CANEX closes $9.5 million equity financing

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CALGARY, AB / ACCESS Newswire / September 29, 2026 / CANEX Metals Inc. ("CANEX"or the "Company") is pleased to announce the closing of its previously announced non-brokered private placement (the "Financing"). Pursuant to the Financing, the Company has issued 22,841,286 common shares(the "Common Shares") at a price of $0.35 per Common Share for proceeds of C$7,994,450, and 2,873,000 Charity Flow-Through shares (the "FT Shares") at a price of $0.54 per FT Share for gross flow through proceeds of C$1,551,420. Combined Common and FT Share proceeds from the Financing amounted to C$9,545,870.

Highlights:

The Financing enables CANEX to transition from a year-long merger and acquisition phase into an aggressive exploration and drilling phase

Mr. N. Eric Fier, CANEX's largest shareholder, was the lead order in the financing contributing C$3 million

Proceeds from the financing will be used for exploration, drilling, and pre-development work at the Company's Gold Basin/Gold Range Project, for drilling at the Louise Copper-Gold Porphyry in British Columbia, and for general working capital

Financing Details

The Financing was oversubscribed and consisted of 25,714,286 common and flow through shares that were issued on a non-brokered basis by way of private placement to accredited investors and any securities issued are subject to a hold period of four months plus one day from the date of closing. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the subject matter of the Financing does not exceed 25% of the market capitalization of the Company as calculated in accordance with MI 61-101. Proceeds of the Financing will be used for exploration and pre-development work at the Company's Gold Basin/Gold Range and Louise projects, for remaining obligations relating to the 100% acquisition of Gold Basin Resources, and for general working capital.

Mr. N. Eric Fier, contributed C$3 million to the financing and is CANEX's largest shareholder, holding about 9.6% of the Company.

About CANEX Metals

CANEX Metals (TSX.V:CANX) is a Canadian junior exploration company and owns 100% of Gold Basin Resources Corporation. 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.

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.