1514341 Ontario Inc. News Release

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July 10, 2025 10:46 AM EDT

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TORONTO, July 10, 2025 (GLOBE NEWSWIRE) -- 1514341 Ontario Inc. (the “Company”) announces that the Company has entered into an agreement with Pasinex Resources Limited (the “Issuer”) to convert an aggregate principal amount of $805,875.15 of debt (the “Settlement Amount”) owing by the Issuer to the Company into common shares of the Issuer (the “Common Shares”) on a non-brokered private placement basis pursuant to the accredited investor exemption in section 2.3 of National Instrument 45-106 - Prospectus and Registration Exemptions (the “Debt Settlement Transaction”). The Company will acquire ownership and control of 10,745,002 Common Shares (the “Settlement Shares”) in exchange for the settlement of the Settlement Amount at a price of $0.075 per Settlement Share.

Prior to acquiring the Settlement Shares, the Acquiror owned and controlled 23,265,815 Common Shares, representing approximately 16.1% of the issued and outstanding Common Shares as of June 30, 2025, on a non-diluted basis. Following the Debt Settlement Transaction, the Company will own 34,010,817 Common Shares representing approximately 19.6% of the outstanding common shares of the Issuer on a non-diluted basis, assuming the simultaneous issuance of Common Shares by the Issuer to other acquirors under similar debt settlement agreements.

The Company is incorporated under the laws of the Province of Ontario, and its principal business is to act as a holding company. Larry Seeley, Chairman of the Issuer, owns all of the common shares of the Company. Mr. Seeley also holds, directly and indirectly, a total of 1,000,000 options to acquire additional Common Shares of the Issuer.

Mr. Seeley also converted $36,000 owed to him into Common Shares at $0.075 per Settlement Share, resulting in Mr. Seeley owning directly and indirectly 34,490,817 Common Shares representing approximately 19.9% of the outstanding common shares of the Issuer on a non-diluted basis assuming the simultaneous issuance of Common Shares by the Issuer to other acquirors under similar debt settlement agreements

The Settlement Shares were acquired by the Company and Mr. Seeley for investment purposes and the Company and Larry Seeley intend to evaluate their investment and to increase or decrease holdings in the future as circumstances warrant. The Settlement Shares were not acquired on a market.

This news release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bids and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Issuer is a reporting issuer containing information with respect to the foregoing matters ("Early Warning Report"). The Early Warning Report will be filed and made available under the SEDAR+ profile of the Issuer at www.sedarplus.ca. To obtain a copy of the Early Warning Report directly, please contact Larry Seeley at (705) 313-2553.

The head office of the Issuer is 550 Burrard Street, Suite 2900, Vancouver, British Columbia, Canada V6C 0A3.

1514341 Ontario Inc.

“Larry Seeley”

___________________________

Larry Seeley, President