Mr. Kyle Stanfield reports

ONGOLD ANNOUNCES $5.3 MILLION FINANCING

Ongold Resources Ltd. has entered into an agreement with Paradigm Capital Inc. as lead agent and sole bookrunner on its own behalf and on behalf of a syndicate of agents to be formed in connection with a best effort private placement pursuant to the listed issuer financing exemption (as defined herein) for aggregate gross proceeds of up to $5,346,000 consisting of the following securities of Ongold:

• Up to 3.7 million units of the company, the components of which will qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and will also qualify as eligible Ontario exploration expenditures as defined in Subsection 103(4) of the Taxation Act, 2007 (Ontario), at a price of 81 cents per ON FT unit for gross proceeds of up to $2,997,000;
• Up to 1.45 million units of the company, the components of which will qualify as flow-through shares (within the meaning of Subsection 66(15) of the tax act) and will also qualify as flow-through mining expenditures within the meaning of Subsection 11.7(1) of the Income Tax Act (Manitoba) at a price of 93 cents per MB FT unit for gross proceeds of up to $1,348,500; and
• Up to 1,725,000 units of the company at a price of 58 cents per HD unit for gross proceeds of up to $1,000,500.

In addition, the company has granted the agents an option to sell additional offered securities (consisting of such number of FT units and HD units at the agents' sole discretion) for additional gross proceeds of up to $800,000 exercisable in whole or in part, at any time up to 48 hours prior to the closing of the offering.

Each HD unit shall consist of one common share of the company and one-half of one common share purchase warrant of the company. Each whole warrant shall be exercisable to acquire one common share at an exercise price of 88 cents per common share, subject to adjustments, for a period of two years following the closing of the offering.

Each FT unit shall consist of one common share and one-half of one warrant. For greater certainty, the common shares and warrants underlying the FT units will be issued on a flow-through basis, and any common shares issued upon exercise of the warrants will not be issued on a flow-through basis.

The company will use an amount equal to the gross proceeds received by the company from the sale of the FT units, pursuant to the provisions in the tax act to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures (as both terms are defined in the tax act), of which: (i) for eligible Ontario subscribers, an amount equal to the gross proceeds received by the company from the sale of the ON FT units will also qualify as Ontario exploration expenditures as defined in Subsection 103(4) of the Ontario Tax Act in respect of the company's exploration properties in Ontario; and (ii) for eligible Manitoba subscribers, an amount equal to the gross proceeds received by the company from the sale of the MB FT units will also qualify as flow-through mining expenditures within the meaning of Subsection 11.7(1) of the Manitoba Tax Act in respect of the company's exploration properties in Manitoba, on or before Dec. 31, 2027, and to renounce all the qualifying expenditures in favour of the subscribers of the FT units, effective Dec. 31, 2026, in an aggregate amount of not less than the gross proceeds from the sale of the FT units. The gross proceeds from the sale of the HD units are anticipated to be used toward working capital and general corporate purposes. The use of proceeds is further described in the listed issuer financing exemption offering document (as defined below).

Subject to compliance with applicable regulatory requirements, the offered securities will be offered to purchasers pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 (Prospectus Exemptions) as amended and supplemented by Coordinated Blanket Order 45-935 (Exemptions from Certain Conditions of the Listed Issuer Financing Exemption). The offered securities will not be subject to resale restrictions under applicable Canadian securities laws. The offered securities may be offered or resold outside of Canada in offshore jurisdictions as permitted and in the United States pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933), as amended.

There is an offering document related to the offering that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read this LIFE offering document before making an investment decision.

The offering is expected to close on or about Oct. 27, 2026, and is subject to the company receiving all necessary regulatory approvals, including the approval from the TSX Venture Exchange.

About Ongold Resources Ltd.

Ongold owns significant exploration assets in Northern Ontario and Northern Manitoba, including the district-scale Monument Bay gold project, the TPK project, the Domain gold project and the 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.