Mr. Noah Komavli reports

ASHLEY GOLD CORP. LAUNCHES LIFE CHARITY FLOW THROUGH AND CONCURRENT LIFE HARD DOLLAR, MINIMUM PROCEEDS OF $800,000, MAXIMUM ALLOCATION OF $2 MILLION, PLANS EXTENSIVE WINTER CAMPAIGN ON THE TAK PATENTS, ADJACENT TO THE GOLIATH GOLD COMPLEX, HELD BY NEXGOLD MINING CORP

Ashley Gold Corp. has arranged a non-brokered equity raise for a substantial drilling campaign on the Tak patents.

Highlights:

• WCPD will lead a LIFE charity flow-through (CFT);
• Charity LIFE financing (CFT) will occur at 11 cents per unit with a three-year half warrant at 12 cents;
• A minimum of $500,000 to a maximum of $1.5-million in charity flow through units -- consisting of 4,545,454 units to a maximum of 13,636,363 units, constituting the charity-flow-through portion of the raise (CFT).
• A concurrent hard dollar LIFE financing (NFT) will occur at eight cents per unit with a three-year half warrant at 12 cents;
• The hard dollar LIFE financing will be set at a minimum of $300,000 to a maximum of $500,000 -- consisting of 3.75 million units to a maximum of 6.25 million units, constituting the non-flow portion of the raise (NFT);
• The company has engaged Research Capital Corp. as exclusive finder and sole booker runner to assist with the offering.

Use of proceeds:

• Up to 4,000-metre program on closing, Rodren Drilling Ltd. will move crew to site for a mid-late February campaign and can park the drill on the Tak for a follow-up program;
• 3-D IP survey quotes and execution during the winter, following and concurrent to confirmation drilling;
• Proceeds available for Alto-Gardnar IP survey and exploratory spring drill program (500 m).

President Noah Komavli:

"This LIFE financing will allow Ashley to achieve its drilling goals, with nearly immediate mobilization occurring on closing.

"The Tak patents have never seen significant drilling, and, given the size, grades and spot prices -- it's time to move aggressively on delineation efforts. This historic package was seemingly forgotten to time, Ashley will pick up where mining legends like cominco and Lac Minerals (Barrick) left off.

"Our goal is to drive value creation, with an initial drill campaign to confirm grades, infilling in historic fences and stepping out. In tandem or slightly thereafter, 3-D IP will follow. As assays are received we will update our internal models and continue drilling.

"I look forward to engaging with prospective parties to share the company's vision."

Financing terms and use of proceeds

The units will be offered for sale pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 -- Prospectus Exemptions. As amended by Coordinated Blanket Order 45-935 -- Exemptions from Certain Conditions of the Listed Issuer Financing Exemption and Section 2.3 of the offering is being made in all provinces of Canada (except Quebec) and other qualifying jurisdictions, including the United States. The units offered under the listed issuer financing exemption will be immediately "free-trading" under applicable Canadian securities laws. Units sold to subscribers resident in the United States will be subject to additional restrictions on trade.

The offering document related to this offering that can be accessed under the company's profile at SEDAR+ and at the company's website. Prospective investors should read the offering document before making an investment decision.

The offering is anticipated to close on or around Feb. 26, 2026, or such later date as the company may determine. The closing is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the CSE.

The finders will receive a cash commission of 8 per cent of the aggregate gross proceeds of the offering from subscribers introduced to the company by the finders and such number of finders' warrants as is equal to 8 per cent of the number of units sold under the offering to subscribers introduced to the company by the finders. Each finder's warrant entitles the holder to purchase one common share at an exercise price equal to the offering price for a period of three years from the date of the closing.

In connection with the offering, the company has entered into an advisory agreement with Research Capital Corp., pursuant to which the adviser provided financial advisory, consulting and support services in connection with the offering. In consideration for the advisory services, the company will pay the advisor a work fee equal to $25,000 and issue 325,000 adviser shares at a deemed price of eight cents per share. The adviser shares will be subject to a four-month-and-one-day hold period in accordance with Canadian securities laws.

The finder warrants and the adviser shares are subject to a four-month-and-a-day hold period pursuant to applicable Canadian Securities Laws.

The proceeds will be used to advance exploration on Ashley's Ontario and British Columbia gold properties, as well as for general working capital. Charity flow-through funds will be renounced by Dec. 31, 2026, and are expected to be used for drilling on the Tak patents.

Tak patents

The Tak patents are contiguous to the southwestern part of Ashley Gold's Burnthut property. Past work on the Tak patents has indicated the presence of a large quartz-feldspar porphyry (QFP) body that is variably silicified, carbonatized and pyrite mineralized. This unit is at least 500 m wide by 1,400 m long.

The gold mineralization is associated with a stockwork system of quartz-carbonate veins and varying degrees of silicification, hematite/potassic alteration, sericitization, pyrite and lesser chalcopyrite mineralization.

In 1999, Triex Resources acquired the Tak patents and extended their existing eastern grid to cover the Tak patents to the west (Tak Grid). The Tak Grid baseline (3+00 N) is cut at 65 degrees. Wing lines have a 100 m spacing, as well as at 50 m spacing over the main mineralized body and are cut at 55 degrees.

In 1999, Triex Resources drilled three holes (all at 155 degrees) along Line 59 W on the Tak grid targeting potential down-dip extensions of gold values identified in surface trenching. All three holes returned gold values. The highlight of the campaign was Tak-99-10, which included 2.082 g/t Au over 31.83 m from 3.57 to 35.40 m, including 11.778 g/t Au over 2.88 from 25.5 to 25.38 m and 7.632 g/t Au over 1.10 m from 34.3 to 35.4 m.

Extensive surface trenching was carried out by Long Lac Minerals in the 1940s. Trenches on the Tak grid are up to 70 m in length. In 2002, Southern Rio drilled eight holes on the Tak grid. Thus far, drilling has outlined gold values over a possible 350 m strike length down to 100 m in depth. This intrusive has the potential to host multiple zones of open pit/bulk mineable gold mineralization over substantial widths. Smaller bodies of similar lithology also exist elsewhere on the property and warrant further exploration.

Visible gold occurred in several holes, usually as very fine grains both within and outside of quartz-carbonate veins and veinlets. This gold mineralization is associated with more strongly silicified and pyrite-mineralized, buff to beige-coloured altered zones. In two of the visible gold occurrences the gold occurred on the edge of, or adjacent to pyrite grains.

Historic drilling highlights include those shown in the attached table.

Drilling has yet to indicate the dip of the mineralized zone due to the stockwork nature of the alteration, veining and gold mineralization. This stockwork nature is indicated by the wide range in the core angles of veins and the widespread gold values through several of the holes. Further drilling on a denser pattern (including deeper holes) will be required to get a confident interpretation of the dip.

An existing royalty is held by Royal Gold Inc. for 5 per cent, including a 2.5-per-cent buyback at any time for $1-million.

About Ashley Gold Corp.

Ashley Gold is a Canadian mineral exploration company focused on acquiring and developing highly prospective gold and polymetallic deposits in Canada's top mining regions. The company's flagship assets are in the Dryden area in Ontario with a 100-per-cent ownership in Santa-Maria, Burnthut, Howie, Alto-Gardnar claims, as well as in British Columbia with the Icefield portfolio having two highly prospective claim packages.

We seek Safe Harbor.