Canex Metals Announces Success of Gold Basin Take-Over Bid, Extension of the Partial Revocation of the Cease-Trade Order Imposed on Gold Basin, Waiver of All Remaining Conditions, Initiation of the Share Take Up Process, and Mandatory 10-Day Extension

Executive Summary

• CANEX Metals satisfied the statutory minimum tender requirement (51.06% of Gold Basin shares) and waived all remaining conditions, moving to take up the deposited shares.
• The British Columbia Securities Commission granted a Partial Revocation Extension, pushing the expiry of the cease‑trade order to 31 Mar 2026 (or 30 Jun 2026 if >50% tendered by then).
• CANEX announced a mandatory final extension of its offer to 10 Feb 2026, after which no further extensions will be made.

Key Details

• Tender Milestone: 68,994,029 Gold Basin shares deposited (51.06% of outstanding) as of the initial expiry time (29 Jan 2026, 5:00 p.m. Toronto time).
• Offer Terms: Each tendered share will be exchanged for 0.592 CANEX share, representing an implied premium of ~314% versus Gold Basin’s VWAP on its last trading day (May 6 2025). Approximate total offer value: $23.2 M (~$0.172 per Gold Basin share).
• Partial Revocation Extension Order: BCSC extended the partial revocation order to 31 Mar 2026; if >50% of shares are tendered and taken up by that date, the order will further expire on 30 Jun 2026 in connection with a compulsory acquisition or second‑step transaction.
• Mandatory Offer Extension: New expiry – 10 Feb 2026 at 5:00 p.m. Toronto time. No additional extensions will be provided.
• Post‑Take‑Up Plans: CANEX will become controlling shareholder, install a new board, address regulatory deficiencies and debts, and pursue a “Subsequent Acquisition Transaction” (no guarantee of completion).
• Payment Timeline: Payment for taken‑up shares to occur within three business days after take‑up.
• Advisors: Legal – Borden Ladner Gervais LLP; Information agent – Laurel Hill Advisory Group.
• Communications: Extension notice and updated offer documents filed on SEDAR+, CANEX website, and mailed to Gold Basin shareholders. Advertisement scheduled in The National Post (30 Jan 2026).

Notable Quotes

“We are extremely excited to have achieved this >50% milestone… This consolidation effort marks a turning point where all involved can come together with a focused and determined objective of realizing the full value and potential of this exceptional district.” – Dr. Shane Ebert, President & CEO, CANEX Metals