CANEX to Pay Out Bulk of Dissenting Gold Basin Shareholders in Canex Shares and Updates Helix Litigation

Canex Metals Inc. is finalizing its 100% acquisition of Gold Basin Resources by issuing shares to dissenting shareholders who failed to submit valid opt-out documentation. These delinquent dissenters will receive Canex shares at a ratio of 0.592 per Gold Basin share, resulting in the issuance of up to approximately 17.6 million new Canex shares. Following the issuance, total shares outstanding will reach approximately 247.1 million, with the delinquent dissenters holding roughly 7% of the company.

The company has also amended its litigation against Helix Resources Ltd., seeking to set aside a disputed Farm-In Agreement and recover legal costs. Additionally, a new civil suit targets former Gold Basin directors and officers Michael Povey and Charles Straw for breach of fiduciary duty, self-dealing, and misappropriation related to a Charrua Capital loan.

Exploration planning is advancing at the Gold Basin property in Arizona and the Louise Copper-Gold porphyry project in British Columbia. Permitting efforts are currently underway, though no specific dates have been provided.

Canex Metals Inc. (CANX) has completed the settlement of delinquent dissenters, a routine follow-up to the June 10, 2026, completion of the Gold Basin acquisition. The issuance of approximately 17.6 million shares, representing roughly 7% dilution, was already factored into the transaction mechanics and disclosed in the June arrangement documents.

The company also provided updates on litigation against Helix and former directors, which are standard corporate cleanup actions following a contentious takeover. While these actions carry legal costs, they do not alter the fundamental asset base or near-term cash position.

Exploration planning updates remain incremental, lacking specific timelines or assay results. The market has already priced in the consolidation, and the focus now shifts to execution risk on permitting and drilling. This release confirms the finalization of the M&A process without introducing unexpected upside or downside, serving as a procedural milestone that aligns with prior expectations.

Canex Metals Inc. is a junior mineral explorer focused on two primary assets: the Gold Range Project in Arizona and the Louise Copper-Gold Porphyry Project in British Columbia.

The Gold Range Project is a 4 km x 3 km oxide gold exploration district containing 138 historic drill holes. While no verified resources have been established, chip sampling has returned high-grade intercepts, including 14.83 g/t Au over 1m at Golden Chalice.

The Louise Copper-Gold Porphyry Project features a historic inferred resource of 0.92M oz Au and 658M lbs Cu, as well as an indicated resource of 0.18M oz Au and 132M lbs Cu. New geophysical targets, specifically West Louise and Louise Deep, have been identified but remain untested.

Management is led by Dr. Shane Ebert, with a focus on consolidating the Arizona district and advancing permitting for drilling programs.