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
347138.00001/322602102.1
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: 26-16 JULY 22, 2026
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: h ttp://www.canexmetals.ca
CANEX TO PAY OUT BULK OF DISSENTING GOLD BASIN SHAREHOLDERS IN CANEX
SHARES AND UPDATES HELIX LITIGATION
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) and our 100% owned
subsidiary Gold Basin Resources Corp. (“Gold Basin”) are please d to announce that the bulk
of dissenting Gold Basin share holders will be paid out in CANEX shares and not cash. We
also provide an update on the li tigation against Helix Resources Ltd. (“Helix”) (ASX: HLX) and
announce a new civil suit has been filed against former directo rs and officers, Michael Povey
and Charles Straw.
Highlights:
Bulk of dissenting shareholders of Gold Basin to be paid out i n CANEX shares and not
cash
Settlement of the dissenting Gold Basin shareholders is the fi nal step in completing the
100% acquisition of Gold Basin into CANEX
Litigation against Helix Res ources has been amended and strengthened
Litigation against Michael Povey and Charles Straw has been initiated
Dissenting Shareholders of Gold Basin Resources
During the June 4, 2026, special meeting (the “Meeting”) of Gol d Basin shareholders, notices
of dissent were received from r egistered Gold Basin shareholder s holding 30,387,668 Gold
Basin shares. A notice of Inten tion to Proceed was sent to each dissenting shareholder
providing instructions on submit ting a written statement along with original share certificates
within 30 days to complete the ex ercise of their dissent rights and require Gold Basin to
purchase their common shares. The deadline to submit a written statement and share
certificates has now passed and Gold Basin only has received a valid statement and copies of
share certificates from the holders of 597,367 Gold Basin share s completing the exercise of
their dissent rights.
In accordance with Section 244 of the BCBCA, and as outlined in Gold Basins’ management
information circulated dated May 14, 2026, shareholders of Gold Basin who delivered notices
347138.00001/322602102.1
of dissent, but who have not subm itted a written statement alon g with original share
certificates to complete the exer cise of their dissent rights, (“Delinquent Dissenters”) are now
deemed to have participated in t he Arrangement on the same term s as Gold Basin
shareholders who supported t he Arrangement. Upon surrender for cancellation of their share
certificates or DRS Advices, tog ether with a duly completed Let ter of Transmittal and such
additional documents and instrument s as the Computershare Inves tor Services Inc. may
reasonably require, Delinquent Dissenters will received shares of CANEX at the ratio of 0.592
CANEX share for each Gold Basin share.
CANEX will issue up to approximately 17,635,853 shares of CANEX to Delinquent Dissenters
and in doing so will complete its obligations under the Plan of Arrangement. After these
shares are issued CANEX will hav e approximately 247.1 million s hares outstanding, with
Delinquent Dissenters holding roughly 7% of CANEX’s shares.
Settlement of the dissenting Gold Basin shareholders is the fin al step in completing the 100%
acquisition of Gold Basin into CANEX. With this final piece ne aring completion CANEX can
now focus its efforts on advancing the fully consolidated district.
Litigation Update
CANEX maintains that the Gold Basin - Helix Farm In Agreement a nnounced by Helix on April
29, 2025, is not valid and has n o standing. On October 28, 202 5, three shareholders of Gold
Basin commenced litigation again st Helix related to the Farm-In Agreement. On July 10,
2026, an application was filed in the Supreme Court of British Columbia to amend the original
petition to substitute Gold Basin as the Petitioner, in place of the three individual shareholders.
In addition, the application seeks to amend the petition with n ew information obtained after
new management took control of Gol d Basin. The draft amended p etition asserts, among
other things, that Helix and form er Gold Basin directors procee ded with an agreement in
defiance of a court order, without required Canadian regulatory approval, and failed to disclose
multiple related party dealings and conflicts of interest between Michael Povey, Charles Straw,
Kevin Lynn, Gold Basin, Helix, and Charrua Capital LLC (“Charrua”). The litigation will seek to
have the Helix Farm-In agreement set aside and require Helix to pay the costs incurred by
Gold Basin in the proceedings.
On July 10, 2026, Gold Basin fil ed a separate notice of civil c laim in the Supreme Court of
British Columbia against Mr. Pov ey and Mr. Straw for breach of their fiduciary duties to Gold
Basin. The claim alleges multiple undisclosed related party de alings, conflicts of interest, self-
dealing, misappropriation of corporate funds, and placing perso nal interests ahead of those of
Gold Basin. As recently as June 2026, in the hearing before Jus tice Fitzpatrick to approve the
Plan of Arrangement, Mr. Straw refu sed to clarify his interest in Helix and whether he
benefitted from the Helix Farm-In Agreement. Although Justice Fitzpatrick did not conclusively
make any findings of wrongdoing or misconduct against Mr. Straw , Justice Fitzpatrick noted
Mr. Straw’s leadership of Gold B asin resulted in the cease trad e order and his conduct in
relation to the Gold Basin’s valuation was intended to “cause m ischief”. As a further example
of Mr. Straw and Mr. Povey’s breac h of fiduciary duties, on or about August 21, 2024, Gold
Basin obtained an unsecured loan from Charrua. At that time Mr. Povey was both an owner of
Charrua and a director of Gold Basin, a related party conflict that was not disclosed.
Subsequently the Charrua loan was used in a failed attempt to strip assets from Gold Basin. A
portion of the proceeds from the Charrua loan were inappropriat ely paid out to Mr. Straw, a
significant portion was inapprop riately transferred to a bank a ccount under Mr. Straw’s
personal control, and some of t hese funds were subsequently los t or stolen while in Mr.
Straw’s personal possession. Gold Basin is looking to prove the se allegations at trial and seek
damages and equitable compensation. In addition, Gold Basin se eks damages for any losses
incurred in respect of the Helix Farm-In Agreement.
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Exploration Planning
The Company is advancing permitting efforts at both the Gold Ba sin property in Arizona and
the Louise Copper-Gold porphyry property in British Columbia. Further announcements will be
made once permits are in hand and exploration activities are scheduled.
About CANEX Metals
CANEX Metals (TSX.V:CANX) is a C anadian junior exp loration company and owns 100% of
Gold Basin Resources Corporati on. CANEX is advancing the contig uous 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 leng th 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 dril l ready targets below and lateral
to historic mineralization, 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.
Dr. Shane Ebert P.Geo., is the Qualified Person for CANEX Metal s 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.
Except for the historical and pr esent factual information conta ined herein, the matters set forth in this news release, includ ing words such as
“will”, “asserts”, “potentially”, “plans”, “seeks”, “advancing” and similar expressions, the final treatment of Delinquent Dis senters, whether Gold
Basin will be successful in litigation against Helix, Michael P ovey or Charles Straw, and whether an exploration permit application is
accepted by the Bureau of Land Management, and advancement of the Gold Basin project and Louise Copper-Gold Po rphyry project, are
forward-looking information that represents management of CANEX ’s internal projections, expecta tions or beliefs concerning, am ong other
things, litigation, future opera ting results and various compon ents thereof or the economic performance of CANEX. The projecti ons,
expectations and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertai nties, which
may cause CANEX’s actual performance and financial results in f uture periods to differ material ly from any projections of futu re performance
or results expressed or implied by such forward-looking stateme nts. These risks and uncertainties include, among other things, those
described in CANEX’s filings with the Canadian securities autho rities, the possibility that legal proceedings may be institute d against CANEX,
Gold Basin, and/or others, and risks inherent in the mining ind ustry. Accordingly, holders of CANEX shares and potential inves tors are
cautioned that events or circumstances could cause results to d iffer materially from those predi cted. CANEX disclaims any resp onsibility to
update these forward-looking statements, except as required by law.