Dr. Shane Ebert reports

CANEX SUCCESSFULLY ACQUIRES GOLD BASIN AND LOOKS TO COMMENCE EXPLORATION ACTIVITIES

Canex Metals Inc. has begun the final procedural step to complete its successful acquisition and integration of Gold Basin Resources Corp. With the procedural process nearing completion, Canex management is now focusing on exploration and delineation of the consolidated Gold Range-Gold Basin oxide gold project in Arizona and is working to drill test the Louise copper-gold porphyry in British Columbia.

Highlights:

• Canex's acquisition of Gold Basin is the first-ever successful takeover bid launched against a cease-traded issuer in Canada. The final procedural step in the year-long hostile takeover of Gold Basin is under way.
• The successful consolidation of Gold Basin into Canex creates a large oxide gold project in Northern Arizona with mineralized trends exceeding eight kilometres in length, containing multiple known mineralized zones and new undrilled exploration targets that can be evaluated without boundaries for the first time.
• Premium grades: Previous drill intersections from the acquired Gold Basin property package highlight the key strategic importance of the acquisition. Gold Basin drill highlights include:
  • 0.93 gram per tonne gold over 138.7 metres in hole ST24-026;
  • 1.82 g/t gold over 57.9 metres in hole CM23-022;
  • 2.44 g/t gold over 42.7 metres in hole CM23-029;
  • 6.5 g/t gold over 16.8 metres in hole RMG-90-01.
• Drill intersections from Canex's Gold Range property highlight the importance consolidation adds to the grade and tonnage potential of the district. Gold Range drill highlights include:
  • 1.0 g/t gold over 59.45 metres in hole GR21-57;
  • 1.6 g/t gold over 35.1 metres in hole GR21-37;
  • 2.2 g/t gold over 18.3 metres in hole GR21-46;
  • 1.8 g/t gold over 19.8 metres in hole GR21-59;
  • 1.3 g/t gold over 21.3 metres in hole GR21-25.
• Update on the Louise copper-gold porphyry project in British Columbia: A mineral exploration permit has been received for the Louise copper-gold porphyry project and further permitting relating to a temporary bridge installation is under way.
• Backed by successful, patient, long-term mining investors: Canex is supported by strategic mining professionals, including Eric Fier, Discovery Group, Michael Gentile and Altius Minerals.

Dr. Shane Ebert, president and chief executive officer of Canex, stated: "Canex is now completing the final procedural step in its successful takeover of Gold Basin. The process has taken about a year to complete and faced significant legal and regulatory complexities that our management team and consulting and advisory groups have done an exceptional job of navigating. The successful takeover of Gold Basin by Canex was the first takeover bid ever launched against a cease-traded issuer in Canada and is the second successful start-to-finish hostile bid in Canada since regulatory reforms took effect in 2016. With the regulatory part of this process wrapping up, we are excited to focus our efforts on exploring and advancing the consolidated oxide gold district in Arizona and drill testing key targets at our Louise copper-gold porphyry in British Columbia."

The combined Arizona district

With the completed acquisition, Canex now controls a gold district in Arizona that comprises five split estate mineral titles, two patented mining claims and 546 lode mining claims. The property contains large drill-defined gold deposits up to 1.7 kilometres in length, within mineralized trends exceeding eight kilometres in length, with significant untested exploration upside. Detailed evaluation and integration of surface exploration data, geophysical data and drill data are under way in support of exploration planning around deposit expansion and testing of new targets.

The combined district database contains in excess of 950 current and historic drill holes, providing an excellent base to fast-track drill targeting and future resource definition. Drill results from the district highlight the exceptional resource potential with premium oxide gold grades and include:

• 0.93 g/t gold over 138.7 metres in hole ST24-026 (Gold Basin);
• 1.82 g/t gold over 57.9 metres in hole CM23-022 (Gold Basin);
• 2.44 g/t gold over 42.7 metres in hole CM23-029 (Gold Basin);
• 6.5 g/t gold over 16.8 metres in hole RMG-90-01 (Gold Basin);
• 1.0 g/t gold over 59.45 metres in hole GR21-57 (Gold Range);
• 1.6 g/t gold over 35.1 metres in hole GR21-37 (Gold Range);
• 2.2 g/t gold over 18.3 metres in hole GR21-46 (Gold Range);
• 1.8 g/t gold over 19.8 metres in hole GR21-59 (Gold Range);
• 1.3 g/t gold over 21.3 metres in hole GR21-25 (Gold Range).

Arizona permitting efforts are under way

Canex has recently been granted a two-year extension on the notice-of-work exploration permit for the Gold Range property, covering the eastern part of the consolidated district. This permit allows Canex to build up to 37 additional drill pads, along with associated exploration access.

The company is advancing various initiatives around the Gold Basin property package, including claim staking and exploration permitting. A total of 79 lode mining claims have recently been staked at various locations around the property and these claims are being integrated into an exploration plan and a notice-of-work permit application that will cover the western part of the consolidated district.

Permit received for Louise copper-gold porphyry project in British Columbia

Canex has received a five-year area-based mineral exploration permit for the Louise copper-gold porphyry project in British Columbia. The permit allows for 11 drill holes, associated exploration access and 52 line kilometres of geophysical surveying. An archeological field reconnaissance study has recently been completed at Louise as part of permitting requirements. The company is currently working on a permit to install a temporary bridge on an existing forest service road at Louise to complete drill access. Once the bridge permit is in hand, the company will finalize plans for drill testing.

The final procedural step -- dissenting shareholders

Canex has begun the process of issuing Canex shares to shareholders of Gold Basin who delivered notices of dissent but who have not submitted a written statement, along with original share certificates, to complete the exercise of their dissent rights. Delinquent dissenters are deemed to have participated in the arrangement on the same terms as the other shareholders and are required to follow the procedures outlined in the plan of arrangement contained within the arrangement agreement between Canex Metals and Gold Basin Resources to receive their share payouts.

A total of 29,790,301 Gold Basin shares are held by delinquent dissenters and, pursuant to the plan of arrangement, would result in 17,635,846 shares of Canex being issued. The shares will be released to each delinquent dissenter after he or she completes the steps outlined in the plan of arrangement.

Canex has issued a treasury direction to the company's transfer agent and the depositary authorizing the release of 17,635,846 shares of Canex. After these shares are issued, Canex will have approximately 247.1 million shares outstanding, with delinquent dissenters holding roughly 7 per cent of Canex's shares. A copy of Canex's early warning report for the take-up of these shares will be filed and available on SEDAR+.

Settlement of the dissenting Gold Basin shareholders is the final step in completing the 100-per-cent acquisition of Gold Basin into Canex. With this final piece under way, Canex can now focus its efforts on advancing the fully consolidated district.

Incentive stock options

The company has granted, pursuant to its stock option plan, a total of 7.8 million incentive stock options to existing directors, officers and consultants of the company. The options are exercisable at a price of 24 cents per share for three years and vest immediately.

About Canex Metals Inc.

Canex Metals is a Canadian junior exploration company and owns 100 per cent of Gold Basin Resources. Canex is advancing the contiguous Gold Range and Gold Basin properties in Mohave county, Arizona. The combined properties contain numerous drill-defined gold deposit ranging up to 1.7 kilometres in length and have seen over 950 historic and current drill holes.

Canex is also advancing the Louise copper-gold porphyry project in British Columbia. Louise contains a large historic copper-gold resource with drill-ready targets below and lateral to historic mineralization, offering investors copper and gold discovery potential. Canex is led by an experienced management team, which has made three notable porphyry and bulk-tonnage discoveries in North America.

Dr. Shane Ebert, PGeo, is the qualified person for Canex Metals and has approved the technical disclosure contained in this news release. The drill hole assay results in this release, along with related data verification and exploration disclosure, have been previously disclosed in Gold Basin's news releases dated March 22, 2023, and July 10, 2024, and in Canex's news releases dated April 26, 2021, June 14, 2021, July 6, 2021, and Dec. 16, 2021. True widths for most drill hole intercepts have not been determined and descriptions of the quality control procedures utilized can be found in the above news releases. Results for historic drill hole RMG-90-01 are included in this release and are supported by historic information but have not been independently verified.

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