Platinex Inc. provided an update on the Company?s exploration activities including: Completion of an initial exploration program at the Muskrat Dam Critical Minerals Project by ALS Goldspot. As well, the Company has received an Ontario Junior Exploration Program (OJEP) grant towards continued exploration activity on the Muskrat Dam project. At the W2 Copper-Nickel-PGE Project, BAW Mining is completing data compilation for a 3D geological and mineralization modeling program using 63 diamond drill holes totaling over 12,000 m drilled at W2.

Previous drilling in the central area had identified a 7.5 km folded corridor with widespread Cu-Ni-PGE mineralization. South Timmins Gold Joint Venture exploration activities are underway as planned with work commenced at the Heenan Gold Project. Muskrat Dam Critical Minerals Project: ALS Goldspot, under the guidance of Platinex?s Technical Advisors Dr. Fred Breaks, P.Geo.

and Ike Osmani, P.Geo., have recently completed initial fieldwork at the Axe Lake property, included in the Muskrat Dam Critical Minerals Project. The objective of the exploration program is to locate and sample white granitic pegmatites identified in historical mapping and test them for lithium and other rare metals mineralization. An initial 66 rock samples were collected, and reconnaissance geological mapping was carried out by the ALS Goldspot team to guide future exploration programs. During the field visit, several potassic pegmatites with yellow muscovite, tourmaline, and garnet were observed and sampled.

Assay results are pending. Additional work on the project will include a VTEM airborne geophysical survey planned to commence during the 2023-2024 winter season, which will cover sections of the 12,934 ha (129 km2) project located within the Muskrat Dam greenstone belt where historical operators had drilled intersections of attractive grades of copper, nickel, and gold. Significantly, the Muskrat Dam Critical Minerals Project was selected as part of the Ontario Junior Exploration Program (OJEP).

Under OJEP, the Company will receive a grant covering 50% of qualifying exploration expenses accrued at the project between April 1, 2023, and February 15, 2024, with a maximum grant amount of $200,000. OJEP is an initiative of the Government of Ontario that aims to attract investment in early exploration, expand the pipeline of mineral development projects, including critical minerals, and lead to more mines and jobs in Ontario.