Ms. Linda Lam Kwan reports

ADEX MINING PROVIDES REGULATORY UPDATE

Adex Minerals Corp., Adex Mining Inc.'s wholly owned subsidiary through which Adex holds its interest in the Mount Pleasant mining project in New Brunswick, has been the subject of a regulatory action in New Brunswick.

Adex Minerals received correspondence dated July 13, 2026, from the mining recorder, resource and development branch of the New Brunswick Department of Natural Resources and Energy advising that mineral claim 1505, which is the mineral claim upon which the Mount Pleasant project is situated, has been cancelled by the New Brunswick government pursuant to Section 52(2) of the Mining Act (New Brunswick) and placed in protected status. The correspondence cites as the basis for the cancellation the fact that Adex Minerals failed to complete sufficient work program expenditures under Section 11(1) of the General Regulation Mining Act, N.B. Reg. 86-98 necessary to maintain mineral claim 1505 in good standing. Adex had previously obtained extensions from the mining recorder to the deadline to complete the required work program expenditures, and had been in recent discussions with the mining recorder regarding a further extension that would have enabled completion of a new proposed work program that would have satisfied the required expenditures. However, in its correspondence dated July 13, 2026, the mining recorder advised of its decision not to accept the proposed work program or grant the associated further extension.

The correspondence received indicates that claim 1505 will be held in protected status under Section 52(4) of the Mining Act (New Brunswick) pending further engagement between the company and the mining recorder on a potential transaction involving Adex, Adex Minerals or the Mount Pleasant project. As previously announced by Adex in its news releases of April 25, 2025, and further updated on May 15, 2025, June 26, 2025, and April 16, 2026, the company, through its special committee of independent directors, has been engaged in a review process to explore strategic alternatives and potential value-enhancing transactions.

The company and special committee, together with their external financial and legal advisers, are engaged in discussions with the mining recorder and applicable regulatory representatives in New Brunswick. The company will provide further updates in due course.

About Adex Mining Inc.

Adex Mining is a Canadian junior mining company with an experienced management team. The company has maintained stewardship over the Mount Pleasant mine property while evaluating strategic alternatives. The Mount Pleasant mine property is a multimetal project that is host to promising tungsten-molybdenum and tin-indium-zinc mineralization. The common shares of Adex trade on the TSX Venture Exchange under the stock symbol ADE.

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