Mr. Noah Komavli reports

ASHLEY GOLD CORP. SIGNS EXCLUSIVITY PERIOD FOR PATENTED GROUND ADJOINING NEXGOLD MINING CORP.'S GOLIATH GOLD COMPLEX, SEEKS TO OPTIMIZE BURNTHUT PROJECT, ON

Ashley Gold Corp. has provided a key update relating to its Dryden Area exploration focus.

Highlights:

• Ashley Gold signs two-week exclusive due diligence period on the Tak patents for an all-stock, friendly deal;
• The Tak patents (formerly owned by Lac Minerals/Barrick), covering ~100 hectares, bring historical significance of a 1.5-kilometre mineralized corridor that hosts historic high-grade and bulk-tonnage gold values near surface;
• Potential to activate a fourth drilling target for the company to pursue, with three main permits in progress or granted;
  • Howie (permitted -- core logging completed, cutting commencing);
  • Burnthut Oro zone (permitted);
  • Alto-Gardnar (pending permit).

President Noah Komavli on the pending deal:

"As promised, Ashley Gold has positioned 2026 as a pivotal year -- building off our efforts in 2025.

"This holiday season will be a unique one, with data compilation expected to occur.

"Ashley's team will perform due diligence over the holidays, which will lead to a definitive decision on the Tak patents.

"Initial indications from the property show good potential for upside. Ashley's in-house geological team will complete compilation and evaluation of historical data."

Chief executive officer Darcy Christian on the Tak:

"I want to thank Noah for taking the initiative to secure this highly sought-after historical mineral property. The proposal of an all stock deal has our company's treasury at the forefront of consideration.

"This land complements the Burnthut project incredibly well, and I look forward to reviewing the historic data provided by the vendor with our team.

"Our preliminary review of data that is publicly available has already kicked off and will wrap up over the New Year holiday, which will lead to our decision on the proposed definitive agreement.

"Our goal at Ashley has been to prioritize projects with the best potential to generate a resource, leading to inherent value for shareholders.

"We expect an update to occur in the first week of January, 2026."

Historic drilling includes:

Readers are cautioned that results are historic and additionally, due to age, a higher cut-off was used to evaluate the core. Full historic report links are cited in references, detailing wide intervals above current industry cutoffs.

TAK-99-10:

• Included 2.082 grams per tonne Au (gold) over 31.83 metres from 3.57 to 35.40 m, including 11.778 g/t Au over 2.88 from 25.5 to 25.38 m and 7.632 g/t Au over 1.10 m from 34.3 to 35.4 m.

TAK-02-06:

• Assayed 3.08 g/t Au over 7.57 m from 27.27 to 35.3 m and 7.0 g/t Au over 1.1 m from 81.3 to 82.4 m.

TAK-02-07:

• Assayed 3.18 g/t over 8.7 m from 27.7 to 36.4 m including 8.62 g/t Au over 0.4 m from 27.7 to 28.2 m, 9.67 g/t Au over 0.8 m from 29.45 to 30.25 m and 7.57 g/t Au over 1.4 m from 35.0 to 36.4m.
• Target type: bulk tonnage felsic intrusive gold.

Historic documents outline the geological setting of the Tak patents, consisting of a large quartz feldspar porphyry hosting stock works of quartz-carbonate veins. Visible gold was noted as being present in and adjacent to the quartz carbonate veins.

In Canada, patented land refers to land that has been transferred from public ownership (Crown land) to private ownership through a legal document known as a Crown patent or letters patent. This grant conveys fee simple rights to the recipient, with possible conditions detailed in the issuance.

The Tak patents have surface rights and mineral rights granted to the owner of the title, subject to the condition that minerals extracted are refined in Canada.

Acquisition

The proposed acquisition is non-arms length, as it is between Ashley Gold and 1000903966 Ontario Inc., a company under the control and direction of the president of Ashley Gold, Noah Komavli.

1000903966 Ontario commissioned a title search and reached out to the land holder to facilitate discussions on behalf of Ashley Gold. The vendor was arm's length and not known to 1000903966 Ontario at the time of contact.

Following negotiations, the vendor agreed to a hard dollar cash amount that exceeded Ashley's liquidity.

Due to a noted increase in staking activity by larger companies in the belt, time was of the essence, 1000903966 Ontario signed for ownership and acquired the patents privately.

Proposed acquisition price

The property consists of four PINs and one MLO (mining licence of occupation), covering about 100 hectares. The purchase price was $190,000 plus applicable taxes, land transfer fees, lawyer fees and accounting fees. Of which, 1000903966 Ontario has covered, reflecting in the share issuance amount.

To compensate 1000903966 Ontario's outlay, the proposal includes an issuance of:

• 3.5 million shares, subject to statutory hold periods, at the price of close of market on the date of the signing of the exclusivity period resolution, Dec 23, 2025.

Proposed acquisition transaction

The proposed acquisition will constitute a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions.

The company will rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 as follows:

• Exemption from the formal valuation requirement pursuant to Section 5.5(a) of MI 61-101;
• Exemption from the minority shareholder approval requirement pursuant to Section 5.7(1)(a) of MI 61-101 (neither the fair market value of the asset nor the consideration paid exceeds 25 per cent of the company's market capitalization).

The independent directors and directors of the company have reviewed and unanimously approved the exclusivity period while Mr. Komavli declared his interest and abstained from voting, providing proof of cost basis for the purpose of fair remuneration, relative to the agreement. On conclusion of due diligence, with satisfactory outcome, the board will again complete a resolution to authorize the execution of the definitive agreement and the proposed share issuance.

Completion of the transaction remains subject to all necessary approvals of the Canadian Securities Exchange and is expected to close on approval after a definitive agreement is reached.

National Instrument 43-101 disclosure

The technical information in this news release was prepared and/or reviewed by Darcy Christian, PGeo, a qualified person as defined in National Instrument 43-101. Mr. Christian is registered as a professional geoscientist with Engineers Geoscientists of Alberta. Mr. Christian is non arm's length of the company and serves as director and CEO.

Some results discussed in this document are historical. Ashley Gold nor the qualified person have performed sufficient work or data verification of the historical data. Historical Ag and Au results from Tak were presented in original documentation as troy oz/short ton and were converted to g/t using conversion of 34.28. Although the historical results may not be reliable, the company nevertheless believes that they provide an indication of the Project's potential and are relevant for any future exploration program.

About Ashley Gold Corp.

Ashley Gold is a Canadian mineral exploration company focussed on acquiring and developing highly prospective gold and polymetallic deposits in Canada's top mining regions. The company's flagship assets are in the Dryden area in Ontario with a 100-per-cent ownership in Santa-Maria, Burnthut, Howie, Alto-Gardnar claims, as well as in British Columbia with the Icefield portfolio having two highly prospective claim packages.

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