CANEX Responds to Gold Basin Directors Circular and Announces NI 43-101 Technical Report for the Gold Range Project

The most recent news release, dated October 27, 2025, announces two key developments. First, CANEX is responding to the Directors' Circular issued by Gold Basin Resources Corporation, the target of its hostile takeover bid. As part of this, CANEX notes it has increased shareholder support for its bid, with lock-up agreements now representing 29% of Gold Basin's outstanding shares. Second, CANEX has filed an independent NI 43-101 Technical Report for its own Gold Range Project in Arizona, which is adjacent to Gold Basin's main asset.

The news is material and positive. While the increase in locked-up shares for the Gold Basin bid from 26% to 29% is an incremental positive, the more significant development is the filing of the NI 43-101 Technical Report for the Gold Range Project.

For a junior exploration company, a technical report is a crucial de-risking milestone. It establishes a compliant, independent technical foundation for the project, enhancing its credibility and providing a solid basis for future exploration and potential resource definition. In the context of the hostile bid for Gold Basin, this filing strengthens CANEX's position by: - Bolstering the value of its own asset portfolio. - Making its shares (the currency for the acquisition) more attractive. - Allowing for a more direct, compliant comparison between its Gold Range project and Gold Basin's asset, supporting the strategic rationale for consolidating the district.

The news demonstrates that management is effectively executing on both its corporate M&A strategy and its project development plans. The combination of advancing the hostile bid while simultaneously de-risking its core asset is a significant positive. The impact is material as it strengthens the company's negotiating position and intrinsic value.

CANEX Metals Inc. is a Canadian-based junior mineral exploration company focused on gold and copper projects in North America. The company has two key projects: 1. Gold Range Project (Arizona, USA): This is the company's flagship project and the focus of its M&A strategy. It is an oxide gold project located in a historic mining district. The strategic goal is to consolidate the district by acquiring the adjacent Gold Basin project, owned by Gold Basin Resources Corp., through a hostile takeover bid. 2. Louise Project (British Columbia, Canada): A road-accessible copper-gold porphyry project with a historical resource. A recently completed deep-looking Induced Polarization (IP) survey in mid-2025 successfully identified two large, untested drill targets ("West Louise" and "Louise Deep") that have the potential to significantly expand the known mineralized system.