Mr. Ed Huebert reports

CANADIAN GOLD CORP.: APPROVAL OF $300,000 GRANT FROM MANITOBA MINERAL DEVELOPMENT FUND (MMDF) INCREASES COMPANY'S EXPLORATION FUNDING

Canadian Gold Corp. has been approved for a $300,000 grant from the Manitoba Mineral Development Fund (MMDF), as announced at the CCMEC Mineral Conference held in Winnipeg, Man., last week. This grant, when combined with the company's treasury and pending final tranche closing of the current financing, will increase Canadian Gold's total capital to approximately $3.5-million.

Canadian Gold chief executive officer Ed Huebert said: "We wish to thank the MMDF for supporting our exploration program at the Tartan mine near Flin Flon, Man. This funding will help advance the ongoing (2023/2024) 2,500-metre diamond drill program." See the company's news release dated Nov. 8, 2023, for further details.

Canadian Gold acknowledges the significant impact that the MMDF has on mineral exploration in Manitoba, which augments economic development and regional investment across the province. The MMDF program and the Manitoba mineral exploration tax credit (MMETC) make Manitoba a strong destination for mineral exploration. Manitobans may avail themselves of unique tax incentives when investing in eligible Manitoba mineral exploration projects, such as the Tartan mine.

The MMETC provides Manitoba residents with some of the most advantageous tax credits in Canada, when compared with other provinces. Being able to access this funding for future exploration programs should allow the company to lower its cost of capital when raising equity, and to help limit dilution, thereby better preserving each shareholder's percentage ownership in Canadian Gold. Additional details regarding MMETC for Manitoba residents can be found on the Prospectors & Developers Association of Canada (PDAC) website.

About Canadian Gold Corp.

Canadian Gold is a Toronto-based mineral exploration and development company whose objective is to expand the high-grade gold resource at the past-producing Tartan mine, located in Flin Flon, Man. The company holds a 100-per-cent interest in greenfields exploration properties in Ontario and Quebec adjacent to some of Canada's largest gold mines and development projects, specifically, the Canadian Malartic mine (Quebec), the Hemlo mine (Ontario) and the Hammond Reef project (Ontario). The company is 38.8 per cent owned by Robert McEwen, who was the founder and CEO of Goldcorp and is chairman and CEO of McEwen Mining.