PTX Metals demonstrates 97% copper recovery at W2 Copper-Nickel-PGE

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.

Toronto, Ontario--(Newsfile Corp. - August 17, 2026) - PTX Metals Inc. (TSXV: PTX) (OTCQB: PANXF) (FSE: 9PX) (" PTX " or the " Company") 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