Mr. Noah Komavli reports

ASHLEY GOLD CORP. CLOSES FIRST TRANCHE OF FINANCING, SETS DRILL DATE

Ashley Gold Corp. has closed the first tranche of its previously announced non-brokered private placement of units for aggregate gross proceeds in this tranche of $375,034.01.

The company has received strong interest in the offering and expects to close a second tranche in the coming weeks. Additionally, the drilling crew anticipates a start date of July 21, 2026, for phase III drilling, targeting the NTZ and 67Z stepouts on the wholly owned Tak patents, abutting the Goliath-Gold complex.

President Noah Komavli stated: "The closing of this tranche enables increased operational flexibility for upcoming drilling. Additional interest has been reflected and we will close out the financing in due course. We will update the market on drilling once under way."

Tranche 1

The offering consisted of the issuance of:

• 5,000,524 critical mineral flow-through (CFT) units at a price of 6.5 cents per CFT unit for gross proceeds of $325,034.06;
• 909,090 non-flow-through (NFT) units at a price of 5.5 cents per NFT unit for gross proceeds of $49,999.95.

Each CFT unit consists of one common share of the company issued as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each NFT unit consists of one common share of the company and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share of the company at a price of 10 cents per share for a period of 24 months from the closing date of the offering. The common shares issuable upon exercise of the warrants will be issued as non-flow-through common shares.

The gross proceeds from the sale of the CFT units will be used to incur eligible Canadian exploration expenses intended to qualify as flow-through critical mineral mining expenditures within the meaning of the Income Tax Act (Canada), including drilling at the company's permitted gold projects located in Ontario. The company will renounce such qualifying expenditures to subscribers of the CFT units with an effective date no later than Dec. 31, 2026, and will incur such qualifying expenditures on or before Dec. 31, 2027. The gross proceeds from the sale of the NFT units will be used for general and administrative expenses, and for general working capital purposes.

In connection with the offering, the company paid aggregate cash finder fees of $24,000.72 and issued 369,241 finders' warrants to eligible finders. Each finder's warrant is exercisable to acquire one common share of the company at a price of 6.5 cents per share for a period of 24 months from the closing date of the offering.

All securities issued in connection with the offering are subject to a statutory hold period of four months and one day from the date of issuance, expiring on Nov. 16, 2026, in accordance with applicable Canadian securities laws and the policies of the Canadian Securities Exchange. The offering remains subject to final acceptance of the Canadian Securities Exchange.

Following completion of the offering, the company has 100,384,654 common shares issued and outstanding.

Tak project -- background

Situated abutting the northeast of the Goliath gold complex, the Tak patents have been the subject of intermittent exploration efforts from the 1900s, with legendary companies like Lac Minerals (Barrick) and Cominco (Teck) exploring in and around the patented ground. At least two surveys were flown, with the most detailed mapping occurring in the late 1900s. Within the patented boundary, only 11 historical holes were ever recorded from two operators -- in 1999 and 2002. After 2002, the project sat idle for 24 years until acquired by the company.

In 2026, mere weeks after acquisition, Ashley commissioned the first modern IP (induced polarization) survey. The results highlighted a plus-one-kilometre (km) resistive body, with two main chargeable units flanking the resistive body to the north. Ashley engaged 518 Drilling Ltd., deploying equipment into the patents for continued use. Guided in part from historical records and phase I drilling results, three high-priority zones have emerged.

Exploration zones

D99Z

In early 2026, a five-hole, phase I program was successful in validating and expanding 1999 results. The zone was given the moniker D99Z. The surface mineralization width in the D99Z has been defined as up to 100 metres (m).

67Z

Two holes carried out in 2002 included TAK-02-06 and TAK-02-07, intercepting 3.08 grams per tonne (g/t) gold (Au) over 7.57 m (plus 7.0 g/t Au over 1.1 m) and 3.18 g/t Au over 8.7 m (including 9.67 g/t Au over 0.8 m), respectively (Southern Rio, 2002). These intercepts were some of the best in recorded history on the Tak patents and the area was given the title 67Z by Ashley. In phase II drilling, Ashley deployed three holes on IP line 250 to target the zone and collect data on lithologies, as well as dip. Example mineralization has been shared.

NTZ

The northern trench zone (NTZ) comprises five trenches, up to two m wide, two m deep and some as long as 60 m. This area has no drilling records, yet was worked vigorously, as evidenced by the scale of the trench networks. Ashley discovered a high-grade gold zone through prospecting, sampling up to 398 g/t Au. Phase III drilling will allocate some meterage to test these zones with no historic drill records.

Tak history:

• January, 1940s -- Long Lac Minerals (Mosher Long Lac Gold Mines Ltd.): extensive surface trenching (trenches up to 70 m long) on the Tak grid, targeting gold mineralization in quartz-feldspar porphyry (QFP); followed by 1948 magnetometer survey;
• 1980 -- Cominco: geological mapping, rock sampling and magnetometer survey over the property identifying porphyry-hosted gold potential;
• 1998 to 1999 -- Triex Resources: acquired the Tak patents; conducted prospecting, sampling and trenching (assays 1,100 to 29,790 parts per billion (ppb) Au), and drilled 10 DDHs (diamond drill holes) (approximately 1,558 m total), including TAK-99-10, returning 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 m and 7.632 g/t Au over 1.10 m); outlined stockwork quartz-carbonate veining in silicified/carbonatized QFP;
• 2002 -- Southern Rio Resources: optioned the property from Triex and drilled eight DDHs (approximately 1,209 m) on the Tak grid; outlined gold mineralization over approximately 350 m strike length to approximately 100 m depth with stockwork veining, visible gold noted, and intercepts including TAK-02-06, 3.08 g/t Au over 7.57 m (plus 7.0 g/t Au over 1.1 m), and TAK-02-07, 3.18 g/t Au over 8.7 m (including 9.67 g/t Au over 0.8 m);
• Jan. 6, 2026 -- Ashley Gold: acquired 100-per-cent ownership of the Tak patents (part of Burnthut project, approximately 100-hectare (ha) patented ground adjoining NexGold goliath-gold complex) via all-stock deal from for 3.5 million shares; consolidates historical data showing bulk-tonnage QFP-hosted gold potential open in all directions; 5-per-cent NSR (net smelter return) to Royal Gold Inc. (2.5-per-cent buyback for $1-million);
• Feb. 10, 2026 -- Ashley Gold: announced operational readiness for winter drilling campaign on Tak patents and engagement of Abitibi Geophysics for first-ever modern OreVision IP survey to refine targets and twin historic holes;
• March 14, 2026 --- Ashley Gold: provided interim IP data revealing one km resistive trend on Tak patents aligning with historic gold zones and abutting NexGold goliath-gold complex;
• April 2, 2026, to April 10, 2026: Ashley Gold: completed mobilization to site (drill trails, 10-plus pads, rig and skidder in place) and announced crew mobilization/drilling kickoff for phase I program targeting validation of historic D99Z zone and extensions;
• April to May, 2026 -- Ashley Gold: completed phase I diamond drilling (five holes: TAK-26-01 to TAK-26-05) as twins/fans to historic holes; core logging/cutting showed strong alteration, pyrite and quartz-carbonate veining with multiple visible mineralization examples; equipment left on site for phase II;
• May 14, 2026 -- Ashley Gold: reported first phase I assay (TAK-26-01), 1.104 g/t Au over 28 m from collar (including 1.662 g/t Au over 12 m), confirming and validating historical near-surface mineralization in D99Z zone; mineralization starts at surface with strong continuity of grade within interval;
• May 20, 2026 -- Ashley Gold: reported TAK-26-02 assays, multiple gold intervals including 0.586 g/t Au over 34.2 m from surface within 194.1 m of anomalous gold mineralization, further confirming broad width and continuity of the mineralized D99Z stockwork system south of TAK-26-01;
• June 4, 2026 -- Ashley Gold: reported TAK-26-03 assays, multiple gold intervals including 2.347 g/t Au over 4.35 m within 156.5 m of anomalous gold mineralization, further confirming broad width and continuity of the mineralized D99Z stockwork system south of TAK-26-01.

National Instrument 43-101 disclosure

The technical information in this news release was prepared and/or reviewed by Darcy Christian, PGeo, a qualified person as defined in National Instrument 43-101. Mr. Christian is registered as a professional geoscientist with Engineers Geoscientists of Alberta. Mr. Christian is non-arm's length of the company, and serves as director and chief executive officer.

Some results discussed in this document are historical. Neither Ashley Gold nor the qualified person has performed sufficient work or data verification of the historical data. Although the historical results may not be reliable, the company nevertheless believes that they provide an indication of the project's potential and are relevant for any future exploration program.

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 Burnthut (including Tak patents), Howie, Alto-Gardnar claims, as well as in British Columbia, with the Icefield portfolio having two highly prospective claim packages, which are out under option.

We seek Safe Harbor.