Announcement • Jun 03
Cantex Mine Development Corp Reports Preliminary Flotation Results for North Rackla Project Cantex Mine Development Corp. had announced highly successful results from preliminary metallurgical flotation testwork on its 100-percent owned 14,077 hectare North Rackla claim block in the Yukon. The company is pursuing multiple options for the sale of lead and zinc from the deposit, which include ore sorting and direct ore shipments which may result in a flowsheet that does not include flotation. The test program, conducted at ALS Kamloops Metallurgy, successfully demonstrated that conventional, industry standard sulphide flotation techniques can effectively separate and produce high-quality, lead and zinc concentrates from both high-grade and low-grade sulphide mineralization as well as a high quality lead concentrate from the near surface oxidized mineralization. The flotation process demonstrated particularly good results for the low-grade sulphide mineralization. All sulphide and oxide composites successfully exceeded the critical commercial benchmark of >45% metal purity for both final lead and zinc concentrates. High-Grade (HG) sulphide composites achieved 85.1% lead recovery (at 53.6% Pb grade) and 80.6% zinc recovery (at a 61.8% Zn grade). Low-Grade (LG) sulphide composites demonstrated exceptional metallurgic resilience, yielding 91.1% lead recovery (at 51.0% Pb grade) and 88.4% zinc recovery (at 51.0% Zn grade). Silver reports predominantly to the lead concentrate, delivering stellar grades of 960 g/t Ag (HG), 532 g/t Ag (LG) and 410 g/t Ag (Ox) representing a high-margin revenue driver. Testwork confirms an optimized primary grind size of 75 microns ensures maximum mineral liberation which allows the use of industry standard plant designs. The flotation process is typically broken down into rougher and cleaner stages. The rougher stage is meant to maximize recovery at the coarsest grind possible, while the cleaner circuit is responsible for achieving a saleable concentrate. Initial rougher testwork on the LG, HG, and Oxide samples evaluated primary grind sizes of 150um and 75um. The finer 75um grind size demonstrated a significant improvement in overall metallurgical performance, showing excellent recovery under standard lead and zinc flotation conditions. Achieving both high recovery and acceptable concentrate grade often requires additional grinding to liberate the valuable minerals, and adjusting the chemistry to cause unwanted particles to be depressed, leaving only the purest lead or zinc containing minerals behind. Cleaner flotation typically involves multiple stages. In the tests completed during this study, regrinding to a particles size between a P80 of 15 µm and a P80 of 25 µm were used for both the lead and zinc concentrates, as well as two cleaner stages were completed for each of the lead and zinc rougher concentrates. Cleaner circuit testing demonstrated high recoveries to lead and zinc concentrates with desirable metal grades. The low-grade sample produced exceptional results. The lead concentrate recovered 91.1% of the lead from the sample and assayed 51% lead. The zinc concentrate recovered 88.4% of the zinc and assayed 51% zinc. The lead concentrate contains substantial silver (532 g/t). The zinc concentrate contains 100 g/t silver and based upon previous testing is expected to contain substantial germanium. Additional work is being conducted on the germanium recovery. Both the lead and zinc concentrates comprised 7.9% of the original sample size. The high-grade sample also produced encouraging results. The lead concentrate recovered 85.1% of the lead from the sample and assayed 53.6% lead. The zinc concentrate recovered 80.6% of the zinc and assayed 61.8% zinc. The lead concentrate contains substantial silver (960 g/t). The zinc concentrate contains 74 g/t silver and based upon previous testing is expected to contain substantial germanium. The lead and zinc concentrates comprised 4.3% and 5.4% of the original sample weight respectively. Consistent with typical near-surface oxide mineralization processed through a standard sulphide circuit, overall zinc recovery was poor, prompting metallurgical focus to pivot exclusively toward lead and silver recovery. Cleaner testwork successfully proved that a high-quality, saleable lead concentrate grading 53.0% Pb and 410 g/t Ag can be produced from this material. It also demonstrates that the process also results in substantial reduction of mass, with the concentrate comprising only 2.1% of the original sample weight. Though oxide mineralization represents a minor component of the deposit, it is promising that it adds value, as prior to this study the surficial oxides were regarded as waste. The second cleaner flotation testing on all composites yielded highly encouraging commercial products: High-Grade Composite (KM7852-10): Generated a lead concentrate grading 53.6% Pb and 960 g/t Ag, alongside a premium zinc concentrate grading 61.8% Zn. A mass pull of just 4.3% for lead and 5.4% for zinc indicates highly favorable, low-volume shipping economics. Low-Grade Composite (KM7852-08): Proved the chemical resilience of the ore, recovering 91.1% of the lead to a 51.0% Pb concentrate, and 88.4% of the zinc to a 51.0% Zn concentrate. Oxide Material (KM7852-09): Successfully proved that a high-quality, saleable lead concentrate grading 53.0% Pb and 410 g/t Ag can be produced. This confirms that the near-surface oxide cap could be commercialized as a valuable starter feed rather than treated as waste rock. Total mass pull is small, ranging from 2.1% for the lead concentrate for the oxide mineralization to 7.9% for each of the low-grade lead and zinc concentrates. This means one would only ship 2.1 tons of lead concentrate for every 100 tons of oxide mineralization mined, or 7.9 tons of each the lead and zinc concentrates for 100 tons mined of the low-grade mineralization. The high-grade lead concentrate captured 9.6% of the available zinc. Future flowsheet fine-tuning will focus on having this zinc report to the zinc concentrate, providing a pathway to further boost overall zinc recovery and optimize concentrate terms. The preliminary metallurgical flotation testwork confirms that conventional processing achieves premium, highly saleable products. Announcement • Apr 25
Cantex Mine Development Corp Provides Update On Metallurgical Test Work Program Cantex Mine Development Corp. started the metallurgical program in January 2026, which was designed to evaluate pre-concentration by X-Ray Transmission sorting, mineralogy, comminution characteristics, etc. for three composites that cover different mineralization types in the deposit. The three composites were selected to represent the range of mineralization styles seen across both the strike length and depth extent of the mineralization. The composites consist of half split HQ drill core. Oxide Composite. High Grade Sulphide Composite. Low Grade Sulphide Composite. The testwork program was split into 2 components: sorting test work to identify opportunities to pre-concentrate mill feed, conducted at Base Met Labs, and the conventional processing testwork conducted at ALS Kamloops Metallurgy, an independent metallurgical laboratory specializing in base and precious metal process development. Sorting amenability was carried out on a sample of 100 pieces of drill core which covered a range of lead, zinc, silver, and sulphur grades and included samples from all 3 zone types currently under testing. The results confirmed excellent differentiation between mineralization-rich rock and barren host rock, achieving strong pre-concentration performance across the tested size fractions. Core samples from multiple mineralized zones were subjected to sensor-based sorting using X-ray transmission (XRT) technology. XRT is a technology that differentiates rocks based on atomic density. As such, it is able to discern dense silver-lead-zinc-germanium bearing rocks from lighter unmineralized country rock. In this test, the individual pieces of drill core measured approximately 10cm in length. The curve demonstrates that 95.0%, 97.8%, and 97.9% of the silver, zinc, and lead report to a concentrate stream containing 70% of the mass. Announcement • Jan 29
Cantex Mine Development Corp. Commences Metallurgical Study, Plan for 2026 Drilling At North Rackla Projects in Yukon, Canada Cantex Mine Development Corp. provided a summary of its 2025 program on its 100%-owned 14,077 hectare North Rackla claim block in the Yukon. Cantex has commenced a metallurgical test work program on its Massive Sulphide project. The Company has engaged JDS Energy and Mining Inc. to manage the metallurgical testwork program under the supervision of senior metallurgist Shane Tad Crowie, PEng. Drilling at the Massive Sulphide project continues to extend the strike length of the mineralization. Just before the end of the 2025 drill season the first of a series of holes was completed to test a 150m step out of the mineralization to the northeast. This hole, testing the shallow portion of the strike, successfully intersected sulphide mineralization. Samples on the mineralization have been submitted to test their germanium content. Additional deeper drilling from this pad is planned for the start of the upcoming season. The drill has been winterized and remains on the pad for this work. Results for this drilling are awaited. Copper Project: The Copper Project was discovered by prospecting a soil-talus anomaly on the western side of the North Rackla property. Initial drilling intersected 2.5 metres of 3.93% copper including 1 metre of 7.32% copper. This was followed up with drilling early in the 2024 field season where results included 2.9 metres of 4.54% copper in hole YKDD24-287. Drilling in 2025 was designed to test for significant strike extensions to the previously discovered mineralization. Several anomalies detected by a ground geophysical induced polarization/conductivity survey were tested. Significant copper mineralization has not yet been intersected. Regional Anomalies in North Rackla: During the 2025 field season work was conducted on several other areas within the claim block. This included the start to drill testing at the B43 base metal anomaly. Grab samples previously collected while prospecting the B43 anomaly. Three holes were drilled before the end of the season. Results for these holes are awaited. The 2026 drill program will have two main priorities. The first is to continue extending the strike length of the Main Zone mineralization. The second is to test a number of new targets within the North Rackla claim block. Rock samples collected at surface have shown elevated gold, silver, copper, lead and zinc values. A new, lightweight, heli-portable drill rig is being constructed to be used for the regional target testing. This drill is to be ready for the start of the drill season. Summary: Cantex looks forward to a productive drill season on its North Rackla project. Work will be undertaken not only on the advanced Massive Sulphide Project but also selected targets within the broader claim block. The high silver price is significant for Main Zone, which contains up to 232 g/t silver and GZ Zone, which contains up to 363 g/t silver. Several areas within Cantex's large 15km by 15km North Rackla claim block contain highly anomalous surficial gold mineralization. It is hoped that Cantex will be able to extend this mineralization to depth with the newly constructed drill. Sample Preparation, QA and QC: The rock and soil–talus samples are sent to C.F. Mineral Research Ltd., an ISO 9001 accredited laboratory owned by Dr. Charles Fipke, where they are pulverized and prepared for analysis including the insertion of standards. ALS Chemex in Vancouver analyzed the samples using a four–acid digestion with an ICP–MS finish. The 48 element ME–MS61 technique was used to provide a geochemical signature of the mineralization. Where lead, zinc or copper values exceeded one percent the Pb–OG62, Zn–OG62 or Cu–OG62 techniques were used. These have upper limits of 20% lead, 30% zinc and 50% copper, respectively. Samples with lead and zinc values over these limits were then analyzed by titration methods Pb–VOL70 and Zn–VOL50. Where silver samples exceeded 100 g/t the Ag–OG62 technique was used which has an upper limit of 1,500 g/t. Where silver values exceeded 1,500 g/t the Ag-GRA22 technique was used. Announcement • Jan 13
Cantex Mine Development Corp., Annual General Meeting, Mar 17, 2026 Cantex Mine Development Corp., Annual General Meeting, Mar 17, 2026. New Risk • Dec 26
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$3.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$3.5m free cash flow). Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings have declined by 9.7% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (CA$25.4m market cap, or US$18.6m). New Risk • Dec 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 23% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Negative equity (-CA$185k). Earnings have declined by 13% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (CA$16.7m market cap, or US$12.0m). 