Mr. Greg Ferron reports

PTX METALS DEMONSTRATES 97% COPPER RECOVERY FROM LOCKED CYCLE TEST AT W2 COPPER-NICKEL-PGE PROJECT

PTX Metals Inc. has released the results of the first locked cycle test on a sample from the W2 copper-nickel-platinum-group-element project, which delivered 97-per-cent copper recovery to a concentrate grading 28 per cent copper, 7.2 grams per tonne palladium and 0.8 g/t gold. The results represent an important step in PTX's continuing metallurgical work to better understand the metallurgical characteristics of the polymetallic mineralization at W2.

Summary of metallurgical results

PTX is exploring and advancing the polymetallic W2 project in Northern Ontario, with a focus on copper, nickel, cobalt, platinum group elements (palladium and platinum) and gold. To validate the results of open circuit testwork reported on in the June 15, 2026, news release, the company completed a locked cycle test on the same sample with a focus on the copper circuit. Locked cycle testing is done to simulate continuous processing conditions and provide an indication of how the mineralization may perform in a plant. The testing was completed at SGS Lakefield, a third party lab, in Ontario.

The results summarized in table 1 reveal that 97 per cent of the copper was recovered to a final concentrate grading 28 per cent copper. In addition to the strong copper recovery, 70 per cent of the palladium and 54 per cent of the gold were recovered to the final concentrate at grades of 7.2 g/t and 0.8 g/t, respectively. Importantly, the positive results were achieved using a simple flow sheet that ground the sample to an 80-per-cent passing particle size of 50 microns and subjected the ground pulp to three stages of flotation cleaning.

"These results represent another important technical validation point for W2," said Greg Ferron, president and chief executive officer of PTX Metals. "Recovering 97 per cent of the copper into a 28-per-cent copper concentrate using a relatively simple flow sheet is an encouraging result as we continue to build our understanding of the W2 mineralized system. Alongside our ongoing exploration work, metallurgy is an important part of systematically derisking the project and building the technical foundation required to evaluate its longer-term potential."

This first locked cycle test, which simulates continuous plant conditions in the lab, demonstrated the potential to upgrade the copper, palladium and gold mineralization found at W2 into a copper concentrate that is expected to be saleable. For investors, the result provides an additional technical validation point as PTX continues to evaluate and derisk the W2 mineralized system. Future metallurgical testing will continue to focus on improving precious metal recoveries, assessing the impact of grind size and head grade variability on grade and recovery, as well as and continuing to evaluate the potential to recover and upgrade nickel from the W2 mineralization in a separate flotation circuit. The nickel circuit was not included in this locked cycle test due to mass limitations; however, nickel remains an important strategic focus at the W2 polymetallic system.

Qualified person

The technical information in this news release has been reviewed and approved by Arthur Stokreef, PEng, an independent consultant of the company, a qualified person, as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, who is responsible for ensuring that the related technical information provided in this news release is accurate.

About PTX Metals Inc.

PTX is a proudly Canadian mineral exploration company advancing gold and critical mineral projects in Northern Ontario, including its W2 copper-nickel-platinum-group-element project in the Ring of Fire and the Shining Tree gold project in the Timmins gold camp. The Province of Ontario is a renowned mining jurisdiction known for its abundance of critical minerals and stable regulatory environment.

Its corporate objective is to advance its assets and unlock the potential of its two flagship projects: the W2 Cu-Ni-PGE located close to existing winter road infrastructure at the gateway to the strategic Ring of Fire region and the Shining Tree gold project, neighbouring other known deposits in the Timmins gold camp.

PTX's portfolio of assets was strategically acquired for its geologically favourable attributes and proximity to established mining companies.

PTX is based in Toronto, Canada, with a primary listing on the Toronto Stock Exchange 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.

We seek Safe Harbor.