Mr. Michael Swistun reports

CANADIAN GOLD CORP. TARTAN MINE "WESTERN FLANK" STEP-OUT DRILLING CONTINUES TO DELIVER

Canadian Gold Corp. has released continuing results from its phase 4 drill program at the 100-per-cent-owned Tartan mine near Flin Flon, Man. Encouraging results, especially along the Main zone's Western Flank, continue to support the plan to move toward a potential mine restart. Highlights include 12.3 grams per tonne gold over 14.0 metres, 8.2 grams per tonne gold over 9.9 metres and 10.7 grams per tonne gold over 4.5 metres. Canadian Gold is currently in the process of being acquired by McEwen Inc., with closing expected in early 2026.

Results contained in this news release include the following areas: (1) Main zone's Western Flank; (2) South zone (which is parallel to the Main zone); and (3) prospecting near the Tartan mine. The continued objective of this drilling has been to increase the number of ounces per vertical metre, which could allow for higher annual gold production in a potential mine restart while driving economies of scale to lower production and development costs.

Tartan mine -- recent highlights

Main zone -- Western Flank

Five new holes were drilled along the Main zone's Western Flank. These holes successfully expanded the mineralization approximately 30 metres west, over a vertical extent of 80 metres (from 440 to 520 metres below surface). Highlights include 12.3 grams per tonne gold over 14.0 metres, 8.2 grams per tonne gold over 9.9 metres and 10.7 grams per tonne gold over 4.5 metres. Canadian Gold's exploration team believes there is excellent potential to expand this area farther to the west, at depth and closer to surface.

In addition to discovering additional resources to the west, there remains a good opportunity along the Eastern Flank, which has seen limited drilling at depth. Since beginning this multiphase drill program, a total of 31 of 35 holes (89 per cent) have successfully intersected what the company believes to be potentially economic mineralization within the Main zone.

South zone

The objective of the continuing drilling at the South zone has been to expand the resource size, allowing for a higher production on a potential mine restart. Notable drilling results at the South zone include 5.2 grams per tonne gold over 5.0 metres in TLSZ25-38W1 and 4.4 grams per tonne gold over 4.0 metres in TLSZ25-40, each supported by internal high-grade intervals up to 12.5 grams per tonne gold over 1.0 metre and 8.9 grams per tonne gold over 1.6 metres, respectively. TLSZ25-41 delivered a particularly significant intercept of 82.0 metres of 1.3 grams per tonne gold, which contained multiple higher-grade sections. Collectively, these intercepts demonstrate the consistent presence of higher-grade lenses within broader mineralized envelopes. The results confirm that the South zone remains an excellent growth opportunity requiring continued drilling and refinement of the structural controls governing gold distribution to fully evaluate its potential.

Near-mine target generation confirms high-grade gold at surface

Drill target generation on the Tartan West property, which adjoins the Tartan mine, commenced in the summer and has confirmed the presence of multiple areas of high-grade gold mineralization. Canadian Gold has an option to acquire 100 per cent of the Tartan West property, as detailed in its news release May 16, 2025. Initial work consisted of geological mapping, prospecting and surface sampling to prioritize areas for trenching and drilling in 2026. Highlights from this work include grab samples that assays up to 28.9 grams per tonne gold and channel samples that assayed up to 28.5 grams per tonne gold.

Canadian Gold has optioned this property on the basis that it offers strong potential to expand the resource base and align with future infrastructure investments. The Tartan shear extends westward from the Tartan mine and presents significant exploration potential for hosting similar gold mineralization. A consolidated development strategy with a single processing facility at the Tartan mine sourcing ore from multiple zones, including potential discoveries along the Tartan shear zone, could materially reduce capital intensity on a per-ounce basis while enabling access through existing and planned underground infrastructure.

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.

Technical information

The drill core samples collected by Canadian Gold and described in this news release were transported in secure sealed bags for preparation and assay by either Paragon Geochemical in Surrey, B.C., or ALS Labs in Thunder Bay, Ont. The drill core samples reported are NQ-size one-half core samples crushed in their entirety to 80 per cent passing minus 10 mesh, with one 500-gram subsample split and analyzed for gold by PhotonAssay. The surface samples reported were either field grab and channel samples that were bagged and transported to Paragon Geochemical in Surrey, B.C. The entire sample was crushed in its entirety to 80 per cent passing minus-10 mesh, with one 500-gram subsample split and analyzed for gold by PhotonAssay.

About Canadian Gold Corp.

Canadian Gold is a Canadian-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 grams per tonne gold) and an inferred estimate of 37,000 ounces gold (240,000 tonnes at 4.89 grams per tonne gold) (Tartan Lake project technical report, Manitoba, Canada, April, 2017, written by Mining Plus Canada Consulting Ltd.). 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). McEwen Inc. holds a 5.6-per-cent interest in Canadian Gold, and Robert McEwen, the founder and former chief executive officer of Goldcorp and chairman and chief executive officer of McEwen, holds a 32.5-per-cent interest in Canadian Gold.

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