Mr. Michael Swistun reports

CANADIAN GOLD CORP. CLOSES $3 MILLION FINANCING, MCEWEN MINING INC. BECOMES 5.9% STRATEGIC SHAREHOLDER

Canadian Gold Corp. has closed its non-brokered financing previously announced on March 10, 2025. The company issued 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. McEwen Mining Inc. participated in the offering as a strategic investor. McEwen Mining now owns 5.9 per cent of Canadian Gold's outstanding shares and 7.3 per cent on a partially diluted basis. Rob McEwen, McEwen Mining's chairman and chief owner, owns 32 per cent of Canadian Gold's outstanding shares.

Each share unit consisted 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 until March 27, 2026. The common shares, share warrants, charity FT shares and all securities issuable thereunder will be subject to a hold period until July 28, 2025, in accordance with applicable securities legislation. No finders' fees were paid in connection with the offering.

The company will use the gross proceeds from the issue and sale of the charity FT shares, pursuant to the provisions in the Income Tax Act (Canada), to incur, on or before Dec. 31, 2026, eligible Canadian exploration expenses within the meaning of the tax act that qualify as: (i) flow-through mining expenditures as defined in Subsection 127(9) of the tax act; and (ii) flow-through mining expenditures as defined in Subsection 11.7(1) of the Income Tax Act (Manitoba), once renounced to a subscriber who is either a resident in Manitoba or otherwise liable to pay tax under the Income Tax Act (Manitoba). All qualifying expenditures will be renounced in favour of the subscribers, effective Dec. 31, 2025.

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 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. Target the Main zone's Eastern flank, which returned 9.7 g/t gold over 4.2 metres;
4. Define the limits of the South zone's potentially important depth extensions where the first drill hole recently returned 6.1 g/t gold over 6.0 metres and the 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.

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, 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 32 per cent owned by Robert McEwen, who was the founder and chief executive officer of Goldcorp and is chairman and CEO of McEwen Mining.

We seek Safe Harbor.