Canex Commences Drilling at GOLD Range, Arizona

CANEX METALS INC.

SUITE 815, 808-4TH AVENUE S.W., CALGARY, ALBERTA, T2P 3E8

PH: 403.233.2636 FAX: 403.266.2606

NEWS RELEASE: 20-18 AUGUST 25, 2020

Trading Symbol: TSX Venture-CANX

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

CANEX COMMENCES DRILLING AT GOLD RANGE, ARIZONA

Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to announce

that drilling has commenced at the Gold Range Property, Arizona.

Drilling has commenced at Gold Range with the first hole expected to be completed by the end

of the day. Drilling is initially targeting the Pit Zone where 62 previously released chip and

grab samples ranged from trace to 48 g/t gold, averaging 8.5 g/t gold. The drill program will

consist of approximately 1675 metres (5500 feet) of reverse circulation drilling designed to test

up to 7 different targets with multiple holes per target. The targets being tested with this

maiden round of drilling occur over a 2 kilome tre by 4 kilometre area and all contain gold

mineralization exposed at surface.

The drill program is expected to take up to 25 days to complete. Samples will be sent for

assay in multiple shipments as the program progresses to help expedite initial sample results.

Exploration Update

Field personnel have been on site since early July conducting surface exploration and

mapping activities focusing on expanding existing zones and discovering new zones of gold

mineralization. Multiple new gold explorat ion targets have been identified and are being

advanced to define new drill targets for future testing. O ver 100 rock and 2 14 soil samples

have been collected from these targets and submitted for assay.

A single geophysical test line of induced polarization – resistivity has been completed at Gold

Range. A second test line was cancelled due to high fire risk. Final results from the completed

test line are expected in the next few weeks.

About the Gold Range Property

The Gold Range Property is l ocated in Northern Arizona within an area that has seen historic

lode and placer gold production but limited systematic modern lode gold exploration.

Fieldwork by the Company has identified numerous gold exploration targets on the property

with grab sampl es from outcropping quartz veins returning multiple values in the 20 to 40 g/t

gold range, and chip sampling returning values of 53.2 g/t gold over 0.6 metres, 31.7 g/t gold

over 1 metre, 24.3 g/t gold over 1.5 metres, 28.1 g/t gold over 1 metre, 17.2 g/t over 1.1 metre,

and 8.47 g/t gold over 5.6 metres. Please visit our website at www.canexmetals.ca for

additionnel information.

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August 25, 2020

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

Neither the TSX Venture Exchange 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, expectati ons 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 performance or results expressed or implied by such forward- looking statements.

These ris ks 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 di ffer

materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.