Mr. Kyle Stanfield reports

ONGOLD IDENTIFIES AZ ZONE AS PRIORITY NEAR-MINE GOLD DRILL TARGET AT MONUMENT BAY & RECEIVES MANITOBA GOVERNMENT SUPPORT

Ongold Resources Ltd. will be undertaking a diamond drill program of up to 2,500 metres commencing in November, 2026. Ongold has identified the AZ zone as a priority near-mine drill target at the Monument Bay gold project, located approximately 500 metres southwest of the Twin Lakes camp and approximately 800 metres south of the Monument Bay gold deposit, which hosts open-pit-constrained measured and indicated mineral resources of 74.39 million tonnes at 0.84 gram per tonne Au containing 2.0 million ounces of gold and an inferred mineral resource of 24.46 million tonnes at 0.62 g/t Au containing 490,000 ounces of gold, as disclosed in Ongold's recent press release dated Sept. 14, 2026.

The AZ zone is hosted in the South Limb deformation zone (SLDZ) a parallel structure to the Twin Lakes shear zone (TLSZ) that forms part of the broader Stull-Wunnumman deformation zone. Historical trenching, rock and channel sampling, limited historical drilling, and recent geophysical interpretation collectively indicate a gold-bearing structural system that warrants drill testing. Historical drill and rock sampling results and work programs covering this zone are also covered in Ongold's technical report by Barber (2025).

Highlights:

• Historical grab samples: returned assays up to 12.97 g/t Au;
• Geological setting and trench: features gold in sheared conglomerate adjacent to a felsic sill/dike, with sericite-ankerite alteration, pyrite-arsenopyrite and quartz stringers -- consistent with geological characteristic observed within the main gold deposit;
• Historical trench gold showing: produced the best channel sample of 10.29 g/t Au over a sample length of 0.50 m. In 2025, Ongold mapped the trench geology and collected a channel sample just west of the historical channel that returned 1.54 g/t Au over a sample length of 0.50 m from altered conglomerate south of the felsic dike;
• Historical drilling remains limited; eight shallow holes tested approximately 180 m of strike length. Intercepts include hole TL-02-96 that returned 2.10 g/t Au over a sample length of 1.90 m (including 4.78 g/t Au over 0.80 m from 51.0 to 51.8 m) and, directly beneath the trench, hole TL-06-315 returning 2.86 g/t Au over a sample length of 0.69 m (125.7 to 126.39 m);
• 2025 IP survey: the survey highlights multiple untested chargeability anomalies along strike and at depth; historical and current IP interpretations indicate multiple parallel anomalies that could potentially host gold-bearing structure outlines over an apparent strike length of 1,200 m warranting further investigation;
• Felsic sill/dike: the central core of the topography hill may be rooted by an underlying felsic intrusive body, dike or series of dikes.

The AZ zone represents a compelling near-mine exploration opportunity supported by structural, geophysical and geochemical evidence. Ongold is advancing drill program design to evaluate these priority IP targets.

Manitoba government support

Earlier in the year, the government of Manitoba announced a grant to Ongold of $300,000 to support project development as well as indigenous engagement and training. The AZ zone drilling program will be undertaken as part of a larger training program being co-ordinated with the local first nation community and the company is extremely pleased with the tremendous support from the government of Manitoba to date including infrastructure investment planning.

The Hon. Jamie Moses, Manitoba Minister of Business, Mining, Trade and Job Creation, commented: "Manitoba has the opportunity to become a global leader in the critical mineral sector and our government is working with partners like Ongold to make that happen. Working alongside the local community and investing in training and capacity building will benefit the whole province by strengthening our economy and creating good jobs for Manitobans. We look forward to continuing to support Ongold as they advance this strategic gold-tungsten asset."

Kyle Stanfield, chief executive officer and a director of Ongold, commented: "The AZ zone represents a very compelling geological target further advanced as a result of the 2025 geophysics investigation that resulted in the identification of multiple untested chargeability anomalies along strike and at depth with multiple parallel anomalies that could potentially host gold-bearing structure outlines. We are excited to move the drilling program forward in coordination with the local community as we expand training opportunities and associated investments."

Sampling, QA/QC and analytical methods

Quality assurance and quality control (QA/QC) procedures were implemented to ensure all work is conducted in accordance with best practices. Drill core of various sizes was logged and sampled by company personnel.

Sample sizes respect both geological and mineralized contacts and generally range from 0.3 m to a maximum length of 1.0 m. Drill core is cut in half or, in the case of certain historical core, quartered. One portion is retained for future verification and the sampled portion is placed in a durable plastic sample bag together with a sample tag. Each bag is marked with the applicable sample number. Coarse blanks and OREAS certified reference materials are inserted by the geologist into the sample stream every 10th sample. Each bag is then individually sealed using strong zip ties. Sample batches of 10 are placed in security tag-sealed rice bags for shipment to the laboratory. Sample submission forms are completed as a part of the chain-of-custody tracking process with sample dispatched to the laboratory under chain-of-custody with Ongold personnel, subcontractors or contracted courier services.

Samples are then analyzed at Actlabs in Thunder Bay, Ont., the company's primary analytical laboratory. Actlabs' Thunder Bay facility is accredited to ISO/IEC 17025 and operates under an ISO 9001-certified quality management system. Upon receiving the samples, the laboratory sends Ongold a sample submission confirmation e-mail verifying that the samples have been received and will advise if any security tracking tags have been tampered with or lost in the process.

At the laboratory, samples are organized for internal tracking, dried and prepared using RX1 sample preparation handling. The entire sample is crushed to a nominal negative two millimetres, mechanically split to obtain a representative subsample and then pulverized to at least 95 per cent negative 105 micrometres. All steel mills are mild steel and do not introduce Cr or Ni contamination. Samples are initially analyzed by 50-gram fire assay with atomic absorption finish (1A2-50). Any sample assaying greater than 5.0 g/t Au is reassayed by fire assay gravimetric analyses (1A3-50), which has an upper detection limit of 10.0 g/t Au. Samples exceeding 10.0 g/t Au or those samples identified as containing visible gold are analyzed by 1,000-gram gold-fire assay metallic screen analysis (1A4-1000).

Geochemical analyses consist of near total digestion analyses for 35 elements, including tungsten, by ICP which has a maximum detection limit for tungsten (W) of 10,000 parts per million. Overlimit samples for tungsten are analyzed using XRF (Code 8-XRF W). If a coarse blank or certified reference standard fails, then five samples on either side of the failed samples are reassayed by the lab, including the standard, and if the issue has been resolved, the new assays are entered as finals in the database.

Once all the final assay reports are received, 10 per cent of the pulps are dispatched from Actlabs directly to a secondary laboratory for assay verification as part of the QA/QC procedures; in this case AGAT Laboratories in Thunder Bay. For field samples, 5 per cent of the samples are dispatched for verification.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Paul Dunbar, PGeo, vice-president, exploration, of Ongold, a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Dunbar is not independent of the company. The qualified person has verified the 2025 exploration results disclosed in this news release through a review of the applicable assay certificates, sampling records, and quality assurance and quality control data. Historical exploration results have been reviewed against historical records available to the company. The qualified person has not independently verified all historical sampling and drilling procedures or all underlying historical assay data but considers the historical information sufficiently reliable for the limited purpose of guiding the company's current exploration activities. All historical drill intervals reported in this news release are core lengths. True widths have not been determined.

About Ongold Resources Ltd.

Ongold Resources owns significant exploration assets in Northern Ontario and Northern Manitoba, including the district-scale Monument Bay gold and tungsten project, TPK project, Domain gold project, and October gold project. These projects represent a strategic footprint in one of Canada's most prolific gold-producing regions.

With its extensive technical expertise, strong commitment to social acceptability, mindful indigenous engagement and partnerships, in addition to a proven record of responsible exploration, Ongold's team is uniquely positioned to unlock the full potential of its portfolio of projects.

We seek Safe Harbor.