Dr. Shane Ebert reports

BRITISH COLUMBIA COURT DECLARES THE HELIX RESOURCES JOINT VENTURE ON THE GOLD BASIN property IS SET ASIDE AND IS UNENFORCEABLE

Canex Metals Inc. and its 100-per-cent-owned subsidiary Gold Basin Resources Corp., have been informed that the Supreme Court of British Columbia has issued an order ruling against the Helix Resource Ltd. earn-in and joint venture agreement on the Gold Basin property, and has declared the agreement set aside and unenforceable.

Highlights

• The court order clarifies that Helix has no interest or rights in the Gold Basin property;

• The court has declared Helix must pay the cost of the petition to Gold Basin;

• Canex continues to aggressively advance exploration permitting and drilling plans at the Gold Basin property, and will update shareholders on exploration timelines shortly.

Over the past several months Canex has been aggressively advancing permitting, exploration and drill planning at the company's Gold Basin property in Arizona under the assertion that the Helix-JV was invalid and had no standing. The court order confirms that assertion and makes clear Helix has no rights to, or interest in, the Gold Basin property. Canex is working through final exploration permit obligations and working to line up a drill contractor and will update shareholders on exploration plans and timelines shortly.

The petition against the Helix-JV was originally launched in October, 2025, by Gold Basin shareholders and was subsequently amended in July, 2026, to name Gold Basin as the petitioner. Gold Basin continued to advance the petition in order to get a clear legal ruling on the Helix-JV and to mitigate any claim Helix might put forth regarding the Helix-JV or expenditures owed. Gold Basin has spent considerable time and financial resources bringing the petition against Helix and looks forward to recovering legal costs from Helix.

Order From the Supreme Court of British Columbia

On Oct. 9, 2026, a petition was heard in the Supreme Court of British Columbia and an order was issued by the court declaring the Helix-JV agreement between Gold Basin Resources Corp., Gold Basin Resources (Arizona) Inc., Helix Resources Ltd. and Leichhardt Resources (QLD) Pty. Ltd., dated Feb. 3, 2026, is set aside and is unenforceable. The order also awards Gold Basin the cost of the petition from Helix.

Canex is very pleased with the courts ruling which upholds basic Canadian corporate law, TSX Venture Exchange rules, and protects shareholders rights.

About Canex Metals Inc.

Canex Metals is a Canadian junior exploration company and owns 100 per cent of Gold Basin Resources Corp. Canex is advancing the contiguous Gold Basin and Gold Range 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 950 historic and current drill holes.

Dr. Shane Ebert, PGeo, is the qualified person for Canex Metals and has approved the technical disclosure contained in this news release.

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