Dr. Shane Ebert reports

CANEX ANNOUNCES STRONG AND GROWING SUPPORT FOR GOLD BASIN OFFER

Canex Metals Inc. has provided an update on the previously announced offer to acquire Gold Basin Resources Corp. (TSX Venture Exchange: GXX).

Over 26 per cent of Gold Basin shares have already been committed to the offer under binding lock-up agreements, less than 28 days into the 105-day bid period. This figure is nearly double the number of committed shares at the announcement of the offer, and represents only shares subject to a contractual agreement to deposit to the offer. This does not include the overwhelming support from other shareholders who have contacted Canex and Laurel Hill to deposit outside of a lock-up agreement. Based on the Sept. 24, 2025, closing price of Canex shares on the TSX Venture Exchange, the offer represents in a premium in excess of 100 per cent to Gold Basin shareholders compared to Gold Basin's closing price prior to the British Columbia Securities Commission's imposition of the cease trade order.

"We're thrilled with the early response from Gold Basin shareholders and encourage others to join them in participating in the offer," said Shane Ebert, president of Canex. "While it's unsurprising that this premium offer would be compelling to Gold Basin shareholders trapped in an illiquid investment, we are pleased by the early support and look forward to building a company that is greater than the sum of its parts and helping Gold Basin shareholder move past this troubling period."

Shareholders wishing to join them and commit to lock-up agreements or to otherwise tender to the offer should contact Laurel Hill Advisory Group, by telephone at 1-877-452-7184 (1-416-304-0211 for collect calls outside North America), or by e-mail at assistance@laurelhill.com.

Gold Basin board continues to ignore basic securities law obligations

Under applicable securities laws, a directors' circular must be prepared and delivered by the Gold Basin board to shareholders no later than 15 days from the date of commencement of the offer. The directors' circular must include either a recommendation to accept or reject the offer, and the reasons for the board of directors' recommendation or a statement that the Gold Basin board is unable to make or is not making a recommendation, and if no recommendation is made, the reasons for not making a recommendation.

Gold Basin's board has been continually unwilling to fulfill even that basic obligation to their shareholders. Shareholders would be right to question who is steering the ship on their investment. To recap:

1. Gold Basin has missed multiple financial reporting deadlines, culminating in the BCSC's imposition of a cease trade order (which has been modified to allow the Canex offer).
2. Gold Basin has disenfranchised its shareholders by missing the Aug. 30, 2025, deadline to hold an annual meeting of shareholders. Gold Basin's board is operating in an accountability vacuum.
3. Gold Basin does not currently have a transfer agent to fulfill the basic administrative tasks of being a public company.
4. Gold Basin does not currently have an auditor.
5. Gold Basin has now failed to provide a recommendation on the offer, or even provide a reason that it is unable to make a recommendation, in accordance with securities laws.

The Gold Basin board has neither provided a reason why these obligations have been neglected, nor a plan or timeline to restore compliance. Instead of allowing Gold Basin to continue as a rudderless ship, Canex is calling on the Gold Basin board to make a recommendation to Shareholders that they tender to the offer and look ahead to embarking on an exciting new chapter as a combined company.

Advisers

Canex has retained Borden Ladner Gervais LLP as its legal adviser and Laurel Hill Advisory Group as its information agent.

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 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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