Mr. Greg Ferron reports

PTX METALS PROVIDES CORPORATE AND PROJECT UPDATE ON ITS 100% OWNED W2 COPPER, NICKEL AND PGE PROJECT

PTX Metals Inc. has provided an update on the development and advancement of its W2 Cu-Ni-PGE-Au (copper-nickel-platinum group element-gold) project in northwestern Ontario and a corporate update. The update includes appointments of key technical members, commencement of metallurgy work at the W2 project and filing of National Instrument 43-101 updated technical report on the W2 copper-nickel-PGE property dated Sept. 4, 2024.

Technical committees

Ryan Weston, MSc, PGeo, MBA, will join the PTX team as head of the W2 project technical committee enhancing its technical team. Mr. Weston brings a wealth of experience in the region and technical skills with over 10 years of experience working in the Ring of Fire, most recently as vice-president, exploration, with Wyloo where he led the exploration efforts for magmatic Ni-Cu-PGE, Cu-zinc (Zn) VMS (volcanic massive sulphide) and mesothermal gold mineralization. Mr. Weston's intimate understanding of the magmatic Ni-Cu-PGE-Cr mineralizing systems of the Ring of Fire will be a huge asset for the company as it advances the W2 project.

"I am excited to be working with the PTX team on the W2 project. This critical mineral project has significant size potential which has yet to be fully unlocked. We will leverage the substantial historic database to build a robust geological model to continue improving our understanding of the mineralizing controls and guide future exploration at the W2 project."

In addition, Dr. James (Jim) Mungall, PGeo, a recognized world expert in the study of magmatic Ni-Cu-PGE deposits, will be joining the W2 project technical committee. Dr. Mungall has significant experience in the Ring of Fire, having served as Noront Resources' chief geologist in the early days of discovery of Eagle's Nest. He is now professor of earth sciences at Carleton University where he teaches and studies mineral deposits.

The W2 project technical committee and management continue to finalize the 2025 mineral exploration program for the next phase of the W2 project.

Finally, the company is pleased to announce the appointment of Wes Robert, an experienced mining engineer, to the South Timmins joint venture technical committee. Mr. Robert will replace recently retired Felix Lee on the South Timmins joint venture technical committee and assist the company on other corporate development activities.

Mr. Roberts, MSc, PEng, MBA, is a professional mining engineer with over 40 years of experience specializing in the economic evaluation and development of mineral deposits. Mr. Roberts is a director of Sparton Resources, Golden Share Resources, Aurum Lake Mining and Canadian Gold Miner. Over his career, Mr. Roberts has gained extensive experience in mineral exploration, mining operations, project engineering and management, as well as diverse mining engineering experience that includes precious metals, base metals, iron ore and industrial minerals. Mr. Roberts has also actively advised and represented the Inuit Regional Associations of the Territory of Nunavut, (Arctic, Canada) and several Ontario-based first nations.

Greg Ferron, chief executive officer and director of the board, stated that:

"We are enhancing our in-house mineral exploration and technical expertise with the appointment of three top-notch seasoned mineral exploration and mining executives. We are thrilled to welcome Ryan, Jim and Wes to our technical team. I am confident that their experience in the industry and knowledge of the region will help us further advance our projects and ultimately create long term shareholder value. We recognize and appreciate the extensive knowledge and background that Ryan, Jim and Wes bring to the company and their commitment to assist PTX to continue creating value to all our stakeholders as our portfolio of quality Canadian projects are advanced."

Metallurgy program

PTX has initiated mineralogy and preliminary metallurgy test work on representative samples of magmatic Cu-Ni-PGE mineralization from the W2 project. The samples include massive sulphide Cu-Ni-rich disseminated sulfide and Pd-rich (palladium) disseminated sulphide collected from the drill program completed earlier this year. The work is being led by Dr James Mungall, a new member of the W2 technical committee.

National Instrument 43-101 technical report filed and exploration targets

In September, the company published and filed the W2 NI 43-101 technical report summarizing a near-surface Cu-Ni-PGE exploration target for the 100-per-cent-owned W2 project in Ontario. The exploration target outlines a 3-D (three-dimensional) grade shell model based on historic and recent drill results indicating a near-surface exploration target between 59 million to 135 million tonnes (Mt) averaging between 0.78 per cent to 1.03 per cent copper equivalent (CuEq), containing some 610,000 tonnes to 1,052,000 tonnes CuEq (using CuEq grades above 0.7 per cent and 0.5 per cent, respectively). This is equivalent to 1.3 billion to 2.3 billion pounds CuEq.

Using CuEq grades above 0.9 per cent, the exploration targets estimation is 31 Mt at 1.25 per cent CuEq.

The exploration target model includes estimates in five mineralized zones including CA zone 1, CA zone 2, AP Main and two satellite zones AP North and AP East. The five zones have a combined strike length of approximately seven kilometres (km) and are mostly near surface (less than 150 m deep), but open at depth. All drill hole data were compiled into The Geovia GEMS database which consists of 98 drill holes totalling 16,841 metres completed by Inco, Aurora Platinum (2002 to 2023) and PTX Metals (2024).

Grant of stock options

In addition, the company granted 2,975,000 stock options at 14 cents per share primarily to recently appointed board members, certain officers and new members of its technical team. The stock options will expire in three years and have standard vesting provisions.

Qualified person

The technical information presented in this news release has been reviewed and approved by Shuda Zhou, PGeo, who is a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About PTX Metals Inc.

PTX is a mineral exploration Company focused on high-quality critical minerals projects, including 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 towards proving the potential of each asset, which includes the W2 Cu-Ni-PGE and gold project and South Timmins Gold joint venture project.

PTX's portfolio of assets offers investors exposure to some of the world's most valuable metals including gold, as well as essential critical minerals for the clean energy transition: copper, nickel, PGE, uranium and rare metals. PTX's portfolio of assets was strategically acquired for their geologically favourable attributes and proximity to established mining companies. PTX's mineral exploration 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 and around the world.

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