PTX Metals resumes drilling at W2 copper-nickel-PGE project in Ring of Fire

Highlights:

After a pause in exploration activity while engaging First Nations, a 5,000 metre diamond drilling program at W2 has recommenced, focusing on the CA1 Zone.

Concurrent soil sampling and prospecting programs are also underway to refine existing targets and help identify additional prospects.

First Nation businesses and community members continue to participate directly in W2 field programs, providing employment, local procurement and community support.

Exploration permit in place for the current phase of work, providing regulatory certainty for the planned program.

Toronto, Ontario--(Newsfile Corp. - September 14, 2026) - PTX Metals Inc. (TSXV: PTX) (OTCQB: PANXF) (FSE: 9PX) ("PTX" or the "Company") is pleased to provide an update on the recommencement of exploration activities at its flagship W2 Copper-Nickel-PGE Project in northwestern Ontario.

W2 Copper-Nickel-PGE Project

The Company has recommenced a 5,000 meter diamond drilling program within the underexplored Central area of the W2 Project.

An overall detailed exploration strategy will follow in the coming weeks.

Further, PTX has also commenced a soil sampling and prospecting program at W2 over the summer and fall season, designed to advance priority exploration targets across the property in the Central area and the T-Target, Lake Rowell and North Limb areas (see Corporate presentation for specific areas). Results from this work will be incorporated into PTX's evolving geological model and used to refine targets for future drilling.

This program has targeted a range of locations within the south and southeastern portion of the W2 property; testing primarily a Cu-Ni zone at, or near, what has been referred to as the CA1 Zone (see Company presentation). Situated under a suite of deformed and metamorphosed Archean supracrustal roof pendant rocks, the Landsdowne House Igneous Complex (LHIC) is host to a range of mineralization processes in addition to the magmatic Cu-Ni processes, including late to post magmatic, hydrothermal, and possible metamorphic shear-hosted mineralization. The range of mineral occurrence types includes in addition to the Cu-Ni-PGE currently being tested, Cu-Ni-PGE, PGE, Fe-Ti-V, Au, and Cu-Au.

Based on historic exploration and diamond drilling completed to date, the predominantly gabbroic 'Middle Zone' (MZ) of LHIC contains the majority of the magmatic related Cu-Ni mineralization encountered in the south-central western half of the W2 Property. Two styles of magmatic related mineralization occur in the south-central Property: 1) PGE-dominated mineralization within a sulphide gabbro layer, a potential reef, in the upper part, and 2) Cu-Ni-dominated mineralization associated with disseminated net-textured and semi-massive to massive sulphides at the base of MZ near the ultramafic basal zone of the LHIC. These two mineralization styles are consistent with the gravitational sulphide segregation process that involves forming of magmatic Ni-Cu-PGE sulphide deposits in layered intrusions (e.g., Bushveld, South Africa; and Ring of Fire Intrusions in northwestern Ontario).

Community Update:

PTX gratefully acknowledges the engagement received from First Nations communities connected to the W2 project area and reaffirms its commitment to continued respectful, transparent, and collaborative engagement with communities who's Traditional or Treaty Territories include or are connected to the W2 project area. The current exploration program is supported by the Company's recently extended exploration permit for W2, providing continued regulatory certainty for our activities at W2 following a comprehensive Crown consultation process. In parallel with the Crown consultation process, PTX has conducted its own direct engagement with First Nation communities connected to the project area over the past four years.

" W2 is moving forward, both in the field and through the relationships we have worked hard to build ," said Greg Ferron, President and CEO of PTX Metals. " Our next phase of exploration activities is an important step as we continue advancing one of the most strategically located copper-nickel-PGE projects at the gateway to the Ring of Fire. Importantly, we are doing that work with communities in the region and we are grateful for their involvement in all of our past six exploration programs in the field."

Further, a signed letter of intent with one of the First Nations community provides ongoing communication and outlined initial opportunities for members and the company's commitment to advance the relationship.

"Importantly, the services including exploration, training and supplies provided by First Nations communities at W2 are essential to ensure safe and healthy working conditions are maintained for staff while working in remote parts of Ontario," added Greg Ferron.

PTX continues to work directly with First Nations and all local communities connected to the W2 project area regarding planned activities, opportunities for local participation in employment, training and business, and the environmental practices incorporated into its exploration programs.

Since April 2025, PTX has also engaged with another First Nation which holds Aboriginal rights to and over their Traditional Territory. On July 10, 2026, President & CEO Greg Ferron and members of the PTX team had the distinct privilege of being welcomed into community meeting attended by the Chief and Council, Elders and community members. The discussion provided an opportunity for PTX to further explain the early-stage nature of its work at W2, the environmental practices incorporated into its exploration programs, and potential opportunities related to employment, training and local business participation.

In January 2026, the Company paused exploration activities at W2 to allow for additional constructive periods of discussions and community meetings.

Marketing Update

The Company is pleased to announce that it has entered into an agreement with 15605237 Canada Inc., operating as DK Capital Partners ("DKCP"), principal office locate at 503-5885 Avenue, Marc-Chagall, Cote-St-Luc, Quebec, a company controlled by Daniel Kozel, to provide investor outreach services (the "Services") on behalf of the Company. DK Capital Services has agreed to organize and facilitate meetings with investment advisors, portfolio managers, and accredited investors.

Under the terms of the engagement. In consideration for these services, the Company has agreed to pay DKCP a cash fee of $18,500 CAD, plus applicable taxes, payable in two installments; $15,000 due on signing and $3,500 (plus applicable taxes) to be paid halfway through the program. The company will also issue DKCP, 200,000 stock options exercisable at a price of $0.11 per share for three years, subject to the policies of the TSX Venture Exchange (the "Exchange") and acceptance thereof. The options will vest over 12 months as follows: 25% at 3 months and 25% every 3 months thereafter. The term of the agreement is for a period of four months and may be terminated on providing 15 days' notice. Neither DKCP and Daniel Kozel has any interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest except the stock options noted above. The engagement, and the option grant, remain subject to the approval of the Exchange.

Qualified person

The technical information in this news release has been reviewed and approved by Rhys Davies, P. Geo and Kyle Pedersen, P. Geo, both are 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

PTX is a proudly Canadian mineral exploration company advancing gold and critical minerals projects in Northern Ontario, including its flagship W2 copper-nickel-PGE project near the gateway to the Ring of Fire and the Shining Tree Gold Project in the Timmins Gold Camp. PTX offers shareholders exposure to copper, gold, nickel and platinum group element (PGE) discoveries in one of the world's premier mining jurisdictions.

PTX's objective is to advance its portfolio through disciplined exploration, technical excellence and responsible engagement with local communities while creating long-term value for shareholders.

For further information, please contact:

Greg Ferron, President and Chief Executive Officer 1 (416) 270-5042 gferron@ptxmetals.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/314149

TMX Newsfile

September 14, 2026 - 5:00 AM PDT

News by QuoteMedia

www.quotemedia.com