Mr. Chad Ulansky reports

CANTEX ANNOUNCES CLOSING OF OVERSUBSCRIBED PRIVATE PLACEMENT; RAISES $5.28 MILLION

Cantex Mine Development Corp. closed the previously announced non-brokered private placement on Aug. 14, 2025. The offering consisted of 21,333,332 charity flow-through (CFT) units at 21 cents per CFT unit and 5,731,372 hard units at 14 cents per unit for total gross proceeds of $5,282,391.80. Each CFT unit comprises one flow-through share and one non-flow-through warrant. Each unit comprises one common share and one non-flow-through warrant. Each whole warrant issued in connection with the offering entitles the holder to acquire one common share at a price of 21 cents for a term of three years.

As previously announced, both Crescat Capital and Rob McEwen (founder of Goldcorp and McEwen Mining) are increasing their investment in Cantex through this placement.

The company paid $151,969 in finders' fees and issued 1,067,996 non-transferable finders' warrants to certain finders on this closing for their assistance in identifying back-end purchasers for the charity flow-through offering and for identifying purchasers of units. Of this, $36,652 was paid in cash, with the remaining $115,317 in fees settled with the issuance of 823,696 units priced at 14 cents per unit. Each finder's warrant entitles the holder to purchase one common share at an exercise price of 21 cents per finder's share for a period of three years from the date of issuance of the finder's warrant.

The company will be using the proceeds of the placement on its summer drill program at North Rackla, which has now commenced. The company is focused on expanding the mineralization at its zinc-lead-silver-germanium massive sulphide project and also testing new targets at the Copper project, where previous drilling has intersected up to 7.32 per cent copper (see news release of April 13, 2023).

The securities issued in this closing of the offering are subject to a four-month hold period, expiring on Dec. 15, 2025.

About Cantex Mine Development Corp.

Cantex is focused on its 100-per-cent-owned 20,000-hectare North Rackla project, located 150 kilometres northeast of the town of Mayo in Yukon, Canada, where high-grade massive sulphide mineralization has been discovered. Over 86,000 metres of drilling has defined high-grade silver-lead-zinc-germanium mineralization over 2.65 kilometres of strike length and at least 700 metres of depth. The mineralization remains open along strike and to depth. The company is led by Dr. Charles Fipke, CM, the founder of Ekati, Canada's first diamond mine.

The technical information and results reported here have been approved by Chad Ulansky, PGeol, a qualified person under national Instrument 43-101, who is responsible for the technical content of this news release. Mr. Ulansky is the company's president and chief executive officer.