Mr. Shane Ebert reports

CANEX METALS ACHIEVES OVER 49% SUPPORT FOR ITS OFFER TO PURCHASE SHARES OF GOLD BASIN RESOURCE WITH ADDITIONAL TENDERS PENDING, EXTENDS ITS OFFER UNTIL JANUARY 29

Canex Metals Inc. has received significant support for its offer to acquire all of the issued and outstanding common shares of Gold Basin Resources Corp. and has extended the offer deadline to Jan. 29, 2026. This extension will facilitate shareholders of Gold Basin, who are experiencing delays in tendering in part related to the delinquent condition of Gold Basin, to deposit their shares under the offer.

Highlights:

• Over 49 per cent of the shares of Gold Basin have been deposited under the offer and additional tenders are in progress and should be complete in the coming days. Multiple tenders received are considered deficient and cannot be counted toward the total as Gold Basin does not have a transfer agent to remedy the issues.
• Canex continues to encounter delays in the company's offer, exacerbated by the cease trade order issued against Gold Basin, numerous regulatory non-compliance issues, especially the lack of a transfer agent. Despite these obstacles, Gold Basin shareholders are showing very strong support, and the company anticipates it could achieve the 50 per cent plus one share minimum tender requirement shortly.
• Canex has extended the offer deadline to 5 p.m. (Toronto time) on Jan. 29, 2026, to allow additional time for Gold Basin shareholders to tender their Gold Basin shares. There is no certainty that Canex will be able to restore Gold Basin to compliant status and the offer could be the last opportunity for Gold Basin shareholders to exchange their cease traded Gold Basin shares for valuable and liquid Canex shares.
• The offer represents an implied premium of 275 per cent, based on Canex's 30-day volume-weighted price (VWAP) on Jan. 16, 2026, and Gold Basin's 30-day VWAP on its last trading day, May 6, 2025. The offer value equates to approximately $20-million or roughly 15 cents per Gold Basin share based on Canex's Jan. 16, 2026, closing price

Canex thanks Gold Basin shareholders for their strong support

Canex would like to thank Gold Basin shareholders for the significant support for the offer in the face of the challenges presented by Gold Basin's delinquent status. Despite having no transfer agent engaged to allow Gold Basin shareholders to easily gather necessary documents, Canex announces that 66,244,176 Gold Basin shares have been tendered to the offer, representing 49.02 per cent of the outstanding Gold Basin shares. Once an additional 1,321,067 Gold Basin shares are tendered to the offer and all of the other conditions of the offer have been satisfied or waived, Canex will be able to take up and pay for those Gold Basin shares.

To allow more time to complete tenders in progress and accommodate any new tenders, the offer has been extended to 5 p.m. (Toronto time) on Jan. 29, 2026.

Canex's offer provides Gold Basin shareholders whose Gold Basin shares are tendered and successfully taken up with 0.592 of a Canex share, which represents an implied premium of 275 per cent, based on Canex's 30-day VWAP on Jan. 16, 2026, and Gold Basin's 30-day VWAP on its last trading day, May 6, 2025. The offer value equates to approximately $20-million or roughly 15 cents per Gold Basin share based on Canex's Jan. 16, 2026, closing price. Note the Canex offer values Gold Basin roughly 230-per-cent higher than the value placed on the Gold Basin project by Gold Basin's management in the proposed Helix farm-in joint venture.

An advertisement with respect to the extension of the offer will appear in the Monday, Jan. 19, 2026, edition of The Globe and Mail. A notice of variation, change and extension with respect to the offer is being mailed to the securityholders of Gold Basin. 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, as amended by the notices of variation, change and extension dated Dec. 12, 2025, and Jan. 9, 2026.

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.

Message to Gold Basin shareholders

Upon reaching the 50 per cent plus one share minimum tender requirement, Canex intends to take up the Gold Basin shares and participate in the necessary steps to elect a highly qualified and experienced board of directors and pursue district consolidation and advancement. There is no certainty that Canex will be able to restore Gold Basin to compliant status or successfully conclude a subsequent acquisition transaction (as defined in the original offer and circular) and the offer could be the last opportunity for Gold Basin shareholders to exchange their cease traded Gold Basin shares for valuable and liquid Canex shares.

Gold Basin shareholders with questions or who need assistance tendering their Gold Basin 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.

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 (Toronto Stock Exchange: ALS), a large shareholder of the company.

Dr. Shane Ebert, PGeo, is the qualified person for Canex and 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.