January 8, 2026 TheNewswire – Vancouver, British Columbia: Gold Basin Resources Corporation (the “Company”, “Gold Basin”) (TSX-V GXX, OTCQB: GXXFF) is pleased to provide an update to shareholders and present its plan to resume trading and rapidly revalue the Company through the delivery of a Maiden Resource Estimate in early 2026.
The Gold Basin Project in Arizona features significant, shallow oxide gold mineralization totaling 7 km, making it one of the most promising oxide gold exploration projects in the western US.
Hostile takeover
Gold Basin Resources’ board strongly argues that shareholders should REJECT the hostile takeover by Canex Metals Inc. because it significantly undervalues the Gold Basin Project’s mineral resource, identified through multiple highly successful drilling campaigns.
Gold Basin’s technical team believes that Canex’s mineral tenements have meager economic potential and will not add significant mineral resources or economies of scale if combined with the Gold Basin Project.
The low bid is distorted because Canex’s stock price has been artificially inflated based on the hope of winning the Gold Basin Project; it was many times lower if it was based solely on Canex’s own assets.
Gold Basin’s largest shareholders have committed to REJECT the offer and the Board of Directors is confident that this hostile takeover will be rejected.
Gold Basin Resources encourages investors to contact the company to confirm their continued commitment. Those who have expressed support for the Canex offering are encouraged to do so REVOCED and REJECT it.
A uniform strategy
The Board of Directors and key major shareholders are united behind a robust strategy to maximize the potential of the company’s assets in the short term.
This unifying strategy includes the following:
(1)Delivering an initial resource in early 2026 that delivers a fundamental asset-based revaluation of the business.
(2)Significantly expanding that Maiden Resource with new drilling campaigns that primarily focus on expansion drilling that quickly adds economically viable ounces.
(3)Providing a preliminary economic assessment of the project.
At the same time, Gold Basin’s board is working to ensure that trading resumes as soon as possible.
The company has the deep technical, business and governance capabilities that support an environment of excellence, effectiveness and common sense. Importantly, there is company-wide support for the strategy outlined above.
Estimation of the girl’s resources
Gold Basin’s partner in the Gold Basin project, ASX-listed Helix Resources, has engaged an independent mining consultancy to provide a Maiden Resource estimate for the Cyclopic and Stealth Deposits in early 2026. Work started in December 2025 and resumed after the holidays.
Board appointments
Mr. Andrew Mendelawitz has joined the company as a non-executive director. He fully supports the revised and strengthened strategy and rejects Canex’s hostile offer.
With his appointment, two of the three directors of the Company are independent.
Mr Mendelawitz worked very closely with the company and its Australian and New Zealand shareholder base over a three-year period from inception, managing investor relations and communications. His appointment is in recognition of the Board’s commitment to improving the level of communication with investors, especially around strategy and milestone achievement.
Shareholders are encouraged to contact Mr. Mendelawitz to pledge their support behind the incumbent Board REJECT this hostile takeover attempt via:
Email: info@goldbasincorp.com
Phone: +61 417181990 (Melbourne, Australia — UTC+10 (AEST)
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ABOUT GOLD BASIN SOURCES COMPANY
Gold Basin Resources Corporation is progressing the 42 km2 Gold Basin Project, located in the prime mining jurisdiction of Mohave County, Arizona. Gold Basin is accessible year-round by a 1.5-hour drive on Highway I-93 southeast of Las Vegas, and high-power electrical lines from the Hoover Dam cross the southern project area. The immediate focus of Gold Basin’s highly experienced technical team is to expand and delineate multiple surface oxide gold deposits and prove the project’s potential at the district level. For more information, please visit the company’s website: www.goldbasincorp.com.
On behalf of the Board of Directors
Karel Straw
President, director and interim CEO
Neither 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 press release.
LOOKING FORWARD STATEMENTS:
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities laws, including the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, contained herein, including, but not limited to, future test results of further programs, future plans for drilling at the Stealth Deposit, the Company’s expectation that it will be successful in executing its business plans, and its anticipated business plans and timing of the Company’s future activities are forward-looking statements. Although the Company believes such statements to be reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are generally identified by words such as: “believes,” “will,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” “may,” “should,” “potential,” “planned,” or variations of such words and phrases and similar expressions, which by their nature refer to future events or results that may, could, would, could or will occur or be taken or achieved. In making the forward-looking statements in this press release, the company has applied various material assumptions, including, without limitation, that there will be investor interest in future financings, market fundamentals will result in sustained demand and prices for precious metals, the timely receipt of all necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company’s projects, the availability of financing on appropriate terms for the exploration and development of the Company’s projects and the Company’s ability to comply with environmental, health and safety laws. The Company cautions investors that any forward-looking statements made by the Company are not guarantees of future results or performance, and actual results may differ materially from those in any forward-looking statements as a result of various factors, including operational and technical issues associated with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the Company’s inability to obtain the necessary financing required to conduct its operations and business as currently contemplated, the timing and amount of the estimated future production, the cost of production, capital expenditures, the cost and timing of the development of new deposits, need for additional capital, future prices of precious metals, changes in general economic conditions, changes in financial markets and in the demand and market price for raw materials, lack of investor interest in future financing, accidents, labor disputes and other risks of mining, delays in obtaining government approvals, permits or financing or in the completion of development or construction activities, risks related to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, ownership disputes, the Company’s inability to obtain necessary permits, consents, approvals or authorizations, including by the TSX Venture Exchange, the timing and potential outcome of pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company’s latest Management’s Discussion and Analysis and filed with certain securities commissions in Canada. All of the Company’s Canadian public disclosure filings can be accessed at www.sedar.com and readers are urged to read these materials. Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update the forward-looking statements contained in this press release or incorporated by reference herein, except as otherwise required by law.
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