CANTEX UPSIZES PRIVATE PLACEMENT

Cantex Mine Development Corp. has increased the target size of its previously announced private placement from $3,000,000 to $3,500,000 CAD, a move the company attributes to heightened investor interest. A first tranche of the offering closed on August 12, 2026, generating gross proceeds of $1,929,900. The remaining balance is subject to acceptance by the TSX Venture Exchange.

Proceeds from the offering are designated for qualified critical mineral exploration on the North Rackla project and general operating costs. The offering structure includes Charity Flow Through Units (CFT) priced at $0.3625, Hard Units at $0.25, and Flow Through Shares at $0.30. Each whole warrant entitles the holder to acquire a non-flow through share at an exercise price of $0.40 for a term of two years.

Cantex Mine Development Corp. (CD) announced an upsizing of its financing, a direct follow-up to the July 17, 2026 announcement of a $3M placement. This move confirms continued investor appetite but introduces incremental dilution. The warrant exercise price of $0.40 sits above the current trading price of $0.30, providing a potential upside catalyst if exercised, but also representing future equity dilution.

The financing extends the company's cash runway, directly supporting the ongoing 2026 drill program and metallurgical testwork. The news does not alter the fundamental exploration stage of the project or change the development timeline. It is a standard capital-raising mechanism for a pre-revenue explorer.

Cantex Mine Development Corp. (CD) is focused on its 100% owned North Rackla project in the Yukon Territory, which covers over 20,000 hectares. The flagship Massive Sulphide Project hosts high-grade silver-lead-zinc-germanium mineralization.

Over 100,000 meters of drilling have defined mineralization over a 2.8 km strike length and to depths exceeding 700 meters, with the deposit remaining open along strike and to depth. Preliminary metallurgical testwork at ALS Kamloops demonstrated high recovery rates for lead and zinc concentrates using conventional flotation, with silver credits reaching up to 960 g/t. XRT sorting testwork successfully differentiated mineralized rock from barren host rock, offering potential cost savings on shipping and processing. The project is led by Dr. Charles Fipke, founder of Canada's first diamond mine, Ekati.