Callinex Mines Reflects on Progress and Future Prospects

Callinex Mines' Annual Update to Shareholders

Dear Valued Shareholders,

I'm thankful for the unwavering support you've shown us throughout the year. As we look forward, it fills me with excitement to share our plans for the ongoing development of our base and precious metals projects. We are actively expanding our discoveries while seeking new opportunities on our expanded land package.

In 2024, we made significant strides that enable us to initiate advanced permitting processes, which are crucial for accelerating development timelines. This will also help us advance the latest discoveries, unlocking further resource growth beyond our initial estimates, and tapping into our newly acquired land for promising near-surface discoveries. I'm grateful to our shareholders, stakeholders, and dedicated team members for their contributions in achieving our milestones.

Key Developments in 2024

Throughout the past year, our team focused on crucial engineering efforts for the Rainbow and Pine Bay deposits. We completed essential baseline studies at the Pine Bay Project, preparing for the submission of an Advanced Exploration Permit (AEP). This comes after successfully estimating the maiden resource for the Pine Bay Project, which includes notable highlights such as the Rainbow deposit's 3.44 Mt at 3.59% copper equivalent (CuEq).

Our collaboration with AECOM has played a pivotal role in our permitting efforts. The engineering work at Rainbow aims to create a ramp for extracting a 10,000-tonne bulk sample and setting the stage for future underground exploration. Environmental baseline studies have also been initiated, covering various aspects from wildlife to water quality. We're finalizing a closure plan that will allow us to submit our AEP application soon.

Exploration Challenges and Opportunities

Despite a significant wildfire impacting 80% of our expanded land package and destroying our on-site facilities, our exploration activities remained on course. We're incredibly thankful to the local government and emergency personal for their swift response. The aftermath of the wildfire has inadvertently granted us a better view of the geological landscape as vegetation has cleared, allowing us to plan our infrastructure based on disturbed areas.

This year, our exploration focus has predominantly centered on the Descendent discovery. Thanks to the successful financing completed in July, we have been able to push forward with geophysics surveys and drilling. Our first step of the year involved a geophysical survey, which further validated our exploration model and identified new promising target areas.

Mining Project Updates

The conclusion of our drilling campaign provided valuable insights into our Descendent discovery. We tested the area with a step-out hole that unveiled significant signals of volcanogenic massive sulphide (VMS) alteration. Assay results are pending, providing us with further anticipation for our next steps in exploration.

Additionally, we've successfully expanded our Pine Bay land package significantly through new staking and an agreement with Teck Resources Limited. This strategic move adds approximately 120 square kilometers to our exploration area, consolidating our position in the Flin Flon Mining District. We're also working on removing a historic back-in provision that previously hindered exploration efforts for two decades.

Looking Ahead: Opportunities in Metallic Markets

As we look ahead, I am optimistic about completing the steps necessary for submitting our Advanced Exploration Permit. We're excited about the ongoing exploration that will help delineate a high-grade resource at Descendent and explore new opportunities at Poseidon.

The metals markets show resilience with copper prices holding strong while gold’s outlook remains bright due to central bank demand and its status as a safe haven amidst global economic uncertainty. Both markets exhibit a favorable balance between supply and demand, providing an encouraging landscape for our projects as we move into 2025.

Thank you once more for your steadfast support this past year. We are dedicated to advancing our objectives and building on the significant milestones we've already reached.

Best regards,
Max Porterfield
President & CEO

Frequently Asked Questions

What is the main focus of Callinex Mines Inc.?

Callinex Mines Inc. concentrates on developing base and precious metals projects, particularly in the Flin Flon District.

What significant achievements did Callinex accomplish in 2024?

In 2024, the company advanced critical engineering works and completed baseline studies to support its upcoming Advanced Exploration Permit submission.

How was the wildfire situation managed at the Pine Bay Project?

The local government and emergency services quickly contained the wildfire damage, allowing for quicker restoration of operational services.

What is the significance of the Advanced Exploration Permit?

The Advanced Exploration Permit is crucial for accelerating the development process of mining projects, allowing for more efficient exploration activities.

How does the current market outlook affect Callinex Mines?

The strong outlook for both base and precious metals provides a favorable environment, enhancing the potential for successful project developments and growth.

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