Mr. Darcy Christian reports

ASHLEY GOLD CORP. READIES CREW FOR PHASE 3 STEP OUT DRILL PROGRAM ON 67Z AND EXPLORATORY DRILLING ON THE NTZ, YIELDING RECENT GRAB SAMPLES OF 398 G/T AU, ANNOUNCES FOLLOW-ON $500,000 CRITICAL MINERAL FLOW-THROUGH AND NON-FLOW-THROUGH FINANCING

Ashley Gold Corp. has updated the market on drill crew readiness for a third campaign, to kick off in mid- to late July. Additionally, the company is pleased to announce that it has launched a follow-on financing for gross proceeds of up to $500,000.

Flow-through funds are expected to be used for eligible exploration expenses, including drilling at the company's permitted projects, and will be renounced by the company Dec. 31, 2026. Non-flow through funds will be used for general and administrative expenses.

President Noah Komavli said: "As previously disclosed, interest exceeded allocations from the prior financing close announced on June 23, 2026. Three anchor investors represent $350,000 of the announced financing. These funds will allow for increased metreage on the Tak property over the next few months, as well as cover G&A expenses. We will work on a quick close and share visuals from the TAK-26-07 hole in short order, which is also now pending assays."

Updates

The following results from phase 2 drilling and prospecting remain pending:

• 31 additional prospecting samples along strike of the NTZ;
• Four holes from phase 2 drilling (TAK-26-08 and TAK-26-07 submit to ActLabs, Dryden).

Crew secured for a third drill program to focus on high-priority targets along strike of the 67Z, on approximately 50-metre stepouts, as well as one or more shallow holes, to confirm orientations and possible continuity of the NTZ.

Previously, the company announced prospecting results, including a high of 398 grams per tonne gold on June 25, 2026.

Financing terms and use of proceeds

The company announces a non-brokered private placement financing for aggregate proceeds of up to $500,000 to advance exploration on Ashley's Ontario gold properties, as well as for corporate G&A.

The offering will consist of the following units:

• Critical mineral flow-through units at a price of 6.5 cents per CFT unit; each CFT unit will consist of one flow-through common share of the company and one-half of one common share purchase warrant;
• Non-flow-through units at a price of 5.5 cents per NFT unit; each NFT unit will consist of one common share of the company and one-half of one warrant.

Each whole warrant will entitle the holder to purchase one additional common share of the company at an exercise price of 10 cents per warrant share for a period of 24 months from the closing date of the offering. The warrant shares will be issued as non-flow-through common shares.

All securities to be issued under the offering will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws.

In connection with the issue and sale of the units under the offering, the company may pay finders' fees and finders' warrants to eligible finders at the discretion of the board of directors.

The existing shareholder exemption and investment dealer exemption

The offering will be made available to existing shareholders of the company who, as of the close of business on July 6, 2026, held common shares of the company (and who continue to hold such common shares as of the closing date), pursuant to the prospectus exemption set out in B.C. Instrument 45-534 (Exemption From Prospectus Requirement for Certain Trades to Existing Security Holders) and in similar instruments in other jurisdictions in Canada. The existing shareholder exemption limits a shareholder to a maximum investment of $15,000 in a 12-month period unless the shareholder has obtained advice regarding the suitability of the investment and, if the shareholder is resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as an investment dealer in the jurisdiction. If the company receives subscriptions from investors relying on the existing shareholder exemption exceeding the maximum amount of the financing, the company intends to adjust the subscriptions received on a pro rata basis.

The company has also made the offering available to certain subscribers pursuant to B.C. Instrument 45-536 (Exemption Form Prospectus Requirement for Certain Distributions Through an Investment Dealer). In accordance with the requirements of the investment dealer exemption, the company confirms that there is no material fact or material change about the company that has not been generally disclosed.

The offering is subject to all necessary regulatory approvals, including acceptance from the Canadian Securities Exchange. All securities issued in connection with the offering will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside of Canada.

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 chief executive officer. Management cautions that grab samples are selective in nature, and are not representative of the property in its entirety or indicative of any grade over all.

About Ashley Gold Corp.

Ashley Gold is a Canadian mineral exploration company focused 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 100-per-cent ownership in Burnthut (and the Tak patents), Howie and Alto-Gardnar claims. In British Columbia, the company has optioned out the Icefield portfolio, which includes two highly prospective claim packages.