Canex Announces Results of Annual & Special Meeting and Provides Drilling Update

CANEX METALS INC.

SUITE 1620, 734 – 7

TH

AVENUE S.W., CALGARY, ALBERTA, T2P 3P8

PH: 403.233.2636 FAX: 403.266.2606

NEWS RELEASE: 23-7 MAY 29, 2023

Trading Symbol: TSX Venture-CANX

CANEX ANNOUNCES RESULTS OF ANNUAL & SPECIAL MEETING

AND PROVIDES DRILLING UPDATE

CANEX Metals Inc. (“Canex”) is pleased to report that at its Annual & Special Meeting, held on

May 26, 2023, Shane Ebert, Jean-Pierre Jutras, Lesley Hayes, Gregory Hanks and Blair

Schultz were re -elected to the Board of Directors. Shareholders also approved fixing the

number of directors at five, the appointment of BDO Canada LLP as Auditors and ratified

Canex’s stock option plan.

CANEX recently completed a 24 hole reverse circulation drill program at the Gold Range

Project in Arizona with the first batch of drill assays from the program highlighting a new drill

discovery at the WestGold Target with hole GR23-120 returning 35 metres grading 0.7 g/t gold

(previously released see May 8, 2023 new release) . Assay results for 19 additional holes are

pending and will be released as they are received, validated, and interpreted.

Dr. Shane Ebert P.Geo. , is the Qualified Person for CANEX Metals and has approved the

technical disclosure contained in this news release.

“Shane Ebert”

Shane Ebert,

President/Director

For Further Information Contact:

Shane Ebert at 1.250.964.2699 or

Jean Pierre Jutras at 1.403.233.2636

Web: http://www.canexmetals.ca

Neither the TSX Venture E xchange nor its regulation services provider (as that term is defined in the policies

of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such

as “expects”, “projects”, “plans”, “anticipates” and similar expressions, are forward-looking information that represents management of

CANEX Metals Inc. internal projections, expectations or beliefs concerning, among other things, future operating results and various

components thereof or the economic performance of CANEX . The projections, estimates and beliefs contained in such forward- looking

statements necessarily involve known and unknown risks and uncertai nties, which may cause CANEX’s actual performance and

financial results in future periods to differ materially from any projections of future performance or results expressed or i mplied by such

forward-looking statements. These risks and uncertainties incl ude, among other things, those described in CANEX’s filings with the

Canadian securities authorities. Accordingly, holders of CANEX shares and potential investors are cautioned that events or

circumstances could cause results to differ materially from those predicted. CANEX disclaims any responsibility to update these forward-

looking statements.