Canex Metals extends Gold Basin offer to Jan. 19

Executive Summary

• Canex Metals Inc. has extended its takeover bid for Gold Basin Resources Corp. until January 19, 2026, and waived the minimum tender condition of 66-2/3%, reducing it to the statutory minimum of 50%.
• The offer has received significant support, with 47.12% of Gold Basin shares tendered (63,679,078 shares). Canex states that only 3,866,166 additional shares are needed to meet the statutory threshold and complete the acquisition.
• The offer values Gold Basin at approximately $18 million (or >13 cents per share), representing a 221% premium based on VWAPs. Canex contrasts this with Gold Basin's management, who issued a release urging rejection of the offer in favor of a Helix Resources farm-in agreement valued at roughly $2.92 million.

Key Details

• Offer Extension: Deadline extended to 5 p.m. Toronto time on January 19, 2026, due to delays caused by Gold Basin lacking a transfer agent.
• Tender Status: 63,679,078 shares tendered, representing 47.12% of outstanding shares.
• Waiver of Conditions: Canex waived the 66-2/3% minimum tender condition; only the statutory 50% condition remains.
• Consideration: Tendering shareholders receive 0.592 of a Canex share for each Gold Basin share.
• Valuation:
  • Implied premium of 221% based on 30-day VWAPs (Canex Jan 7, 2026 vs. Gold Basin May 6, 2025).
  • Total offer value approx. $18 million.
  • Per-share value >13 cents based on Canex's Jan 8, 2026 closing price.
• Conflict with Gold Basin Management:
  • Gold Basin issued a release on Jan 8, 2026, urging shareholders to reject the offer, claiming it undervalues the mineral endowment.
  • Gold Basin management supports a farm-in agreement with Helix Resources, which Canex argues values the company at only ~$2.92 million.
  • Helix would acquire a 40% interest by spending $2.78 million and a 1% NSR royalty by issuing $137,000 in shares.
  • Canex criticizes Gold Basin for being cease-traded, non-compliant, lacking a transfer agent, and facing litigation.
• Louise Project Update (British Columbia):
  • Drill permit application submitted in late 2025; decision expected Q1 2026.
  • Two new targets identified via 2025 geophysical survey:
    • West Louise Target: 600m wide x 800m long x 500m vertical; open along strike.
    • Louise Deep Target: 700m wide; extends to 1,000m below surface.
  • Drilling planned for 2026 pending permit approval.

Notable Quotes

• "Canex thanks Gold Basin shareholders for their strong support and encourages all Gold Basin shareholders to tender to the offer today."
• "The offer represents an implied premium of 221 per cent... The offer value equates to approximately $18-million or more than 13 cents per Gold Basin share."
• "Canex welcomes Gold Basin management to explain to their shareholders why they support a valuation of roughly $2.92-million to give away approximately half of the value of the company to Helix and reject Canex's offer valued at around $18-million for 100 per cent."
• "Gold Basin's recent news release is a naked attempt to maintain control of the company, apparently for the benefit of Helix and to the detriment of Gold Basin shareholders."