Callinex Mines Inc. announced that it has filed on SEDAR a National Instrument 43-101 Standards of Disclosure for Mineral Projects technical report to support the high-grade copper maiden mineral resource estimate for its 100% owned Pine Bay Project in Manitoba, previously announced in the Company's news release dated July 10, 2023. The Technical Report titled "NI 43-101 Technical Report ? Pine Bay Project ?

Flin Flon, Manitoba" dated August 24, 2023 was prepared by Kirkham Geosystems Ltd. for the Company. The mineral resource estimate, contained within the mineral lease, consists of the Rainbow deposit with an Indicated Mineral Resource of 3.44 Mt at 3.59% copper equivalent ("CuEq") containing 272.4 Mlb CuEq (comprised of 238.3 Mlb Cu, 56.9 Mlb Zn, 37.6 koz Au, 692.8 koz Ag, 2.3 Mlb Pb), an Inferred Mineral Resource of 1.28 Mt at 2.95% CuEq containing 83.4 Mlb CuEq (comprised of 72.1 Mlb Cu, 19.5 Mlb Zn, 11.1 koz Au, 222.2 koz Ag, 0.8 Mlb Pb) and the Pine Bay deposit with an Inferred Mineral Resource of 1.0 Mt at 2.62% Cu containing 58.1 Mlb Cu. The Company's focus remains to continue its exploration campaign at depth and along the trend that hosts the deposits at Pine Bay.  The technical team is eagerly awaiting the results from this ongoing drilling campaign.

To date, the Company has drilled 6,455m of the previously announced fully-funded campaign. The Company is currently testing the high priority target on the Cabin and Pine Bay horizons as part of its 2023 exploration campaign. Callinex's first discovery in 2016 at the Project was at depth below the historic Cabin deposit which intersected 10.3m grading 6.0% Zn, 1.8 g/t Au, 60.4 g/t Ag, 0.7% Cu and 0.4% Pb in drill hole 284-3-93-DPN.

Additionally, drill hole PBM-024, one of the last holes completed in the vicinity, intersected 2.6m of 3.4% CuEq. The high-grade intervals at the Cabin horizon are associated with a major alteration zone that was previously identified at surface and spans 1,100m by 700m as supported by lithogeochemical data. Since the huge alteration zone seen at surface is believed to be structurally overturned, the exploration thesis is that the copper/zinc/gold/silver bearing massive sulphides associated with this fluid mineralizing event would be preserved at depth.

Typically, there is a correlation between the size of an alteration zone and the size of the VMS deposit it is associated with. The exploration model for large VMS deposits within the Flin Flon Greenstone Belt, such as the Lalor and 777 deposits, includes having several smaller deposits in close proximity to a large alteration system within a felsic volcanic centre. The Company will announce drill results and plans for the continuation of this year's exciting exploration campaign once assays are received from the current drill hole.

Additionally, the Company is grateful to have received a $500,000 grant from the Manitoba Mineral Development Fund to continue to advance the discoveries at Pine Bay. The MMDF was launched by the Manitoba government in 2020 with the specific goal of jump-starting mineral and economic development initiatives throughout the province. The MMDF aims to support new economic development opportunities that capitalize on existing assets across Manitoba.

Model Parameters and Methods for the Rainbow Deposit and Pine Bay Deposit Resource Estimates The database for the mineral resource estimate for Rainbow Deposit consisted of 104 drill holes (including 14 wedges) totalling 60930m, of which a total of 66 drill holes totaling 38,249m intersected the mineralization wireframes used for the mineral resource estimate. The drill hole database contained assays for copper, zinc, gold, silver and lead as well as other metals of no economic importance.  The database for the mineral resource estimate for Pine Bay Deposit consisted of 131 drill holes totalling 25,672m, of which a total of 76 drill holes totaling 10,123m intersected the mineralization wireframes used for the mineral resource estimate. The drill hole database contained assays for copper only.  In October 2022, Kirkham carried out data verification on the historical data and check sampling to validate the use of the database for estimation of the inferred resource at Pine Bay.

The methodology employed for the resource estimation at Rainbow and Pine Bay is a follow: The estimate was carried out using separate block models constrained by 3D wireframes of the individual mineralized zones. The block model is comprised of an array of blocks measuring 10m x 2m x 10m which employ partial percentages for volumetric accuracy, with grades for Cu, Zn, Pb, Ag and Au interpolated using Ordinary Kriging within the Rainbow deposit and Inverse Distance to the Second Power (ID2) weighting for the Pine Bay deposit for copper grades. Copper equivalent values were subsequently calculated from the interpolated block grades.

The second pass used a restricted search radii along strike and down dip of 60m x 60m and 30m perpendicular to dip. The second pass used a restricted search radii along strike and down dip of 60m x 60m and 30m perpendicular to dip. Composites were restricted to a minimum of 5 and a maximum of 16 composites, with a maximum of 4 composites from any one drill hole.

Bulk density was determined on each sample submitted to SGS laboratories in Burnaby, BC  measured by the gas pycnometer method on pulp samples. For each sample interval, sub-samples were taken from each individual length of core and the weighted average for the sample used. Density values were interpolated on a block-by-block basis using an inverse distance to the second power for the Rainbow deposit.

An average value of 2.90 t/m3 was assigned to the Pine Bay Deposit. Composite values have been capped in order to remove the effects of potential overestimation due to statistical outliers. The mineralized domain solids were defined using a combination of geological constraints and grade boundaries in addition to consideration of potential reasonable mining thickness.

Intervals that were not sampled were assigned a zero grade. For all zones, blocks are classified as Inferred if they are included within 150m of at least two drill hole intercept. Blocks within 40m of the nearest intercept and 40m average for all composites, estimated by at least four drill holes and at least 12 composites were classified as Indicated.

However, an interpreted boundary is the final determination of indicated and inferred resources in order to remove outlier blocks and the "spotted dog" effect. In addition, continuous potentially underground mining shapes were created to demonstrate "reasonable prospect of eventual economic extraction.