Ms. Linda Kwan reports

ADEX MINING APPEALS REGULATORY ACTION

Further to the news release of July 14, 2026, 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 appealed the previously announced cancellation of mineral claim 1505, which is the mineral claim upon which the Mount Pleasant project is situated, to the New Brunswick Energy and Utilities Board in accordance with the Mining Act (New Brunswick).

As previously announced, 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 Development advising that the mineral claim had been cancelled by the Mining Recorder and placed in protected status due to failures by Adex Minerals to complete sufficient work program expenditures as required under Section 11(1) of the General Regulation -- Mining Act, N.B. Reg. 86-98.

In its appeal, Adex asserts that the cancellation is inconsistent with the Mining Recorder's written guidance with respect to required work expenditures and is also inconsistent with the course of dealings Adex has had with officials in the New Brunswick Department of Natural Resources and Energy Development with respect to Adex's previously announced strategic review process undertaken by its special committee of independent directors. Adex believes that the Mining Recorder failed to engage with Adex's good faith proposals to complete the necessary expenditures in a timely manner and acted unreasonably in imposing arbitrary deadlines after eschewing Adex's good faith efforts to comply. Adex is seeking: an interim stay of the Mining Recorder's cancellation of the mineral claim, an order setting aside the cancellation notice of July 13, 2026, and reinstatement of the mineral claim in the name of Adex Minerals, together with such directions as may permit Adex Minerals to complete its required work expenditures in respect of the mineral claim.

As previously announced, the July 13, 2026, notice indicates that notwithstanding the cancellation, the mineral claim will be held in protected status under Section 52(4) of the mining act pending further engagement between Adex, Adex Minerals and the Mining Recorder on a potential transaction involving Adex, Adex Minerals or the Mount Pleasant project. Adex is seeking further clarification on the nature of this protected status, which is not specifically provided for in the mining act and the circumstances in which it may be released. Notwithstanding the appeal, given the protected status of the mineral claim and in line with the Mining Recorder's directive, Adex and its special committee continue efforts to engage with the Mining Recorder and officials in the New Brunswick Department of Natural Resources and Energy Development. In connection therewith, Adex has determined to continue its continuing strategic review process, through which the special committee continues to explore strategic alternatives and potential value-enhancing transactions for Adex, Adex Minerals or the Mount Pleasant project.

The appeal was lodged with NBEUB on July 29, 2026. 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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