Mr. Kyle Stanfield reports

ONGOLD TO REGAIN FULL CONTROL OF THE OCTOBER GOLD PROJECT, 35 KM NORTHWEST OF IAMGOLD'S COTE GOLD MINE, AND IDENTIFIES NEW EXPLORATION TARGETS

Evolution Mining Exploration and Development (Canada) Ltd. delivered notice to Ongold Resources Ltd. that it was withdrawing from and terminating the earn-in and joint venture agreement dated Nov. 6, 2023, as assigned to Ongold pursuant to an assignment and assumption agreement dated Sept. 5, 2024, in respect of the October gold project. The termination will become effective on Oct. 15, 2026, following which Ongold will retain its 100-per-cent interest in the project, free of Evolution's earn-in right under the earn-in agreement, and will assume operatorship of the project. October Gold is a district-scale property comprising 1,308 claims covering 271 square kilometres (27,082 hectares) in Northeastern Ontario, within the Archean Swayze greenstone belt, 105 kilometres southwest of Timmins and 35 km northwest of Iamgold Corp.'s producing Cote gold mine, whose claims are contiguous with the project's southeastern boundary. The property is accessible by an all-season highway and a network of forestry roads.

October gold highlights:

• Located 35 km northwest of Iamgold's Cote gold mine, which hosts a reported consolidated open-pit mineral resource estimate (Cote and Gosselin zones) of 20.34 Moz (million ounces) of contained gold at 0.75 gram per tonne Au (gold) (measured and indicated) plus 3.48 Moz of contained gold at 0.61 g/t Au (inferred) (Iamgold, 2026).
• Contiguous with Iamgold's claims. Iamgold's claims adjoin the southeastern boundary of the October gold property along the regional Ridout deformation zone (RDZ) structural corridor.
• District-scale, largely underexplored land package in the Swayze greenstone belt of Ontario.
  • Historical exploration has focused on the central and north-central portions of the property, leaving the remainder largely underexplored.
  • Exploration targets, including largely overlooked porphyry bodies and rock types comparable to those associated with gold deposits to the southeast, complex fold structures, historical gold showings, and parallel and splay structures off the RDZ, will be the focus of Ongold's exploration programs.
  • The RDZ, which transects the property for approximately 15 km, is interpreted as the western continuation into the Swayze greenstone belt of the Cadillac-Larder Lake Break, a major gold-bearing fault network in the Abitibi greenstone belt and is spatially associated with two major gold deposits in the Swayze belt, Cote gold and the past-producing Jerome mine.
• On strike with the historic Jerome gold-silver mine. The property lies 12 km west-northwest of the Jerome mine, which produced 56,898 oz of gold and 15,105 oz of silver between 1941 and 1943 (Rochefort, 2023). In 2011, Augen Gold Corp. reported a historical National Instrument 43-101 inferred mineral resource estimate for the Jerome mine property of 18.7 Mt at 1.7 g/t Au containing 1.03 Moz of gold.
• Exploration permit application planned for fall 2026 to support proposed ground geophysical surveys and a potential future drill program, with a site visit to the Woman River area tentatively scheduled for late October or November, 2026.

Kyle Stanfield, chief executive officer and a director of Ongold, commented: "The return of full control and operatorship of October gold will be a meaningful strategic milestone for Ongold. With much of this district-scale property still underexplored, we see a clear opportunity to unlock value through systematic, technically driven exploration. The project sits in a proven gold corridor alongside major gold deposits such as Iamgold's Cote gold and the past-producing Jerome mine, reinforcing the geological strength of this land position in the Swayze greenstone belt. The range of high-quality targets across the land package, including porphyry bodies, underscores the scale of the opportunity ahead. Our team is committed to disciplined geological work, targeted geophysics and a structured exploration program designed to surface new discoveries and create long-term value for shareholders."

Woman River area

• A large porphyry intrusive body (system) with a strike length of approximately 3.0 km, hosted in intermediate to felsic metavolcanic rocks, has not previously been explored or drill tested and requires field investigation and geophysical surveying to define drill targets.
• Historical surface grab samples collected from trenches at the Woman River zone, near the eastern claim boundary, returned 11.50, 10.25, 9.23, 4.44, 3.73 and 3.65 g/t Au. Grab samples are selective by nature and are not necessarily representative of the mineralization hosted on the property.
• In 1985, Noranda Exploration Co. Ltd. drilled eight holes totalling 1,338 m on the Woman River zone, intersecting gold mineralization associated with sheared and altered mafic volcanic rocks and porphyry dikes over an approximately 200 m strike length (Corstorphine, 1985). The best intercepts are summarized in Table 1. Holes BE-85-5 and BE-85-9 were collared on the October gold property; the remaining holes tested the same zone up to 160 m east of the property boundary, on the adjoining property.
• The Woman River zone remains open along strike to the east beyond the limits of the historical drilling described above.

Northwest structures

• Follow-up is warranted along the projected strike extension of northwest-trending lidar (light detection and ranging) linear features. Publicly reported drilling on adjoining ground includes an intercept of 0.50 g/t Au over a core length of 75.75 m in hole HE24-06, located outside the October gold property, and other historical intercepts on strike along the same or similar structures, including holes W-86-2 (1.84 g/t Au over 3.20 m) and W-86-3 (0.44 g/t Au over 3.90 m).

Central Ridout deformation zone

• Three porphyry intrusive bodies warrant further investigation, given the association of significant gold mineralization with porphyry bodies along the RDZ at the past-producing Jerome mine and at Iamgold's producing Cote gold mine.

Southwest Fold structures

• Numerous fold hinges and related structures identified from lidar and historical geological mapping in the southwest portion of the property, where a historical grab sample returned 0.55 g/t Au and 21.4 g/t Ag, and historical drill hole 27-3-1 returned 2.84 g/t Au over 2.07 m.

Planned exploration

Ongold plans to initiate an exploration permit application in fall 2026 to support proposed ground geophysical surveys and a potential future drill program, with a site visit to the Woman River area tentatively scheduled for late October or November, 2026. In 2027, the company will begin with geological compilation and target refinement, followed by an anticipated summer field program comprising geological mapping, prospecting and sampling, ground geophysical surveys (induced polarization and magnetics), and soil geochemical sampling.

October gold background

Northern Superior Resources Inc. acquired the project in 2022 through its acquisition of Genesis Metals Corp. On Nov. 6, 2023, Northern Superior announced that it had entered into the earn-in agreement with Evolution, under which Evolution was granted the right to acquire a 75-per-cent undivided interest in the October gold project by incurring aggregate expenditures of $7-million and making aggregate cash payments of $1.1-million over five years. On April 26, 2024, Ongold acquired the October gold property, the Tipihakaaning (TPK) project and several other Ontario properties as part of the spinout of Ontario exploration assets from Northern Superior. Evolution confirmed in the termination notice that it had financed aggregate expenditures of at least $2.5-million under the earn-in agreement. The termination of the earn-in agreement will become effective on Oct. 15, 2026, following which Ongold will retain its 100-per-cent interest in the project, free of Evolution's earn-in right under the earn-in agreement, and will assume operatorship of the project.

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 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.

Nibinamik First Nation protection and collaboration agreement

On July 24, 2026, Ongold entered into a binding protection and collaboration agreement with Nibinamik First Nation regarding the company's proposed 2026 exploration activities at the TPK project. Under the Nibinamik agreement, Ongold has committed up to $327,100 in community-related payments, including community infrastructure, engagement and social investment. The agreement also provides for employment and procurement opportunities for qualified community members where appropriate including continued Ongold-Nibinamik project coordination.

Subject to applicable securities laws and TSX Venture Exchange acceptance, Ongold has agreed to issue Nibinamik common shares valued at $100,000, based on a 30-day volume-weighted average trading price and subject to applicable TSX-V pricing requirements. The shares will be subject to applicable securities-law and TSX-V resale restrictions and contractual restrictions releasing 25 per cent four months and one day after issuance and a further 25 per cent at each of six, nine and 12 months. No finder's fee is payable.

Cautionary note regarding adjacent properties and historical estimates

The mineral resource estimates for Iamgold's Cote gold mine and for the Jerome mine property referenced in this news release relate to properties in which Ongold has no interest, and mineralization on adjacent or nearby properties is not necessarily indicative of mineralization on the October gold property. The Jerome estimate is a historical estimate: a qualified person has not done sufficient work to classify it as current mineral resources or mineral reserves, and the company is not treating it as current mineral resources or mineral reserves. Ongold has not independently verified the Iamgold or Jerome estimates.

About Ongold Resources Ltd.

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