Mr. Jeremy Prinsen reports

NEWFOUNDLAND DISCOVERY ENTERS INTO LETTER OF INTENT TO ACQUIRE ORINOX HOLDINGS CORP.

Newfoundland Discovery Corp. has entered into a non-binding letter of intent (LOI) in respect of the proposed acquisition by the company of all of the issued and outstanding securities of Orinox Holdings Corp.

Orinox holds, indirectly, an interest in the Ganda gold concession, covering approximately 786 square kilometres across the provinces of Benguela, Huambo and Huila, Republic of Angola.

The terms of the proposed transaction, including the consideration payable and the structure of the proposed transaction, remain subject to continuing negotiation between the parties and have not been finalized. The parties intend to negotiate, in good faith, toward the execution of a definitive agreement that will set out the full terms of the proposed transaction. There can be no assurance that the parties will enter into a definitive agreement, or that the proposed transaction will be completed on the terms currently contemplated or at all.

Pursuant to the LOI, the parties have agreed to negotiate exclusively and in good faith toward the definitive agreement for a period of 30 days. The LOI also contains customary binding provisions relating to exclusivity and confidentiality.

Completion of the proposed transaction will be subject to a number of conditions, including, among others standard for a transaction of this nature:

• The negotiation and execution of the definitive agreement;
• The satisfactory completion by the company of its due diligence investigations;
• The receipt of all necessary corporate, regulatory, stock exchange and third party approvals, including the approval of the Canadian Securities Exchange.

Jeremy Prinsen, president and chief executive officer of Newfoundland Discovery, commented: "We are pleased to have reached this milestone and to be working towards a definitive agreement. We look forward to updating shareholders as the proposed transaction progresses."

About Newfoundland Discovery Corp.

Newfoundland Discovery is a Canadian-listed exploration company focused on the identification, evaluation and development of high-potential mineral assets. The company is actively reviewing opportunities across multiple jurisdictions with a focus on precious metals and critical minerals.

We seek Safe Harbor.