Mr. Peter Tallman reports

KLONDIKE GOLD COMPLETES 2026 DRILLING, ADVANCES PLANNED MINERAL RESOURCE ESTIMATE UPDATE AND REPORTS ADDITIONAL MONTANA CREEK GOLD ROYALTIES

Klondike Gold Corp. has provided an update on continuing work toward an updated mineral resource estimate (MRE) (1) (2) and its completed 2026 diamond drilling program at the 100-per-cent-owned Klondike district project in the Dawson mining district, Yukon, Canada. The company also reports additional gold royalty receipts from placer mining operations conducted by Armstrong Mining Corp. at the Montana Creek placer property.

Highlights:

• Updated mineral resource estimate targeted for H1 (first half) 2027: Work is under way on an updated MRE incorporating relevant drilling completed between 2022 and 2026. Completion is targeted for the first half of 2027, subject to receipt and interpretation of outstanding analytical results and completion of resource estimation and reporting.
• 2026 diamond drilling completed: Approximately 12,446 metres (m) of diamond drilling in 60 holes has been completed in 2026, targeting extensions to mineralization adjacent to the pit-constrained Lone Star MRE.
• 2026 drill assays pending: Complete analytical results remain outstanding for the 2026 drilling program. Laboratory services demand and the company's need for separate analytical methods for gold and tellurium have contributed to slower than projected receipt of results. Results from density testing and additional assay-check work are also pending.
• Additional Montana Creek gold royalty receipts: Cumulative 2026 royalty receipts from the Montana Creek placer property (1) total 513.1 ounces of placer flake gold at approximately 82 per cent purity through end of season Oct. 15, 2026, an increase of 238.6 ounces since the company's Aug. 26, 2026, update. Following refining and deduction of applicable processing fees, approximately 440 ounces of gold at 99.99 per cent purity have been credited to the company and are held on account.
• Warrant and option exercises: The company received a total of $497,000 from the exercise of an aggregate of 3.5 million warrants and stock options to the end of October, 2026.

Peter Tallman, president and chief executive officer of Klondike Gold, stated:

"Working with Kluane Drilling, we have completed the largest single-season diamond drilling program in Klondike Gold's history in the Klondike district. This year's drilling focused on testing extensions to known mineralization at Lone Star zone. We are now working to compile and interpret the results and advance a comprehensive update to our existing mineral resource estimate published in 2022, incorporating five years of additional exploration work.

"We also appreciate Armstrong Mining's ongoing placer operations and the resulting royalty income, as well as the continued support of our shareholders through warrant and stock option exercises, which provide additional capital to advance the company's objectives."

Updated National Instrument 43-101 mineral resource estimate targeted for first half of 2027

Klondike Gold is advancing work toward an updated National Instrument 43-101 MRE for its 100-per-cent-owned Klondike district project in the Dawson mining district, Yukon, Canada, targeted for completion in the first half of 2027. Delivery is contingent primarily on receipt of outstanding laboratory results, followed by their interpretation and incorporation into the resource modelling process.

The updated MRE is expected to include relevant drilling completed between 2022 and 2026, and reassess the existing resources at Lone Star and Stander zones (1). The company will also evaluate whether additional nearby zones of mineralization can be included in the updated estimate, subject to sufficient supporting geological data and the applicable resource-estimation criteria. The company currently plans to include gold and assess tellurium within the Lone Star deposit for the mineral estimate update. Tellurium is designated a critical mineral by Canada and other governments, and is associated with gold mineralization at Lone Star. Site visits and field reviews by independent qualified person(s) have been completed. Completion of the analytical results, modelling and technical reporting required to support the updated NI 43-101 remains outstanding.

Summary of drilling completed since the 2022 MRE

The attached table summarizes all drilling completed since the 2022 MRE, including both resource-related drilling at Stander and Lone Star zones, as well as regional exploration holes that are not incorporated into the planned updated estimate.

2026 drilling and analytical results

The 2026 diamond drilling program tested for potential extensions to mineralization along strike to the northwest and southeast of the existing pit-constrained Lone Star MRE (1) (2) area. A smaller subset of drill holes tested for mineralization continuity in data gaps identified in the 2022 Lone Star MRE pit shell model. A total of 12,446 metres have been completed in 60 holes this year, representing a significant area tested for potential additions to mineralization.

Complete analytical results from the 2026 drilling program remain pending. Laboratory services demand and the company's need for separate analytical methods for gold and tellurium have contributed to slower than projected receipt of results. Both metals are relevant to the company's planned MRE update.

The company is also conducting systematic density measurements and additional metallic screen and fire assay check work. Results from these programs are likewise pending. Samples from the final drill holes of the 2026 program targeting the Lone Star zone are expected to enter the analytical queue by the end of the month. The company will report complete results following appropriate review and interpretation.

Montana Creek placer gold royalties

Klondike Gold continues to receive royalty gold from Armstrong Mining Corp.'s placer mining operations at the Montana Creek placer property (1). Cumulative 2026 receipts have reached 544.14 ounces of placer flake gold at approximately 82 per cent purity through Oct. 15, 2026. This represents an increase of 238.6 ounces of placer flake gold since the company's Aug. 26, 2026, update. Following refining, approximately 440 ounces of gold at 99.99 per cent purity net of processing fees have now been credited to the company.

These royalty receipts provide continuing gold revenue exposure from the company's placer royalty interests while Klondike Gold advances exploration and resource evaluation at its hard-rock Klondike district project.

Warrant and option exercises

As of Oct. 10, 2026, the company has received aggregate proceeds of approximately $497,000 from the exercise of 3.5 million warrants and stock options.

The company intends to use proceeds from warrant and option exercises, together with proceeds from any future sale of royalty gold, to support further exploration and resource evaluation at the Klondike district project and for general corporate purposes.

Qualified persons

Peter Tallman, PGeo, is president and CEO of Klondike Gold and qualified person who has approved the technical information contained in this news release.

Marc Jutras, PEng, MASc, principal of Ginto Consulting Inc., is the qualified person who prepared the 2022 Klondike Gold mineral resource estimate. Mr. Jutras and Ginto Consulting are independent of Klondike Gold as defined by Section 1.5 of NI 43-101. The estimate was prepared in accordance with NI 43-101 has an effective date of Nov. 10, 2022.

Additional technical information regarding the existing mineral resource estimate is available in the company's technical report, "NI 43-101 Technical Report on the Klondike District Project, Yukon Territory, Canada," filed on SEDAR+ and effective Nov. 10, 2022.

About Klondike Gold Corp.

Klondike Gold is a Canadian exploration company focused on the advancement of its 100-per-cent-owned Klondike district project in Yukon, one of the world's most historically significant placer gold districts. The Klondike district project covers 727 square kilometres of mineral tenure in the historic Klondike goldfields placer district with excellent road network and town services, where the company has documented numerous bedrock gold showings and related structures associated with a major orogenic-style gold mineralized system. The company is focused on evaluating and advancing bedrock gold exploration opportunities through systematic drilling, modern geological interpretation and geological modelling, with an H1 2027 objective of completing an updated mineral resource estimate. The company also maintains a mining production royalty interest in the currently active Montana Creek placer property.

(1) The mineral resource estimate for the Klondike district property was prepared by Marc Jutras, PEng, MASc, principal, Ginto Consulting, an independent qualified person in accordance with the requirements of NI 43-101. The technical report supporting the mineral resource estimate, entitled "NI 43-101 Technical Report on the Klondike District Gold Project, Yukon Territory, Canada," has been filed on SEDAR+, effective Nov. 10, 2022. Refer to the news release of Dec. 16, 2022.

(2) Refer to the company's news release, entitled "Klondike Gold Receives $500,000 for Lease of Montana Creek Placer Property," dated March 3, 2025, found on the company's website.

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