Canex Closes Equity Financing and Increases Drill Program at GOLD Range, Arizona

CANEX METALS INC.

SUITE 815, 808-4

TH

AVENUE S.W., CALGARY, ALBERTA, T2P 3E8

PH: 403.233.2636 FAX: 403.266.2606

NEWS RELEASE: 23-5 APRIL 3, 2023

Trading Symbol: TSX Venture-CANX

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN

THE UNITED STATES

The press release issued on April 3 , 2023 by CANEX METALS Inc. contained an error in the

wording and should have said raised C$600,000 not C$600,000 million and Common Shares

not Common Units. The completed and corrected release follows:

CANEX CLOSES EQUITY FINANCING AND INCREASES DRILL PROGRAM AT GOLD

RANGE, ARIZONA

CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to announce that it has closed its

previously announced C$600,000 private placement . The Company will use the proceeds of

the financing to advance its Gold Range Project located in northern Arizona, including a

significant expansion to the Reverse Circulation (RC) drill program that is currently in progress.

Highlights

• Strong investor support to expand CANEX’s current exploration efforts at Gold Range

• Multiple insiders participated in the financing with insiders beneficial ownership on a

partially diluted basis increasing to 21.1% of the Company

• Mr. Michael Gentile, CFA , CANEX’s lead investor, has increased his ownership in the

Company and now owns 10.9% on a partially diluted basis

• Mr. Blair Schultz, Director of the Company has also increased his ownership to 6.3% on

a partially diluted basis

• The current financing will allow C ANEX to significantly expand its exploration efforts

while doubling its planned drilling program from 15 to 30 drill holes, allo wing further

testing of priority exploration and expansion targets

The Company is very pleased to announce Mr. Michael Gentile, CFA , has increased his

percentage ownership in the Company and remains a strong supporter with 10.9% ownership.

Mr. Blair Schultz, Director of the Company has increased his ownership from 5.3% to 6.3 %.

Insiders now own 21.1% of the Company on a partially diluted basis.

Terms of Financing

The non-brokered private placement consisted of 10,000,000 Shares (“Shares”) at a price of

$0.06 per Common Shares for gross proceeds of $600,000.

The Shares were offered to accredited investors and all securities issued under the offering

will be subject to a hold period of four months plus one day or until August 4, 2023. No finder

fees were paid in connection with the financing.

In connect ion with the Private Placement, insiders purchased a total of 3,430,500 Shares.

The Company has relied on exemptions from the formal valuation and minority shareholder

approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 as

the fair market value of the subject matter of the Private Placement does not exceed 25% of

the market capitalization of the Company as calculated in accordance with MI 61-101.

Proceeds of the financing will be used to drill test and further expl ore the Gold Range Property

and for general working capital.

Expanded Drilling Program

Reverse circulation drilling is underway at the Company’s Gold Range Project in Arizona. The

drill program has been expanded from 15 holes to approximately 30 holes. The expanded drill

program will allow more tests of key exploration targets and allow the Company to expedite

expansion drilling at the main Excelsior Zone.

As part of this program CANEX will drill test the WestGold Target which contains the strongest

gold in soil anomaly identified on the project to date, extending over an area 425 metres by

150 metres and containing gold in soil values ranging from about 0.1 to 0.6 g/t. Drilling will

also test multiple parallel mineralized zones recent ly identified immediately east of Excelsior

and defined by surface mapping and gold mineralization in rock and soil samples. Some of

these parallel mineralized zones have been traced on surface for 600 metres and are open

under cover along strike. With s uccess either one of these exploration targets could

significantly increase the size potential of the Gold Range Project. Drilling is also planned on

the Shaft Target where a single drill hole recently discovered 27.4 metres grading 1.1 g/t gold

within a mostly covered area (previously released, January 23, 2023).

To date seven holes have been completed during the current drill program, with 5 holes

completed at the WestGold Target and 2 at the Shaft Zone. The deepest hole CANEX has

drilled on the propert y to date was successfully completed at WestGold to a depth of 286.5

metres. Five holes have been sent for assay and results will be released as soon as they are

received and interpreted.

About Gold Range

The Gold Range project is a new bulk -tonnage oxide -gold target located within an

underexplored metamorphic terrain in Northern Arizona. CANEX controls 5 kilometres of

strike length along a highly prospective district scale structure where mineralization is being

defined through surface sampling, mapping , and reverse circulation drilling. The main

exploration target defined by surface work is 3800 metres long by up to 500 metres wide with

multiple subparallel exploration targets identified. The target zone remains open along strike

under basin cover. Drilling by CANEX has returned strong results including 1 g/t gold over

59.5 metres, 1.6 g/t gold over 35.1 metres, 2.2 g/t gold over 24.4 metres, and 0.3 g/t gold over

62.5 metres.

About CANEX Metals

CANEX Metals (TSX.V:CANX) is a Canadian junior exploration company with a new gold

discovery at the Gold Range Project in Northern Arizona, and high grade silver and gold

mineralization at the Gibson property in British Columbia. CANEX is led by an experi enced

management team which has made three notable porphyry and bulk tonnage discoveries in

North America and is sponsored by Altius Minerals (TSX: ALS) a significant shareholder.

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 t his 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 uncertainties, which may cause CANEX’s actual performance and financial results in future

periods to differ materially from any projections of future perfor mance or results expressed or implied by such forward- looking statements.

These risks and uncertainties include, 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.