CANEX Metals Closes Financing and Issues Gibson Property Payment and Altius Files Early Warning Report for Participation in Financing

CALGARY, October 16, 2018 - CANEXMetals Inc. (TSX.V CANX) ("CANEX" or the "Company") has closed a non-brokered private placementfor 2,300,000 units ("Common Units") at a price of $0.05 per Common Unit forgross proceeds of $115,000. Each CommonUnit consisted of one common share and one common share purchase warrant.Each common share purchase warrant entitlesthe holder to purchase one common share at a price of $0.10 per share untilOctober 16, 2020.The securities issued are subject to a hold period of fourmonths plus one day or February 17, 2019.

Altius Resources Inc., a subsidiaryof Altius Minerals Corp. (TSX: ALS) acquired ownership of2,000,000 Common Units, for anaggregate purchase price of $100,000.The 2,000,000 Common Units were purchased by way ofa private placement and were acquired for investment purposes. Altius may, from time totime, increase or decrease its holdings of common shares of CANEX, depending onmarket and other conditions.

Altius acquiredownership of 2,000,000 common shares forming part of the Units, representingapproximately 7.67% of the common shares of CANEX issued and outstanding, and2,000,000 common share purchase warrants forming part of the Common Units,which, if exercised, represent approximately 7.67% of the common shares ofCANEX issued and outstanding.

Immediately before the acquisition, Altius owned 2,305,000common shares of CANEX, representing approximately 9.70% of all issued andoutstanding common shares of CANEX.

Following the acquisition, Altius now owns4,305,000 commonshares of CANEX, which represents approximately 16.52% ofall issued and outstanding common shares of CANEX. In addition, Altius owns2,000,000 common sharepurchase warrants of CANEX.

CANEX also commenced drillinglast week on its Gibson Gold Silver Project optioned from Altius with a minimum 1,000metre drill program planned.Pursuant tothe Gibson Property Agreement and prior to drill testing, CANEX previouslyissued Altius 1,180,000 common shares.

"Shane Ebert"
Shane Ebert, President/Director

Neither the TSX Venture Exchange nor its regulation servicesprovider (as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.

Exceptfor the historical and present factual information contained herein, thematters set forth in this news release, including words such as "expects","projects", "plans", "anticipates" and similar expressions, are forward-lookinginformation that represents management of CANEX Metals Inc. internalprojections, expectations or beliefs concerning, among other things, futureoperating results and various components thereof or the economic performance ofCANEX. The projections, estimates and beliefs contained in such forward-lookingstatements necessarily involve known and unknown risks and uncertainties, whichmay cause CANEX's actual performance and financial results in future periods todiffer materially from any projections of future performance or resultsexpressed or implied by such forward-looking statements. These risks anduncertainties include, among other things, those described in CANEX's filingswith the Canadian securities authorities. Accordingly, holders of CANEX sharesand potential investors are cautioned that events or circumstances could causeresults to differ materially from those predicted. CANEX disclaims anyresponsibility to update these forward-looking statements.

SOURCE: CANEX Metals Inc.