Carmanah appoints Rayani as CEO; Rieche resigns

Executive Summary

• Carmanah Minerals Corp. appointed Karim Rayani as Executive Chairman, CEO, and Director, effective immediately, following the resignation of Fraser Rieche.
• The company is undertaking a comprehensive relaunch and rebranding initiative to reflect the scale of its Heritage gold-silver project.
• Management announced plans to announce a drill program in the near term, focusing on expanding drilling along the Eagle zone and advancing toward an updated NI 43-101 resource estimate.

Key Details

• Leadership Changes:
  • Incoming: Karim Rayani appointed as Executive Chairman, Chief Executive Officer, and Director.
  • Outgoing: Fraser Rieche resigned as CEO and Director.
• Strategic Focus:
  • Rayani’s primary focus is unlocking the potential of the flagship Heritage gold-silver project in Newfoundland.
  • The company is launching a comprehensive relaunch and rebranding initiative.
• Project Status & Exploration Plans:
  • The Heritage project is fully permitted.
  • An updated NI 43-101 resource estimate is a key objective.
  • The mineralization system is open at depth and along strike; no historical drilling has tested deeper extensions.
  • Exploration to date has covered only a fraction of the property, leaving substantial upside.
  • A drill program is expected to be announced in the near term.
  • Immediate exploration focus is on expanding drilling along the Eagle zone.
• Asset Details:
  • Heritage project is located on the Burin peninsula in Newfoundland.
  • Encompasses approximately 145 square kilometres of contiguous mineral claims.
  • Hosted along the Point May epithermal zone, a multikilometre mineralized system.
  • Contains 21 high-priority drill targets and known occurrences of high-grade silver, gold, and base metals.

Notable Quotes

• Karim Rayani, Executive Chairman and CEO: "Carmanah's Heritage gold-silver project on the Burin peninsula represents a compelling opportunity, with exposure to high-grade gold and silver mineralization within one of Canada's largest and most underexplored epithermal belts."
• Karim Rayani, Executive Chairman and CEO: "Importantly, the system remains open at depth and along strike, with no historical drilling testing the deeper extensions of mineralization. Exploration to date has covered only a fraction of the property, leaving substantial upside across the broader land package."
• Karim Rayani, Executive Chairman and CEO: "The project is fully permitted, and we expect to announce a drill program in the near term. Our focus will be on disciplined execution, capital efficiency and delivering meaningful results as we work to unlock long-term shareholder value."