CANTEX REPORTS SUCCESSFUL 2026 DRILL PROGRAM WITH INITIAL RESULTS INCLUDING A 14 METER INTERSECTION CONTAINING 4 METERS OF 29.45% LEAD-ZINC ON ITS 100% OWNED SILVER-LEAD-ZINC-GERMANIUM NORTH RACKLA PROJECT, YUKON

Cantex Mine Development Corp. (CD) reported the first assay batch from its 2026 North Rackla programme, which has drilled 31 holes totaling more than 8,000 meters. Of these, 15 holes tested the Main Zone extension and 16 tested three regional gold and base-metal anomalies. Assays are currently available for the first nine Main Zone holes, with results for 22 holes pending. Germanium assays for the mineralized intervals are forthcoming.

The company stated that these holes expand the drill-confirmed Main Zone strike to 2.67 km, which remains open.

Table 1 tabulates results for four holes from a single pad (MZ62N), fanned at dips of -46° to -74°. The reported downhole lengths do not include true widths or a stated cutoff:

• YKDD26-356: 14.00 m @ 10.99% Pb+Zn (4.26% Pb, 6.73% Zn), 17.0 g/t Ag, from 218.00–232.00 m
• Including 4.00 m @ 29.45% Pb+Zn (12.35% Pb, 17.10% Zn), 44.3 g/t Ag, from 218.00–222.00 m
• YKDD26-356 (other): 1.00 m @ 1.64% Pb+Zn, 4.0 g/t Ag (58–59 m); 3.00 m @ 2.54%, 4.9 g/t Ag (135–138 m); 4.00 m @ 1.55%, 2.9 g/t Ag (208–212 m)
• YKDD26-359: 2.00 m @ 2.71% Pb+Zn, 26.3 g/t Ag (222–224 m); 3.00 m @ 5.64% Pb+Zn, 16.3 g/t Ag (259–262 m); 0.48% Cu in the upper interval
• YKDD26-361: 2.00 m @ 4.14% Pb+Zn, 6.4 g/t Ag (225–227 m); 2.00 m @ 2.00% Pb+Zn, 7.2 g/t Ag (230–232 m)
• YKDD26-363: 1.00 m @ 0.14% Pb+Zn, 13.2 g/t Ag (73–74 m)

Cantex Mine Development Corp. (CD) is a pre-resource explorer with no revenue, a going-concern flag, and total equity of C$1.17M against a ~C$38M market capitalisation. At this stage, a drill result can be highly material, but materiality is measured against what a single hole changes about scale, grade, or odds, and against what the price already assumes.

The latest release does not introduce new grade characteristics. The Main Zone has carried 20%+ Pb+Zn grades in the company's own 2018 disclosure and >100 g/t Ag; the reported 10.99% combined over 14 m is consistent with, not better than, the established character of the deposit. Silver grades are softer than the historical average for the zone, at 17 g/t versus >100 g/t cited for 2018. The reported core length indicates a true width likely below the "average over 8 m" true-width figure the company cites for 2018.

Regarding scale, the 20 m strike increment is below the 2.8 km stated in July 2026. There is no new zone, no new depth, and no new intrusive or stratigraphic horizon. Certainty remains limited, as one hole of four is strong, two are narrow, and one is a blank. Continuity is not de-risked.

The stock has not been re-rated on this news, sitting at C$0.24, roughly 27% below its February/September C$0.33 double top, and has ground lower through October from C$0.32 in mid-September. The move that mattered ($0.17 → $0.33, Feb 2026) preceded these assays and coincided with the silver/gold price run the chairman himself cited. There is no embedded drill-result anchor here for this release to beat or miss. The result is not materially better in grade-and-width substance than the 2018 anchor (23.67 m true width @ 8.15% Pb+Zn; 4.62 m @ 19.24% Pb+Zn with 67 g/t Ag), featuring better grade, shorter width, thinner silver, and unknown true width. It confirms the system but does not enlarge the story.

Company financial context from the filing to 30 April 2026 — not disclosed in today's release — shows a nine-month net loss of C$2.99M, operating cash outflow of C$3.62M, cash of C$1.65M, working capital of +C$1.30M, explicit going-concern language, and dependence on continued equity issuance. The financial table's "Buybacks 5,281,392" line is almost certainly a mislabelled share issuance within financing cash flow, not a buyback, as a going-concern explorer is not repurchasing stock, and financing CF of +C$5.07M corroborates that reading.

The result is a good hole inside a system that is already fully drilled and fully discussed, with the material valuation gap (a resource) untouched. This is confirmation-grade news, not thesis-changing news.

Cantex Mine Development Corp. (TSXV: CD; OTCQB: CTXDF), based in Kelowna, BC, and chaired by Dr. Charles Fipke, founder of the Ekati diamond mine, holds a 100% interest in the North Rackla silver-lead-zinc-germanium property in the Yukon. The property is located 150 km northeast of Mayo within Na-Cho Nyak Dun First Nation territory, which the company describes as pro-development. Property size is stated variously as 14,077 ha and 20,000 ha / 1,075 claims.

The Massive Sulphide Project, comprising the Main Zone and the GZ Zone located 500 m away, hosts Proterozoic carbonate-hosted, manganese-elevated massive sulphide mineralisation that the company compares to Broken Hill, Mt Isa and Sullivan. Drill-confirmed strike is quoted at 2.65 km in presentations, 2.8 km in the MD&A and July 2026 release, and now 2.67 km, with a depth extent to approximately 700 m that remains open. A separate Copper Area has yielded narrow high grades historically, including 2.5 m @ 3.93% Cu including 1 m @ 7.32% Cu, and 2.9 m @ 4.54% Cu, with no significant new copper intersected in the 2025 programme. Regional gold and base-metal anomalies, including B43 with grab samples up to 9,810 g/t Ag, 12.4% Cu, 14.35% Pb, are considered early-stage, and grab samples are not assays of a drill-defined body.

Metallurgy results indicate that XRT sorting recovered 95.0% Ag, 97.8% Zn, 97.9% Pb into 70% of mass. Conventional flotation produced 53.6% Pb and 61.8% Zn concentrates at 85.1% and 80.6% recovery with up to 960 g/t Ag in the lead concentrate. Oxide zinc recovery was poor, and the oxide stream is saleable only as a lead concentrate.

Non-core assets include the Yemen projects (Al Hariqah, Al Masna), which remain under force majeure. As of 30 Apr 2026, the company reported cash of C$1.65M, total equity of C$1.17M, and a nine-month loss of C$2.99M, with a going-concern flag active. Funding has been provided by placings of C$5.28M in July 2025 and up to C$3.5M in Aug–Sep 2026.