Canex Reports Cyanide Soluble GOLD Recoveries of 79.5% from

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: 21-9 MAY 27, 2021

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 REPORTS CYANIDE SOLUBLE GOLD RECOVERIES OF 79.5% FROM THE

ELDORADO ZONE AT GOLD RANGE, ARIZONA

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

favorable cyanide soluble gold recoveries from mineralized samples from the Eldorado Zone

at the Gold Range Project, Arizona.

Highlights

- Cyanide soluble gold analyses from sample pulps from the Eldorado Zone show

excellent recoveries and support a bulk tonnage heap leach target.

- 200 samples of oxidized and transitional material average 79.5% cyanide soluble gold.

- 8 samples have been submitted for bottle roll test work to provide a more detailed

metallurgical characterization of Gold Range mineralization.

Two hundred pulp samples from reverse circulation drilling at the Eldorado zone have been

analyzed for cyanide soluble gold using a 2 hour cold cyanide leach on 15 gram pulp samples.

The 200 samples returned a range of 25 to 127% cyanide soluble gold, averaging 79.5%. The

samples analyzed are mainly from visibly oxidized zones, although some mixed oxide and

sulfide (transitional) material was noted deeper in the system.

Dr. Shane Ebert, President of the Company stated, “These cyanide soluble gold results from

Eldorado confirm the potential as a bulk tonnage heap leach target and further de- risk the

exploration concept. The average cyanide soluble gold value of 79.5% compares very well to

current heap leach produc ers and development projects in western North America. The

Company has submitted 8 samples for advanced bottle roll test work to further understand the

leaching characteristics and chemistry of the Gold Range mineralization”.

January-February Gold Range Drill Program

In early 2021 the Company successfully completed 34 reverse circulation drill holes across 2.5

kilometres of strike length along the southern portion of the Gold Range Property. In total

2357.6 metres were drilled in holes ranging from 38 to 137 metres deep. Fifteen holes were

drilled at the Eldorado Zone to test and expand the Company’s previously announced bulk

tonnage oxide discovery, 5 holes tested various targets across the southern part of the

property and 14 holes tested the Excelsior Mine area.

Results for an additional 21 drill holes are pending and will be released as they are received,

compiled, and interpreted.

Quality Control

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

(1.52m) intervals during drilling and were picked up from site and analyzed by Skyline

Assayers and Laboratories in Tucson, Arizona (which is ISO/IEC 17025 accredited). A 1000g

pulp was prepared and gold was assayed using a 50g fire assay with an atomic absorption

finish (method FA-01-50g). Gold samples greater than 5 g/t are redone using a 50g fire assay

method with a gravimetric finish (method FA -02 50g). Cyanide soluble gold analyses were

done by Skyline using a 2 hour cold cyanide leach on 15 grams of pulp material with an atomic

absorption finish (Skyline code CN -1-H2-15g). 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 CANEX Metals

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

advancing its Gold Range Project in Northern Arizona. Led by an experienced management

team, which has made three notable porphyry and bulk tonnage discoveries in North America,

CANEX has identified and tested several targets which host the potential for bulk tonnage

oxide gold mineralization at its Gold Range Project. Recent drilling has identified near surface

bulk tonnage gold potential at the Eldorado Zone with Hole GR2 1-25 returning 1.3 g/t gold

over 21.3 metres including 5.1 g/t gold over 4.5 metres. The new discovery correlates with a

strong gold in soil anomaly and sheeted quartz veinlets and stockworks within metamorphic

rocks. The recent addition of the Excelsior Mine Property has added an ad ditional 2

kilometres of strike along a 3 kilometre long highly prospective mineralized trend that extends

from the Company’s Eldorado discovery to the historic Excelsior Mine. The Excelsior Mine

has seen historic underground and open pit mining along a z one 200 metres long and open

along strike. Gold mineralization is centered along the shallow dipping high grade Excelsior

Vein which is surrounded by a halo of sheeted quartz and quartz carbonate veins 20 to 50

metres wide.

The Company remains focused on testing and advancing key exploration targets on the Gold

Range Property through continued exploration and drilling.

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 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 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, 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 diff er

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