Highlights:

• Widely spaced step-out planned to test Descendent deposit down the plunge to vector towards high-grade copper VMS mineralization;
• MT geophysical survey data supports exploration thesis Descendent sits at the hinge of a fold nose indicating the potential of a wider lens of mineralization;
• New target areas, Poseidon and Ra, outline the potential to host near surface discoveries along strike from existing Rainbow and Pine Bay deposits; and
• Large resistivity low from MT survey provides additional support and strengthens target area Odin.

VANCOUVER, BC, May 22, 2024 /PRNewswire/ - Callinex Mines Inc. (the "Company" or "Callinex") (TSXV: CNX) (OTCQX: CLLXF) is pleased to outline its 2024 exploration targets at the 100% owned Pine Bay Project (the "Project") located within the Flin Flon Mining District of Manitoba (Figure 1: Flin Flon District Overview). The Project hosts the high-grade Rainbow and Pine Bay deposits and emerging discoveries including the most recent Descendent copper-gold-zinc-silver Volcanogenic Massive Sulphide ("VMS") discovery. The recently consolidated Project area encompasses 11,859 hectares (approximately 120 square km) and benefits from a mineral lease, water, hydroelectric power, historic shaft and direct road access to an idle processing facility in Flin Flon, MB, located 16km away. The focus of the 2024 exploration campaign, which remains within the core project area, is to step-out on the Descendent discovery and testing three target areas (Figure 2: Pine Bay Project Plan View with 2024 Exploration Targets). This year the Company has outlined two exciting new target areas, Poseidon and Ra, identified by the recently completed magnetotelluric ("MT") geophysical survey and supported by multiple geological, geophysical and geochemical data sets.