Mr. Michael Swistun reports

MCEWEN MINING INC. TO BECOME 5.9% STRATEGIC SHAREHOLDER IN CANADIAN GOLD CORP. TO ADVANCE TARTAN MINE EXPLORATION & DEVELOPMENT PLAN

Canadian Gold Corp. has entered into an agreement where it will issue 8,823,529 charity flow-through shares at a price of 28 cents per charity FT share and 2,941,176 common share units at a price of 17 cents per share unit for aggregate gross proceeds to the company of approximately $3-million. The offering will be conducted on a non-brokered private placement basis. McEwen Mining Inc. has agreed to participate in the offering as a strategic investor. Upon closing of the offering, McEwen Mining will own 5.9 per cent of Canadian Gold's outstanding shares and 7.1 per cent on a partially diluted basis. Postfinancing, Rob McEwen, McEwen Mining's chairman and chief owner, will own 32 per cent of Canadian Gold's outstanding shares.

"We are honoured to welcome McEwen Mining Inc. as a strategic shareholder. Their investment represents a significant validation and endorsement of the results of our ongoing exploration efforts at Tartan. We have a shared vision to aggressively advance toward the goal of restarting the Tartan mine. We look forward to putting this investment to work immediately to expand and quantify the resource on the Main zone and South zone, plus do follow-up drilling at our recently discovered third parallel zone to the south of the South zone," said Michael Swistun, CFA, president and chief executive officer.

Each share unit will consist of one non-flow-through common share of the company and one whole common share purchase warrant that will entitle McEwen Mining to acquire one common share of the company for an exercise price of 22 cents per common share for 12 months from the closing of the offering.

The charity FT shares will qualify as flow-through shares for the purposes of the Income Tax Act (Canada).

The company will use the gross proceeds from the issue and sale of the charity FT shares to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures as both terms are defined in the Income Tax Act (Canada) on or before Dec. 31, 2026. All qualifying expenditures will be renounced in favour of the subscribers, effective Dec. 31, 2025. The company will indemnify subscribers for any taxes payable as a result of a failure to renounce qualifying expenditures or in the event of a reduction by the tax authorities in the amount of expenses renounced by the company.

The company intends to use the aggregate proceeds from the offering to:

1. Target the deeper extensions of the Main zone, which remains open; limited drilling in this area has returned 12.0 grams per tonne gold over 8.0 metres and 12.7 g/t gold over 3.4 metres;
2. Drill the Main zone's Western flank, where recent stepout drilling has intercepted 11.6 g/t gold over 5.6 metres and 7.1 g/t gold over 6.0 metres;
3. Drill the Main zone's Eastern flank, which returned 9.7 g/t gold over 4.2 metres;
4. Drill the South zone's potentially important depth extension, where the first drill hole recently returned 6.1 g/t gold over 6.0 metres and newly discovered South zone hangingwall zone that has returned 29.1 g/t gold over 5.9 metres and 8.4 g/t gold over 2.0 metres;
5. Help advance development studies at the Tartan mine.

The charity FT shares and share units issued pursuant to the offering will have a hold period of four months and one day. The offering is expected to close on or about March 31, 2025, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX-V.

Qualified person

The scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark, PGeo, consulting geologist for the company, and a qualified person as defined under National Instrument 43-101.

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 historic Tartan mine currently has a 2017 indicated mineral resource estimate of 240,000 ounces gold (1.18 million tonnes at 6.32 g/t gold) and an inferred estimate of 37,000 oz gold (240,000 tonnes at 4.89 g/t gold). The company also holds a 100-per-cent interest in greenfield 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 34 per cent owned by Robert McEwen, who was the founder and chief executive officer of Goldcorp and is chairman and CEO of McEwen Mining.

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