constrained sample length for the wire frames was two m. In some cases, mineralization below 0.3 per cent CuEq was included for the purpose of maintaining zonal continuity and minimum width.

Five mineralization zones (CA1, CA2, AP, AP North and AP East) were determined for the exploration targets with a minimum of three assay holes spacing less than 500 m, extending 100 m from the outmost holes into untested territories. Most drill holes, especially in the CA zones, have tighter drilling hole spacing than the minimum drill hole spacing above. To estimate the tonnage of the mineralized zones, a specific gravity (SG) of three tonnes per cubic metre was assumed as there were not any bulk density measurements available to this study.

The surfaces of topography and overburden were created with USGS SRTM elevation data and drill hole logs and the mineralization domains were truncated to the overburden surface.

The grade blocks of Cu, Ni, Co, Pd, Pt and Au were interpolated with inverse distance squared (ID2). Nearest Neighbour (NN) was employed for validation. Multiple passes were executed for the grade interpolation to progressively capture the sample points to avoid oversmoothing and preserve local grade variability. Search ranges and directions were based on the variograms.

W2 exploration potential

The company intends to test the validity of the exploration target models in future exploration programs on the project. Systematic diamond drilling (NQ core size) of the known mineralized zones together with geophysical surveys to prioritize targets will be conducted and extended over a several-year period. Primary focus will be:

• Confirmation and infill drilling in both CA and AP zone;
• Exploration drilling for expansion along strike and at depth in both CA and AP zone;
• Exploration drilling in the transition area between the five zones;
• Drill testing numerous previously undrilled EM conductors on the property.
• More detailed airborne and ground geophysical surveys, such as mag and EM surveys and interpretation.

Qualified person

The technical information presented in this news release has been reviewed and approved by Yungang Wu, PGeo, and Shuda Zhou, PGeo, who 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.

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