Callinex Comments Regarding Recent Trading Activity

VANCOUVER, Jan. 25, 2023 - Callinex Mines Inc. (the "Company" or "Callinex") (OTCQX: CLLXF) has been made aware of and has been requested by the OTC Markets Group Inc. ("OTC Markets") to comment on recent trading and promotional activity related to the Company's common shares.

On or about January 23, 2023, the OTC Markets made the Company aware that certain promotional emails (the "marketing materials") were published by Wealth Global Group ("WGG") discussing the Company, its business and the base metal industry in general. The Company does not believe the marketing materials increased interest and impacted trading activity.

In particular, on January 23, 2023, the Company issued a news release that disclosed high-grade copper assays together with a summary of a successful drill campaign carried out by the Company on its Pine Bay Project. The news release also disclosed that the Company is awaiting its maiden resource estimate that will facilitate exploration targeting as well as economic studies at the Pine Bay Project.

In 2018, the Company and Future Money LLC ("FMT") entered into a marketing agreement (the "existing marketing agreement") whereby FMT and its affiliated entities, which include Gold Standard Media LLC and WGG, have assisted the Company in various marketing campaigns that have included interviews with management, written materials contain information from the Company's public filings, creation of a website language page and distribution that included a link to the landing page. FMT and its affiliated entities recently provided services to the Company in September 2022 under the existing marketing agreement.

Although the Company has an existing marketing agreement with FMT, the marketing materials published by WGG were prepared independently by WGG and the Company paid no compensation to WGG for the distribution of the marketing materials. The Company, after inquiring of management, directors and control persons, its officers, directors and any controlling shareholders did not engage, directly or indirectly, WGG to create or distribute the materials, however, the Company was aware that WGG was considering the distribution of an email or newsletter on its own accord without any compensation payable by the Company. As the marketing materials were independently published by WGG, the Company did not request and did not receive any of the marketing materials prior to distribution. After reviewing the marketing materials, the Company considers them to be factually accurate and are not materially false and/or misleading.

The Company will continue to engage FMT on a going forward basis under the existing marketing agreement whereby it will provide digital marketing services and engage other third party service provides on its behalf. The Company requires all paid marketing materials to be reviewed by the Company prior to any distribution.

Additionally, the Company has inquired and determined that management, directors and, to the best of its knowledge, control persons have not sold or purchased the company's securities within the past 90 days except for the exercise of 72,333 stock options of the Company, of which the vast majority were excised at an average price of $2.84 per share.

The Company has not issued shares or convertible instruments allowing conversion to equity securities at prices constituting a discount to the current market rate at the time of the issuance.

Other than as noted above, the Company has not engaged any third party investor relations firm over the last 12 months.

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 and Alchemist deposits at its rich VMS Pine Bay Project located near existing infrastructure in the Flin Flon Mining District. 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. 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), an 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).

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.