Mr. Shane Ebert reports

CANEX ANNOUNCES RESULTS OF GOLD BASIN RESOURCES CORPORATION ANNUAL GENERAL MEETING

Canex Metals Inc. has noted Gold Basin Resources Corp. held its annual general meeting of shareholders on March 16, 2026.

A total of 73,721,447 of Gold Basin's common shares were voted at the AGM, representing 54.56 per cent of the issued and outstanding common shares of Gold Basin. All votes cast at the AGM were 100 per cent in support of all director candidates and meeting resolutions.

At the AGM, Shane Ebert, Mark Ernst, Jim Paterson, John Robins and Jordan Ross have been elected to the board of directors of Gold Basin, constituting a new board of directors and entirely replacing the previous board. Shareholders of Gold Basin also approved fixing the number of directors at five and the appointment of Manning Elliott LLP as auditor of Gold Basin. The directors of Gold Basin have appointed Mr. Ebert as president and chief executive officer, Jean-Pierre Jutras as vice-president, Chantelle Collins as chief financial officer, and Barbara O'Neill as corporate secretary of Gold Basin. Mr. Paterson, Mr. Robins and Mr. Ernst have been named to the audit committee of the board of directors of Gold Basin. Mr. Ross has been appointed lead independent director.

Mr. Ebert, president and a director of Canex, commented: "This AGM marks a milestone change for both Canex and Gold Basin. As the controlling shareholder in Gold Basin, Canex and Gold Basin can now work collaboratively to address the multiple deficiencies, non-compliance issues and outstanding liabilities faced by Gold Basin, and get to work building value for all stakeholders in an exceptional and underexplored oxide gold district in Arizona. Today's AGM marks the first time in over 21 months that Gold Basin shareholders have had a say in the direction of their company and the first time since the cease trade order was imposed on Gold Basin over 10 months ago that Gold Basin has made any progress towards regulatory compliance. Canex looks forward to the new board working diligently to create value for all stakeholders. It remains the intent of Canex to work toward a subsequent acquisition transaction to complete the privatization of Gold Basin and acquire all the Gold Basin shares Canex does not currently own. Following that event, we envision conducting aggressive exploration campaigns focused on testing new targets and expanding known zones and trends, to better understand the true potential of the district."

Payment of shares deposited to the takeover bid

In connection with the take-up and payment of the common shares of Gold Basin deposited to the takeover bid completed on Feb. 10, 2026, Canex issued 41,492,194 common shares to the shareholders of Gold Basin who validly deposited their common shares to the bid.

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. On Feb. 10, 2026, Canex announced it had acquired 54 per cent and a controlling interest in Gold Basin, a company with a large and advanced gold project directly adjacent to Gold Range. Canex is working toward a full combination with Gold Basin to unlock the potential of the very large and highly prospective advanced gold district. 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.

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