CONFIRMS ADDITIONAL LARGE EXPLORATION TARGETS FOR DRILL PERMITTING

CALGARY, AB / ACCESS Newswire / June 17, 2026 / CANEX Metals Inc. ("CANEX" or the "Company") is pleased to announce surface exploration results from a recent due diligence surface exploration program designed to verify historic work, identify new exploration targets, and support exploration permitting efforts currently in progress.

During the program 98 surface chip samples and 135 soil samples were collected focusing on large undrilled exploration targets located between the Cyclopic deposit and the WestGold target.

Highlights:

• Drill permitting is being advanced and exploration planning is underway

The 2026 surface exploration program has confirmed 3 large exploration targets located between the Cyclopic deposit and the WestGold target. These are Ring Bear, Golden Chalice, and West Chalice, and all 3 will be included in a drill permit application that CANEX is currently preparing. None of these targets have been drill tested previously. CANEX is preparing an exploration permit application for the Cyclopic, Golden Chalice, West Chalice and other areas on the western part of the claim block (Gold Basin claims). The eastern part of the district, including WestGold, is currently permitted for drill testing.

Figure 1. Soil compilation map show exploration target zones between WestGold - Eldorado and Cyclopic.

Dr. Shane Ebert President and CEO of the Company stated, "Our team spent 7 days in the field in April and was rapidly able to utilize regional scale structural and geologic targeting knowledge developed by CANEX over the past 6 years and apply it to the recently acquired Gold Basin claims. Surface mapping and sampling combined with a large existing sample database have confirmed multiple large zones with strong exploration potential in areas never historically drill tested. Both the Ring Bear and Golden Chalice targets have returned strong chip samples results showing potential for bulk tonnage mineralization surrounding high grade gold veins. These results highlight the tremendous untested exploration potential on the property, and our team is excited to get back on the ground and continue to unlock the full potential of the district. CANEX will announce exploration plans once we have better clarity on permitting timelines."

Field Program

During the April surface program 98 chip samples were collected, largely from the area between the Cyclopic deposit and the WestGold target. These samples returned gold grades ranging from 14.83 g/t gold to below detection (<0.005 g/t), averaging 1.23 g/t. Mapping combined with sampling has reinforced that large scale mineralized targets with bulk tonnage potential exist in the large area between Cyclopic and WestGold. The area contains widespread historic workings and has not been drill tested previously. Multiple drill pads are being contemplated at Ring Bear, Golden Chalice, and West Chalice, in a new exploration permit that is in progress.

Table 1. Summary of select chip sample results.

Mapping suggests Eldorado, WestGold, Golden Chalice, Ring Bear, and Cyclopic share numerous common features and are part of a larger district scale flat dipping structure, or stacked structures, that have important high grade steeply dipping feeder structures, and contain bulk tonnage targets best developed in suitable brittle host rocks. Bulk tonnage targets typically consist of a larger high grade quartz vein, or a series of veins, surrounded by wider halos of lower grade veinlets. Gold is observed in multiple quartz veins across the targets, especially in veins containing traces of galena and chalcopyrite.

Chip sampling at Ring Bear has returned 2.54 g/t gold over 13 metres, with the sequence containing a high value of 6.46 g/t gold and a low of 0.31 g/t gold. Limited exposures located 125 metres southwest returned 1.14 g/t gold over 2.8 metres, with altered and veined rocks in the immediate hangingwall returning 0.56 g/t gold over 3.8 metres highlighting the presence of a mineralized halo. The area sampled contains both flat and steep dipping mineralized quartz veins and a target zone with bulk tonnage potential has been traced on surface over a 300 by 450 metre area.

Chip sampling at West Chalice returned a high grade interval of 12.15 g/t gold over 2.7 metres across a quartz vein and zone with quartz stringers that has limited exposure. The West Chalice target has been identified over a 300 by 500 metre area.

Mineralization at Golden Chalice has been traced over a strike length of 500 metres within a 400 by 700 metre gold-in-soil anomaly. High grade quartz veins occur at the zone including 14.83 g/t gold over 1 metre, along with a mineralized halo returning 1.53 g/t gold over 10 metres that remains open.

Figure 2. Rock samples taken in 2026 focusing on exploration targets between WestGold and Cyclopic. Select assay results from chip sampling are highlighted.

Near Term Plans for Gold Basin / Gold Range

The Company remains focused on assembling and compiling data sets for the Gold Basin property, including surface sampling, drilling, and geophysical data. Various initiatives around the property package are being advanced, and a Notice of Work exploration permit application is being assembled for submission to the Bureau of Land Management. The exploration permit will focus on expansion and infill along select parts of the Cyclopic and Stealth-Red Cloud trends, allow for mechanical exposure of key zones for geological evaluation and detailed sampling, and enable drill testing of multiple new exploration targets including Ring Bear, Golden Chalice, and West Chalice.

There is a strong need for increased geologic understanding of the deposits and zones across the Gold Basin property and there are multiple areas where surface sampling of rocks and soils need to be expanded. The Company anticipates permitting and data compilation can be completed over the next couple of months leading to aggressive exploration programs, including drilling sometime in the fall.

Figure 3. Photographs from the Ring Bear target. Top left: complex zone of flat and steep bearing quartz veins and veinlets returned 2.54 g/t gold over 13 metres. Top right: multiple flat dipping quartz veins with abundant veins and veinlets in the surrounding wallrock. Bottom photos: flat dipping mineralized quartz vein surrounded by a larger mineralized halo. Zone returned 1.14 g/t gold over 2.8 metres near the vein, and 0.56 g/t gold over 3.8 metres in the hangingwall.

Figure 4. Photographs from the Golden Chalice target. Left: historic working following a flat dipping high grade structure. Right: Quartz vein with minor cubic galena and chalcopyrite and traces of gold from the flat structure.

Quality Control

During the field program 98 rock samples were taken by Company personnel and returned gold values ranging from below detection (<5 parts per billion) to 14.83 g/t, averaging 1.23 g/t gold. A total of 135 soil samples were taken returning gold values ranging from below detection (<5 parts per billion) to 169 parts per billion. Company personnel shipped the samples to Skyline Assayers and Laboratories in Tucson, Arizona (which is ISO/IEC 17025 accredited) for analyses. Rock samples were crushed to 75% passing -10 mesh with a split pulverized to -150 mesh (method SP-1). Each sample was analyzed by a 30g fire assay with an atomic absorption finish (method FA-01) and 49 element ICP with an aqua regia (method TE-3). Soil samples were sieved to -80 mesh and assayed by 30 gram fire assay with an atomic absorption finish (method FA-01). Rock samples included 15 lab duplicate analyses and 5 certified reference standards, and soil samples included 16 lab duplicates and 6 certified reference stands, and all performed well.

About CANEX Metals

CANEX Metals (TSXV:CANX) is a Canadian junior exploration company and is now the 100% owner of Gold Basin Resources Corporation. CANEX is advancing the contiguous Gold Range and Gold Basin properties in Mohave County, Arizona. The combined properties contain numerous drill defined gold deposit ranging up to 1.7 kilometres in length and have seen over 900 historic and current drill holes.

CANEX is also advancing the Louise Copper-Gold Porphyry Project in British Columbia. Louise contains a large historic copper-gold resource with drill ready targets below and lateral to historic mineralization, 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.

Dr. Shane Ebert P.Geo., is the Qualified Person for CANEX Metals and has approved the technical disclosure contained in this news release.

"Shane Ebert"

Shane Ebert
President/Director

For Further Information Contact:

Shane Ebert at 1.250.964.2699 or
Jean Pierre Jutras at 1.403.233.2636
Web: http://www.canexmetals.ca

Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of CANEX Metals Inc. internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of CANEX. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause CANEX's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in CANEX's filings with the Canadian securities authorities, the possibility that legal proceedings may be instituted against CANEX, Gold Basin, and/or others, and risks inherent in the mining industry. Accordingly, holders of CANEX shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.

SOURCE: CANEX Metals Inc.