Mr. Jason Shepherd reports

CASSIAR GOLD ANNOUNCES CLOSING OF $5.5 MILLION PRIVATE PLACEMENT OFFERING

Further to its news release dated April 30, 2026, Cassiar Gold Corp. has completed a non-brokered private placement offering raising gross proceeds of $5,527,272.52. Pursuant to the offering, the company issued 7,272,727 flow-through units at a price of 76 cents per flow-through unit for gross proceeds of approximately $5.5-million. The proceeds of the offering will be used to finance continuing and future exploration and drill programs, at the company's flagship Cassiar gold project in Northern British Columbia, Canada.

Offering details

Each flow-through unit consists of one common share in the capital of the company and one common share purchase warrant, each of which will qualify as a flow-through share pursuant to the Income Tax Act (Canada). Each warrant will be exercisable by the holder to acquire one additional common share at a price of 65 cents for a period of 22 months following the closing date of the offering, provided that the exercise of the warrants will be only be exercisable in the event the company enters into an agreement with respect to a joint venture or other strategic transaction involving the company's Cassiar South project area.

The company intends to use the gross proceeds from the sale of the flow-through units to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures, as both such terms are defined in the Income Tax Act (Canada), and, for British Columbia subscribers, British Columbia flow-through mining expenditures, as defined in the Income Tax Act (British Columbia), on the company's flagship Cassiar gold project in Northern British Columbia, Canada. The company will incur the qualifying expenditures on or before Dec. 31, 2027, and will renounce all qualifying expenditures in favour of the subscribers of the flow-through units effective Dec. 31, 2026.

The offering remains subject to final acceptance by the TSX Venture Exchange. All securities issued under the offering are subject to a hold period of four months and one day from the closing date of the offering, in accordance with the rules and policies of the TSX-V and applicable Canadian securities laws.

No finders' fees or other fees were paid in connection with the offering.

Update on announced warrant amendment

After making significant efforts in good faith to extend the term of outstanding common share purchase warrants of the company expiring on May 3, 2026, as announced on May 2, 2026, the company is withdrawing its application for the extension and the warrants have expired in accordance with their terms.

About Cassiar Gold Corp.

Cassiar Gold is a Canadian gold exploration company holding a 100-per-cent interest in its flagship Cassiar gold property located in British Columbia, Canada. The Cassiar gold property spans 590 square kilometres and consists of two main project areas:

1. Cassiar North, which hosts an updated mineral resource estimate (MRE) for the Taurus deposit prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards incorporated by reference in National Instrument 43-101; the pit-constrained MRE contains indicated mineral resources of 8.8 million tonnes at 1.43 grams per tonne gold for 410,000 ounces of gold in addition to inferred mineral resources of 63.2 million tonnes at 0.95 gram per tonne gold for 1.93 million ounces of gold using a 0.4-gram-per-tonne-gold cut-off grade; 91 per cent of ounces occur within 150 metres of surface (see NI 43-101 technical report titled "National Instrument 43-101 Technical Report on the Cassiar Gold Property," prepared by Zelligan, PGeo, and Jolette, PGeo, and dated effective June 8, 2025);
2. Cassiar South, which hosts numerous gold showings, historical workings and exploration prospects; historical underground mines in the Cassiar South area have yielded over 315,000 ounces of gold at average head grades of between 10 and 20 grams per tonne gold (NI 43-101 technical report titled "National Instrument 43-101 Technical Report on the Cassiar Gold Property," prepared by Zelligan, PGeo, and Jolette, PGeo, and dated effective June 8, 2025), underscoring the high potential for further discovery and expansion of high-grade orogenic gold veins.

The company also holds a 100-per-cent interest in properties covering most of the Sheep Creek gold camp located near Salmo, B.C,, Canada. The Sheep Creek gold district ranks as the third-largest past-producing orogenic gold district in British Columbia from 1900 to 1951. Minimal exploration work has been conducted since the 1950s.

Qualified persons

Jill Maxwell, PGeo, Cassiar Gold's vice-president, exploration, who is a qualified person as defined by NI 3-101 has reviewed and approved the technical information in this press release.

Cassiar Gold acknowledges, respects and supports the rights of traditional first nations in the lands and communities where the company operates.

We seek Safe Harbor.