Orex Minerals Inc. announced the signing of an Option Agreement with Exploraciones El Cairo S.R.L. de C.V., to acquire 100% of the Valenciana Gold- Silver Project in Zacatecas State, Mexico (the "Valenciana Property"). The Valenciana Property hosts high-grade epithermal gold and silver veins, with base metals of lead and zinc, in Cretaceous sedimentary units and Tertiary rhyolitic and monzonitic intrusive rocks. It is located on the Mesa Central within the prolific "Silver Trend" of Mexico.

Located north of the village of Valenciana in northern Zacatecas State, approximately 30 kilometres north of the Nieves Mining District and 33 kilometres southeast of the town of Juan Aldama, the Valenciana Property consists of 277.18 hectares of mineral concessions. The central target area covers about 2.7 kilometres of the main east-southeast Valenciana vein system. There are signs of early production, with old mine shafts and adits, but no historic production documentation is available.

Hydrothermal alteration is extensive in the district due to the emplacement of the low to intermediate sulphidation vein systems, hosted mainly in the Cretaceous sedimentary units. Tertiary intrusive rocks of rhyolite and monzonite composition have been mapped on the western extent of the Valenciana Property. The 1996 exploration program, conducted by Pan American Silver Corp.

and La Cuesta International Inc., included 10 diamond drill holes on the Valenciana Property. Multiple base and precious metal mineralized intercepts were encountered. Examples include hole V002 which yielded 2.19 m grading Au 2.50 g/t, Ag 1,115 g/t, Pb 0.5% and Zn 1.4%.

Hole V003 yielded 1.87 m grading Au 1.05 g/t, Ag 739 g/t, Pb 1.10% and Zn 2.71%. A broader zone was encountered in hole V012 which yielded 22.25 m grading Au 0.94 g/t, Ag 99 g/t, Pb 0.93% and Zn 0.94%. While these drill holes pre-date the introduction of National Instrument 43- 101 - Standards for Disclosure for Mineral Projects ("NI 43-101") standards, they still serve as a good guide for potential future exploration programs. In 2003, Silver Standard Resources Inc. drilled a series of 9 shallow reverse-circulation holes.

Surface litho-geochemical sample data, airborne magnetic and radiometric geophysical survey data and limited ground Induced-Polarization data are also available. A notarized version of the Valenciana Option Agreement was completed on 6 February 2024, with copies to be filed with the Mexican authorities. The agreement includes a four-month due diligence period.

Mineral concession taxes have been paid, including the January 2024 installment. Scaled option payments are to be due according to the following schedule: Upon signing the option agreement: USD 15,000. 6 months after signing the option agreement: USD 10,000.

12 months after signing the option agreement: USD 35,000. 18 months after signing the option agreement: USD 15,000. 24 months after signing the option agreement: USD 15,000.

30 months after signing the option agreement: USD 20,000. 36 months after signing the option agreement: USD 20,000. Thereafter USD 25,000 is to be paid every 6 months.