Mr. Charles Straw reports

UPDATE TO SHAREHOLDERS

Gold Basin Resources Corp. has provided an update to shareholders and has presented its plan to resume trading and rapidly revalue the company through the delivery of a maiden resource estimate in early 2026.

The Gold Basin project in Arizona holds significant, shallow oxide gold mineralization that strikes over a cumulative seven kilometres, making it one of the most promising oxide gold exploration projects in the western United States.

Hostile takeover

The board of Gold Basin Resources vigorously asserts that shareholders must reject the hostile takeover by Canex Metals Inc. because it significantly undervalues the mineral endowment of the Gold Basin project, identified through multiple highly successful drilling campaigns.

Gold Basin's technical team considers that the mineral tenements held by Canex hold meagre economic potential, and will not add either significant mineral resources or economies of scale if combined with the Gold Basin project.

The lowball offer is distorted by Canex's share price having artificially inflated based on the hope of securing the Gold Basin project. It was many times lower when based solely on Canex's own assets.

The largest shareholders of Gold Basin have committed to reject the offer, and the board is confident that this hostile takeover will be defeated.

Gold Basin Resources encourages investors to contact the company to assert their continuing commitment. Those who have submitted support for the Canex offer are encouraged to revoke and reject it.

a unified strategy

The board of directors and key major shareholders are unified behind a robust strategy to maximize the potential of the company's assets in the near term.

This unifying strategy involves the following:

1. Delivering a maiden resource in early 2026, providing a fundamental, asset-based revaluation of the company;
2. Significantly expanding that maiden resource with new drilling campaigns that primarily focus on extensional drilling that adds economically viable ounces quickly;
3. Delivering a preliminary economic assessment on the project.

Gold Basin's board is concurrently working to ensure that trading resumes as soon as practicable.

The company has the deep technical, corporate and governance capabilities that support an environment of excellence, effectiveness and common sense. Importantly, there is company-wide support for the strategy outlined above.

Maiden resource estimate

Gold Basin's partner in the Gold Basin project, Australian Securities Exchange-listed Helix Resources, has engaged an independent mining consultancy to deliver a maiden resource estimate for the Cyclopic and Stealth deposits in early 2026. Work began in December, 2025, and has resumed following the holiday break.

Board appointments

Andrew Mendelawitz has joined the company as a non-executive director. He provides his full support to the revised and strengthened strategy, and rejects the hostile Canex bid.

With his appointment, two of the company's three directors are independent.

Mr. Mendelawitz worked very closely with the company and its Australian and New Zealand shareholder base over a three-year period from its foundation, handling investor relations and communications. His appointment recognizes the board's commitment to elevating the level of communication with investors, especially around strategy and delivery of milestones.

Shareholders are encouraged to contact Mr. Mendelawitz to pledge their support behind the incumbent board and reject this hostile takeover attempt by:

• E-mail: info@goldbasincorp.com;
• Phone: 61-417-181-990 (Melbourne, Australia).

About Gold Basin Resources Corp.

Gold Basin is advancing the 42-square-kilometre Gold Basin project, located in the Tier 1 mining jurisdiction of Mohave county, Arizona. Gold Basin is accessible year-round through a 1.5-hour drive on Highway I-93 southeast of Las Vegas, and high-power electrical lines from the Hoover dam crosscut the southern project area. The immediate focus of Gold Basin's highly experienced technical team is to expand and delineate multiple at-surface oxide gold deposits and prove the project's district-scale potential.

We seek Safe Harbor.