Mr. Ronald Goguen reports

LAC ARSENAULT MAIDEN DIAMOND DRILL PROGRAM UNDERWAY

Canadian Gold Resources Ltd.'s maiden diamond drill program at the Lac Arsenault project is under way. Drill equipment has arrived on site, and the company has completed the first drill collar. A total of 12 drill pads have been constructed to support initial drilling at the high-grade Baker vein, forming the first phase of the company's planned program.

Canadian Gold is currently operating under a permit authorizing 36 drill holes totalling approximately 3,000 metres. As previously announced on Nov. 14, 2026, the company has submitted an amended permit application to the Ministere des Ressources naturelles et des Forets, which is currently being reviewed. If approved, the amended permit would allow the drill program to expand to up to 60 drill holes, including approximately 15 holes designed to test new high-priority vein and stockwork-style targets identified through the recent induced polarization survey.

Management commentary

"Today marks an important milestone for Canadian Gold as we begin our maiden diamond drill program at Lac Arsenault," said Ron Goguen, president and chief executive officer of Canadian Gold Resources. "The team has worked extremely hard to advance the project to this stage, and we are pleased to have drilling under way on the Baker vein. The recent geophysical work has significantly expanded our understanding of the structural corridor, and we believe the upcoming drill program, particularly the new targets identified through IP, has the potential to meaningfully advance the project. We look forward to providing updates as the assay results become available, likely in the first quarter of 2026."

About the Lac Arsenault project

The Lac Arsenault property, located in Quebec's Gaspe region, lies along the Grand Pabos fault within the Gaspe-Newfoundland tectonic belt. This structure is interpreted to share geological characteristics with prolific gold-bearing systems such as the Cadillac-Larder Lake fault zone in Abitibi and the Cape Ray-Valentine Lake shear zone in Newfoundland. The property hosts several high-grade, epithermal-style vein systems, including the Baker, Mersereau and Dunning veins, with historical exploration outlining significant gold-silver-base-metal mineralization that provides a strong platform for the company's current work. Covering more than 3,600 hectares, Lac Arsenault is strategically located near tidewater at New Richmond, Que., offering excellent road, power and rail infrastructure within one of Canada's most established mining jurisdictions.

Historical resource estimate disclosure (National Instrument 43-101, 2.4):

• L. Stevenson (1975): 40,000 tonnes grading 15.43 grams per tonne gold and 197 g/t silver (Esso Minerals Canada);
• R. Cote (1996): 199,580 tonnes grading 9.59 g/t Au (approximately 61,536 contained ounces Au).

These historical estimates predate NI 43-101, and were based on sampling, trenching and drilling using manual polygonal methods. A qualified person has not completed sufficient work to classify the estimates as current mineral resources or reserves. The company is not treating them as current, and further verification is required.

These historical estimates predate the adoption of current Canadian Institute of Mining, Metallurgy and Petroleum definition standards (2014) and therefore cannot be directly compared with modern resource categories (that is, inferred, indicated or measured). The terminology and estimation methodologies used at the time are not compliant with current CIM categories, and no classification equivalence is implied.

The company considers these historical estimates to be relevant as they demonstrate the presence of significant gold and silver mineralization at shallow depths within the Baker and Mersereau vein systems, which remain priority targets for verification and expansion. However, their reliability is uncertain because the underlying data, methods and quality assurance/quality control procedures are not adequately documented to current standards. The company is not treating the estimate as current.

To the company's knowledge, there are no more recent mineral resource estimates available for the Lac Arsenault property that would supersede these historical figures.

To bring these into compliance, Canadian Gold plans to:

• Conduct systematic drilling to confirm grades and geometry;
• Complete verification sampling and density determinations;
• Build a validated geological model with modern QA/QC protocols;
• Commission an independent NI 43-101-compliant resource estimate.

Qualified person statement

The scientific and technical information in this news release has been reviewed and approved by Mark Smethurst, PGeo, director of Canadian Gold, a qualified person under National Instrument 43-101.

About Canadian Gold Resources Ltd.

Canadian Gold is a junior exploration company advancing three high-grade gold properties totalling approximately 16,000 hectares in Quebec's Gaspe peninsula. The company's strategy is to unlock the potential of historically explored assets through modern exploration and development, supported by a management team with a proven record in discovery and project advancement.

We seek Safe Harbor.