CANEX Metals Announces $3 Million Strategic Financing With Eric Fier As Lead Investor and Extends Its Offer to Purchase the Shares of Gold Basin Resources

On December 10, 2025, CANEX Metals announced a C$3 million strategic financing through a non-brokered private placement. The company will issue 20 million common shares at a price of C$0.15 per share. The financing is notably led by respected mining professional Mr. N. Eric Fier. The placement includes no warrants.

The proceeds will be used to advance the company's "district consolidation opportunity," which refers to its ongoing takeover bid for Gold Basin Resources Corporation, as well as for exploration at its Gold Range and Louise projects and for general working capital.

Concurrently, CANEX announced it has extended the expiry time for its offer to purchase all outstanding shares of Gold Basin from December 12, 2025, to January 9, 2026.

This financing is a significant and material positive development for CANEX. The key impacts are: - Financial Fortification: The C$3 million raised provides the company with a robust treasury, de-risking its financial position for the next 12-18 months. This allows it to aggressively pursue its strategic objectives without imminent financing pressure. Pro-forma cash will be over C$4 million. - Strategic Validation: The participation and lead order from Eric Fier, a successful mine finder and company builder, serves as a powerful third-party endorsement of CANEX's management, its assets, and its strategy to consolidate the Arizona oxide gold district. - Favorable Terms: The financing was conducted at C$0.15, a substantial premium to the C$0.055 price of its last financing in June 2025, reflecting the market's positive reception to its strategy. The absence of warrants is highly favorable for existing shareholders, minimizing future dilution. - Strengthened Takeover Position: The capital injection and strategic backing significantly strengthen CANEX's hand in its hostile takeover bid for Gold Basin. It demonstrates to Gold Basin shareholders that CANEX has the financial capacity to not only complete the acquisition but also to fund an aggressive exploration program on the consolidated land package, presenting a more compelling vision than the target's current distressed situation. - Operational Flexibility: The funds also allow the company to advance its other key projects, particularly the newly identified, promising geophysical targets at the Louise copper-gold project in British Columbia.

This news follows a clear progression. CANEX initiated its bid for a distressed Gold Basin in June, secured initial funding, advanced its own projects to demonstrate value (new Louise targets, Gold Range technical report), and has now secured a major financing and a key strategic backer to carry the takeover attempt to its conclusion. The extension of the offer deadline was expected, and pairing it with this financing news is a well-executed move.

CANEX Metals Inc. is a Canadian junior exploration company focused on the discovery and development of mineral deposits in North America. The company's key assets are: 1. Gold Range Project: The company's flagship project is an oxide gold property located in Northern Arizona, USA. The current strategic focus is to consolidate this district. 2. Louise Project: A copper-gold porphyry project in British Columbia with a historical resource and newly identified large-scale geophysical targets at depth.

The company's primary corporate strategy is the hostile takeover of its neighbor, Gold Basin Resources, to consolidate the Gold Range district into a single, large-scale oxide gold project.