Mr. Chad Ulansky reports

CANTEX CLOSES FINAL TRANCHE OF OVERSUBSCRIBED PRIVATE PLACEMENT AND RAISES $3.82M

Cantex Mine Development Corp. has closed the final tranche of its financing.

The company announces that, further to the news releases of July 12, Aug. 12, Sept. 8 and Sept. 11, announcing a private placement, the close of the first and second tranches, and an increase to the financing, the company closed the final tranche of the offering and has received proceeds of $883,350 by the issuance of 200,000 flow-through shares and 3,293,400 hard units. Units were issued at 25 cents per unit, with each unit composed of one common share and one-half of a non-flow-through warrant. FT shares were issued at 30 cents per FT share, with no warrants attached to them. Each whole warrant issued entitles the holder to acquire a non-flow-through share at a price of 40 cents for a term of two years. As announced on Aug. 12, 2026, the company closed a first tranche of the offering for total gross proceeds of $1,929,900. The company announced on Sept. 11, 2026, that it closed a second tranche of the offering for gross proceeds of $1,006,000.

Dr. Charles Fipke, chairman of the board, through his privately held company, 0974052 B.C. Ltd., subscribed for 400,000 units for a total subscription price of $100,000. The issuance of the units constitutes a related-party transaction as defined in Multilateral Instrument 61-101 (Protection of Minority Securityholders in Special Transactions). The company is relying on the exemption from valuation requirements and minority approval pursuant to subsections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, for the insider participation in the offering, as the value of the units subscribed for does not represent more than 25 per cent of the company's market capitalization, as determined in accordance with MI 61-101.

Proceeds from the final tranche will be used to finance the company's North Rackla project in the Yukon and for general working capital.

The company was charged $18,000 in finders' fees, which were paid in cash, and issued 70,000 non-transferable finders' warrants to certain finders on this closing for their assistance in identifying purchasers of units and FT shares. Each finder's warrant entitles the holder to purchase one common share at an exercise price of 25 cents per finder share for a period of two years from the date of issuance of the finder's warrant.

The securities issued in the final tranche are subject to a four-month hold period, expiring on Jan. 19, 2027.

About Cantex Mine Development Corp.

Cantex is focused on its 100-per-cent-owned 20,000-hectare North Rackla project located 150 kilometres northeast of the town of Mayo in the Yukon territory, Canada, where high-grade massive sulphide mineralization has been discovered. Over 100,000 metres of drilling has defined high-grade silver-lead-zinc-germanium mineralization over 2.80 kilometres of strike length and at least 700 metres depth. The mineralization remains open along strike and to depth. In addition, the company has discovered copper and gold mineralization. The company is led by Dr. Fipke, CM, the founder of Ekati, Canada's first diamond mine.

The technical information and results reported here have been approved by Chad Ulansky, PGeol, a qualified person under National Instrument 43-101, who is responsible for the technical content of this release. Mr Ulansky is the company's president and chief executive officer.