Mr. Greg Ferron reports

PTX METALS ANNOUNCES UPSIZING OF NON-BROKERED PRIVATE PLACEMENT FINANCING TO $3.0 MILLION

PTX Metals Inc., due to increased demand, proposes to increase the size of its previously announced private placement financing from $2.25-million to up to $3-million.

The private placement consists of a: (i) non-flow-through (NFT) component, consisting of up to 8.0 million units of the company at a price of 12.5 cents per unit for aggregate gross proceeds of up to $1.0-million (previously up to $750,000); and (ii) a flow-through (FT) component, whereby the company will now issue up to 14,285,714 (previously up to 10.7 million) flow-through common shares in the capital of the company at a price of 14 cents per FT share, for aggregate gross proceeds of up to $2-million (previously up to $1.5-million). Each FT share will qualify as a flow-through share as defined in Subsection 66(15) of the Income Tax Act (Canada).

It is anticipated that the private placement will close in multiple tranches, with the first tranche expected to close on or about Dec. 3, 2024. The private placement remains subject to various closing conditions, including the approval of the Canadian Securities Exchange. The gross proceeds of the FT offering will be used by the company to incur eligible Canadian exploration expenses that will qualify as flow-through critical mineral mining expenditures, as such terms are defined in the Income Tax Act (Canada), related to the company's mineral projects, including the W2 Cu-Ni-PGE-Au (copper, nickel, platinum group element and gold) project on or before Dec. 31, 2025. All qualifying expenditures will be renounced in favour of the subscribers effective Dec. 31, 2024. The net proceeds from the sale of the NFT offering will be used by the company to finance exploration and development activities and for working capital and general corporate purposes.

Upon closing the private placement, the company will announce exploration plans for its W2 Cu-Ni-PGE and South Timmins gold projects.

For more detailed information about the private placement, please refer to the company's news release on Nov. 19, 2024.

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. PTX's corporate objective is to advance the exploration programs toward 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.

PTX is based in Toronto, Canada, with a primary listing on the CSE under the symbol PTX. The company is also listed in Frankfurt under the symbol 9PF and on the OTCQB in the United States as PANXF.

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