Mr. Chad Ulansky reports

CANTEX CLOSED SECOND TRANCHE OF PRIVATE PLACEMENT

Cantex Mine Development Corp. has closed the second tranche of its financing.

Further to its news releases of July 12, Aug. 12, and Sept. 8, announcing a private placement, the close of the first tranche and an increase to the financing, the company closed the second tranche of the offering and has received proceeds of $1,006,000 by the issuance of 2.4 million charity flow-through (CFT) units, 110,000 flow-through (FT) shares and 412,000 hard units. The CFT units were issued at 36.25 cents per unit, with each CFT unit comprising one flow-through share and one-half of a non-flow-through warrant. Units were issued at 25 cents per unit, with each unit comprising one common share and one-half of a non-flow-through warrant. FT shares were issued at 30 cents per FT share, with no warrants attached to them. Each whole warrant issued in connection with either a CFT unit or a unit entitles the holder to acquire a non-flow-through share at a price of 40 cents for a term of two years. As announced on Aug. 12, 2026, the company closed a first tranche of the offering for total gross proceeds of $1,929,900.

Proceeds from the second tranche will be used to finance the company's North Rackla project in Yukon and for general working capital.

The company was charged $2,100 in finders; fees in connection with the second tranche, which was paid in cash. The securities issued in the second tranche are subject to a four-month hold period, expiring on Jan. 12, 2027.

The company is looking forward to closing the final tranche of the offering in the near future.

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 100,000 meters of drilling has defined high-grade silver-lead-zinc-germanium mineralization over 2.80 kilometres of strike length and at least 700 metres depth. The mineralization remains open along strike and to depth. In addition, the company has discovered copper and gold mineralization. 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.