CANEX Successfully Acquires Gold Basin and Looks to Commence Exploration Activities

CANEX Successfully Acquires Gold Basin and

Looks to Commence Exploration Activities

CALGARY, AB / ACCESS Newswire / August 18, 2026 / CANEX Metals Inc. ("CANEX" or the "Company")

and our 100% owned subsidiary Gold Basin Resources Corp. ("Gold Basin") are pleased to announce that

CANEX has begun the final procedural step to complete its successful acquisition and integration of Gold

Basin. With the procedural process nearing completion CANEX management is now focusing on

exploration and delineation of the consolidated Gold Range - Gold Basin oxide gold project in Arizona and

is working to drill test the Louise Copper-Gold Porphyry in British Columbia.

Highlights:

 CANEX's acquisition of Gold Basin is the first ever successful takeover bid launched against

a cease-traded issuer in Canada. The final procedural step in the year-long hostile takeover of

Gold Basin is underway

 The successful consolidation of Gold Basin into CANEX creates a large oxide gold project in

Northern Arizona with mineralized trends exceeding 8 kilometres in length, containing

multiple known mineralized zones and new undrilled exploration targets that can be

evaluated without boundaries for the first time

 Premium Grades: Previous drill intersections from the acquired Gold Basin property package

highlight the key strategic importance of the acquisition. Gold Basin drill highlights include:

 0.93 g/t gold over 138.7 metres in hole ST24-026

 1.82 g/t gold over 57.9 metres in hole CM23-022

 2.44 g/t gold over 42.7 metres in hole CM23-029

 6.5 g/t gold over 16.8 metres in hole RMG-90-01

 Drill intersections from CANEX's Gold Range property highlight the importance consolidation

adds to the grade and tonnage potential of the district. Gold Range drill highlights include:

 1.0 g/t gold over 59.45 metres in hole GR21-57

 1.6 g/t gold over 35.1 metres in hole GR21-37

 2.2 g/t gold over 18.3 metres in hole GR21-46

 1.8 g/t gold over 19.8 metres in hole GR21-59

 1.3 g/t gold over 21.3 metres in hole GR21-25

 Update on the Louise Copper Gold Porphyry Project in British Columbia: A mineral exploration

permit has been received for the Louise Copper-Gold Porphyry project and further permitting

relating to a temporary bridge installation is underway

 Backed by successful, patient, long term mining investors: CANEX is supported by strategic

mining professionals including Eric Fier, Discovery Group, Michael Gentile, and Altius Minerals

Dr. Shane Ebert, President and CEO of CANEX stated, "CANEX is now completing the final procedural

step in its successful takeover of Gold Basin. The process has taken about a year to complete and faced

significant legal and regulatory complexities that our management team and consulting and advisory

groups have done an exceptional job of navigating. The successful takeover of Gold Basin by CANEX was

the first takeover bid ever launched against a cease-traded issuer in Canada and is the second

successful start-to-finish hostile bid in Canada since regulatory reforms took eƯect in 2016. With the

regulatory part of this process wrapping up we are excited to focus our eƯorts on exploring and advancing

the consolidated oxide gold district in Arizona, and drill testing key targets at our Louise Copper-Gold

Porphyry in British Columbia. "

The Combined Arizona District

With the completed acquisition CANEX now controls a gold district in Arizona that comprises 5 split

estate mineral titles, 2 patented mining claims, and 546 lode mining claims. The property contains large

drill defined gold deposits up to 1.7 kilometers in length, within mineralized trends exceeding 8

kilometres in length, with significant untested exploration upside. Detailed evaluation and integration of

surface exploration data, geophysical data, and drill data is underway in support of exploration planning

around deposit expansion and testing of new targets.

The combined district database contains in excess of 950 current and historic drill holes providing an

excellent base to fast-track drill targeting and future resource definition. Drill results from the district

highlight the exceptional resource potential with premium oxide gold grades and include:

 0.93 g/t gold over 138.7 metres in hole ST24-026 (Gold Basin)

 1.82 g/t gold over 57.9 metres in hole CM23-022 (Gold Basin)

 2.44 g/t gold over 42.7 metres in hole CM23-029 (Gold Basin)

 6.5 g/t gold over 16.8 metres in hole RMG-90-01 (Gold Basin)

 1.0 g/t gold over 59.45 metres in hole GR21-57 (Gold Range)

 1.6 g/t gold over 35.1 metres in hole GR21-37 (Gold Range)

 2.2 g/t gold over 18.3 metres in hole GR21-46 (Gold Range)

 1.8 g/t gold over 19.8 metres in hole GR21-59 (Gold Range)

 1.3 g/t gold over 21.3 metres in hole GR21-25 (Gold Range)

Arizona Permitting EƯorts are Underway

CANEX has recently been granted a 2 year extension on the Notice of Work exploration permit for the

Gold Range Property, covering the eastern part of the consolidated district. This permit allows CANEX to

build up to 37 additional drill pads along with associated exploration access.

The Company is advancing various initiatives around the Gold Basin property package including claim

staking and exploration permitting. A total of 79 lode mining claims have recently been staked at various

locations around the property and these claims are being integrated into an exploration plan and a Notice

of Work permit application that will cover the western part of the consolidated district.

Permit Received for Louise Copper-Gold Porphyry British Columbia

CANEX has received a 5-year area-based mineral exploration permit for the Louise Copper-Gold Porphyry

project in British Columbia. The permit allows for 11 drill holes, associated exploration access, and 52

line-kilometres of geophysical surveying. An archaeological field reconnaissance study has recently been

completed at Louise as part of permitting requirements. The Company is currently working on a permit to

install a temporary bridge on an existing forest service road at Louise to complete drill access. Once the

bridge permit is in hand the Company will finalize plans for drill testing.

The Final Procedural Step - Dissenting Shareholders

CANEX has begun the process of issuing CANEX shares to shareholders of Gold Basin who delivered

notices of dissent, but who have not submitted a written statement along with original share certificates

to complete the exercise of their dissent rights ("Delinquent Dissenters"). Delinquent dissenters are

deemed to have participated in the Arrangement on the same terms as the other Shareholders and are

required to follow the procedures outlined in the Plan of Arrangement contained within the Arrangement

Agreement between CANEX Metals Inc. and Gold Basin Resources Corp. to receive their share payouts.

A total of 29,790,301 Gold Basin shares are held by Delinquent Dissenters and pursuant to the Plan of

Arrangement would result in 17,635,846 shares of CANEX being issued. The shares will be released to

each delinquent dissenter after they complete the steps outlined in the Plan of Arrangement.

CANEX has issued a Treasury Direction to the Company's Transfer Agent and the Depositary authorizing

the release of 17,635,846 shares of CANEX. After these shares are issued CANEX will have approximately

247.1 million shares outstanding, with Delinquent Dissenters holding roughly 7% of CANEX's shares. A

copy of CANEX's early warning report for the take-up of these shares will be filed and available on Sedar+.

Settlement of the dissenting Gold Basin shareholders is the final step in completing the 100% acquisition

of Gold Basin into CANEX. With this final piece underway CANEX can now focus its eƯorts on advancing

the fully consolidated district.

Incentive Stock Options

The Company has granted, pursuant to its stock option plan, a total of 7,800,000 incentive stock options

to existing directors, oƯicers, and consultants of the Company. The options are exercisable at a price of

$0.24 per share for three years and vest immediately.

About CANEX Metals

CANEX Metals (TSX. V:CANX) is a Canadian junior exploration company and owns 100% of Gold Basin

Resources Corporation. CANEX is advancing the contiguous Gold Range and Gold Basin properties in

Mohave County, Arizona. The combined properties contain numerous drill defined gold deposit ranging

up to 1.7 kilometres in length and have seen over 950 historic and current drill holes.

CANEX is also advancing the Louise Copper-Gold Porphyry project in British Columbia. Louise contains a

large historic copper-gold resource with drill ready targets below and lateral to historic mineralization

oƯering 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.

Dr. Shane Ebert P .Geo., is the Qualified Person for CANEX Metals and has approved the technical

disclosure contained in this news release. The drill hole assay results in this release, along with related

data verification and exploration disclosure, have been previously disclosed in Gold Basin news releases

dated March 22, 2023 and July 10, 2024, and in CANEX news releases dated April 26, 2021, June 14,

2021, July 6, 2021, and December 16, 2021. True widths for most drill hole intercepts have not been

determined and descriptions of the quality control proceedures utilized can be found in the above news

releases. Results for historic drill hole RMG-90-01 are included in this release and are supported by

historic information but have not been independently verified.

"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.

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

news release, including words such as "will" , "underway" , "advancing" , "allows" , "being integrated" ,

"working on" , "once" , "underway" and similar expressions, the evaluation and integration of surface

exploration data, geophysical data, and drill data in support of exploration planning, claim staking and

exploration permitting around the Gold Basin property, the application for permit for a temporary bridge

to provide drill access to the Louise property, the final treatment of Delinquent Dissenters, and

advancement of the Gold Basin project and Louise Copper-Gold Porphyry project, are forward-looking

information that represents management of CANEX's internal projections, expectations or beliefs

concerning, among other things, litigation, permitting, future operating results and various components

thereof or the economic performance of CANEX. The projections, expectations 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 diƯer 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, the risk that permits will not be granted or delayed, the

risk of challenges to claims staked, the risk of whether legal proceedings instituted by Gold Basin will be

successful, and risks inherent in the mining industry. Accordingly, holders of CANEX shares and potential

investors are cautioned that events or circumstances could cause results to diƯer materially from those

predicted. CANEX disclaims any responsibility to update these forward-looking statements, except as

required by law.

SOURCE: CANEX Metals Inc.