Jaxon to Advance High-Grade Antimony Discoveries at Hazelton

Vancouver, British Columbia--(Newsfile Corp. - November 29, 2022) - Jaxon Mining Inc. (TSXV: JAX) (FSE: 0U31) (OTC Pink: JXMNF) ("Jaxon" or the "Company") is pleased to announce it has granted Dr. Corby G. Anderson the first option to enter into an advisory, research, development, offtake, processing and marketing agreement with Jaxon (the "Agreement"). Under the Agreement, Jaxon and Dr. Anderson will negotiate with the marketplace for optimal pricing and better commercial terms for any antimony produced from Jaxon's Hazelton property. Jaxon and Dr. Anderson may also agree to form an antimony research, development, offtake, processing, and marketing joint venture. Antimony (Sb) is listed as a critical and strategic mineral by Canada and the United States and is utilized in the manufacturing of:

• Military applications such as weapons, communication equipment, military clothing and supplies
• High-tech applications including semi-conductors, circuit boards, electric switches, fluorescent lighting, high quality clear glass and lithium-ion batteries
• Green energy applications such as solar panels, wind farms and the next generation of liquid metal batteries

Dr. Corby G. Anderson, PE, has over 43 years of global experience in Mining and Metallurgy. Dr. Anderson is one of the world's leading experts in the processing of antimony ores, concentrates and recycled materials. For reference, he previously served as the Chief Process Engineer at Sunshine Mining and Refining Company which for about 60 years was a domestic primary US producer of quality antimony metal and antimony compounds. Antimony is now deemed a Critical Mineral & Material in both North America and in Europe since there is no domestic production, or most importantly, no significant primary processing capability in either jurisdiction.

Dr. Anderson contacted Jaxon after taking notice of the exceptional grades of surface grab samples from antimony occurrences at the Kispiox Mountain project (and the Blunt Mountain project) announced by Jaxon in a news release on March 10, 2022 (Jaxon samples up to 29.69% antimony at Kispiox Mountain). Dr. Anderson noted that Jaxon's antimony discoveries may have the potential to evolve into North America's most significant source of this Critical Mineral and Material; and proposed that he work with Jaxon to develop that potential.

John King Burns, CEO of the Company, commented, "There is a scarcity of secure antimony supply in the world. There are no antimony producing projects under development in North America that have the potential scope or scale to meet the annual requirements of Canada, the United States and Mexico. Currently, China is the world's principal producer of antimony resources, however, their resources are becoming depleted. The antimony anomalies at Kispiox Mountain and Blunt Mountain are remarkable for their grades and areal extent. Jaxon's conceptual geological models illustrate that the antimony was generated by the series of events that created the deeper, large, copper-rich, polymetallic, epithermal porphyry systems that are Jaxon's main targets. The antimony anomalies are a product of the activity in the deeper porphyry systems. Jaxon's seven porphyry targets are all marked by large copper, zinc, silver, and molybdenum geochemical surface anomalies. Kispiox Mountain and Blunt Mountain are marked, in addition, by high antinomy grades in surface samples. With Dr. Anderson's input, Jaxon has the opportunity to become North America's, and possibly the world's, most reliable and responsible producer of antimony and antimony products."

Kispiox Mountain and Blunt Mountain are two of seven epithermal porphyry systems that Jaxon has identified on its 100% owned 700 km2 Hazelton property near Smithers, B.C. The Netalzul Mountain and Red Springs projects have been modeled and ranked as the largest and potentially highest grade of these systems, to date, based on the geological data Jaxon has collected. Jaxon is preparing a definitive drill test of the porphyry system at Netalzul Mountain in the summer of 2023.

References

Current antimony prices: USD~$11,750/mt - Antimony Prices, Charts and News, Argus Media
Antimony: The Most Important Mineral You Never Heard Of, David Blackmon for Forbes.com
An Antimony Primer, Molten Metals, 2021
Canada's Critical Minerals List 2021, Natural Resources Canada
Critical mineral resources of the United States-Economic and environmental geology and prospects for future supply, USGS List of Critical Minerals

About Jaxon Mining Inc.

Rich in large-scale geological targets/assets, Jaxon has seven porphyry system targets on its 100% controlled Hazelton property, an interconnected network of concessions spanning 700 km2 in the Skeena Arch in northwest British Columbia, Canada. The Skeena Arch is an exceptionally orogenic and metallogenic setting, geochronologically suitable to host preserved porphyries.

Jaxon pursues the discoveries of deeper, under cover, commercial scale and grade Cu, Au, Ag, polymetallic porphyry epithermal systems associated with distal mineralized, propylitically altered zones nearer to surface. Jaxon's team is made up of experienced model-driven explorationists. Geochemical, geophysical and structural data is collected and integrated to generate 3D models to assist in the visualization and projection of the location of targeted porphyry systems.

Netalzul Mt is Jaxon's most advanced target, the priority of seven identified porphyry epithermal system targets at Hazelton. Red Springs is the second target being prepared for drill testing. The five other targets are in various advancing stages of exploration.

ON BEHALF OF THE BOARD OF DIRECTORS
JAXON MINING INC.

"John King Burns"

John King Burns, Chairman

For more information please contact:

Investor Relations
Kaye Wynn Consulting
T: 604-558-2630
TF: 1-888-280-8128
E: info@kayewynn.com

Freeform Communications
T: 604-243-0499
E: enquiries@freeform.com

Corporate
T: 604-424-4488
E: info@jaxonmining.com

This news release may contain forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release may include, but is not limited to, the Company's objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. 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, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames, or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither TSX Venture exchange nor its Regulations 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.

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