Callinex Mines Inc. (the "Company" or "Callinex") announced that it has received final results from of the 2022 exploration campaign to expand and delineate the high-grade copper, gold, silver and zinc Rainbow deposit (the "Rainbow"). The Rainbow is located at the 100% owned Pine Bay Project (the "Project") within a mineral lease, less than 250m from a high-voltage hydroelectric power-line, 550m from a historic shaft with direct road access to processing facilities in Flin Flon, Manitoba. At Pine Bay, Rainbow sits 850m and 1.4km from the historic Pine Bay and newly discovered Alchemist deposits which are all located within the mineral lease.

Callinex completed an additional 11,300m of drilling to expand and delineate the Rainbow deposit during the 2022 exploration campaign at the Project. Since Rainbow's initial discovery, the Company has completed in excess of 42,000m of drilling across 82 drill holes (including 18 wedges). The drilling and corresponding assay results are properly spaced to publish a maiden resource on the deposit which is forthcoming.

The Company has retained Kirkham Geosystems Ltd. to model and prepare an independent resource estimate on the high-grade copper, gold, silver and zinc Rainbow deposit and the historic Pine Bay deposit which comprise this maiden resource estimate, as well as the supporting NI 43-101 Technical Report. Rainbow and Pine Bay are considered to be part of the global Pine Bay Project, based on the reasonable expectation that if put into production the two deposits would likely share common infrastructure. The Company anticipates that the resource estimate will be completed and published within Second Quarter of 2023.

This first time, maiden resource is a key milestone in the growth of this mineral discovery, which is both historic and new, as it has the potential to quantify the grade, tonnage and dimensions for the Company, the investment community in addition to key stakeholders. This maiden resource will also facilitate enhanced definition for exploration targeting, inform infill drilling programs and potentially support moving forward with more advanced economic studies. Additionally, it is hoped that this maiden resource will provide assurances to decision makers about the state of the project such as policy makers who may make operational considerations such as releasing resources for training, road and infrastructure requirements as well as supply of Manitoba hydroelectric power.

The final drill results from the 2022 drilling campaign at Rainbow are highlighted by drill hole PBM-180 which returned the best intersection to date in the Red zone with 10.40m of 3.97% Copper Equivalent ("CuEq") including 3.31% copper ("Cu"), 0.61 g/t gold ("Au"), 10.31 g/t silver ("Ag") and 0.41% zinc ("Zn"). Additionally, drill holes PBM-186-W1 and PBM-190 tested the extent of the Orange zone and returned 14.46m of 2.49% Cu and 7.30m of 2.29% Cu respectively (Pine Bay Deposit Long Section). These results build upon other high-grade assays announced earlier in the campaign which included PBM-177 which intersected the Orange zone and returned 33.67m of 4.29% Cu, 0.22 g/t Au, 4.63 g/t Ag, 0.31% Zn or 4.60% CuEq including 10.47m of 5.90% Cu, 14.43m of 5% Cu and 7m of 6.38% Cu.

Also, PBM-178-W1 expanded the Yellow zone with a vertical step-out which intersected 11.00m of 2.98%CuEq which was followed by the Orange zone which returned 11.65m of 2.76% CuEq. The Rainbow remains open at depth and has the potential to grow through additional exploration. Drill hole PBM-158, the deepest and most northern hole intersected to date at Rainbow, returned 5.0m of 1.56% CuEq (1.45% Cu, 0.07 g/t Au, 1.86 g/t Ag and 0.11% Zn).

PBM-158 is located 225m along strike to the North of discovery hole PBM-111, the most southerly hole to intersect the Rainbow at depth.