REX.V · 2024-05-10 12:00:00

Orex Minerals Closes Private Placement

Financings

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

OREX MINERALS CLOSES PRIVATE PLACEMENT

May 10, 2024 : Vancouver, BC – Orex Minerals Inc. (TSX-V: REX – OTCQB: ORMNF ) ( "Orex" or the " Company")

announces that the Company closed a tranche of a non-brokered private placement financing (the "Offering") raising

gross proceeds of $337,000 from the sale of 2,246,666 units ("Units") at a price of $0.15 per Unit, each Unit consisting

of one common share of the Company (each, a "Share") and one warrant (each, a "Warrant"). Each Warrant entitles

the holder thereof to acquire one Share from the Company at a price of $0.25 per Share for a period of 24 months

from their date of issue. The Company may close additional tranches of the Offering , issuing up to an additional

4,420,001 Units, before June 7, 2024.

The Company intends to use the net proceeds from the Offering for working capital requirements and other general

corporate purposes which includes legal and financing fees as part of this Offering,

The Offering is subject to certain conditions including the approval of the TSX Venture Exchange and certain other

conditions customary for a private placement of this nature. All securities issued pursuant to the Offering will be

subject to a statutory four month and one day hold period from their respective date of issue. There were no finder’s

fees paid in connection with the closing of this tranche of the Offering.

The securities described herein have not been, and will not be, registered under the United States Securities Act of

1933, as amended (the " U.S. Securities Act "), or any state securities laws, and accordingly, may not be offered or

sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and

applicable state securities requirements or pursuant to exemptions therefrom. This press release is not an offer or

a solicitation of an offer of securities for sale in the Unite d States, nor will there be any sale of the securities in any

jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT OREX MINERALS INC.

Orex Minerals Inc. is a mineral exploration company focused on precious and base metals exploration in Mexico and

Canada. Orex has several current projects: Two projects are located in Durango State, Mexico, the Sandra Silver -

Gold Project with Pan American Silver Corp. and the Coneto Gold -Silver Project with Fresnillo PLC. The third project

is the Valenciana Gold -Silver-Base Metals Project in Zacatecas State, Mexico . The fourth project is the Jumping

Josephine Gold Project in British Columbia, Canada. Orex is managed by the experienced Belcarra Group

Management Ltd. (the "Belcarra Group"), comprised of highly qualified mining professionals.

ON BEHALF OF THE BOARD OF DIRECTORS

B. H. Whiting. P.Geo.

President and CEO

For further information, please contact Orex Minerals Inc. at 604 -687-8566, email [email protected] or

[email protected] or visit our website www.orexminerals.com.

FORWARD LOOKING STATEMENTS

This news release may contain forward -looking statements, including statements with respect to the receipt of

regulatory approvals for the Offering, closing of additional tranches of the Offering and use of proceeds of the

Offering. These statements reflect management's current estimates, beliefs, intentions and expectations; they are

not guarantees of future performance. Forward -looking statements address future events and conditions and

therefore involve inherent risks and uncertainties. Such factors include, among other things: risks and uncertainties

relating to exploration and development, the a bility of the Company to obtain additional financing, the need to

comply with environmental and governmental regulations, fluctuations in the prices of commodities, operating

hazards and risks, competition and other risks and uncertainties, including those described in the Company's

financial statements, management discussion and analysis and/or annual information form available on

www.sedarplus.ca. The risk factors identified in such documents are not intended to represent a complete list of

factors that could affect the Company. Actual results may differ materially from those currently anticipated in such

statements and the Company undertakes no obligation to update such statements, except as required by law.

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.