CANEX Successfully Acquires Gold Basin and Looks to Commence Exploration Activities

Canex Metals Inc. (CANX announced on August 18, 2026, announced it has begun the final procedural step to complete its 100% acquisition and integration of Gold Basin Resources Corp. The final step is issuance of approximately 17,635,846 CANEX shares to “Delinquent Dissenters” holding 29,790,301 Gold Basin shares. After issuance, CANEX expects approximately 247.1 million shares outstanding, with those dissenters holding roughly 7%. The release describes the transaction as the first successful takeover bid launched against a cease-traded issuer in Canada.

The consolidated Arizona land package is described as 5 split-estate mineral titles, 2 patented mining claims, and 546 lode mining claims, with mineralized trends exceeding 8 km and more than 950 current and historic drill holes. Drill highlights are repeated from previous disclosures and include Gold Basin intercepts such as 0.93 g/t Au over 138.7 m and Gold Range intercepts such as 1.0 g/t Au over 59.45 m. True widths have mostly not been determined, and historic hole RMG-90-01 has not been independently verified.

On permitting, CANEX reports a two-year extension at Gold Range for up to 37 additional drill pads, staking of 79 new lode claims around Gold Basin, and a five-year area-based exploration permit at Louise for 11 drill holes, access, and 52 line-km of geophysics.

The company also granted 7,800,000 incentive stock options to insiders/consultants at $0.24 per share, three-year term, vesting immediately. The release contains no new drill results, no updated resource estimate, no production or revenue figures, and no financing announcement.

Canex Metals Inc. (CANX) announced the administrative completion of its 100% acquisition of Gold Basin on August 18. The transaction was approved on June 4, 2026, and closed on June 10, 2026. The company had previously disclosed the issuance of delinquent dissenter shares on July 22, 2026, noting an essentially identical share count and resultant outstanding share figure.

Permitting updates include the Gold Range extension and Louise exploration permit, which support future work. These items were previously characterized as in process or expected, and no drill results or new economic data accompany the announcement.

Drill highlights presented in the release are recycled from prior communications. Several key intercepts have unknown true widths, and one historical hole is not independently verified.

The company issued 7.8 million options at $0.24 with immediate vesting.

Prior-period financial context for the period ending March 31, 2026, shows no revenue, a net loss of $867,307, operating cash flow of negative $800,799, cash of $2,004,367, and working capital of only $451,885. The release does not address how future drilling will be funded.

Canex Metals Inc. (CANX) is a Calgary-based junior exploration company listed on the TSX Venture Exchange. Its flagship asset is the consolidated Gold Range–Gold Basin oxide gold project in Mohave County, Arizona, for which the company now owns 100% of Gold Basin Resources Corp. The combined Arizona package includes 5 split-estate mineral titles, 2 patented mining claims, and 546 lode mining claims, with mineralized trends exceeding 8 km and deposits up to 1.7 km long based on company disclosures. The combined exploration database contains more than 950 current and historic drill holes.

The Gold Range project was previously described in the provided November 18, 2025 investor presentation as pre-resource stage with 138 holes drilled and multiple gold zones over a 4 km by 3 km area. The company’s second project is the Louise Copper-Gold Porphyry in British Columbia. The provided presentation cites a 2007 SRK historic resource, not verified by CANEX: - Indicated: 0.18 million oz Au and 132 million lbs Cu - Inferred: 0.92 million oz Au and 658 million lbs Cu

The company has no production, no revenue, and no current mineral reserves.