CANEX Announces Results of Annual & Special Meeting and Provides Drilling Update

CALGARY, February 24, 2022 - CANEX Metals Inc. ("Canex") is pleased to report that at its Annual & Special Meeting, held on February 24, 2022, Shane Ebert, Jean-Pierre Jutras, Lesley Hayes and Gregory Hanks were re-elected to the Board of Directors. Shareholders also approved fixing the number of directors at four, the appointment of BDO Canada LLP as Auditors and ratified Canex's stock option plan.

A reverse circulation drill program is currently underway at the Companies Gold Range property in Arizona. A total of 45 holes for 4600 metres of drilling has been completed during the ongoing program. The drill has completed multiple step out holes at the Excelsior Zone to test the expansion potential of the recently discovered wide zone of near-surface oxide mineralization at the south end of Excelsior, then completed two holes testing the Central and Lillian Zones, and is now focused on systematically testing the potential of the Malco Zone across 300 metres of strike length. Results for 32 drill holes are pending and will be released in batches as they are completed.

"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 "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of CANEX Metals Inc. internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of CANEX. The projections, estimates 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. 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.

SOURCE: CANEX Metals Inc.