CANEX Metals Confirms Invalidity of Joint Venture Between Gold Basin and Helix

CANEX Metals Inc. has clarified that the supposed joint venture between Gold Basin Resources and Helix Resources Limited is deemed invalid. This follows the Supreme Court of British Columbia's order preventing Gold Basin from asset transactions, an approval requirement overlooked in the joint venture process. Gold Basin considers the involvement of related parties, such as Kevin Lynn and Michael Povey, as improperly disclosed, raising conflict of interest concerns.

The agreement's announcement has been further scrutinized as an inappropriate defensive tactic against a takeover bid by Mayfair Acquisition Corp. Gold Basin has reserved rights against former Gold Basin directors, while CANEX may pursue contempt orders concerning restraining order breaches. The dispute continues, with unresolved litigation initiated in October 2025 highlighting the joint venture's contentious aspects.