Callinex Issues Annual Letter to Shareholders

VANCOUVER, Jan. 18, 2024 - Callinex Mines Inc. ("Callinex" or "the Company") (TSXV: CNX) (OTCQX: CLLXF) is pleased to provide its year-end letter to shareholders from President and CEO, Max Porterfield:

Dear Shareholders,

I'm writing to you today with greater enthusiasm and conviction than ever before as our team defines our remarkable portfolio of base and precious metals rich deposits and advances extraordinary new mineral discoveries. The milestones achieved last year solidified several years of exploration and established a foundation for significant growth far beyond what we have achieved to date. Achieving the 2023 milestones would not have been possible without the continued support of our shareholders, stakeholders and by the efforts of my colleagues to whom I'd like to extend sincere thanks and appreciation.

Callinex's first key milestone was in July 2023 when we announced a maiden mineral resource estimate of high grade copper equivalent mineralization at our flagship Pine Bay Project in Manitoba. The Rainbow deposit was the principal of two deposits in the estimate and after its discovery in late 2020 the Callinex team focused its efforts on delineating the Rainbow deposit over several drilling seasons prior to publishing a maiden resource estimate. I am very pleased that the resource estimate created a strong base to build upon and highlights the extraordinary, combined copper equivalent grades at the adjacent Rainbow and Pine Bay deposits.

On the exploration front, on the heels of our 2023 financing, the Company commenced its 2023 exploration campaign in late March focused on the growth fault corridor that hosts known deposits and emerging discoveries at Pine Bay. The campaign was a resounding success and resulted in achieving our second key milestone of 2023, the Descendent discovery by drill hole DSC-111, which intersected four mineralized base and precious metals rich VMS zones.

The Descendent discovery follows in the footsteps of numerous historical exploration groups exploring this specific area of Pine Bay going back over a century to 1911. More recently, in the mid-1990's, both Placer Dome and Inmet Mining explored this area at depth with exploration objectives of discovering 30 and 20 million tonnes of high-grade base and precious metals rich mineralization, respectively.

The Descendent discovery is located within one of the largest and most highly altered packages of felsic rocks in the prolific Flin Flon Greenstone Belt, a major alteration zone, whose size is typically correlated with the size of the VMS deposit associated with it and which had previously been identified at surface spanning an extensive 1,100m by 700m.

Since the Descendent discovery, our Company commenced an initial step-out drilling campaign to test the continuity of the discovery at depth, where assay results are still pending. Looking forward, our immediate focus will be to continue to aggressively expand the resource base through Descendent step-out drilling and further defining our other pipeline of discoveries. Additionally, we will look to expand our strategic exploration portfolio within the Flin Flon district should the opportunity arise.

I have strong conviction that 2024 will be another transformative year for our Company as the Pine Bay Project solidifies itself as a tier one asset with an exponentially growing polymetallic resource base of high-grade copper, gold, silver and zinc deposits. All of this taking place on the backdrop of strong base and precious metals prices driven by favorable supply and demand fundamentals.

Sincerely,
"Max Porterfield"
President & CEO

J.J. O'Donnell, P. Geo, a qualified person under National Instrument 43-101 and Exploration Manager for Callinex, has reviewed and approved the technical information in this news release.

Callinex Mines Inc. (TSXV: CNX) (OTCQX: CLLXF) is advancing its portfolio of base and precious metals rich deposits located in established Canadian mining jurisdictions. The focus of the portfolio is highlighted by the rapidly expanding Rainbow deposit at its rich VMS Pine Bay Project located near existing infrastructure in the Flin Flon Mining District. Callinex prepared an indicated mineral resource on the Rainbow deposit of 3.44 Mt grading 3.59% CuEq for 272.4 Mlb CuEq (238.3 Mlb Cu, 56.9 Mlb Zn, 37.6 koz Au, 692.8 koz Ag, 2.3 Mlb Pb), an inferred mineral resource on the Rainbow deposit of 1.28 Mt grading 2.95% CuEq containing 83.4 Mlb CuEq (72.1 Mlb Cu, 19.5 Mlb Zn, 11.1 koz Au, 222.2 Koz Ag, 0.8 Mlb Pb) and an inferred mineral resource at the Pine Bay deposit of 1.0 Mt grading 2.62% Cu containing 58.1 Mlb Cu (see news release dated July 10, 2023). The second asset in the portfolio is the Nash Creek Project located in the VMS rich Bathurst Mining District of New Brunswick. A 2018 PEA generates a strong economic return with a pre-tax IRR of 34.1% (25.2% post-tax) and NPV8% of $230 million ($128 million post-tax) at $1.25 Zinc (see news release dated May 14, 2018). The third asset, 100% owned Point Leamington Deposit in Newfoundland, is located in one of the richest VMS and Gold Districts in Canada. Callinex prepared a pit constrained Indicated Mineral Resource of 5.0 Mt grading 2.5 g/t AuEq for 402 koz AuEq (145.7 koz gold, 60.0 Mlb copper, 153.5 Mlb zinc, 2.0 Moz silver, 1.5 Mlb lead), a pit constrained Inferred Mineral Resource of 13.7 Mt grading 2.24 g/t AuEq for 986.5 koz AuEq (354.8 koz gold, 110.2 Mlb copper, 527.3 Mlb zinc, 6.2 Moz silver, 7.0 Mlb lead) and an out-of-pit Inferred Mineral Resource of 1.7 Mt grading 3.06 g/t AuEq for 168.5 koz AuEq (65.4 koz gold, 13.3 Mlb copper, 102.9 Mlb zinc, 1.4 Moz Ag, 2.6 Mlb lead) (see news release dated October 25, 2021).

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete the proposed drill program and the timing and amount of expenditures. Except as required under applicable securities laws, Callinex does not assume the obligation to update any forward-looking statement.

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SOURCE Callinex Mines Inc.