CALGARY, AB — January 20, 2026 — Leads & Copy — CANEX Metals Inc. has responded to Gold Basin Resources Corporation’s news release regarding security granted over a portion of its Gold Basin Project to a related party. Despite this, CANEX remains committed to its offer to acquire all of Gold Basin’s common shares.
CANEX (TSXV:CANX) stated its commitment to acquiring all of the issued and outstanding common shares of Gold Basin Resources Corporation (TSX.V:GXX), despite news that Gold Basin has granted security over a portion of its only material property, the Gold Basin Project in Mojave County, Arizona, to a related party. The offer, according to CANEX, is intended to unlock value for both Gold Basin and CANEX shareholders.
According to CANEX, Gold Basin’s January 19, 2026, news release revealed their management’s intention to transfer Gold Basin’s only material property to a related party as a defensive tactic against the Offer.
CANEX remains committed to the Offer and preserving value for Gold Basin Shareholders. CANEX encourages all Gold Basin Shareholders to tender to the Offer before Gold Basin’s management can further impair the value of Gold Basin’s only material property.
CANEX is optimistic that it will achieve the 50% + 1 share minimum tender requirement and take steps to elect a qualified board of directors to pursue district consolidation and advancement.
CANEX estimates the Offer value equates to approximately $22,000,000, or roughly $0.163 per Gold Basin share, based on CANEX’s January 19, 2026, closing price. CANEX believes this value is superior to the related party transactions proposed by Gold Basin’s current management, and Gold Basin Shareholders could receive valuable and free trading shares of CANEX within three days of take-up.
Gold Basin’s January 19, 2026, news release announced the updated terms of an unsecured loan of USD $500,000 at 15% per annum from Charrua Capital LLC in 2024. Charrua Capital has agreed to forbear exercising its rights under the Loan agreement until March 31, 2026, and reduce the interest rate to 9% from January 1, 2026, until March 31, 2026. A portion of the Gold Basin Project has been put up as security during the forbearance period. Gold Basin has announced no plan for repaying the stated amount of approximately C$856,730 (USD $617,652) owing on the Loan, which is due March 31, 2026.
CANEX stated that Michael Povey, the former Chief Executive Officer of Gold Basin, is known to be the owner of Charrua Capital. CANEX also stated that Mr. Povey is the current Executive Chairman of Helix Resources Ltd. (ASX:HLX) and a close business associate of Charles Straw, the President, interim Chief Executive Officer and a director of Gold Basin.
CANEX believes Gold Basin Shareholders should question Gold Basin management’s assertion that the Loan was provided on an arm’s-length basis. CANEX also stated that it is not aware that the Loan or the updated terms of the Loan, placing a direct lien on Gold Basin’s only material property, have been approved by the TSX Venture Exchange.
CANEX stated that Gold Basin’s management is attempting to impair the value of the Gold Basin Project to the benefit of related parties and constitutes an improper defensive tactic against the Offer. CANEX reiterated that it will work hard to preserve value for Gold Basin Shareholders.
CANEX thanked Gold Basin Shareholders for the significant support for the Offer. It stated that almost 50% of Gold Basin Shareholders have tendered to the Offer, and once the 50% + 1 share minimum tender requirement is reached, CANEX will be able to take up and pay for the Gold Basin shares deposited under the Offer and CANEX shares can be issued within three business days of take-up. CANEX intends to elect a qualified board of directors, settle debts and lawsuits, explore a merger of Gold Basin into CANEX, and aggressively expose and pursue any improper transactions relating to Gold Basin by its current management and directors.
CANEX believes the Offer could be the last opportunity for Gold Basin Shareholders to exchange their cease-traded Gold Basin shares for valuable and liquid CANEX shares.
Gold Basin Shareholders with questions or who need assistance tendering their Gold Basin shares should contact Laurel Hill Advisory Group by calling 1-877-452-7184 (toll-free in Canada and the United States), or 1-416-304-0211 (collect call outside of Canada and the United States), by texting “INFO” to either number, or by email at assistance@laurelhill.com
CANEX has retained Borden Ladner Gervais LLP as its legal advisor and Laurel Hill Advisory Group as its information agent.
CANEX Metals (TSX.V:CANX) is a Canadian junior exploration company focused on advancing its 100% owned Gold Range Project in Northern Arizona and the Louise Copper-Gold Porphyry Project in British Columbia.
Dr. Shane Ebert P.Geo., is the Qualified Person for CANEX and has verified the data disclosed in this news release and has approved the technical disclosure contained in this news release.
Shane Ebert, President/Director
For Further Information Contact:
Shane Ebert at 1.250.964.2699 or
Jean Pierre Jutras at 1.403.233.2636
Gold Basin Shareholders:
Laurel Hill Advisory Group
North American Toll Free: 1-877-452-7184
Outside North America: 1-416-304-0211
Email: assistance@laurelhill.com
Source: CANEX Metals
