British Columbia Court Declares The Helix Resources Joint Venture on The Gold Basin Property is Set Aside and is Unenforceable

Canex Metals Inc. (CANX) reported on October 13, 2026, that the Supreme Court of British Columbia issued an order declaring the Helix Resources Ltd. earn-in and joint venture agreement on the Gold Basin Property set aside and unenforceable. The ruling followed a petition heard on October 9, 2026.

The court determined that the Helix-JV agreement, dated February 3, 2026, and involving Gold Basin Resources Corporation, Gold Basin Resources (Arizona) Inc., Helix Resources Limited, and Leichhardt Resources (QLD) Pty Ltd., is void. The order clarifies that Helix holds no interest or rights in the Gold Basin Property and must pay the costs of the petition to Gold Basin. CANX stated it looks forward to recovering legal costs from Helix.

The company noted it has been advancing permitting, exploration, and drill planning under the assertion that the Helix-JV was invalid and had no standing. CANX is now working through final exploration permit obligations and lining up a drill contractor, with exploration timelines to follow shortly.

The release reiterated that CANX owns 100% of Gold Basin Resources. The combined Gold Basin and Gold Range properties host drill-defined gold deposits up to 1.7 km in length with over 950 historic and current drill holes. Louise is identified as a BC copper-gold porphyry project.

Canex Metals Inc. (CANX) has seen a court extinguish a third-party claim against its flagship Arizona property, removing a legal overhang that previously allowed a party to earn up to 40% and take a 1% NSR. The court awarded costs to Gold Basin, eliminating an impairment risk to the asset and resolving questions regarding future Helix expenditures.

The company had publicly declared the Helix-JV "invalid and of no legal standing" since its May 5, 2026 release, stating it was advancing permitting and drill planning on that basis. An August 18, 2026 release described the transaction as successfully completed and the JV as void. The court order confirms a position the company had already asserted.

The financial impact is minor, with legal-cost recovery being immaterial to a company with a ~C$115 million market capitalization and no revenue. This does not change cash generation, resource size, or the capital need. The release explicitly defers exploration permits and drilling timelines to a future announcement.

Canex Metals Inc. (TSXV: CANX) is a pre-revenue Canadian junior mineral exploration company. Its flagship asset is the 100%-owned, consolidated Gold Basin / Gold Range oxide gold district in Mohave County, Arizona. The district was assembled through the completed acquisition of Gold Basin Resources Corp., which closed in June 2026 and marked the first successful start-to-finish hostile takeover of a cease-traded Canadian issuer. The property comprises 546 lode mining claims, 5 split-estate mineral titles, and 2 patented claims across roughly 14,000 acres. Mineralized trends exceed 8 km, with drill-defined deposits up to 1.7 km in length supported by over 950 historic and current drill holes. Portions of the property were previously permitted for an open-pit heap-leach operation in the late 1980s.

The company’s second project is the Louise Copper-Gold Porphyry in British Columbia, which contains a large historic (non-compliant) copper-gold resource with untested deep and lateral targets. No NI 43-101-compliant resource is stated for either project. The investor presentation cites historic, non-compliant estimates only:

• Gold Basin Cyclopic Zone: ~299,800 oz Au @ 1.12 g/t
• Louise: ~1.1 moz Au and ~790 Mlb Cu combined indicated/inferred

These figures must be treated as historic and unverified.