Toronto, Ontario--(Newsfile Corp. - May 5, 2026) - Newfoundland Goldbar Resources Inc. (the "Company") announces that the previously announced binding letter of intent between the Company and Rhino Digital Inc. ("Rhino") dated May 23, 2024 (the "LOI"), in respect of the proposed reverse takeover transaction between the Company and Rhino (the "Proposed Transaction"), has been terminated by mutual agreement.

As a result of the termination of the LOI, the Company will no longer be proceeding with the Proposed Transaction.

The Company has re-engaged in the process of identifying and evaluating assets or businesses with a view to completing a corporate transaction, with the ultimate goal of effecting a change of business or other business combination. The Company may remain a resource exploration company or transition into a different sector in the future.

About Newfoundland Goldbar Resources Inc.

The Company was previously a mineral exploration company engaged in the acquisition, exploration and development of mineral properties and may remain a resource exploration company or transition into a different sector in the future.

Cautionary Note Regarding Forward-Looking Statements

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions.

Forward-looking information in this news release are based on certain assumptions and expected future events.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/296074

Source: Newfoundland Goldbar Resources Inc.