Historic Brazil Gold District Explorer Launches on the OTCQB

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1. Disclosure for the quote from the John Newell article published on December 5, 2025

1. For the quoted article (published on December 5, 2025), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$3,500.
2. Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a  U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

John Newell Disclaimer

As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Canary Gold Corp. (BRAZ:CSE; CNYGF:OTC; K5D:FSE) began trading its common shares on the OTCQB Venture Market on March 19 under the ticker symbol CNYGF, according to a March 18 release.

This development is a significant milestone for the company as it progresses with its extensive Madeira River project in Brazil, where a 20,000-metre drilling program using dual rigs is currently underway.

"Listing on the OTCQB marks an important step in expanding Canary's market presence and accessibility to U.S. investors," President Mark Tommasi said. He further emphasized the timing of this move, noting, "We believe this enhanced North American exposure will help broaden our shareholder base and elevate the company's profile at a pivotal time, as we continue to advance exploration at the Madeira River project and deliver consistent news flow."

The OTCQB, managed by OTC Markets Group Inc., serves as a recognized U.S. public market for entrepreneurial and development-stage companies that comply with current reporting standards.

Canary Gold said its inclusion in this market is anticipated to increase its visibility among U.S. investors and facilitate easier trading of its shares in U.S. dollars during U.S. market hours. Investors will be able to access real-time quotes and market information for Canary Gold on the OTC Markets website under the ticker CNYGF, which is expected to enhance liquidity and foster wider investor participation.

In addition to its new presence on the OTCQB, Canary will maintain its listings on the Canadian Securities Exchange under the symbol BRAZ and on the Frankfurt Stock Exchange under the symbol K5D, the release said.

Progress Made at Madeira

In February, Canary Gold informed its shareholders about the progress of its exploration activities at the Madeira River project in Rondonia, Brazil.

The company has embarked on an extensive drilling campaign aimed at discovering gold deposits beneath layers of transported material, a process that involves a meticulous and data-driven approach due to its inherent risks and potential rewards.

Tommasi highlighted the exploratory nature of the current drilling phase, stating, "This phase of drilling is focused on testing our geological model and building the data set required to guide future exploration."

He emphasized at the time that while the exploration is still in its early stages, the data gathered so far aligns with the company's exploration strategy and will help in refining and prioritizing future targets.

The company has urged caution at this preliminary stage, noting that it is premature to conclude the presence of economically viable mineralization. The initial results, however, are encouraging and consistent with the company's geological hypotheses, thereby supporting the ongoing systematic drilling efforts, Canary said.

The Madeira River project is located in a region known for its rich gold deposits and active artisanal mining, particularly in areas like Zelia and Santo Antonio, which are situated directly north and south of Canary's licenses. These neighboring activities underscore the region's potential for gold, although Canary has not independently verified the results from these adjacent sites.

Looking ahead, Canary Gold outlined the primary goals of its current drilling campaign as generating a comprehensive geological data set to refine exploration targets and direct efforts towards areas with potential mineralization. The company anticipates that the insights gained from this year's drilling will play a crucial role in the 2026 drilling program, focusing on the most promising sections of the tenement package.

Canary said it remains optimistic about the untapped potential of the Madeira River project. The ongoing drilling program includes regional reconnaissance to identify new geological anomalies, with plans to drill approximately 20,000 meters across about 300 holes. The exploration grid has been designed with wide spacing, and the drilling will test the oxide profile to a maximum depth of around 50 meters, ensuring a thorough evaluation of the property's geological framework.

A Favorable Market Environment in Brazil

¹Canary Gold Corp. is currently positioned advantageously, benefiting from rising gold prices and a favorable market environment in Brazil. On December 5, 2025, Technical Analyst John Newell highlighted Brazil's innovative approaches in the discovery, tracking, and authorization of gold, noting Canary's significant role in these advancements. The company holds control over approximately 163,000 hectares along the Madeira River system, a region historically known for its rich placer deposits from which over 7 million ounces (Moz) of gold were extracted between the 1970s and 1990s.

According to Newell, Canary is exploring a theory that the gold historically dredged by artisans originated from the Bolivian Andes, traveled into the Madeira Basin, and was eventually deposited in a cemented, iron-rich layer known as Mocururu. This layer is believed to form a preserved paleoplacer surface that spans much of Canary's project area and could be the primary source of the region's alluvial gold.

Over the last three years, Canary has engaged in extensive geological surveys, including resistivity surveys, radiometrics, sonic drilling, and aircore drilling, to map this horizon and verify its presence beneath a shallow cover across an approximately 80-kilometer corridor, Newell said. Findings have included visible gold in Mocururu sediments and pan concentrates, with high-resistivity bands indicating that the duricrust horizon is situated 1–30 meters below the surface. The company is now transitioning from conceptual exploration to systematic drill testing.

Looking ahead to 2026, Newell said if the drilling program delivers promising results within a robust gold market, he believes that a move towards a more ambitious long-term target is plausible.

The chart suggested the stock is "coiled rather than broken and could respond quickly to positive news, Newell said at the time.

"At recent prices in the CA$0.30–0.33 range, the stock is sitting near support with the next technical objective around CA$0.60," Newell wrote.

Newell concluded by recommending Canary Gold Corp. as a Speculative Buy for investors looking for leveraged exposure to an emerging Brazilian gold narrative, underscored by significant upcoming drilling catalysts.

The Catalyst: Counterintuitive Gold Prices

U.S. spot gold prices have experienced a notable decline over the last seven consecutive sessions ending March 19, with a 12% drop in March amidst the ongoing Middle East crisis, potentially ending a six-month streak of gains, according to a March 20 report by Saloni Goel for Mint. From a high of $5,595 per ounce, gold prices have fallen by 17%. Despite expectations that gold should rise as a safe-haven asset during such geopolitical tensions, prices have instead decreased.

This counterintuitive movement in gold prices can be attributed to several factors impacting inflation, particularly the rise in crude oil prices which has complicated the Federal Reserve's potential rate cut calculations, according to the report. A significant 3% drop in gold prices followed remarks from Fed Chairman Jerome Powell, who highlighted recent challenges including tariff shocks, the pandemic, and now an energy shock, all of which could stoke inflationary pressures.

NS Ramaswamy, Head of Commodity & CRM at Ventura, pointed out that the current trading in bullion is being driven less by "geopolitical hedging demand" and more by the heightened risks of inflation, which could delay the trajectory of rate cuts by the U.S. Federal Reserve. In a high-interest-rate environment, non-yielding assets like gold typically do not perform well.

Additionally, the U.S. dollar has strengthened due to rising oil prices and the Fed’s hawkish stance, placing further downward pressure on gold prices. With the dollar index rising nearly 2% in March, the increasing value of the greenback makes gold less attractive to buyers using other currencies.

Gold has been one of the best-performing financial assets over the past year, and despite a recent dip in prices, some analysts anticipate continued strong performance, Colin Laidley wrote for Investopedia on March 18. Recently, spot gold prices dropped below the US$5,000-per-ounce mark, which they had surpassed earlier in the year for the first time. According to State Street’s gold strategists, gold could potentially retest the US$5,500-5,600 per ounce range in March if the conflict in Iran escalates. They believe that geopolitical tensions and the global macroeconomic environment continue to support gold prices, estimating a 35% chance that gold could trade between US$5,500 and US$6,250 an ounce within the next year.

State Street analysts said they are optimistic that the factors currently restraining gold prices will be temporary and that the trends which drove gold to record highs in 2025, reaching over US$5,300 in January, will continue. Despite the U.S. dollar's recent rise, influenced by the ongoing conflict in Iran, it had fallen more than 9% last year, marking its worst annual performance since 2017 and reaching a four-year low in January.

Wall Street consensus, as reported by State Street, suggests that the dollar may decline by another 3% this year, potentially increasing international demand for dollar-denominated gold. For more detailed insights into the dynamics of gold pricing, further information is available on Investopedia.

Ownership and Share Structure²

Approximately 4.02% of the company is owned by insiders and management, along with a strategic corporation, Earth Sciences Inc., which holds 4.97%. The remainder is held by retail investors.

Other significant shareholders include CEO Andrew Lee Smith with 2.69%, CEO Mark Tommasi with 0.67%, Hein Poulus with 0.53%, and Al Kanji with 0.13%.

The company's market capitalization is CA$15.63 million, with 74.41 million shares outstanding. It trades within a 52-week range of CA$0.19 to CA$0.48.