Canex Extends Bulk Tonnage Potential at GOLD Range Drills 21.3 Metres Grading 0.6 G/T GOLD 150 Meters WEST of Initial Discovery

CANEX METALS INC.

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

PH: 403.233.2636 FAX: 403.266.2606

NEWS RELEASE: 20-22 NOVEMBER 16, 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 EXTENDS BULK TONNAGE POTENTIAL AT GOLD RANGE

DRILLS 21.3 METRES GRADING 0.6 G/T GOLD

150 METERS WEST OF INITIAL DISCOVERY

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

assay results for holes GR20-10 to 14 from the recent reverse circulation drilling program at the

Company’s Gold Range Project, Arizona.

Highlights

- Hole GR20-13 intersected 0.6 g/t gold over 21.3 metres including 1.2 g/t gold over 7.6

metres starting 10.7 metres downhole.

- Hole GR20-9 (previously released) located 150 metres west of hole GR20-13, intersected

0.9 g/t gold over 27.4 metres , while hole 8 from the same pad intersected 0.5 g/t

gold over 24.4 metres plus a deeper zone of 0.2 g/t gold over 25.9 metres, and

combined these 3 holes demonstrate potential for a significant near surface bulk tonnage

target in the area.

- Holes GR20-12 and 13 intersected mineralized and highly anomalous gold over a 50 to

75 metre wide interval in a zone that is interpreted to underly the shallow dipping

mineralization intersected in holes GR20 -8 and 9. The combined thickness of th e

prospective zone showing heap leach potential could be 80 metres or more.

- The gold bearing drill holes sit within a 200 metre wide by 600 metre long gold in soil

anomaly with an overlapping magnetic low that remains wide open for testing.

Dr. Shane Ebert, President of the Company stated, “Hole GR20-13 is a significant near surface

intercept that remains open to the north and west, and correlates well with the initial discovery

made in hole GR20 -9 located 150 metres to the east. The mineralized intercept in hole 13 is

interpreted to sit below the zone intersected in holes 8 and 9, and if this interpretation is correct,

the area has excellent potential to host a significant near surface oxidized gold deposit”.

“Further work is required to understand the extent, continuity, controls, and significance of this

bulk tonnage type target. We are very pleased that our phase 1 drill program has identified two

promising exploration targets for follow up, the previously released drill results at the Pit

Extension Target returning 5.9 g/t gold over 4.6 metres, and now and bulk tonnage potential

Page 2

November 16, 2020

coming together in the southern part of the claim block at the Eldorado and Contact target

areas”.

Contact Target

The Contact Target and the Eldorado Targets appear to be part of the same mineralized system

and soils and magnetic data suggest the zone is at least 200 metres wide and 600 to 1000

metres long. Holes GR20-12 and GR20-13 were drilled into the Contact Target to test a zone

of strong gold in soils and gold in surface rock samples. Both holes were drilled from the same

pad and oriented to the south, with hole 12 drilled at a -48 degree angle and hole 13 drilled at a

-70 degree angle. Holes GR20-10 and 11 tested the East Eldorado vein located 500 metres

east of holes 12 and 13. Both holes intersected anomalous gold over much of their lengths .

Hole GR20-14 was drilled at the Central Zone, 2 kilometres to the northeast, partially testing a

large gold in soil anomaly. The hole intersected widespread anomalous gold with one interval

returning 1.3 g/t gold over 1.52 metres. The Central Zone remains largely untested.

A drill hole location map and cross section for holes GR20-8,9,12 and 13 are available here.

Highlights from reverse circulation drill holes GR20-10 to 14

Drill Hole From (m) To (m) Width (m)* Au g/t

GR20-12 9.14 18.29 9.15 0.1

GR20-12 48.77 62.48 13.71 0.1

GR20-13 10.67 32.00 21.33 0.6

including 21.34 28.96 7.62 1.2

GR20-13 48.77 76.20 27.43 0.1

GR20-14 85.34 86.87 1.52 1.3

*Drill hole intercepts, true widths have not been determined.

The Company is working on plans for a second phase of exploration drilling that will focus on

understanding and defining the newly recognized bulk tonnage target at Gold Range.

Mineralized intervals from holes 8, 9, and 13 with be re-analyzed for gold using a cyanide leach

extraction to better understand the heap leach potential of the target.

Quality Control

Reverse circulation drill cuttings were collected in numbered cloth sample bags from 5 foot

(1.52m) intervals during drilling and shipped to Skyline Assayers and Laboratories in Tucson,

Arizona (which is ISO/IEC 17025 accredited) for analyses. A 1000g pul p was prepared and

gold was assayed using a 50g fire assay with an atomic absorption finish (method FA-01-50g).

All gold samples greater than 5 g/t were redone using a 50g fire assay method with a gravimetric

finish (method FA -02 50g). Twenty -four additional elements were analyzed using a multi acid

digestion and inductively coupled plasma (method TE -4). The Company included certified

reference standards, blanks, and duplicates in every sample batch and then checked to ensure

proper quality assurance and quality control.

About the Gold Range Property

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

lode and placer gold production but limited modern gold exploration. Systematic fieldwork by

Page 3

November 16, 2020

the Company , including geological mapping, structural analyses, airborne geoph ysics, and

surface rock and soil sampling has identified multiple gold exploration targets that are interpreted

to be part of the same large mineralizing event. The Company is in the process of completing

a maiden drill program on the property focused on testing several advanced targets and gaining

valuable information on the mineralized system. Please visit our website at

www.canexmetals.ca for additionnel information.

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 here in, 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 performance 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.