Mr. Noah Komavli reports

ASHLEY GOLD CORP. CLOSES FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Ashley Gold Corp. has closed the second and final tranche of its previously announced non-brokered private placement of units for aggregate gross proceeds in this tranche of $72,797.58, bringing aggregate gross proceeds under the private placement to $447,831.59.

With the closing of this tranche, the offering is complete and no further tranches will be closed.

President Noah Komavli stated: "With this tranche, the financing is closed out. The company continues to be actively drilling at the Tak and we will update the market as results come in."

Tranche 2

The second and final tranche consisted of the issuance of:

• 769,232 critical mineral flow-through (CFT) units at a price of 6.5 cents per CFT unit for gross proceeds of $50,000.08;
• 414,500 non-flow-through (NFT) units at a price of 5.5 cents per NFT unit for gross proceeds of $22,797.50.

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 general working capital purposes.

In connection with the second tranche, the company paid aggregate cash commissions and finders' fees of $5,823.81 and issued 94,698 finder warrants to eligible registered dealers and finders. Each finder 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 second tranche.

All securities issued in connection with the second tranche are subject to a statutory hold period of four months and one day from the date of issuance, expiring on Dec. 1, 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 101,568,386 common shares issued and outstanding.

No insider of the company subscribed for securities under the second tranche and no new control person of the company was created as a result of the offering.

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 NI 43-101. Mr. Christian is registered as a professional geoscientist with Engineers Geoscientists of Alberta. Mr. Christian is non-arm's-length to 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 the Burnthut (including Tak Patents), Howie and Alto-Gardnar claims as well as in British Columbia with the Icefield portfolio, having two highly prospective claim packages, which are out under option.

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