TORONTO, July 14, 2026 /CNW/ - Adex Mining Inc. ("Adex" or the "Company") (TSXV: ADE) today announces that Adex Minerals Corp., its wholly-owned subsidiary through which Adex holds its interest in the Mount Pleasant mining project in New Brunswick, has been the subject of a regulatory action in New Brunswick.
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 (the "Mining Recorder") advising that mineral claim 1505, which is the mineral claim upon which the Mount Pleasant project is situated, has been cancelled by the New Brunswick government pursuant to s. 52(2) of the Mining Act (New Brunswick) and placed in protected status. The correspondence cites as the basis for the cancellation the fact that Adex Minerals failed to complete sufficient work program expenditures under s. 11(1) of the General Regulation - Mining Act, N.B. Reg. 86-98 necessary to maintain mineral claim 1505 in good standing. Adex had previously obtained extensions from the Mining Recorder to the deadline to complete the required work program expenditures, and had been in recent discussions with the Mining Recorder regarding a further extension that would have enabled completion of a new proposed work program that would have satisfied the required expenditures. However, in its correspondence dated July 13, 2026, the Mining Recorder advised of its decision not to accept the proposed work program or grant the associated further extension.
The correspondence received indicates that claim 1505 will be held in protected status under s. 52(4) of the Mining Act (New Brunswick) pending further engagement between the Company and the Mining Recorder on a potential transaction involving Adex, Adex Minerals or the Mount Pleasant project. As previously announced by Adex in its news releases of April 25, 2025 and further updated on May 15, 2025, June 26, 2025 and April 16, 2026, the Company, through its special committee of independent directors (the "Special Committee"), has been engaged in a review process to explore strategic alternatives and potential value-enhancing transactions.
The Company and Special Committee, together with their external financial and legal advisors, are engaged in discussions with the Mining Recorder and applicable regulatory representatives in New Brunswick. 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.
SOURCE Adex Mining Inc.
FOR FURTHER INFORMATION, PLEASE CONTACT: Linda Lam Kwan, Chief Executive Officer Adex Mining Inc., 1-647-243-8452, Email: [email protected], Website: www.adexmining.com
