Cantex Closes Third Tranche of Private Placement

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Cantex Mine Development Corp.

203 – 1634 Harvey Ave.

Kelowna, BC V1Y 6G2

250.860.8582

www.cantex.ca

CANTEX CLOSES THIRD TRANCHE OF PRIVATE PLACEMENT

Kelowna, Canada – December 29, 2023 – Cantex Mine Development Corp. (CD: TSXV, CTXDF: OTCQB)

(the “Company”) is pleased announce the close of the third tranche of its financing.

The Company announces that, further to its news releases of December 5, 7 and 18, 2023 announcing a

private placement (the “Offering”) and the close of the first and second tranches, the Company closed the

third tranche of the Offering (“the Second Tranche”) and has received proceeds of $250,000 by the

issuance of 833,333 flow through units (the “FT Units”). FT Units were issued at $0.30 per FT Unit and

each FT Unit is comprised of a flow through share and one-half of a non-flow through warrant. Each whole

warrant entitles the holder to acquire one common share of the Company at a price of $0.39 for a term

of two years from closing.

Proceeds from the Third Tranche will be used to fund the Company’s North Rackla Project in the Yukon.

The securities issued in the Third Tranche are subject to a four month hold period, expiring on April 30,

2024.

The total raised to date by this financing is $2,799,990.

About Cantex Mine Development Corp.

Cantex is focused on its 100-per-cent-owned, 20,000-hectare North Rackla project located 150 kilometres

northeast of the town of Mayo in Yukon, Canada, where significant massive sulphide mineralization has

been discovered. Over 60,000 metres of drilling has defined high-grade silver-lead-zinc-germanium

mineralization over 2.3 kilometres of strike length and more than 700 metres depth. The mineralization

remains open along strike and to depth. The company is led by Dr. Fipke CM, the founder of Ekati, Canada's

first diamond mine.

Signed,

Chad Ulansky

Chad Ulansky

President and CEO

For further information:

Cantex Mine Development Corp,

Tel: +250-860-8582;

Email: [email protected]

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FORWARD LOOKING STATEMENTS: Certain of the statements and information in this press release constitute

"forward-looking statements" or "forward-looking information", including statements regarding the expected use of

proceeds of the private placement. Further, any statements or information that express or involve discussions with

respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or

performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans",

"estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that

certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the

negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-

looking statements or information. The Company's forward-looking statements and information are based on the

assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than

as required by applicable securities laws, the Company does not assume any obligation to update forward-looking

statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should

change, or changes in any other events affecting such statements or information. For the reasons set forth above,

investors should not place undue reliance on forward-looking statements and information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX

Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.