Mr. Noah Komavli reports

ASHLEY GOLD CORP. INITIALIZES PHASE III DRILLING ON TAK, EXTENDS SURFACE EXPRESSION OF THE NTZ VEIN TO 300M

Ashley Gold Corp. has mobilized drill crews for a phase III drill program on its wholly owned Tak property in Northwestern Ontario. The new campaign will target strike and stepout extensions on the 67Z and Northern trench zone (NTZ), where recent surface prospecting has extended the NTZ vein expression to 300 metres.

• Phase III drilling launch: targeting high-priority stepouts along the 67Z and exploratory drilling to probe the NTZ depth;
• 300-metre strike extension in the NTZ: successful prospecting and mapping have extended the NTZ vein's surface expression to 300 metres, remaining open along strike; the vein parallels or splays off of the one-kilometre resistive body, which lies south;
• Recent surface success: follows historical highs and recent grab sampling returning grades up to 398 g/t (grams per tonne) Au (gold);
• Fully financed: the program is supported by a strong treasury and a recent follow-on financing raise of up to $500,000 to support increased meterage; tranche 1 was announced closed on July 15, 2026, raising $375,034.01.

"As we finalize our logging and fire assays from phase II, the sheer scale of the NTZ surface expression extending to 300 metres gives us added confidence as we kick off phase III. The Tak QFP has undergone what appears to be multiple phases of mineralization and the NTZ Vein may be an overprint," stated Noah Komavli, president of Ashley Gold.

"With crews mobilized and the program fully funded, our focus remains on stepping out from the 67Z and proving up additional mineralization on the Tak property."

Exploration progress and target expansion

Following recent prospecting success on the Northern trench zone (NTZ), which returned some of the highest-grade grab samples in the property's history, Ashley's geological team has successfully mapped and defined the surface extension of the NTZ vein system to 300 metres. The mineralization remains open along strike and at depth, presenting a highly compelling target for immediate subsurface testing.

Phase III drill campaign

This third drill campaign will focus on high-priority targets along the strike of the 67Z and NTZ trends. The company has designed the program for approximately 50-metre stepouts to test the down-dip and lateral continuity of these high-grade structures. Drilling is slated to utilize shallow to medium-depth holes to maximize geological understanding and identify bulk-tonnage potential.

Financing and operations

This phase of drilling builds on a highly successful operational season, supported by an upsized flow-through and non-flow-through financing recently closed by the company. These funds ensure continuous operational momentum and meterage as the company actively awaits assays from preceding phase II drill holes (including TAK-26-07 and TAK-26-08).

Tak project -- background

Situated abutting the Northeast of the Goliath gold complex, the Tak patents have been the subject of intermittent exploration efforts from the 1900s, with legendary companies like Lac Minerals (Barrick) and Cominco (Teck) exploring in and around the patented ground. At least two surveys were flown, with the most detailed mapping occurring in the late 1900s. Within the patented boundary, only 11 historic holes were ever recorded from two operators -- in 1999 and 2002. After 2002, the project sat idle for 24 years until acquired by the company.

In 2026, mere weeks after acquisition, Ashley commissioned the first modern IP survey. The results highlighted a one-plus-kilometre resistive body, with two main chargeable units flanking the resistive body to the North. Ashley engaged 518 Drilling Ltd., deploying equipment into the patents for continued use. Guided in part from historic records and phase 1 drilling results, three high-priority zones have emerged.

Exploration zones

D99Z

In early 2026, a five-hole, first-phase program was successful in validating and expanding 1999 results. The zone was given the moniker D99Z. The surface mineralization width in the D99Z has been defined as up to 100 metres.

67Z

Two holes carried out in 2002 included TAK-02-06 and TAK-02-07, intercepting 3.08 grams per tonne Au over 7.57 m (plus 7.0 g/t Au over 1.1 m) and 3.18 g/t Au over 8.7 m (including 9.67 g/t Au over 0.8 m), respectively (Southern Rio, 2002). These intercepts were some of the best in recorded history on the Tak patents, and the area was given the title 67Z by Ashley. In phase 2 drilling, Ashley deployed three holes on IP line 250 to target the zone and collect data on lithologies, as well as dip. Example mineralization has been shared.

NTZ

The Northern trench zone (NTZ) comprises five trenches, up to two metres wide, two m deep and some as long as 60 m. This area has no drilling records, yet was worked vigorously, as evidenced by the scale of the trench networks. Ashley discovered a high-grade gold zone through prospecting, sampling up to 398 g/t Au. Phase 3 drilling will allocate some meterage to test these zones with no historic drill records. Prospecting has confirmed a surface trend of over 300 m, open in all directions.

Tak history

January 1940s -- Long Lac Minerals (Mosher Long Lac Gold Mines Ltd.) extensive surface trenching (trenches up to 70 m long) on the Tak grid targeting gold mineralization in quartz-feldspar porphyry (QFP); followed by 1948 magnetometer survey.

1980 -- Cominco, geological mapping, rock sampling and magnetometer survey over the property identifying porphyry-hosted gold potential.

1998 to 1999 -- Triex Resources acquired the Tak patents; conducted prospecting, sampling, trenching (assays 1,100 to 29,790 parts per billion Au) and drilled 10 DDH (approximately 1,558 m total), including TAK-99-10 returning 2.082 g/t Au over 31.83 m from 3.57-35.40 m (including 11.778 g/t Au over 2.88 m and 7.632 g/t Au over 1.10 m); outlined stockwork quartz-carbonate veining in silicified/carbonatized QFP.

2002 -- Southern Rio Resources optioned the property from Triex and drilled 8 DDH (approximately 1,209 m) on the Tak grid; outlined gold mineralization over approximately 350 m strike length to approximately 100 m depth with stockwork veining, visible gold noted and intercepts including TAK-02-06: 3.08 g/t Au over 7.57 m (plus 7.0 g/t Au over 1.1 m) and TAK-02-07: 3.18 g/t Au over 8.7 m (including 9.67 g/t Au over 0.8 m).

Jan. 6, 2026 -- Ashley Gold acquired 100-per-cent ownership of the Tak patents (part of Burnthut project, approximately 100 hectares patented ground adjoining NexGold Goliath gold complex) via all-stock deal from for 3.5 million shares; consolidates historical data showing bulk-tonnage QFP-hosted gold potential open in all directions; 5-per-cent NSR (net smelter return) to Royal Gold Inc. (2.5-per-cent buyback for $1-million).

Feb. 10, 2026 -- Ashley Gold announced operational readiness for winter drilling campaign on Tak patents and engagement of Abitibi Geophysics for first-ever modern OreVision IP survey to refine targets and twin historic holes.

March 14, 2026 -- Ashley Gold provided interim IP data revealing one km resistive trend on Tak patents aligning with historic gold zones and abutting NexGold Goliath gold complex.

April 2 to April 10, 2026 -- Ashley Gold completed mobilization to site (drill trails, 10-plus pads, rig and skidder in place) and announced crew mobilization/drilling kick-off for phase 1 program targeting validation of historic D99Z zone and extensions .

April to May, 2026 -- Ashley Gold completed phase 1 diamond drilling (five holes: TAK-26-01 to TAK-26-05) as twins/fans to historic holes; core logging/cutting showed strong alteration, pyrite and quartz-carbonate veining with multiple visible mineralization examples; equipment left on site for phase 2.

May 14, 2026 -- Ashley Gold reported first phase 1 assay (TAK-26-01): A total of 1.104 g/t Au over 28 m from collar (including 1.662 g/t Au over 12 m), confirming and validating historic near-surface mineralization in D99Z zone; mineralization starts at surface with strong continuity of grade within interval.

May 20, 2026 -- Ashley Gold reported TAK-26-02 assays: Multiple gold intervals including 0.586 g/t Au over 34.2 m from surface within 194.1 m of anomalous gold mineralization, further confirming broad width and continuity of the mineralized D99Z stockwork system south of TAK-26-01.

June 4, 2026 -- Ashley Gold reported TAK-26-03 assays: Multiple gold intervals including 2.347 g/t Au over 4.35 m within 156.5 m of anomalous gold mineralization, further confirming broad width and continuity of the mineralized D99Z stockwork system south of TAK-26-01.

QA/QC (quality assurance/quality control)

All samples were collected in the field using a hammer and chisel. Locations were obtained using a handheld GPS with samples placed in prelabelled sample bags. Samples were securely transported by field staff to ActLabs in Dryden, Ont., for 1A2 Au fire assay. A sample size of five to 50 grams can be used but the routine size is 30 g for rock pulps, soils or sediments (exploration samples). The sample is mixed with fire assay fluxes (borax, soda ash, silica, litharge) and with Ag added as a collector and the mixture is placed in a fire clay crucible. The mixture is then preheated at 850 degrees Celsius, intermediate 95 0degrees C and finish 1,060 degrees C with the entire fusion process lasting 60 minutes. The crucibles are then removed from the assay furnace and the molten slag (lighter material) is carefully poured from the crucible into a mould, leaving a lead button at the base of the mould. The lead button is then placed in a preheated cupel which absorbs the lead when cupelled at 950 degrees C to recover the Ag (dore bead) plus Au. The entire Ag dore bead is dissolved in aqua regia and the gold content is determined by AA (atomic absorption). AA is an instrumental method of determining element concentration by introducing an element in its atomic form, to a light beam of appropriate wavelength causing the atom to absorb light. The reduction in the intensity of the light beam directly correlates with the concentration of the elemental atomic species. On each tray of 42 samples there are two blanks, three sample duplicates and two certified reference materials, one high and one low. Overlimits were rerun using 1A3, which is a fire assay gravimetric for over 5,000 ppb to ensure accurate values.

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. 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. Management cautions that grab samples are selective in nature and are not representative of the property in its entirety or indicative of any grade overall.

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 a 100-per-cent ownership in Burnthut (including Tak patents), Howie, Alto-Gardnar claims, as well as in British Columbia with the Icefield portfolio having two highly prospective claim packages, which are out under option.

We seek Safe Harbor.