Mr. Karim Rayani reports

CARMANAH ANNOUNCES PROPOSED NAME CHANGE TO SKULL RIDGE GOLD CORP. REBRANDS FLAGSHIP ASSET TO THE SKULL ISLAND PROJECT IN NEWFOUNDLAND

Carmanah Minerals Corp. intends to change its corporate name to Skull Ridge Gold Corp., subject to approval of the board of directors, the filing of all requisite forms with corporate and regulatory authorities, and the submission of all required documents to the Canadian Securities Exchange.

The proposed name change follows the appointment of Karim Rayani as executive chairman and chief executive officer, director, on March 18, 2026, and reflects the company's renewed strategic direction under new leadership, with a focus on advancing its flagship asset and strengthening its identity as a gold and silver-focused exploration company.

As part of this rebranding initiative, the company also announces that its flagship Heritage project, operated by Carmanah Minerals, will be renamed the Skull Island project. The Skull Island project is located on the Burin Peninsula in Newfoundland and hosts mineralization within the Avalonian rocks, including the Point May trend, a recognized epithermal gold-silver system.

Newfoundland continues to establish itself as one of the premier mining jurisdictions in Canada, with a proven record of gold discoveries and production. Prominent companies such as New Found Gold Corp., along with the recent merger of Equinox Gold Corp. with Calibre Mining Corp. -- which consolidated the Valentine gold mine into one of Canada's largest gold producers -- underscore the region's strong geological potential and growing investment interest. These developments highlight the robust environment in which Skull Ridge Gold is advancing its flagship Skull Island project.

Karim Rayani, executive chairman and chief executive officer, commented:

"Since assuming my role as executive chairman and CEO on March 18, 2026, I have led a rebranding of Carmanah to Skull Ridge Gold Corp., reflecting our renewed strategic focus and commitment to unlocking the potential of the Skull Island project.

"The Burin Peninsula remains vastly underexplored despite hosting a large epithermal system, and the Skull Island project offers a district-scale opportunity to rapidly grow high-grade gold and silver resources. Our upcoming infill drill program and reassaying of existing core are expected to refine and expand our understanding of the Eagle zone, positioning us to deliver meaningful value to our shareholders.

"With capital returning to the sector and quality assets in high demand, management believes Skull Ridge Gold and the Skull Island project are well positioned to execute efficiently, scale quickly and emerge as a leader in this growing precious metals district."

Management believes the new corporate name and project branding better align with the company's long-term vision of building shareholder value through the discovery and development of high-quality precious metal projects.

Trading symbol update

In connection with the name change, the company has reserved the trading symbol: SKUL, which is expected to become effective upon completion of the name change, subject to regulatory approval.

The name change and project rebranding will not affect the company's share structure. No action will be required by existing shareholders. The company will provide further updates regarding the effective date of the name change and new Cusip number once finalized.

About Carmanah Minerals Corp.

Carmanah Minerals is advancing its district-scale Heritage gold-silver project on the Burin Peninsula in Newfoundland, encompassing approximately 145 square kilometres of contiguous mineral claims. The project lies within one of Atlantic Canada's most prospective and underexplored epithermal belts. Heritage is hosted along the Point May epithermal zone, a multikilometre mineralized system with 21 high-priority drill targets and known occurrences of high-grade silver, gold and base metals. The property offers significant multicommodity upside across a largely underexplored land package. The company's next phase of exploration will focus on expanding drilling along the Eagle zone and advancing toward an updated resource estimate.

We seek Safe Harbor.