Mr. Kyle Stanfield reports

ONGOLD CLOSES UPSIZED $9.0 MILLION LIFE FINANCING

Ongold Resources Ltd. has completed its previously announced upsized private placement for aggregate gross proceeds of $9,055,558.12. The offering consisted of the issuance and sale of: (i) 7.41 million units of the company at a subscription price of 81 cents per Ontario flow-through unit for gross proceeds of $6,002,100, with each ON FT unit consisting of one common share of the company and one-half of one common share purchase warrant of the company, each of which qualifies as a flow-through share (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)), with each warrant entitling the holder thereof to purchase one common share at an exercise price of 88 cents per warrant share, subject to adjustments, until Oct. 27, 2028; (ii) 1,615,000 units of the company at a subscription price of 93 cents per Manitoba FT unit for gross proceeds of $1,501,950, with each MB FT unit consisting of one common share and one-half of one warrant, each of which qualifies as a flow-through share (within the meaning of Subsection 66(15) of the tax act); and (iii) 2,675,014 units of the company at a subscription price of 58 cents per hard-dollar unit for gross proceeds of $1,551,508.12, with each HD unit consisting of one common share and one-half of one warrant.

The offering was completed on a best effort private placement basis pursuant to the listed issuer financing exemption (as defined herein), with Paradigm Capital Inc. acting as lead agent and sole bookrunner on behalf of a syndicate of agents, including ATB Capital Markets Corp. and Agentis Capital Markets (AFN Limited Partnership).

In consideration of the services to be rendered by the agents in connection with the offering, the company paid the agents a cash commission equal to 6.0 per cent of the gross proceeds of the offering and issued to the agents an aggregate of 702,001 non-transferable compensation options of the company, with each compensation option entitling the holder to acquire one common share at an exercise price of 58 cents per compensation option share until Oct. 27, 2028.

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 eligible Ontario exploration expenditures as defined in Subsection 103(4) of the Taxation Act, 2007 (Ontario), 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 Income Tax Act (Manitoba) in respect of the company's exploration properties in Manitoba, on or before Dec. 31, 2027, and will renounce all the qualifying expenditures in favour of the subscribers of the FT units, effective Dec. 31, 2026, in an aggregate amount of not fewer than the gross proceeds from the sale of the FT units. The net proceeds from the sale of the HD units are expected to be used toward working capital and general corporate purposes. The use of proceeds is further described in the amended and restated offering document related to the offering dated Oct. 5, 2026, which is available under the company's profile on SEDAR+ and on the company's website.

Subject to compliance with applicable regulatory requirements, the offered securities were 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 sold pursuant to the listed issuer financing exemption are not subject to resale restrictions under applicable Canadian securities laws.

The offering remains subject to the final approval of 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.