European Electric Metals to Acquire Miminiska Gold Property in Ontario, Name Change to Canadian Goldfields Discovery Corp. and Appointment of John Booth as CEO

The most recent news, dated December 1, 2025, announces a complete corporate transformation for European Electric Metals Inc. (EVX). The key events are: - Property Acquisition: EVX has agreed to acquire the Miminiska Gold Property in Ontario from Storm Exploration Inc. The total consideration is $3,525,000 in cash and common shares valued at $2,287,000. - Corporate Rebranding: The company will change its name to Canadian Goldfields Discovery Corp. to reflect its new focus on Canadian gold exploration. - Management Change: John Booth, currently Chairman and Director, will be appointed as the new Chief Executive Officer, replacing Fred Tejada, who will remain a Director. - Financing: The company announced a non-brokered private placement to raise gross proceeds of up to $7,000,000. This consists of: - Up to 27,500,000 common shares at $0.20 per share for proceeds of $5,500,000. - Up to 6,818,181 flow-through common shares at $0.22 per share for proceeds of $1,500,000. - Exploration Plan: The proceeds will be used for the acquisition payment, a planned 2,000-meter Phase 1 drill program on the Miminiska Property estimated to cost $1.9 million, and for general working capital.

This news is a game-changing event for the company. A review of the historical context shows EVX was a shell company on the verge of failure.

• Pre-Transaction Status: The October 22, 2025, news release confirmed the company's precarious situation following the resumption of a lengthy trading halt (since March 2023). EVX explicitly stated it had "insufficient working capital," "no current mineral property interests," and "no operations other than seeking new acquisitions." Financial statements from July 31, 2025, showed only $381,280 in cash and a working capital deficit. A previous attempt to acquire a property had failed, as announced on September 5, 2025.

• Transformation: The acquisition of the Miminiska Gold Property and the associated $7 million financing fundamentally transforms EVX from an inactive shell into a funded and focused gold exploration company. The company now has a flagship asset with encouraging historical drill results (e.g., 5.75 g/t Au over 20.84m) in a premier mining jurisdiction (Uchi Subprovince, Ontario).

• Financial Impact: The financing, if fully subscribed, will resolve the company's critical working capital deficit, cover the entire cash portion of the acquisition, and fully fund the initial exploration program. This removes the immediate insolvency risk and provides a clear path forward for at least the next 6-12 months.

• Dilution: The transformation comes at the cost of massive dilution. The $7 million financing will issue approximately 34.3 million new shares. The share payment for the property could add another ~11.4 million shares (assuming a $0.20 valuation). This would increase the shares outstanding from ~50.3 million to ~96 million, an increase of over 90%. While this is a significant negative for pre-existing shareholders, it was necessary for the company's survival. The financing price of $0.20 is also a 23% discount to the last closing price of $0.26.

In summary, the news is materially positive and represents a complete reset for the company. It has exchanged the high risk of corporate failure for the high risk of exploration, which is a significant improvement and gives the company a chance at creating shareholder value.

European Electric Metals Inc. was a junior exploration shell company with no active projects or operations. Following the recent news, it is rebranding to Canadian Goldfields Discovery Corp. and will be focused on gold exploration in Canada.

Its new flagship project is the 100% owned Miminiska Gold Property, located in the Uchi Subprovince of Ontario, Canada. The property covers 6,366.4 hectares and hosts a historical, non-compliant resource. The project has seen past exploration, which yielded high-grade intercepts that the company plans to verify and expand upon with its new drill program. The property appears to be royalty-free based on the information provided in the acquisition news release.