PTX Metals Demonstrates 97% Copper Recovery from Locked Cycle Test at W2 Copper-Nickel-PGE Project

Rhea-AI Summary

PTX Metals (OTCQB: PANXF) reported results from the first locked cycle metallurgical test on a W2 Copper-Nickel-PGE Project sample, achieving 97% copper recovery to a concentrate grading 28% Cu, 7.2 g/t palladium and 0.8 g/t gold, using a relatively simple flotation flowsheet.

The test, completed by SGS Lakefield in Ontario, also recovered 70% of palladium and 54% of gold. Head grades were 0.78% Cu, 0.30 g/t Pd, 0.11 g/t Pt and 0.04 g/t Au. According to PTX Metals, these results provide further metallurgical validation of W2 mineralization and indicate potential to produce a saleable copper concentrate as part of systematic de-risking of the project.

Positive

• 97% copper recovery to a 28% Cu concentrate in locked cycle test
• Recovered 70% palladium and 54% gold at 7.2 g/t Pd and 0.8 g/t Au
• Positive results achieved with a simple flotation flowsheet and 50-micron grind
• Locked cycle test at SGS Lakefield validates earlier open circuit testwork on W2 sample

Negative

• Platinum recovery in locked cycle test was 2.3% at a concentrate grade of 0.2 g/t Pt
• Nickel circuit was not included in this locked cycle test due to mass limitations

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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 particle size of 50 microns and subjected the ground pulp to a rougher and three stages of flotation cleaning.

Table 1. Locked Cycle Test Results

	Concentrate Grade				Recovery
Stream	Cu	Pd	Pt	Au	Cu	Pd	Pt	Au
	[%]	[g/t]	[g/t]	[g/t]	%	%	%	%
Locked Cycle Test	28	7.2	0.2	0.8	97	70	2.3	54
Head Grade	0.78	0.30	0.11	0.04	100	100	100	100

 

"These results represent another important technical validation point for W2," said Greg Ferron, President and CEO of PTX Metals. "Recovering 97% of the copper into a 28% copper concentrate using a relatively simple flowsheet is an encouraging result as we continue to build our understanding of the W2 mineralized system. Alongside our ongoing exploration work, metallurgy is an important part of systematically de-risking the project and building the technical foundation required to evaluate its longer-term potential."

This first locked cycle test, which simulates continuous plant conditions in the lab, demonstrated the potential to upgrade the copper, palladium and gold mineralization found at W2 into a copper concentrate that is expected to be saleable. For investors, the result provides an additional technical validation point as PTX continues to evaluate and de-risk the W2 mineralized system. Future metallurgical testing will continue to focus on improving precious metal recoveries, assessing the impact of grind size and head grade variability on grade and recovery, as well as, and continuing to evaluate the potential to recover and upgrade nickel from the W2 mineralization in a separate flotation circuit. The nickel circuit was not included in this locked cycle test due to mass limitations, however, nickel remains an important strategic focus at the W2 polymetallic system

Qualified person

The technical information in this news release has been reviewed and approved by Arthur Stokreef, P. Eng, an 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 Metals Inc

PTX is a proudly Canadian mineral exploration company advancing gold and critical minerals projects in Northern Ontario, including its W2 copper-nickel-PGE project in the Ring of Fire and the Shining Tree Gold Project in the Timmins Gold Camp. The province of Ontario is a renowned mining jurisdiction known for its abundance of critical minerals and stable regulatory environment.

Our corporate objective is to advance our assets and unlock the potential of our two Flagship Projects: the W2 Cu-Ni-PGE located close to existing winter road infrastructure at the gateway to the strategic Ring of Fire region and the Shining Tree Gold Project, neighbouring other known deposits in the Timmins Gold Camp.

PTX's portfolio of assets was strategically acquired for their geologically favorable attributes, and proximity to established mining companies.

PTX is based in Toronto, Canada, with a primary listing on the TSX under the symbol PTX. The Company is also listed in Frankfurt under the symbol 9PF and on the OTCQB in the United States as PANXF.

For additional information on PTX, please visit the Company's website at https://ptxmetals.com/.

For further information, please contact

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

Forward-Looking Information

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information, including statements regarding the ability of the Company to satisfy the regulatory, stock exchange and commercial closing conditions of Private Placement, and the potential development of mineral resources and mineral reserves which may or may not occur, metallurgical recoveries and concentrate grades, and the ability to produce saleable concentrate grades. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and general economic and political conditions. Forward looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary approvals, including governmental and regulatory approvals, will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by applicable laws. For more information on the risks, uncertainties and assumptions that could cause our actual results to differ from current expectations, please refer to the Company's public filings available under the Company's profile at www.sedarplus.ca.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/309890

FAQ

What copper recovery did PTX Metals (PANXF) achieve in the W2 locked cycle test?

PTX Metals achieved 97% copper recovery to a 28% copper concentrate in the W2 locked cycle test. According to PTX Metals, this result supports the potential to produce a saleable copper concentrate using a relatively simple flotation flowsheet at the W2 Copper-Nickel-PGE Project.

What were the palladium and gold recoveries in PTX Metals’ August 17, 2026 W2 test results?

The W2 locked cycle test recovered 70% palladium and 54% gold into the copper concentrate. According to PTX Metals, concentrate grades were 7.2 g/t palladium and 0.8 g/t gold, indicating that significant precious metal values can be upgraded alongside copper in this flowsheet.

What head grades were used in PTX Metals’ W2 locked cycle metallurgical test (PANXF)?

The W2 test sample had head grades of 0.78% copper, 0.30 g/t palladium, 0.11 g/t platinum and 0.04 g/t gold. According to PTX Metals, these head grades formed the basis for evaluating recovery performance under simulated continuous plant conditions in the locked cycle test.

Did PTX Metals include nickel recovery in the August 17, 2026 W2 locked cycle test?

Nickel recovery was not included in this locked cycle test because of mass limitations. According to PTX Metals, future metallurgical work will continue evaluating the potential to recover and upgrade nickel from W2 mineralization in a separate flotation circuit as part of ongoing test programs.

Why are the August 17, 2026 W2 locked cycle test results important for PTX Metals shareholders (PANXF)?

The locked cycle test provides a key technical validation point showing high copper recovery to a concentrated product. According to PTX Metals, such metallurgical results support systematic de-risking of the W2 project and help build the technical foundation for assessing its longer-term development potential.

What processing flowsheet was used in PTX Metals’ W2 locked cycle test?

The flowsheet used grinding to 80% passing 50 microns, followed by a rougher and three stages of flotation cleaning. According to PTX Metals, this relatively simple flowsheet produced the reported copper, palladium and gold recoveries, indicating potential for efficient processing of W2 mineralization.

Who reviewed the technical information in PTX Metals’ August 17, 2026 W2 metallurgical release?

The technical information was reviewed and approved by Arthur Stokreef, P.Eng., an independent consultant and qualified person. According to PTX Metals, he is responsible for ensuring the accuracy of the metallurgical and project-related technical data disclosed for the W2 Copper-Nickel-PGE Project.