Mr. Shane Ebert reports

CANEX METALS ANNOUNCES $3 MILLION STRATEGIC FINANCING WITH ERIC FIER AS LEAD INVESTOR AND EXTENDS ITS OFFER TO PURCHASE THE SHARES OF GOLD BASIN RESOURCES

Canex Metals Inc. has arranged a $3-million financing led by a strategic investment from N. Eric Fier. Mr. Fier is a mining industry leader with a record of significant discoveries, project development, financings and mine constructions with subsequent successful production (both open pit and underground). He along with his team has, over the past 10 years, generated approximately $2.5-billion of shareholder equity value including two successful takeover deals. The financing is intended to remove financial risk around the company's offer to acquire all of the issued and outstanding common shares of Gold Basin Resources Corp. and demonstrate the company's ability to finance expedited exploration and development of a consolidated oxide gold district in northern Arizona. The company will extend the offer to 5 p.m. Toronto time on Jan. 9, 2026, to allow for the completion of the financing and provide the shareholders of Gold Basin an additional opportunity to fully evaluate the offer in light of the financing.

Highlights:

• Mr. Fier is a lead order in the financing and will become an insider of Canex, bringing his ownership above 9.9 per cent of the company.
• Canex will issue up to 20 million common shares at a price of 15 cents per common share for gross proceeds of up to $3-million.
• The financing is intended to remove financial risk related to the company's offer to acquire all of the issued and outstanding shares of Gold Basin, and demonstrate the company's access to capital on favourable terms and the ability to finance exploration and development of a consolidated oxide gold district in northern Arizona.
• The offer deadline will be extended to 5 p.m. Toronto time on Jan. 9, 2026, to allow for the closing of the financing and provide the shareholders of Gold Basin an additional opportunity to fully evaluate the offer in light of the financing.
• The financing price represents a significant implied premium of 97 per cent for Gold Basin shareholders compared with the last closing price of Gold Basin shares prior to the B.C. Securities Commission imposing a cease trade order on May 6, 2025. The Canex offer is the only path before Gold Basin shareholders that offers certain liquidity and value. The board and management of Gold Basin have collapsed, and no attempt has been made to put forward a plan and timeline to regain regulatory compliance.
• Canex has released a new video presentation outlining its projects, the advantages of consolidating the Arizona district and highlighting superior value for Gold Basin shareholders in the Canex offer relative to current alternatives.

Shane Ebert, president of Canex and a member of the company's board, commented: "We are delighted to welcome Eric as a major shareholder and financial backer of Canex. This is a strong endorsement of our efforts to consolidate the Arizona oxide gold district and an important new milestone for our company. This investment highlights and underscores the opportunity for shareholders of both Canex and Gold Basin to attract quality interest from mining professionals who have achieved great success in our industry and develop a compelling new oxide gold project that has both premium grades and scale."

Mr. Fier commented: "I have been personally involved in Canex since 2020 and followed the success of exploration at its Gold Range project. The team has been diligent in identifying a large gold mineralized system across their property and beyond. I believe my support and investment can help the company move forward, and I am particularly excited to contribute to the company's vision of consolidating with Gold Basin and advancing the district, which shows strong potential to host a large-scale bulk tonnage oxide gold deposit."

N. Eric Fier, CPG, PEng

Mr. Fier is a certified professional geologist (United States) and engineer (Canada) who has achieved great success in the mining sector, and has extensive experience in discovery, development, exploration, mine finance, on-time on-budget construction and production in a career that spans over 35 years. Mr. Fier served as chief executive officer and director of Silvercrest Metals Inc. until Coeur Mining Inc.'s acquisition of Silvercrest, including the high-grade silver and gold Las Chispas mine, in February, 2025, for approximately $1.7-billion (U.S.). From 2002 to 2015, Mr. Fier was CEO and director of Silvercrest Mines Inc., which delineated the Santa Elena silver and gold mine in Mexico and subsequently sold the company in 2015 to First Majestic Silver Corp. for an estimated $154-million or approximately 25-per-cent shareholder ownership in First Majestic. He is currently a director of Coeur Mining and chairman of Mako Mining Corp.

Terms of financing

Canex is pleased to announce a non-brokered financing of up to 20 million common shares at a price of 15 cents per common share for gross proceeds of up to $3-million. The shares will be offered on a non-brokered basis by way of private placement to accredited investors, and any securities issued will be subject to a hold period of four months plus one day from the date of closing. The financing is subject to TSX Venture Exchange approval. The company has relied on exemptions from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the subject matter of the financing does not exceed 25 per cent of the market capitalization of the company as calculated in accordance with MI 61-101. In connection with the offering, finders' fees might be paid to certain eligible arm's-length finders. Proceeds of the financing will be used to advance the district consolidation opportunity, for exploration at the company's Gold Range and Louise projects, and for general working capital.

Message to Gold Basin shareholders

The endorsement of Canex by another investor with an impressive record in Mr. Fier and his strong financial backing derisk its proposal to consolidate the Arizona district and expose Canex to new high-quality investors and new financial opportunities, which can increase its ability to fast-track development.

The financing price represents an implied premium of 97 per cent to the last closing price of Gold Basin shares prior to the imposition of the cease trade order. The substantial premium offered by Canex is even higher when considering the continuing value destruction at Gold Basin since the cease trade order, the high level of debt accumulated and the multiple legal actions faced by Gold Basin that cannot be reflected with the cease trade order in place. The company strongly advises Gold Basin shareholders to support its offer, which is the only sure path to liquidity and solvency, and an opportunity to become part of a large consolidated district with a very bright future.

A video presentation highlighting the advantages of consolidating the Arizona district and showing the superior value Canex is offering to Gold Basin shareholders relative to other alternatives is available on the company's website.

Gold Basin shareholders with questions or who need assistance tendering their shares should contact Laurel Hill Advisory Group by calling 1-877-452-7184 (toll-free in Canada and the United States), or 1-416-304-0211 (collect call outside of Canada and the United States), by texting INFO to either number, or by e-mail at assistance@laurelhill.com.

Extension of the offer

The offer will be extended to 5 p.m. Toronto time on Jan. 9, 2026, to allow Canex to complete the financing and provide the shareholders of Gold Basin an additional opportunity to fully evaluate the offer in light of the financing.

An advertisement with respect to the extension of the offer will appear in the Thursday, Dec. 11, 2025, edition of The National Post. A notice of variation, change and extension with respect to the offer will be mailed to the securityholders of Gold Basin in the coming days. The notice of variation and change will also be available under Gold Basin's profile on SEDAR+ and on Canex's website, and will be filed with the applicable securities regulatory authorities in Canada and the U.S. Securities and Exchange Commission in the United States.

In addition to the extension of the offer, the notice of variation and change will include updates to the information set forth in Canex's original offer and accompanying takeover bid circular dated Aug. 28, 2025.

Copies of the original offer and circular are, and copies of the notice of variation and change will be, available without charge from Laurel Hill Advisory Group, acting as the information agent for the offer.

Advisers

Canex has retained Borden Ladner Gervais LLP as its legal adviser and Laurel Hill Advisory Group as its information agent.

About Canex Metals Inc.

Canex Metals is a Canadian junior exploration company focused on advancing its 100-per-cent-owned Gold Range project in northern Arizona. With several near-surface bulk tonnage gold discoveries made to date across a four-kilometre gold mineralized trend, the Gold Range project is a compelling early-stage opportunity for investors. Canex is also advancing the Louise copper-gold porphyry project in British Columbia. Louise contains a large historic copper-gold resource that has seen very little deep or lateral exploration, 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 and is sponsored by Altius Minerals, a large shareholder of the company.

Dr. Shane Ebert, PGeo, is the qualified person for Canex, has verified the data disclosed in this news release against historical and current data sources, and has approved the technical disclosure contained in this news release.

We seek Safe Harbor.