Mr. John Booth reports

CANADIAN GOLDFIELDS TO ACQUIRE NEWTON GOLD PROPERTY IN ONTARIO

Canadian Goldfields Discovery Corp. has entered into an amalgamation agreement dated April 28, 2026, among the company, a wholly owned subsidiary of the company and privately held Newton Gold Corp., to acquire the highly prospective Newton gold property, located in Ontario.

Highlights of the Newton gold property:

• Historic drill results (from the eight-hole 2010 drill program) include 35 metres at 4.05 grams per tonne gold, including 15.42 m at 7.76 g/t Au in drill hole 10-02 and 40 m at 2.65 g/t Au in drill hole 10-08 (true widths are unknown);
• Excellent location within the Swayze greenstone belt, considered a southwestern extension of the prolific Abitibi greenstone belt, home to multiple Tier 1 mines;
• Despite being highly prospective, with high-grade drill results historically reported, drilling has been limited in known zones with additional high-priority targets completely undrilled.

About the Newton gold property

The Newton gold property is located approximately 100 kilometres southwest of the city of Timmins and 36 km south of the town of Foleyet, Ont. The property comprises two fee simple patented claims that cover an area of approximately 7,029 hectares.

Geology, mineralization and deposit type

The Newton gold property lies within the Swayze greenstone belt, which is considered a southwestern extension of the Abitibi greenstone belt, which comprises a diversity of both intrusive and extrusive rocks ranging from ultramafic through felsic composition, as well as chemical and clastic sedimentary rocks. The structural and geological architecture of the SGB is conducive to a variety of gold depositional environments similar in nature and significance to other gold-bearing deposits in Archean-aged greenstone belts hosted within the Wawa-Abitibi terrane. These typically fall into the category of orogenic gold deposit types like the Kirkland Lake gold camp, the Timmins gold camp and the Wawa gold camp. Orogenic gold deposit types will be the focus of future exploration activities on the Newton gold property.

The Newton property itself consists of an easterly striking series of volcanic flows and tuffs ranging from ultramafic and basic basalts through to intermediate to acidic flows and tuffs. Intercalated within the volcanic flows are minor thicknesses of sediments consisting of conglomerate, arkose, quartzite and graphitic slates. All of the above units have been intruded by various ages of mafic to acidic dikes, sills and feeder pipes, which may or may not have been related to the specific volcanic events related to their chemically respective flows.

Gold mineralization on the property occurs in three geological environments:

• Sheared pyritic mafic volcanics that has undergone variable degrees of silicification and sericitization (Krista zone);
• Carbonatized and pyritized quartz-feldspar porphyry hosted in variable sheared mafic volcanic rock (Michelle zone);
• Quartz veins/stringers plus or minus pyrite hosted within relatively unaltered mafic volcanics (Michelle extension).

Historic exploration

The SGB has undergone sporadic exploration for over 100 years. Most of the earlier accounts involve high-grade gold discoveries in the 1930s and 1940s with subsequent exploration development and mining. The SGB is littered with these early efforts with shafts, exploration development and pits. Renewed interest in the belt took place with the advent of airborne geophysics in the 1970s and 1980s. Large tracts of land could be easily and quickly flown with hopes of finding volcanogenic massive sulphide or nickel-copper magmatic sulphide deposits. In the 2000s, interest was again renewed for gold as the price of gold increased.

The property was explored in the 1980s by Dome Exploration, Echo Bay Mines in the 1990s, Greenshield Resources from 2002 to 2004, and Red Pine Exploration in 2010 and 2011. This comprised mapping, prospecting, stripping, channel sampling, ground geophysical surveys of magnetics and induced polarization, airborne geophysical surveys of electromagnetics, very low frequency and magnetics, and diamond drilling in several areas of the property.

Most recent drilling in 2010 and 2011 returned significant gold mineralized intervals. These include:

• 4.05 grams per tonne gold over 35 metres, including 7.76 g/t Au over 15.42 m in RPX10-2 (true widths are unknown);
• 2.65 g/t Au over 40 m in RPX-10-08 (true widths are unknown);
• Resampling of Greenshield historic drill core by RPX yielded the following results: 2.35 g/t Au over 52.4 m, including 5.07 g/t Au over 3.0 m and 5.45 g/t Au over 17.00 m in G02-01 and 1.44 g/t Au over 20 m in G-02-02 (true widths are unknown).

Terms of acquisition

Under the terms of the amalgamation agreement, in consideration of Newton Gold:

• The shareholders of Newton Gold immediately prior to the closing of the acquisition will receive 12.5 million common shares of the company, and each Newton Gold shareholder will receive approximately 0.62 common share for every one Newton Gold share held.
• The common shares issued to the Newton Gold shareholders will be subject to voluntary restrictions on resale, of which 33.3 per cent of the common shares will be subject to restrictions on resale for a period of six months following closing, 33.3 per cent of the common shares will be subject to restrictions on resale for a period of 12 months following closing and 33.4 per cent of the common shares will be subject to restrictions on resale for a period of 18 months following closing.

No finder's fee will be paid by the company in relation to the transaction. The company and its insiders do not have any relationship with Newton, and the transaction is an arm's-length transaction.

The acquisition is subject to the approval of the TSX Venture Exchange acceptance and the satisfaction of other customary conditions.

The Newton gold property is subject to a 2-per-cent net smelter return royalty, of which 50 per cent can be repurchased for $1.5-million, and a 1.5-per-cent net smelter return royalty, which can be repurchased in its entirety for $500,000.

Qualified person

The scientific and technical information in this news release was reviewed and approved by Fred Tejada, PGeo, a qualified person as defined by National Instrument 43-101. Mr. Tejada is a director of the company and is non-independent under NI 43-101. A qualified person has not verified the historical data disclosed in this news release, including sampling, analytical, and test data underlying the information or opinions contained in the written disclosure.

About Canadian Goldfields Discovery Corp.

Canadian Goldfields is a Canadian mineral exploration company focused on advancing the high-grade, district-scale Miminiska gold project located in Northwestern Ontario -- one of the world's top-ranked and most stable mining jurisdictions.

Miminiska hosts a gold-rich banded iron formation system with multiple high-grade intercepts already drilled at the Miminiska and Frond zones, and more than 14 kilometres of underexplored strike, offering exceptional blue-sky potential. Twenty-five thousand m of historical drilling provides a strong technical foundation, with both known zones remaining open along strike and at depth.

With a lean, execution-focused leadership team, Canadian Goldfields is positioned to unlock meaningful value through disciplined exploration, discovery-focused drilling and the advancement of one of Ontario's most compelling emerging gold systems.

We seek Safe Harbor.