Kanadario Gold Announces Approval of Proposed Change of Management and Provides Update relating to its Private Placement Financings

50559539.1

Suite 1680 – 200 Burrard Street

Vancouver, BC, V6C 3L6

Kanadario Gold Announces Approval of Proposed Change of Management

and Provides Update relating to its Private Placement Financings

Vancouver, B.C., November 23, 2020 – Kanadario Gold Inc. (“ Kanadario” or the “ Company”)

(TSXV: KANA) is pleased to announce that, furthe r to its news release dated October 23, 2020, it

has obtained the approval of a majority of the disinterested shareholders of the Company by way of

written consent, and received TSX Venture Exchange (“ TSXV”) approval, to the change of

management agreement it entered into last month with Life of Mine Investments Inc. (“LOMI”), the

investment arm of G Mining Services Inc. and members of the Gignac family, pursuant to which the

Company will complete several corporate changes (the “ Transaction”) including replacing the

current management and board of directors of the Company (the “ Change of Management”) .

Following the Change of Management, the Company will continue as a mining issuer in the

exploration and development space. The Company will be led by Louis Gignac Sr. as Chairman and

Louis-Pierre Gignac as Chief Executive Officer.

The Company expects to complete the Change of Management on Wednesday November 25, 2020,

concurrently with the closing of its previously announced brokered private placement led by Sprott

Capital Partners LP and including BMO Capital Markets for gross proceeds of approximately $37

million (including the ex ercise of the underwriters’ option) (the “ Brokered Offering ”) and the

closing in escrow of its previ ously announced investment by LO MI and related persons in the

Company for additional gross proceeds of approximately $5.7 million (the “ Non-Brokered

Offering”). The Brokered Offering remains subject to TSXV approval and the Non-Brokered

Offering remains subject to TSXV approval and Shareholder Approval (as defined below). The

Company will seek the approval of the Non-Brokered Offering by the minority shareholders of the

Company (the “ Shareholder Approval ”) voting at its annual and special general meeting of

shareholders (the “AGSM”) as required pursuant to Mu ltilateral Instrument 61-101 – Protection of

Minority Security Holders in Special Transactions, scheduled to take place on December 15, 2020.

The Company has mailed the Notice of Meeting, information circul ar and proxy materials for the

AGSM to its shareholders and filed same on SEDAR . Subject to obtaining the foregoing approvals

and complying with applicable cl osing conditions, the Non-Brokered Offering is expected to close

as soon as practicable following the Shareholder Approval.

About Kanadario Gold Inc.

The Company is a mineral expl oration company currently fo cused on the exploration and

development of the Cameron Lake Property, located in the west-central part of Quebec.

About G Mining Services Inc.

G Mining Services is a specialized mining consultancy firm based in Brossard, Quebec offering a

wide range of services to both underground an d open pit mining projects. G Mining Services

possesses the capabilities to develop a resource fro m the exploration phase, to development, into

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construction, commissioning and then operations . G Mining Services self-performs project

development with an objective of building fit-for-purpose and cost effectively.

For further information, please contact:

Dominic Verdejo, CEO

Tel: 604-678-5308

Email: [email protected]

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE

ADEQUACY OR ACCURACY OF THIS RELEASE.

The information contained herein contains "forward-looking statements" within the meaning of applicable securities

legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of

future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations,

beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact

and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties

which could cause actual events or results to differ from those reflected in the forward-looking statements, including,

without limitation: risks related to failure to complete the Transaction; risks related to failure to obtain the required

shareholder approvals; risks to related to failure to e ffectively transition the management team; risks related to the

identification and completion of future project acquisitions; risks related to failure of the Offering being arranged on the

proposed terms or at all; risks related to failure to obtain adequate financing on a timely basis and on acceptable terms;

risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration;

risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the

potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of

profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of

mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for

unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration,

development or mining results will not be consistent with the Company's expectations; risks related to commodity price

fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed

elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should

underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking

statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward

looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise

them to reflect new events or circumst ances. Actual events or results could differ materially from the Company's

expectations or projections.