Mr. Ken Chernin reports

CANADIAN GOLD RESOURCES ANNOUNCES CANCELLATION OF LIFE OFFERING

Following a review of Canadian Gold Resources Ltd.'s financing strategy and prevailing market conditions, the company has elected not to proceed with its previously announced listed issuer financing exemption (LIFE) offering (see the company's news release dated May 22, 2026).

Accordingly, the company has concluded its engagement of Research Capital Corp. as exclusive finder and sole bookrunner in connection with the proposed LIFE offering.

Kenneth Chernin, interim president and chief executive officer of Canadian Gold, commented:

"Following careful consideration, we have determined that not proceeding with the LIFE offering at this time is in the best interests of the company and its shareholders. We remain confident in the quality and potential of our projects in the Gaspe Peninsula and continue to evaluate financing alternatives that best support the company's strategic objectives. Our objective is to advance our exploration programs while maintaining a disciplined approach to capital allocation and maximizing long-term shareholder value."

The company remains focused on advancing its portfolio and continues to evaluate financing alternatives to support its planned 2026 exploration and drilling programs at the Lac Arsenault, Robidoux and VG Boulder projects, together with its ongoing corporate requirements. The company looks forward to providing further updates as its exploration and financing plans progress.

About Canadian Gold Resources Ltd.

The company is a junior exploration issuer advancing three high-grade gold properties totalling approximately 18,000 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.