Mr. J. Frank Callaghan reports

GOLDEN CARIBOO VALIDATES AND ENHANCES GOLD GRADE BY 5.9% WITH PHOTONASSAY RESULTS

A reanalysis of Golden Cariboo Resources Ltd.'s hole QGQ24-20 within the Halo zone using PhotonAssay (PA or photon) technology has successfully verified gold intercepts previously analyzed with traditional fire assay (FA) methods and produced an increase in gold grade, with an overall 5.9-per-cent increase in grade for the entire hole. The hole returned 0.56 gram per tonne gold by photon analysis over the 475.4-metre core length from below overburden at 7.97 metres, compared with 0.52 gram per tonne gold from FA. The Halo zone is situated on the company's Quesnelle Gold Quartz mine property, located approximately four kilometres (2.5 miles) northeast of Hixon, central British Columbia, Canada.

A comparison of the results from the photon study on drill hole QGQ24-20 with the original FA results, reported earlier in a news release dated Feb. 25, 2025, is tabulated below using the original select intervals. The photon study also yielded some longer intervals of higher grade, such as 4.18 g/t Au over 28.95 m from 82.05 m, including 10.48 g/t Au over 8.07 m from 85.93 m.

The photon assay testing was conducted by ALS Canada Ltd. on rejects and pulp samples currently in its storage, utilizing 500-gram samples, a significantly greater size compared with the 50-gram aliquots, which were used in the fire assay method. Approximately 3 per cent of the samples in the photon study utilized the FA result due to insufficient remaining sample, with most of those from lower-grade intervals. The larger size provides a more thorough assessment of gold distribution in coarse gold settings, characteristic of the Halo zone, where nugget effects can impact conventional assay results. The overall increase in gold grades, especially through higher-grade intervals, using the photon method strengthens confidence in the reliability of prior intercepts and suggests that localized high-grade mineralization may be more pronounced than previously reported.

The findings not only validate the previous fire assay results but also offer compelling evidence of coarse gold mineralization, assisting with enhancing the understanding of the geological setting and guiding future exploration efforts centred at the Halo zone, which is central to the two-kilometre mineralized trend between Buckley Creek to the north and the historical Quesnelle Quartz mine at Hixon Creek to the south.

Frank Callaghan, president and chief executive officer, commented: "The reanalysis of QGQ24-20 by PhotonAssay not only validates the robustness of our original fire assay intercepts but also enhances confidence in the presence of coarse, nuggety gold within the Halo zone. The results reaffirm our geological model and sharpen our focus in advancing exploration. We're very encouraged by the increase in gold grades and look forward to deploying this insight as we move into the next phase of drilling."

The technical information in this news release has been reviewed by Jean Pautler, an independent consultant commissioned by the company. Mr. Pautler is a professional geoscientist (PGeo) registered with the Association of Professional Engineers and Geoscientists of the Province of British Columbia (APEGBC) and licensed by Engineers and Geoscientists BC and is a qualified person with respect to National Instrument 43-101.

About Golden Cariboo Resources Ltd.

Golden Cariboo Resources is rediscovering the Cariboo gold rush by proceeding with highly targeted drilling and trenching programs on its Quesnelle Gold Quartz mine property, which is bordered by Osisko Development, partly intertwined with it at the north end of the Cariboo gold project, and located along a favourable corridor adjacent to the Spanish and Eureka thrust faults over a 94,899-hectare (234,501-acre) area. Historically, over 101 placer gold creeks on the 90-kilometre (56-mile) trend from the Cariboo Hudson mine north to the Quesnelle Gold Quartz mine property have recorded production and successful placer mining continues to this day.

Golden Cariboo's Quesnelle Gold Quartz mine property is four kilometres (2.5 miles) northeast of and road accessible from Hixon in central British Columbia. The property includes the Quesnelle Quartz gold-silver deposit, which was discovered in 1865 in conjunction with placer mining activities. Hixon Creek, which dissects the old workings, is a placer creek that has seen small-scale placer production since the mid-1860s.

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