PTX Metals Reports Strong Initial Metallurgical Results At W2 Copper-Nickel-PGE Project

Executive Summary

• PTX Metals announced positive initial metallurgical test results for its W2 copper-nickel-PGE project in Northern Ontario's Ring of Fire region, demonstrating strong copper recoveries and the potential to produce a high-grade copper concentrate.
• Testing achieved copper recoveries of 97% at 8.4% Cu grade, upgrading to 28% Cu at 92% recovery, while significantly upgrading palladium (21X) and gold (16X) into the final concentrate.
• The company plans to proceed with locked cycle testing and further exploration/metallurgical work to optimize recovery, guide 2026 drilling strategies, and evaluate nickel recovery via pressure oxidation or leaching.

Key Details

• Metallurgical Testing Location: First known metallurgical testing on W2 mineralization completed at SGS Lakefield.
• Copper Recovery & Grade: Initial rougher flotation recovered 97% of copper at 8.4% Cu grade; subsequent cleaning stages upgraded copper to a final grade of 28% Cu at 92% recovery.
• Precious Metal Recovery & Grade: Palladium recovered at 53% recovery with a final grade of 6.2 g/t Pd (21X upgrade); Gold recovered at 41% recovery with a final grade of 0.7 g/t Au (16X upgrade); Platinum recovered at 2% recovery with 0.1 g/t Pt.
• Sample Head Grade: 0.78% Cu, 0.32% Ni, 0.29 g/t Pd, 0.11 g/t Pt, 0.04 g/t Au.
• Processing Flowsheet: Sample ground to 80% passing 55 microns; utilized rougher flotation followed by two cleaning stages. Mineralogical characterization (QEMSCAN) showed ~3% chalcopyrite, well-liberated at 100 microns. Main gangue minerals: pyrrhotite and pyroxene.
• Next Steps: Locked cycle testing planned to confirm copper circuit performance under steady-state conditions. Future work will examine grind size impact and test higher-grade materials to enhance precious metal recoveries.
• Standalone Nickel Circuit: Rougher flotation achieved 77% Ni recovery at 0.83% Ni grade. Highest cleaner concentrate achieved was 5.6% Ni at 6% recovery, constrained by Ni hosted in pyrrhotite matrix. Pressure oxidation (POX) and leaching options will be explored.
• Paragenesis Study: Completed to characterize Cu, Ni, Au, and PGE mineralization at the Central Target; report uploaded to company website.
• Exploration Strategy: Results will define exploration strategies for the W2 project during the 2026 season to search for higher-grade zones within the bulk tonnage mineralized envelope.
• Corporate Action: Granted 650,000 incentive stock options to certain consultants at $0.14/share, exercisable for 3 years, subject to a 4-month-1-day statutory hold period and vesting conditions.

Notable Quotes

• Greg Ferron, President and CEO: "These initial metallurgical results represent an important milestone in advancing our understanding of W2. The ability to achieve strong copper recoveries and produce a high-grade concentrate through initial testing provides encouraging validation of the project. This work will be used to define the exploration strategies for the W2 project while we continue to search for higher grade zones within the bulk tonnage, mineralized envelope in the 2026 exploration season."