Canadian Goldfields Closes Acquisition of Miminiska GOLD Property in Ontario
CANADIAN GOLDFIELDS CLOSES ACQUISITION OF MIMINISKA GOLD PROPERTY IN
ONTARIO
Vancouver, British Columbia – February 13, 2026. Canadian Goldfields Discovery Corp .
(TSXV: CGM) (the “ Company”) is pleased to announce that it has closed its acquisition of the
Miminiska Gold Property pursuant to the terms of a mineral property purchase agreement dated
November 28, 2025, as amended December 29, 2025, (the “Purchase Agreement”) with Storm
Exploration Inc., a company listed on the TSX Venture Exchange, (“Storm”). As a result of closing
of the acquisition, the Company’s common shares will be resume under the symbol “CGM” on the
TSX Venture Exchange on Thursday February 19, 2026.
Highlights of the Miminiska Gold Property:
• While 85% of identified strike length is largely untested by drilling, multiple high grade gold
drill intersections have been reported.
• N otable historic drill intercepts include 20.84m at 5.75 g/t Au, 3.96m at 13.45 g/t Au and
11.18m at 4.49 g/t Au (true widths are unknown).*
• G old mineralization primarily hosted within Algoma-type Banded Iron Formations (BIF)
• Recent ground geophysical surveys identified several targets within the Miminiska
prospect that have not yet been drill tested and that are similar in response to the known
zones of high-grade gold mineralization.
• Potentially analogous deposit type is Orla Mining Ltd. ’s Musselwhite Mine located
approximately 150 km north-east of the Miminiska Property.
About the Miminiska Gold Property
The Miminiska Gold Property is located approximately 350 kilometres (km) north of the city of
Thunder Bay, 115 km east of the town of Pickle Lake, and approximately 40 km west of Fort
Hope, Ontario. The property comprises 278 unpatented mining claims, 43 mining patents and 1
mining licence of occupation (“MLO”), covering a total area of 6,366.4 hectares (ha), distributed
over three contiguous blocks named Miminiska Lake, Wottam Lake, and Frond Lake. The
Property is located within Eabametoong First Nation (“EFN”) territory.
Geology and Mineralization:
The Property lies within the Miminiska – Fort Hope greenstone belt, approximately 150 km
southeast of Orla Mining Ltd.’s Musselwhite Gold Mine. The Property is within the Uchi
Subprovince, an east-trending, predominantly metavolcanic-metasedimentary belt in the Superior
Province of the Canadian Shield. The Uchi Subprovince forms part of the North Caribou Terrane
that hosts the prolific Red Lake Gold Mines, Musselwhite Gold Mine, and past gold producers (all
off-Property), notably the Pickle Crow Mine located approximately 115 km west of the Property.
The Property is underlain predominantly by very well laminated locally turbiditic appearing units
of interbedded wacke, quarzitic wacke and slate/argillite. Mafic volcanic units observed in the
northeastern portion of the Property are massive to amygdaloidal in texture and are commonly
strongly amphibole and biotite altered due to regional metamorphism.
All the rock units found on the Property are Early Precambrian in age, with the exception of a few
north-trending diabase dykes of Middle Precambrian age. Quaternary deposits of glacial till, and
glaciolacustrine and glaciofluvial sand and esker gravels now cover much of the bedrock. A major
unit of banded oxide facies iron formation trends east -west across the northern portion of the
Property based on the limited geological mapping and magnetic surveys.
Gold mineralization on the Property is primarily associated with banded iron formations and east-
west striking shear zones over a length of 14 km across the Property.
Figure 1. Location of the Miminiska Property
Historic Exploration:
Exploration at the Property dates back to the early 1930s and 1940s, when the Miminiska, Frond,
and Wottam Lake prospects were discovered.
Modern exploration at the Property began in the 1960s. Since that time, there has been
intermittent drilling of the property with 237 diamond drill holes completed totalling 28,265m
primarily in the Frond Lake and Miminiska Lake blocks. The last significant sized drill program (47
NQ-sized diamond drill holes totalling 9,249m) was conducted from 2003-2005. It was during this
program that notable intercepts such as 20.84 m at 5.75 g/t Au and 11.18m at 4.49 g/t Au were
drilled.*
In recent years (since 2021), a Light Detection and Ranging (LiDAR) survey, an airborne magnetic
geophysical survey, a ground magnetic and electromagnetic (EM) geophysical survey, and a
small 659.2m diamond drilling program have been completed.
Results from the LiDAR survey were used to identify geological outcrops and structures of
interest, detect alteration and mineralization patterns, and produce a high- resolution digital
elevation model of the Property. The airborne magnetic survey covered t he entire Property and
delineated several significant northeast trending structures. The ground magnetic and EM survey
covered the Miminiska Lake block located on the southwest portion of the Property and targeted
the extensively faulted and folded banded iron formation (BIF) in that area. The ground
geophysical surveys identified several targets within the Miminiska prospect that have not yet
been tested with drilling and that are similar in response to the known zones of high- grade gold
mineralization. The EM survey delineated the BIF of the Miminiska prospect and provided
information on the structural setting of the Property.
The 2 diamond drillholes totalling 659.2 m drilled at the Miminiska prospect adjacent to Miminiska
Lake in 2022 laterally extended known high-grade mineralization in the folded iron formation by
130m.
Initial Exploration Plans:
Following closing, initial exploration planned by the Company is anticipated to include step out
and exploration drilling at the Miminiska prospect, located on the southwest portion of the
Porperty, and Frond Lake prospect, located on the northeast portion of the Property. At the
Miminiska prospect, step out drilling is anticipated to take place along strike of the central limb of
the folded iron formation, with exploration drill testing of the north and south limbs of the BIF.
Since most anomalous gold values are associated with quartz veins within oxide iron formation,
the Company plans to utilize the 2022 geophysical data to locate structural breaks proximal to
strong magnetic anomalies and subsequently use these specific locations to define drill targets
for future exploration. Step out drilling at Frond Lake is planned to extend historical drilling to the
west.
Initial regional work planned includes a VTEM survey over the entire Property to map conductive
units to increase the geological understanding of the Property and to assist in Phase 2 drill
targeting. Ground follow up exploration, including geological mapping, prospecting, and rock
sampling of exposed outcrops, will be conducted over geophysical anomalies with priority given
to anomalies that coincide with interpreted BIF horizons and that are associated with structural
complexities and/or near historical occurrences.
Terms of Acquisition:
Under the terms of the Purchase Agreement, the Company paid $200,000 as a non- refundable
deposit, paid $1,800,000 (the “ Closing Cash Payment ”) on the date of closing (the “ Closing
Date”) and issued 7,500,000 common shares of the Company (the “ First Consideration
Shares”) at a deemed price of $0.20 per share on the Closing Date.
The Purchase Agreement also provides that the Company will be required to:
(a) make additional cash payments totaling $1,525,000 as follows: (i) $1,000,000 to be
paid on or before three months after the Closing Date; and (ii) $525,000 to be paid on
or before nine months after the Closing Date.
(b) make an additional share issuance of $787,500 of common shares of the Company
(the “ Second Consideration Shares ” and together with the First Consideration
Shares, the “Consideration Shares”) on or before nine months after the Closing Date.
The Second Consideration Shares will be issued at the 30- day volume-weighted average price
(“VWAP”) on the date that is five business days prior to the issuance date of the Second
Consideration Shares. However, the number of Second Consideration Shares will be limited to
the following: (i) the number of shares issuable to Storm cannot exceed 19.9% of the outstanding
common shares of the Company, (ii) the number of shares issued to Storm under the Purchase
Agreement and under the concurrent private placement financing cannot exceed 49.9% of the
outstanding common shares of the Company, and (iii) the number of Second Consideration
Shares cannot exceed 3,937,500 common shares of the Company. In the event that the total
value of the Second Consideration Shares is less than $787,500, the Company shall make a one-
time payment equal to the difference of $787,500 less than the value of the Second Consideration
Shares issued to Storm.
The Consideration Shares are subject to restrictions on resale for a period of four months after
the date of issue. In addition to the foregoing restriction period, the First Consideration Shares
are subject to the following voluntary resale restrictions: (i) 25% of the First Consideration Shares
will be subject to restrictions on resale until four months after the C losing Date, (ii) 25% of the
First Consideration Shares will be subject to restrictions on resale until eight months after the
Closing Date; (iii) 25% of the First Consideration Shares will be subject to restrictions on resale
until twelve months after the Closing Date; and (iv) the final 25% of the First Consideration Shares
will be subject to restrictions on resale until sixteen months after the Closing Date.
A significant portion of the Closing Cash Payment was used to exercise Storm’s option on the
Property from Landore Resources Canada Inc. (“Landore”) As a result of exercise of the option,
Landore retains a 2% net smelter royalty (the “ Landore Royalty”), of which 50% may be
repurchased with a one time payment of C$1,000,000. In addition to the Landore Royalty, the
Property is also subject to a historical royalty equal to 2% of the net value of the metals on certain
mineral claims and a 2% net carrying interest on certain other mineral claims.
Neither the Company nor Storm paid a finder ’s fee in connection with the Transaction. The
Company and its insiders do not have any relationship with Storm, its assets and the non -arm’s
length parties of Storm. The transaction is not a non-arm’s length transaction.
Exploration Agreement with the Eabametoong First Nation:
In conjunction with closing of the acquisition of the Miminiska Gold Property , the Company
entered into an exploration agreement (the “ Exploration Agreement ”) with the EFN on
substantially similar terms as the existing Exploration Agreement with Storm , but excluding
mineral claims and licenses to be retained by Storm.
Under the terms of the Exploration Agreement, the Company will make annual contributions to a
community fund established by EFN as follows: (i) 6% of exploration expenditures to be paid in
cash, and (ii) subject to TSX Venture Exchange acceptance, 2% of exploration expenditures
incurred to be paid in common shares of the Company , at a rate based on the higher of the 30 -
day VWAP on the date that is five business days before the issuance date or the Discounted
Market Price (as defined by the policies of the TSXV).
The Company has also agreed to issue the following shares to EFN: (i) $50,000 in common
shares of the Company on May 16, 2026; (ii) $75,000 in common shares of the Company on May
16, 2027 and (iii) $75,000 in common shares of the Company on May 16, 2028. The number of
common shares issued to the EFN will be calculated using the 30-day VWAP on the date that is
five business days before the required issuance date, subject to a minimum price of $0.05 per
common share.
Private Placement Financing:
The Company also completed a non-brokered private placement offering consisting of 29,375,000
common shares (the “ HD Shares”) at a price of $0.20 per HD S hare for gross proceeds of
$5,875,000 (the “HD Offering”) and 7,727,273 flow-through common shares (“FT Shares”) at a
price of $0.22 per FT Share for gross proceeds of $1,700,000 (the “FT Offering”).
The securities issued under the HD Offering and the FT Offering are subject to restrictions on
resale for a period of four months from the date of issue. The Company paid finder's fees totalling
$154,560.
John G. Booth, the Chief Executive Officer and director of the Company, subscribed for 500,000
HD Shares in the amount of $100,000. This participation constitutes a related party transaction
as defined under Multilateral Instrument 61- 101. However, the company expects to be exempt
from formal valuation and minority shareholder approval requirements under sections 5.5(a) and
5.7(a) of MI 61 -101 as his participation does not exceed 25 per cent of the company's market
capitalization.
The proceeds of the Offering were used to satisfy the closing payment for the acquisition of the
Miminiska Gold Property and will be used for exploration and drill programs on the Miminiska
Gold Property and general working capital purposes.
Qualified Person
The scientific and technical information in this news release was reviewed and approved by Fred
Tejada, P.Geo., a Qualified Person, as defined by NI 43- 101. Mr. Tejada is a director of the
Company and is not independent under NI 43-101.
Historical assay information contained from the Technical Report of the Miminiska Lake Project
dated April 28, 2025 prepared by B.J. McKay, P. Geol.
Additional Information
John G. Booth
Chief Executive Officer
Canadian Goldfields Discovery Corp.
Phone: (604) 802-4447
Email: [email protected]
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this
news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not
guarantees of future performance. The Company cautions that all forward- looking statements are inherently uncertain and that
actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors
include, among other things: risks and uncertainties relating to the Company's limited operating history and the Company’s planned
exploration program for the Miminiska Gold Property is subject to change. Accordingly, actual and future events, conditions and
results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward- looking
information. Except as required under applicable securities legislation, the Company does not undertake to publicly update or
revise forward looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange)
accepts responsibility for the adequacy or accuracy of this release.