Dr. Shane Ebert reports

CANEX METALS ANNOUNCES THE NUMBERS OF GOLD BASIN SHARES TAKEN UP BY CANEX METALS

Canex Metals Inc. is issuing this news release to correct its announcement dated Feb. 10, 2026, regarding the number of common shares in the capital of Gold Basin Resources Corp. validly deposited (and not withdrawn) under its offer to purchase all of the Gold Basin shares.

The revision to the number is due to the determination of deficiencies in certain tenders by Gold Basin's transfer agent, which was delayed by Gold Basin's failure to have a transfer agent in place at the time of expiry of the offer and the need for Canex to obtain a court order to re-engage Gold Basin's transfer agent. These deficiencies included the inability to process estate transfers and replace share certificates on a timely basis for Gold Basin shareholders.

The original release stated that a total of 73,026,822 Gold Basin shares, representing 54.04 per cent of the issued and outstanding Gold Basin shares, had been validly deposited (and not withdrawn) under its offer. Due to the deficiencies noted above, Canex took up a total of 70,088,199 Gold Basin shares, representing 51.86 per cent of the issued and outstanding Gold Basin shares, and issued 41,492,194 common shares of Canex to the Gold Basin shareholders.

Canex and Laurel Hill Advisory Group have been working with Gold Basin shareholders who made deficient deposits to the offer to help them get replacement share certificates or proper estate transfer documentation so they can participate in a potential future subsequent acquisition transaction (as such term is defined in the offer and accompanying takeover bid circular of Canex dated Aug. 28, 2025, as amended).

Early warning disclosure

An amended early warning report will be filed on SEDAR+ reflecting this change.

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 has acquired 52 per cent and a controlling interest in Gold Basin Resources Corp., 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 (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.

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