Tuesday, 13 October 2026 07:30 AM
Company Update
CALGARY, AB / ACCESS Newswire / October 13, 2026 / CANEX Metals Inc. ("CANEX" or the "Company") and its 100% owned subsidiary Gold Basin Resources Corporation ("Gold Basin") are pleased to announce that the Supreme Court of British Columbia (the "Court") has issued an Order (the "Order") ruling against the Helix Resource Ltd. ("Helix") earn-in and joint venture agreement ("Helix-JV)" on the Gold Basin Property, and has declared the agreement set aside and unenforceable.
Highlights:
- The Court Order clarifies that Helix has no interest or rights in the Gold Basin Property
- The Court has declared Helix must pay the cost of the Petition to Gold Basin
- CANEX continues to aggressively advance exploration permitting and drilling plans at the Gold Basin Property, and will update shareholders on exploration timelines shortly
Over the past several months CANEX has been aggressively advancing permitting, exploration, and drill planning at the Company's Gold Basin Property in Arizona under the assertion that the Helix-JV was invalid and had no standing. The Court Order confirms that assertion and makes clear Helix has no rights to, or interest in, the Gold Basin Property. CANEX is working through final exploration permit obligations and working to line up a drill contractor and will update shareholders on exploration plans and timelines shortly.
The Petition against the Helix-JV was originally launched in October 2025 by Gold Basin Shareholders and was subsequently amended in July 2026 to name Gold Basin as the Petitioner. Gold Basin continued to advance the Petition in order to get a clear legal ruling on the Helix-JV and to mitigate any claim Helix might put forth regarding the Helix-JV or expenditures owed. Gold Basin has spent considerable time and financial resources bringing the Petition against Helix and looks forward to recovering legal costs from Helix.
Order From the Supreme Court of British Columbia
On October 9, 2026, a Petition was heard in the Supreme Court of British Columbia and an Order was issued by the Court declaring the Helix-JV agreement between Gold Basin Resources Corporation, Gold Basin Resources (Arizona) Inc., Helix Resources Limited, and Leichhardt Resources (QLD) Pty Ltd., dated February 3, 2026, is set aside and is unenforceable. The order also awards Gold Basin the cost of the petition from Helix.
CANEX is very pleased with the Courts ruling which upholds basic Canadian corporate law, TSX Venture Exchange rules, and protects shareholders rights.
About CANEX Metals
CANEX Metals (TSXV: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.
Dr. Shane Ebert P.Geo., is the Qualified Person for CANEX Metals and has approved the technical disclosure contained in this news release.
"Shane Ebert"
Shane Ebert
President/Director
For Further Information Contact:
Shane Ebert at 1.250.964.2699 or
Jean Pierre Jutras at 1.403.233.2636
Web: http://www.canexmetals.ca
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "will", "asserts", "potentially", "plans", "seeks", "advancing" and similar expressions, the final treatment of Delinquent Dissenters, whether Gold Basin will be successful in litigation against Helix, Michael Povey or Charles Straw, and whether an exploration permit application is accepted by the Bureau of Land Management, and advancement of the Gold Basin project and Louise Copper-Gold Porphyry project, are forward-looking information that represents management of CANEX's internal projections, expectations or beliefs concerning, among other things, litigation, future operating results and various components thereof or the economic performance of CANEX. The projections, expectations and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause CANEX's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in CANEX's filings with the Canadian securities authorities, the possibility that legal proceedings may be instituted against CANEX, Gold Basin, and/or others, and risks inherent in the mining industry. Accordingly, holders of CANEX shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements, except as required by law.
SOURCE: CANEX Metals Inc.