Califfi Capital Corp. announces planned 2021 Exploration Programs and proposed Change of Name

Suite 2201 – 8 Smithe Mews Vancouver, B.C.

V6B 0A5

Trading Symbol: TSX-V: CFI Telephone: 604-619-0225 Fax: 604-980-6264 Email: [email protected]

Califfi Capital Corp. announces planned 2021 Exploration Programs and proposed Change of Name

May 26, 2021 - Vancouver, British Columbia: Califfi Capital Corp. (the “Corporation” or “Califfi”) (TSXV: CFI), is pleased to announce the following:

Planned 2021 Exploration Programs

Califfi, through its wholly-owned subsidiary, Bonanza Mining Corporation (“Bonanza”) (see Califfi’s March 25, 2021 news release announcing the closing of its Qualifying Transaction and related Financing), has planned the following fully-funded exploration programs for 2021:

MC Property – The MC property is located in the Golden Triangle ~ 12 km north of the town of Stewart, BC and adjoins the east side of Ascot Resources Premier Mine claims, approximately 2.5 km east of the Premier minesite.

As is outlined in Bonanza’s MC property 43-101 report, Bonanza plans to conduct a phase one diamond drilling program on the MC property consisting of at least six drill holes totaling approximately 1,500 meters. An application for a drilling permit to conduct the drilling was submitted to the Mines Ministry in early February 2021 and commencement of drilling is waiting for the drilling permit to be received.

The drill program will be designed to test the large IP chargeability anomaly on the northern part of the MC property that was outlined by Bonanza’s 2017 IP survey. This IP anomaly is associated with the historical Dalhousie copper, gold, magnetite mineral showings that were blast trenched and sampled by a previous company in 1979 (A.R # 7841). Three of their chip samples respectively returned 0.44 oz/t gold, 0.2 oz/t silver and 0.3% copper over 6 meters, 0.12 oz/t gold, 0.2 oz/t silver and 1.0% copper over 3 meters and 0.24 oz/t gold, 0.5 oz/t silver and 1.9% copper over 3 meters.

The drilling will also test the system of poly-metallic quartz/carbonate veins on the southern part of the property that were located and sampled in 2017 and 2019. The main mineralized vein structure has a strike length of over 1 km and lies within an associated multi element, > 1km long by 150m – 200m wide, soil anomaly coincidently enriched in gold (>50ppb), silver (>3ppm), lead (>300 ppm), zinc (>300ppm), copper (>50ppm) and arsenic (>20ppm).

Six rock samples collected from quartz veins within the soil anomaly assayed over 1.0 g/t gold and 15 rock samples assayed over 20 g/t silver. The assay results from 27 rock samples collected within the soil anomaly were up to 10.5 g/t gold, 1,503 g/t silver, 5.31% lead, 5.72% zinc and 0.67% copper.

Neither of these compelling mineralized targets have ever been drill tested and there has only been 4 historical holes drilled on the property since the first exploration work in the 1920’s.

Shag Property – The Shag property is located in the Southern Rocky Mountains of BC approximately 24 km east of Radium Hot Springs and 35 km northeast of Canal Flats and can be readily accessed by roads from these communities.

The property contains numerous lead, zinc and silver stratabound MVT style mineral occurrences hosted in middle Cambrian dolostone rocks and there has been numerous historical exploration programs conducted on the property \\garnet.lan\_Folders\yeadon\Documents\Doc\COMPANIES\califfi capital corp\nr\2021\may\26\califffimay262021nrv2.docx including soil and rock sampling surveys, IP surveys, geological mapping and four separate diamond drilling programs.

The GSC recently conducted a regional airborne magnetic survey over southeastern BC and southwestern Alberta that outlined a 30 km wide magnetic low anomaly trending northeasterly for  200 km from Canal Flats, BC to Red Deer, Alberta. This anomaly is a major basement fault zone that trends under the Shag property and is named the Red Deer lineament. The style of lead-zinc mineralization on the Shag property is similar to the MVT lead-zinc mineralization at Pine Point, NWT where numerous deposits were located in Devonian carbonate rocks along a similar basement fault zone named the Great Slave Shear Zone.

Bonanza plans to conduct IP, ground magnetic and soil and rock sampling surveys over the northern part of the Shag property later this summer in order to locate drilling targets for next year. A permit to carry out these surveys has been received from the Mines Ministry and a proposal from a geophysical contractor to conduct the geophysical work has also been received by Bonanza.

A geological consultant is presently preparing a 43-101 report on the Shag property and it should be completed in the next several weeks.

Frog Property – The Frog property is located in the BC Golden Triangle ~ 170 km east of the town of Dease Lake and ~ 70 km east of the Kutcho Creek copper – zinc deposit which is being actively developed by the company Kutcho Copper Corp. The Kutco deposit can be accessed by road from Dease Lake and there is an airstrip at the site.

Since the 1950’s when an area containing large galena, sphalerite, chalcopyrite and rhodocroisite massive sulfide boulders was discovered in a cirque at the head of a tributary to the Frog River at least 8 separate exploration programs were conducted on the property attempting to locate the source of the massive sulfide boulders, which assayed up to 17 oz/t silver, 29.9% lead, 6.8% zinc and 0.6% copper. The most recent exploration program was a gravity survey conducted by Cominco in 1987.

These historical exploration programs included a soil sampling surveys, an IP survey, two ground gravity surveys, ground magnetic surveys and a small diamond drilling program. The soil survey outlined a large high value lead, zinc, silver and manganese anomaly in the cirque that remains open in several directions. The IP survey conducted in 1970 presented the data as metal factor values, which were calculated by dividing the chargeability values by the resistivity values. Bonanza contracted a geophysical consultant to review the IP data and he plotted only the chargeability numbers by themselves, which is the modern procedure, and in doing so he found the chargeability numbers to be very high.

In 1995 the GSC flew an airborne magnetic survey over a large part of northern BC that outlined a ten kilometer diameter magnetic high anomaly centered over the cirque where all of the historical exploration programs were conducted and where the mineralized massive sulfide boulder field occurs. There is potential to discover a porphyry copper deposit as well as high grade polymetallic manto deposits on the property.

Bonanza plans to conduct IP, ground magnetic and soil sampling surveys as well as geological mapping on the Frog property later this summer in order to locate drilling targets for next year. This exploration work will require a field camp to accommodate the crews on the property and an application to construct the camp was submitted to the Mines Ministry in late March 2021.

A proposal from a geophysical contractor to conduct the geophysical surveys has been received by Bonanza and a geological consultant has been contacted to prepare a 43-101 report for the Frog property.

Proposed Change of Name

As disclosed in Califfi’s CPC Filing Statement dated March 9, 2021, as filed on SEDAR on March 10, 2021, it proposes to change its name to “Bonanza Mining Corporation” to more accurately reflect its business as a mineral exploration company. In that regard, Califfi will now be making application to the TSX Venture Exchange for its consent to this change of name, which will likely also involve a change in the trading symbol. (In conjunction with this proposed change of name, Bonanza proposes to simultaneously change its name to that of a numbered company, it being the intent of both Califfi and Bonanza to do a vertical amalgamation of the two companies to be effective on February 28, 2022, being the date of Califfi’s next fiscal year-end.) Further information regarding the change of name and potential change in the trading symbol will be disseminated in due course.

Qualified Person

Technical information in this news release has been approved by Christopher Graf, P. Eng., the Vice-President and a Director of Califfi Capital Corp. and a Qualified Person for the purposes of National Instrument 43-101.

For further information, please contact:

Califfi Capital Corp.

Suite 2201 – 8 Smithe Mews Vancouver, B.C. V6B 0A5 Attention: Alfredo De Lucrezia, President, CEO and Director Tel: (604) 619-0225 Email: [email protected]

Cautionary Statements

This press release contains "forward-looking information" within the meaning of applicable securities laws. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this press release. The Corporation undertakes no obligation to update forward-looking information, except as required by securities law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.