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CANEX Metals ( (TSE:CANX) ) has issued an update.
CANEX Metals has reported that 47% of Gold Basin Resources’ shares have already been tendered to its all-share takeover offer, prompting the company to extend the offer deadline to January 19, 2026, to give additional time for shareholders to tender amid delays caused by Gold Basin’s lack of a transfer agent. The bid, which CANEX says values Gold Basin at approximately $18 million, or more than $0.13 per share and represents a roughly 221% premium to Gold Basin’s last-traded 30-day VWAP, has been strengthened by CANEX’s decision to waive its original 66 2/3% minimum tender condition and proceed once the statutory 50% threshold is met, sharpening the contrast with Gold Basin’s contested farm-in agreement with Helix Resources and offering shareholders a more liquid and immediate path to value. CANEX also highlighted ongoing permitting work at its Louise Copper-Gold Porphyry project in British Columbia, where it plans to drill new geophysical targets in 2026, underscoring its broader growth strategy in copper-gold exploration.
The most recent analyst rating on (TSE:CANX) stock is a Hold with a C$0.21 price target. To see the full list of analyst forecasts on CANEX Metals stock, see the TSE:CANX Stock Forecast page.
Spark’s Take on TSE:CANX Stock
According to Spark, TipRanks’ AI Analyst, TSE:CANX is a Neutral.
The score is held back primarily by weak financial performance (pre-revenue losses and ongoing cash burn) and limited valuation support (negative P/E). Offsetting factors include constructive technical momentum (price above key moving averages with positive MACD) and supportive corporate events (C$3M financing and insider participation strengthening balance sheet and M&A positioning).
To see Spark’s full report on TSE:CANX stock, click here.
More about CANEX Metals
CANEX Metals Inc. is a Canadian mineral exploration company listed on the TSX Venture Exchange, focused on advancing copper and gold projects, including the Louise Copper-Gold Porphyry project in British Columbia. The company targets value creation through exploration and strategic transactions in the junior mining sector, positioning itself as an acquirer of distressed or undervalued assets such as those held by Gold Basin Resources.
Average Trading Volume: 238,030
Technical Sentiment Signal: Buy
Current Market Cap: C$37.56M
Find detailed analytics on CANX stock on TipRanks’ Stock Analysis page.