Highlights:

• Locked cycle test demonstrates 97% copper recovery to a high-grade concentrate with a grade of 28% copper, 7.2 g/t palladium and 0.8 g/t gold using a simple flowsheet.
• Results provide further metallurgical validation of W2 mineralization and demonstrate the potential to produce a saleable copper concentrate.

PTX Metals Inc. (TSX-V: PTX) (OTCQB: PANXF) (FSE: 9PX) is pleased to announce the results of the first locked cycle test on a sample from the W2 Copper-Nickel-PGE Project which delivered 97% copper recovery to a concentrate grading 28% copper, 7.2 g/t palladium and 0.8 g/t gold. The results represent an important step in PTX’s ongoing metallurgical work to better understand the metallurgical characteristics of the polymetallic mineralization at W2.

Summary of Metallurgical Results

PTX is exploring and advancing the polymetallic W2 Project in Northern Ontario, with a focus on copper, nickel, cobalt, platinum group elements (palladium and platinum) and gold. To validate the results of open circuit testwork reported on in the June 15, 2026 news release, the Company completed a locked cycle test on the same sample with a focus on the copper circuit. Locked cycle testing is done to simulate continuous processing conditions and provide an indication of how the mineralization may perform in a plant. The testing was completed at SGS Lakefield, a third party lab, in Ontario.

The results summarized in Table 1 reveal that 97% of the copper was recovered to a final concentrate grading 28% copper. In addition to the strong copper recovery, 70% of the palladium and 54% of the gold was recovered to the final concentrate at grades of 7.2 g/t and 0.8 g/t respectively. Importantly, the positive results were achieved using a simple flowsheet that ground the sample to an 80% passing particle size of 50 microns and subjected the ground pulp to a rougher and three stages of flotation cleaning.

Table 1. Locked Cycle Test Results

“These results represent another important technical validation point for W2,” said Greg Ferron, President and CEO of PTX Metals. “Recovering 97% of the copper into a 28% copper concentrate using a relatively simple flowsheet is an encouraging result as we continue to build our understanding of the W2 mineralized system. Alongside our ongoing exploration work, metallurgy is an important part of systematically de-risking the project and building the technical foundation required to evaluate its longer-term potential.”

This first locked cycle test, which simulates continuous plant conditions in the lab, demonstrated the potential to upgrade the copper, palladium and gold mineralization found at W2 into a copper concentrate that is expected to be saleable. For investors, the result provides an additional technical validation point as PTX continues to evaluate and de-risk the W2 mineralized system. Future metallurgical testing will continue to focus on improving precious metal recoveries, assessing the impact of grind size and head grade variability on grade and recovery, as well as, and continuing to evaluate the potential to recover and upgrade nickel from the W2 mineralization in a separate flotation circuit. The nickel circuit was not included in this locked cycle test due to mass limitations, however, nickel remains an important strategic focus at the W2 polymetallic system

Qualified person

The technical information in this news release has been reviewed and approved by Arthur Stokreef, P. Eng, an independent consultant of the Company and qualified person, as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, who is responsible for ensuring that the related technical information provided in this news release is accurate.

About PTX Metals Inc

PTX is a proudly Canadian mineral exploration company advancing gold and critical minerals projects in Northern Ontario, including its W2 copper-nickel-PGE project in the Ring of Fire and the Shining Tree Gold Project in the Timmins Gold Camp. The province of Ontario is a renowned mining jurisdiction known for its abundance of critical minerals and stable regulatory environment.

Our corporate objective is to advance our assets and unlock the potential of our two Flagship Projects: the W2 Cu-Ni-PGE located close to existing winter road infrastructure at the gateway to the strategic Ring of Fire region and the Shining Tree Gold Project, neighbouring other known deposits in the Timmins Gold Camp.

PTX’s portfolio of assets was strategically acquired for their geologically favorable attributes, and proximity to established mining companies.