Canex Metals Acquires 51.93% of GOLD Basin and Seeks a Court-Appointed Annual General Meeting of GOLD Basin Shareholders

CANEX METALS INC.

SUITE 1620, 734 - 7TH AVENUE S.W., CALGARY, ALBERTA, T2P 3P8

PH: 403.233.2636 FAX: 403.266.2606

NEWS RELEASE: 26-6 FEBRUARY 6, 2026

Trading Symbol: TSX Venture- CANX

CANEX METALS ACQUIRES 51.93% OF GOLD BASIN

AND SEEKS A COURT-APPOINTED ANNUAL GENERAL MEETING OF GOLD BASIN

SHAREHOLDERS

Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) (TSX.V:CANX) is pleased

to announce that more than 70,167,146 shares of Gold Basin Resources Corporation (“Gold

Basin”) (TSX.V:GXX), representing 51.93% of the common shares (“Gold Basin Shares”) have

been deposited under the CANEX offer (the “Offer”) to acquire all of the issued and outstanding

common shares of Gold Basin and CANEX is now the largest and controlling shareholder. A

court order has been issued by the Supreme Court of British Columbia allowing Gold Basin’s

Transfer Agent to be reinstated and prohibiting current Gold Basin Directors from further

incurring debt or impairing Gold Basin’s assets. A hearing to order an annual general meeting

(“AGM”) of Gold Basin shareholders (“Gold Basin Shareholders”) is set for February 11, 2026

where CANEX will nominate a slate of highly qualified and experienced directors to the board of

Gold Basin, and whose election is assured by CANEX’s majority position. CANEX’s Offer to

acquire all of the issued and outstanding Gold Basin Shares expires February 10, 2026 at 5:00

p.m. (Toronto time) and represents the final near-term opportunity for Gold Basin Shareholders

to realize liquidity and value.

Highlights

 51.93% of Gold Basin Shares have been deposited under the CANEX Offer and

CANEX is now the largest and controlling shareholder of Gold Basin

 Gold Basin’s entrenchment and failure to engage on a constructive and orderly transition

of leadership has forced CANEX to file a petition in the Supreme Court of British

Columbia seeking an AGM of Gold Basin shareholders be called . A hearing is

scheduled for February 11, 2026, to rule on the petition and set an AGM date

 A court order has been issued by the Supreme Court of British Columbia allowing Gold

Basin’s Transfer Agent to be reinstated, which has allowed shares of Gold Basin which

have been deposited under the CANEX Offer to be taken up and paid for

 A court order has been issued restraining Gold Basin from incurring debt or selling,

transferring, disposing of, leasing or encumbering any property of Gold Basin or

its subsidiaries, without approval from the Court

 The Offer value equates to approximately $22,400,000 or $0.166 per Gold Basin share

based on CANEX’s February 5, 2026 closing price. CANEX encourages all Gold Basin

Shareholders to tender to the Offer and allow a professional team with exceptional

shareholder backing to rapidly advance the consolidated gold district for the benefit of all

involved

CANEX’s Near-Term Plans as Gold Basin’s Controlling Shareholder

CANEX is pleased to announce that 70,167,146 Gold Basin shares have been deposited

under the CANEX Offer, representing 51.93% of Gold Basin shares. An Early Warning Report

has been filed on SEDAR+. The Company is also pleased to update that an additional

1,165,007 Gold Basin Shares have been tendered and are being verified, and if all are accepted

CANEX ownership would increase to 52.79%.

Shane Ebert, President and a Director of CANEX, commented: “We are thrilled at the response

we’ve received from Gold Basin Shareholders, and continue to see additional tenders come in

each day ahead of the Offer deadline. CANEX is pleased to welcome former Gold Basin

Shareholders as new shareholders of CANEX, we thank them for their overwhelming show of

support and look forward to embarking on building the consolidated gold district together.”

As required by Canadian securities laws, on January 29, 2026, CANEX extended the Offer for

at least 10 days, and the Offer now expires on February 10, 2026 at 5:00 p.m. (Toronto time).

CANEX does not intend to restore Gold Basin to active trading in the near term , as the

Company’s immediate goal is to merge Gold Basin into CANEX to realize overhead and

operational efficiencies. CANEX will address and rectify regulatory deficiencies, install a new

board of directors, settle debts and lawsuits, and work to facilitate a Subsequent Acquisition

Transaction (as defined in the Original Offer and Circular). There is no certainty that CANEX

will conclude a Subsequent Acquisition Transaction and as such, there is a risk that Gold

Basin Shareholders who do not tender to the Offer may be left holding illiquid shares in

a controlled company indefinitely, since the terms of the revised modified cease trade order

issued on January 28, 2026 allow only for transfer of Gold Basin Shares under the Offer or a

Subsequent Acquisition Transaction.

As the controlling shareholder holding over 50% of Gold Basin shares, CANEX sent a letter to

the directors of Gold Basin (the “Gold Basin Board”) advising that it had lost confidence in the

Gold Basin Board and sought, for the benefit of all Gold Basin Shareholders, to work

constructively on a swift and orderly transition of leadership and to allow for CANEX’s capable

team to focus on remedying Gold Basin’s various outstanding delinquencies, such as the

engagement of a transfer agent and resolution of multiple lawsuits due to non-payment for

services rendered. Unfortunately, the Gold Basin Board has refused to comply with the will of

its shareholders, instead choosing to continue holding Gold Basin hostage from its shareholders

through entrenchment and forcing an unnecessary and costly shareholder meeting whose

outcome is certain, in yet another breach of their fiduciary duty to Gold Basin Shareholders.

This has forced CANEX to file a petition in the Supreme Court of British Columbia seeking that

an AGM of Gold Basin Shareholders be immediately called. A hearing is scheduled for February

11, 2026, to rule on the petition and potentially set an AGM date. CANEX intends to nominate a

full slate of experienced director candidates familiar with the district and its history. With

CANEX’s majority control position, the business of the meeting will be a formality, necessary

only due to the obstruction of the current Gold Basin Board, which has not faced a shareholder

vote in over 20 months.

Court Order

On February 2, 2026, an order was issued by the Supreme Court of British Columbia in favor of

CANEX allowing Gold Basin’s transfer agent, TSX Trust Company (“TSX Trust”), to be

reinstated and to permit the shares of Gold Basin which have been deposited under the Offer to

be taken up and paid for. CANEX anticipates that this will also make it easier for certain Gold

Basin Shareholders to tender to the Offer now that TSX Trust’s services have been restored.

Given the Gold Basin Board’s track record of desperate entrenchment tactics to the detriment

of Gold Basin Shareholders, CANEX also sought and was granted an order that restrains Gold

Basin from selling, transferring, disposing of, leasing or encumbering any property of Gold Basin

or its subsidiaries, issuing securities, borrowing or lending money, or assuming or becoming

subject to any liability or guarantee, without approval from the Court.

Offer Terms

The CANEX Offer for Gold Basin remains open until February 10, 2026. We encourage all Gold

Basin shareholders to tender the offer and join us in advancing the consolidated oxide gold

district in Northern Arizona for the benefit of all involved. For each Gold Basin share tendered

and taken up, shareholders will receive 0.592 of a CANEX share, representing an implied

premium of approximately 340% based on the respective 30-day volume-weighted average

prices of CANEX and Gold Basin as of February 5, 2026 and Gold Basin’s last trading day on

May 6, 2025. The Offer values Gold Basin at approximately $22.4 million, or approximately

$0.166 per share, based on CANEX’s February 5, 2026 closing price. CANEX does not intend

to further extend the Offer.

For Gold Basin shareholders interested in learning more about the CANEX offer a video

presentation outlining CANEX’s projects, the advantages of consolidating the Arizona district,

and highlighting superior value for Gold Basin shareholders in the CANEX Offer relative to

current alternatives is presented here < Video Presentation link > (previously released on

December 2, 2025).

Immediate Action Required

Gold Basin shareholders who wish to tender to the Offer must do so before the February 10,

2026 expiry . Shareholders requiring assistance should immediately contact the information

agent:

Laurel Hill Advisory Group

Toll-Free (Canada & U.S.): 1-877-452-7184

Outside North America: 1-416-304-0211

Email: [email protected]

Advisors

CANEX has retained Borden Ladner Gervais LLP as its legal advisor and Laurel Hill Advisory

Group as its information agent.

About CANEX Metals

CANEX Metals (TSX.V:CANX) is a Canadian junior exploration company focused on advancing

its 100% owned Gold Range Project in Northern Arizona. With several near surface bulk

tonnage gold discoveries made to date across a 4 km gold mineralized trend, the Gold Range

Project is a compelling early-stage opportunity for investors. CANEX is also advancing the

Louise Copper-Gold Porphyry Project in British Columbia. Louise contains a large historic

copper-gold resource that has seen very little deep or lateral exploration, offering investors

copper and gold discovery potential. CANEX is led by an experienced management team which

has made three notable porphyry and bulk tonnage discoveries in North America and is

sponsored by Altius Minerals (TSX: ALS), a large shareholder of the Company.

Dr. Shane Ebert P.Geo., is the Qualified Person for CANEX and has verified the data disclosed

in this news release against historical and current data sources 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 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.

U.S. Notice

The Offer is being made for the securities of a foreign company. The Offer is subject to disclosure requirements of

a foreign country that are different from those of the United States. Financial statements included in the Offer

materials, if any, have been prepared in accordance with foreign accounting standards that may not be comparable

to the financial statements of United States companies. It may be difficult for you to enforce your rights and any

claim you may have arising under the federal securities laws, since the issuer is located in a foreign country, and

some or all of its officers and directors may be residents of a foreign country. You may not be able to sue a foreign

company or its officers or directors in a foreign court for violations of the U.S. securities laws. It may be difficult to

compel a foreign company and its affiliates to subject themselves to a U.S. court’s judgment. You should be aware

that the issuer may purchase securities otherwise than under the Offer, such as in open market or privately

negotiated purchases, in accordance with applicable law. Neither the U.S. Securities and Exchange Commission

nor any state securities commission has approved or disapproved of the securities to be issued in the Offer or

passed upon the adequacy or accuracy of the Offer materials. Any representation to the contrary is a criminal

offense.

Forward-Looking Statements

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

including words such as “potential”, “intend”, “risks”, “opportunities” and similar expressions, are forward-looking

information that represents management of CANEX Metals Inc.’s internal projections, expectations or beliefs

concerning, among other things: the number of Gold Basin shares to be tendered to the Offer; any further extension

of the expiry time of the Offer; CANEX’s plans for Gold Basin after take-up of Gold Basin shares; whether a

Subsequent Acquisition Transaction (as defined in the Original Offer and Circular) will be effected; whether the

Supreme Court of British Columbia will call an AGM of Gold Basin in response to the Petition; the date of such

AGM; the slate of candidates, if any, to be nominated by CANEX for election as directors of Gold Basin at such

AGM; the expected benefits to Gold Basin Shareholders of tendering their Gold Basin shares to the Offer; whether

Gold Basin will regain regulatory compliance; and 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, the risk that the transactions contemplated by the Offer will not be consummated; and those risks

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.