Canex Metals Announces the Numbers of GOLD Basin Shares Taken up BY Canex Metals

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: 26-10 MARCH 20, 2026

Trading Symbol: TSX Venture- CANX

CANEX METALS ANNOUNCES THE

NUMBERS OF GOLD BASIN SHARES TAKEN UP BY CANEX METALS

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

this news release to correct its announcement dated February 10 , 2026 (the “Original

Release”) regarding the number of common shares in the capital of Gold Basin Resources

Corporation (“Gold Basin”)(“TSX.V:GXX) (the “Gold Basin Shares”) validly deposited (and not

withdrawn) under its offer to purchase all of the Gold Basin Shares (the “Offer”).

The revision to the number is due to the determination of defic iencies in certain tenders by

Gold Basin’s transfer agent, which was delayed by Gold Basin’s failure to have a transfer

agent in place at the time of expiry of the Offer and the need for CANEX to obtain a court order

to re-engage Gold Basin’s transfer agent. These deficiencies included the inability to process

estate transfers and replace share certificates on a timely basis for Gold Basin shareholders.

The Original Release stated that a total of 73,026,822 Gold Basin Shares, representing

54.04% of the issued and outstanding Gold Basin Shares, had been validly deposited (and not

withdrawn) under its Offer. Due to the deficiencies noted above , CANEX took up a total of

70,088,199 Gold Basin Shares, representing 51.86% of the issued and outstanding Gold

Basin Shares, and issued 41,492,194 common shares of CANEX to the Gold Basin

shareholders.

CANEX and Laurel Hill Advisory Group have been working with Gol d Basin shareholders who

made deficient deposits to the Offe r to help them get replaceme nt share certificates or proper

estate transfer documentation so they can participate in a pote ntial future Subsequent

Acquisition Transaction (as such term is defined in the offer a nd accompanying take-over bid

circular of CANEX dated August 28, 2025, as amended).

EARLY WARNING DISCLOSURE

An amended early warning report will be filed on SEDAR+ reflecting this change.

About CANEX Metals

CANEX Metals (TSX.V:CANX) is a Canadian junior exploration comp any 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 m ineralized trend, the Gold

Range Project is a compelling ear ly-stage opportunity for inves tors. CANEX has acquired

52% and a controlling interest in Gold Basin Resources Corporat ion, a company with a large

and advanced gold project directly adjacent to Gold Range. CAN EX is working toward a full

combination with Gold Basin to unlock the potential of the very large and highly prospective

advanced gold district. CANEX is also advancing the Louise Copp er-Gold Porphyry Project in

British Columbia. Louise contains a large historic copper-gold resource that has seen very little

deep or lateral exploration, offe ring investors copper and gold discovery potential. CANEX is

led by an experienced management team which has made three nota ble 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 Q ualified Person for CANEX and h as verified the data

disclosed in this news release against historical and current d ata 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 Unite d States. Financial statements included in the Offer

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

comparable to the financial statements of United States compani es. It may be difficult for you to enforce your

rights and any claim you may have arising under the federal sec urities 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 a ffiliates to subject themselves to a U.S. court’s

judgment. You should be aware that the issuer may purchase secu rities otherwise than under the Offer, such as

in open market or privately negotia ted 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 pr esent factual information conta ined herein, the matters set forth in this news

release, including words such as “potential”, “opportunities” a nd similar expressions, are forward-looking

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

concerning, among other things: t he correction of the deficient deposits to the Offer; the intention to complete a

Subsequent Acquisition Transaction for the privatization of Gol d Basin; 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 u nknown 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 f orward-looking statements. These risks and

uncertainties include, among othe r things, those risks describe d 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, except as required by applicable laws.