#Canada #Vancouver #Callinex Mines #Flin Flon #Pine Bay Project

Callinex Mines 2024 Annual Letter to Shareholders

On January 16, 2025, Callinex Mines Inc. delivered its 2024 annual letter to shareholders, expressing gratitude for their support and outlining the company’s promising trajectory in the mining sector. Under the leadership of President and CEO Max Porterfield, Callinex has been focused on advancing its high-grade deposits and exploring additional opportunities on its newly expanded land package.

Significant Progress Made

The letter emphasized the successful achievements of 2024, positioning the company for immediate progress in advanced permitting and resource growth. Notably, the completions included critical engineering work on both the Rainbow and Pine Bay deposits, coupled with baseline studies at the Pine Bay Project. The company is moving to secure an Advanced Exploration Permit (AEP) to streamline future development.

The Rainbow deposit, specifically, has shown promising numbers, with an Indicated Mineral Resource of 3.44 million tonnes grading 3.59% copper equivalent and an Inferred Mineral Resource of 1.28 million tonnes at 2.95% CuEq in the recent NI 43-101 resource estimate. Meanwhile, Pine Bay also reveals an Inferred Mineral Resource of 1.0 million tonnes at 2.62% copper.

Callinex has collaborated closely with AECOM, a consulting firm known for its role in permitting several mines, including Hudbay's operations in Manitoba. Their engineering work has led to plans for a ramp at the Rainbow deposit to extract bulk samples that will support future exploration.

Overcoming Challenges

Despite facing significant challenges from a wildfire that affected 80% of their land package, Callinex persevered in its exploration activities. The company expressed gratitude to the Manitoba government and first responders for their swift action during this difficult time. The aftermath of the fire provided unique opportunities to study surface geology, leading to concrete plans for restructuring site infrastructure in the future.

Work at the Descendent discovery has also progressed, driven by geophysical surveys and strategic drilling efforts. A recent step-out drill hole at Descendent intersected extensive volcanogenic massive sulfide (VMS) style alteration. Assays for this drilling are pending, indicative of the exploration potential still available at the site.

Expansion of Land Package

In May 2024, Callinex announced a significant land package increase at the Pine Bay Project, which now spans approximately 120 square kilometers. Tying in past exploration efforts and new agreements with Teck Resources have placed the company in a robust position to explore these grounds in search of valuable mineral deposits.

The CEO remarks with optimism about the market trends for base metals, particularly copper and gold, which remain resilient despite global uncertainties. He noted that the combination of central bank purchases and dwindling supply has not only supported copper prices but has also led to a positive outlook for gold.

Looking Ahead

Callinex is focused on completing the necessary tasks to submit the AEP application and anticipates further exploration results that will define their future endeavors at Descendent and Poseidon. As the company looks to leverage its new exploratory targets, its approach remains data-driven, utilizing decades of historical information to inform its strategies.

In conclusion, Max Porterfield expressed immense gratitude for shareholder support throughout the previous year, emphasizing his eagerness to advance their objectives and capitalize on their achievements in the months ahead. With resilience at the forefront, Callinex stands prepared to navigate the evolving landscape of mining.

About Callinex Mines Inc.

Callinex Mines Inc., trading under TSXV CNX and OTCQX CLLXF, is a dynamic resource company advancing its portfolio of precious and base metal-rich deposits in Canada. Their leading asset, the Rainbow deposit at the Pine Bay Project near the Flin Flon Mining District, showcases their commitment to responsible mining and exploration in well-established jurisdictions.