Canadian Gold Resources Announces Cancellation of LIFE Offering

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Canadian Gold Resources (CDNGF, TSXV: CAN) announced it will not proceed with its previously planned Listed Issuer Financing Exemption (LIFE) offering. The company has also concluded its engagement of Research Capital Corporation as exclusive finder and sole bookrunner for that financing.

According to Canadian Gold, it will continue evaluating alternative financing options to support its 2026 exploration and drilling programs at the Lac Arsenault, Robidoux and VG Boulder projects in the Gaspé Peninsula, while aiming to maintain disciplined capital allocation and long-term shareholder value.

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Dieppe, New Brunswick--(Newsfile Corp. - July 2, 2026) - Canadian Gold Resources Ltd. (TSXV: CAN) ("Canadian Gold" or the "Company") announces that, following a review of its financing strategy and prevailing market conditions, the Company has elected not to proceed with its previously announced Listed Issuer Financing Exemption ("LIFE") offering (see the Company's news release dated May 22, 2026).

Accordingly, the Company has concluded its engagement of Research Capital Corporation as exclusive finder and sole bookrunner in connection with the proposed LIFE Offering.

Kenneth Chernin, Interim President & CEO of Canadian Gold, commented:

"Following careful consideration, we have determined that not proceeding with the LIFE Offering at this time is in the best interests of the Company and its shareholders. We remain confident in the quality and potential of our projects in the Gaspé Peninsula and continue to evaluate financing alternatives that best support the Company's strategic objectives. Our objective is to advance our exploration programs while maintaining a disciplined approach to capital allocation and maximizing long-term shareholder value."

The Company remains focused on advancing its portfolio and continues to evaluate financing alternatives to support its planned 2026 exploration and drilling programs at the Lac Arsenault, Robidoux and VG Boulder projects, together with its ongoing corporate requirements. The Company looks forward to providing further updates as its exploration and financing plans progress.

About Canadian Gold Resources Ltd.

The Company is a junior exploration issuer advancing three high-grade gold properties totaling approximately 18,000 hectares in Québec's Gaspé Peninsula. The Company's strategy is to unlock the potential of historically explored assets through modern exploration and development, supported by a management team with a proven track record in discovery and project advancement.

For further information, please contact:

Ken Chernin
Interim President & Chief Executive Officer
Canadian Gold Resources Ltd.
ken.chernin@cdngold.com
+1 (416) 846 - 7373

Investor Relations
investors@cdngold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Canadian Gold trades on the TSX Venture Exchange under the ticker CAN and has 54,868,876 common shares outstanding.

Forward-Looking Statements Disclaimer:

This news release contains "forward-looking statements," including but not limited to statements regarding the Company's strategic objectives and anticipated growth. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. Readers are cautioned not to place undue reliance on these statements. The Company disclaims any obligation to update or revise any forward-looking information, except as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/303790

FAQ

Why did Canadian Gold Resources (CDNGF) cancel its LIFE offering in July 2026?

Canadian Gold Resources chose not to proceed with its LIFE offering after reviewing its financing strategy and market conditions. According to Canadian Gold, management concluded that cancelling the offering at this time better serves the company and shareholders while it evaluates alternative funding options.

What does the cancellation of the LIFE financing mean for Canadian Gold Resources (CDNGF) shareholders?

The LIFE offering will not go ahead, so the planned financing and related engagement have ended. According to Canadian Gold, the company continues to seek alternative financing while focusing on disciplined capital allocation and long-term shareholder value through advancing its Gaspé Peninsula exploration projects.

How will Canadian Gold Resources (CDNGF) fund its 2026 exploration after cancelling the LIFE offering?

Canadian Gold Resources plans to keep evaluating financing alternatives to support its 2026 exploration and drilling programs. According to Canadian Gold, funding will target activities at Lac Arsenault, Robidoux and VG Boulder, as well as ongoing corporate needs, aligned with its broader strategic objectives.

Which projects are Canadian Gold Resources (CDNGF) prioritizing following the LIFE offering cancellation?

Canadian Gold Resources is prioritizing exploration and drilling in 2026 at its Lac Arsenault, Robidoux and VG Boulder projects. According to Canadian Gold, these Gaspé Peninsula assets remain central to its portfolio as it searches for suitable financing to advance them.

What happened to Research Capital Corporation's role in Canadian Gold Resources (CDNGF) LIFE financing?

Research Capital Corporation is no longer engaged as exclusive finder and sole bookrunner for the LIFE financing. According to Canadian Gold, this engagement concluded when the company elected not to proceed with the previously announced offering under the Listed Issuer Financing Exemption.

Does cancelling the LIFE offering change Canadian Gold Resources (CDNGF) exploration plans?

Canadian Gold Resources states it remains focused on advancing its exploration portfolio despite cancelling the LIFE financing. According to Canadian Gold, the company still plans 2026 exploration and drilling at Lac Arsenault, Robidoux and VG Boulder while it pursues other financing options.