Dr. Shane Ebert reports

CANEX INTERSECTS 15.2 METRES OF 1.0 G/T GOLD AND 6.1 METRES OF 4.1 G/T GOLD AND CONFIRMS NEW PARALLEL MINERALIZED TARGET AT GOLD RANGE, ARIZONA

Canex Metals Inc. has released results from 19 reverse circulation drill holes from multiple targets across the Gold Range project, Arizona. This drilling has intersected strong gold mineralization within the Excelsior zone and demonstrates a new area with good gold potential at East Excelsior, located immediately east of Excelsior.

Highlights:

• Hole GR23-131 at the Excelsior zone intersected 4.1 grams per tonne gold over 6.10 metres, including a high-grade vein returning 13.3 g/t gold over 1.53 metres.
• Hole GR23-136 at the Excelsior zone intersected 1.0 g/t gold over 15.24 metres, including 2.4 g/t gold over 4.57 metres.
• Five holes tested a 200-metre strike length at the East Excelsior target, with all five holes returning gold mineralization, confirming the exploration potential of the system.
• The East Excelsior target contains multiple parallel mineralized structures within a zone up to 75 metres wide.
• The East Excelsior target is fully permitted for further drill testing, and a permit amendment is under way to allow further drill testing and definition of the new WestGold discovery.

Assay results from drill holes GR23-119 and GR23-121 to GR23-138 have been received and are presented herein. These drill holes tested the Shaft target, the East Excelsior target and Excelsior.

Hole GR23-131 tested a gap in the central part of the Excelsior zone and returned a high-grade gold intercept of 4.1 g/t gold over 6.1 metres, including 13.3 g/t gold over 1.53 metres. The drill encountered a historical underground working immediately below this high-grade zone where no recovery was obtained over three metres. Hole GR23-136 was located 100 metres northeast of hole GR23-131 and returned 1.0 g/t gold over 15.24 metres, including a higher-grade intercept returning 2.4 g/t gold over 4.57 metres. Holes GR23-131 to GR23-137 successfully added and extended mineralization within the main Excelsior zone. Holes GR23-129, GR23-130 and GR23-138 tested the northeast and northwest extensions of the zone and did not encounter significant mineralization.

Holes GR23-122 to GR23-128 tested parallel mineralized trends at the East Excelsior target, with five of the seven test holes encountering gold mineralization. One of the zones at East Excelsior was tested along a 200-metre strike length by holes GR23-123 to GR23-127, with all five holes returning gold mineralization and confirming the exploration potential of the target, which remains open along strike. Results from this initial test include hole GR23-124, which returned 1.1 g/t gold over 4.58 metres, and hole GR23-127, which returned 0.4 g/t gold over 9.15 metres and another 2.3 g/t gold over 3.05 metres.

At East Excelsior, the corridor of mineralization is interpreted to contain multiple steep, west-dipping structures, which occur within a 75-metre wide zone. There is very limited surface exposure over the area, and additional drilling will be required to better understand the orientation, widths, grade and continuity of the zone.

Two holes testing the Shaft target in the northeast part of the claim block (holes GR23-119 and GR23-121) did not encounter significant gold mineralization.

Next steps

Results for all 24 holes from the winter 2023 drill program at Gold Range have now been received and released. A permit amendment is under way to allow further drill testing and definition of the new WestGold discovery, where the company has identified a new zone of flat-dipping gold mineralization that returned 0.7 g/t gold over 35 metres at a target that could extend over an area hundreds of metres by hundreds of metres (see May 8, 2023, news release).

Recently acquired lidar (light detection and ranging) imagery, drill and surface sample assays, and field mapping data are being analyzed and interpreted to further advance the continuing targeting efforts at Gold Range. Additional field programs will be announced once finalized.

Quality assurance/quality control

Reverse circulation drill cuttings were collected in numbered cloth sample bags from five-foot (1.52 m) intervals during drilling and were picked up from site and analyzed by Skyline Assayers and Laboratories in Tucson, Ariz. (which is ISO/IEC 17025 accredited). A 280 g pulp was prepared and gold was assayed using a 50 g fire assay with an atomic absorption finish (method FA-01-50g). Gold samples greater than five g/t are redone using a 50 g fire assay method with a gravimetric finish (method FA-02 50g). The company included certified reference standards, blanks and duplicates in every sample batch and then checked to ensure proper quality assurance/quality control prior to releasing the data.

About Canex Metals Inc.

Canex Metals is a Canadian junior exploration company with a new gold discovery at the Gold Range project in northern Arizona, and high-grade silver and gold mineralization at the Gibson property in British Columbia. Canex is led by an experienced management team that has made three notable porphyry and bulk-tonnage discoveries in North America, and it is sponsored by Altius Minerals, a large shareholder of the company.

Dr. Shane Ebert, PGeo, the qualified person for Canex Metals, has approved the technical disclosure contained in this news release.

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