ROUYN-NORANDA, Quebec, May 16, 2022 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchangeangels and GLBXF – OTCQX International in the United States) is pleased to provide a brief update on the progress made by Manganese X Energy Corp. (MN-TSXV) on the Battery Hill royalty assets of Globex and by Orford Mining Corporation (ORM -TSXV) on the Joutel Eagle property under option from Globex.

Manganese X Energy Corp. released the results of their Preliminary Economic Assessment (PEA) of the Battery Hill Manganese Project near Woodstock, New Brunswick, prepared by Wood Canada Ltd. on May 12, 2022 and posted the EEP on Manganese X’s Sedar site.

The study states, along with much more detailed information, as reported in the Manganese X press release:

• a internal rate of return (IRR) of 25%;
• an after-tax net present value (NPV) at a 10% discount rate of $486 million;
• an average annual gross revenue of $177 million per year over a project life of 47 years;
• a life of mine (LOM) operating cost (OPEX) of $122 per tonne of material processed.

A benchmark market price of $2,900/t for Battery Grade High Purity Manganese Sulphate (HPMSM) was used, well below the long-term forecast price of $4,200/t HPSMN estimated by CPM Group.

Globex retains a one percent (1%) gross metal royalty (including manganese compounds) on the project and a significant equity interest in Electric Royalties Ltd. (ELEC-TSXV) which holds a two percent (2%) gross metal royalty (including compounds) on the project.

(Note: production royalties are only payable upon production)

As well, Orford Mining Corporationin a press release dated May 12, 2022, announced the results of the first two holes on the southern gold zone located in the large Joutel Aigle property, Joutel Township, Quebec under option of Globex. Highlights are reported as follows:

• Confirmation of the location of the historical “South Gold” mineralization system on the Joutel Eagle property;
• Ratings up to 10.8 g/t Au over 0.84 meters included in a larger interval were intersected in hole 22-JE-002. This is higher than those historically reported from the system in nearby hole 82-02 which returned up to 5.5g/t Au over 1.43 meters from 170.32 to 171.75 meters;
• The high grade sections are associated with quartz veining in broader low grade intervals with abundant disseminated sulphides. These intervals include 9.35 meters grading 2.20 g/t and 7.13 meters grading 1.70 g/t hole 22-JE-002.

The Joutel Eagle project has been purchased by Globex as announced in a Globex press release dated November 30^and,2021.

This press release was prepared by Jack Stoch, P.Geo., President and Chief Executive Officer of Globex in his capacity as a qualified person (QP) under NI 43-101.

Forward-looking statements: Except for historical information, this press release may contain certain “forward-looking statements”. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause actual results, level of activity and performance to differ materially from Globex Mining’s expectations and projections. Enterprises Inc. (“Globex”). No assurance can be given that the events anticipated by the forward-looking information will or will occur, or if any of them occur, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com.