Adex Mining Appeals Regulatory Action

Toronto, Ontario–(Newsfile Corp. – July 29, 2026) – Adex Mining Inc. (TSXV: ADE) (“Adex” or the “Company”) today announces that, further to its news release of July 14, 2026, Adex Minerals Corp. (“Adex Minerals”), the Company’s wholly-owned subsidiary through which Adex holds its interest in the Mount Pleasant mining project in New Brunswick, has appealed (the “Appeal”) the previously announced cancellation of mineral claim 1505 (the “Mineral Claim”) , which is the mineral claim upon which the Mount Pleasant project is situated, to the New Brunswick Energy and Utilities Board (the “NBEUB”) in accordance with the Mining Act (New Brunswick) (the “Mining Act”).

As previously announced, Adex Minerals received correspondence dated July 13, 2026 from the Mining Recorder, Resource and Development Branch of the New Brunswick Department of Natural Resources and Energy Development (the “Mining Recorder”) advising that the Mineral Claim had been cancelled by the Mining Recorder and placed in protected status due to failures by Adex Minerals to complete sufficient work program expenditures as required under s. 11(1) of the General Regulation – Mining Act, N.B. Reg. 86-98.

In its Appeal, Adex asserts that the cancellation is inconsistent with the Mining Recorder’s written guidance with respect to required work expenditures and is also inconsistent with the course of dealings Adex has had with officials in the New Brunswick Department of Natural Resources and Energy Development with respect to Adex’s previously announced strategic review process undertaken by its special committee of independent directors (“Special Committee”). Adex believes that the Mining Recorder failed to engage with Adex’s good faith proposals to complete the necessary expenditures in a timely manner and acted unreasonably in imposing arbitrary deadlines after eschewing Adex’s good faith efforts to comply. Adex is seeking: an interim stay of the Mining Recorder’s cancellation of the Mineral Claim, an order setting aside the cancellation notice of July 13, 2026, and reinstatement of the Mineral Claim in the name of Adex Minerals, together with such directions as may permit Adex Minerals to complete its required work expenditures in respect of the Mineral Claim.

As previously announced, the July 13, 2026 notice indicates that notwithstanding the cancellation, the Mineral Claim will be held in protected status under s. 52(4) of the Mining Act pending further engagement between Adex, Adex Minerals and the Mining Recorder on a potential transaction involving Adex, Adex Minerals or the Mount Pleasant project. Adex is seeking further clarification on the nature of this protected status, which is not specifically provided for in the Mining Act, and the circumstances in which it may be released. Notwithstanding the Appeal, given the protected status of the Mineral Claim and in line with the Mining Recorder’s directive, Adex and its Special Committee continue efforts to engage with the Mining Recorder and officials in the New Brunswick Department of Natural Resources and Energy Development. In connection therewith, Adex has determined to continue its ongoing strategic review process, through which the Special Committee continues to explore strategic alternatives and potential value-enhancing transactions for Adex, Adex Minerals or the Mount Pleasant project.

The Appeal was lodged with NBEUB on July 29, 2026. The Company will provide further updates in due course.

ABOUT ADEX

Adex Mining Inc. is a Canadian junior mining company with an experienced management team. The Company has maintained stewardship over the Mount Pleasant Mine Property while evaluating strategic alternatives. The Mount Pleasant Mine Property is a multi-metal project that is host to promising tungsten-molybdenum and tin-indium-zinc mineralization. The common shares of Adex trade on the TSX Venture Exchange under the stock symbol “ADE”.

No securities commission or regulatory authority has approved or disapproved the contents of this press release. Neither the 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 release.

FORWARD‐LOOKING STATEMENTS

Certain statements in this press release may constitute “forward‐looking” statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Adex, its subsidiary or the industry in which they operate to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. When used in this press release, the words “estimate”, “believe”, “anticipate”, “intend”, “expect”, “plan”, “may”, “should”, “will”, the negative thereof or other variations thereon or comparable terminology are intended to identify forward‐looking statements. Such statements reflect the current expectations of the management of Adex with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by those forward‐looking statements. These risks and uncertainties are detailed from time to time, including, without limitation, under the heading “Risk Factors”, in reports filed by Adex with the Alberta, British Columbia, Ontario, New Brunswick and Nova Scotia Securities Commissions which are available at www.sedarplus.ca and to which readers of this press release are referred for additional information concerning Adex, its prospects and the risks and uncertainties relating to Adex and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of Adex to be materially different from those contained in forward‐looking statements. Although the forward‐looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Adex cannot assure investors that actual results will be consistent with these forward‐looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward‐looking statements as a prediction of actual results. The forward‐looking information contained in this press release is current only as of the date of the press release. Adex does not undertake or assume any obligation to release publicly any revisions to these forward‐looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.

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