Mr. James Atkinson reports

ADVANCED GOLD EXPLORATION INC. ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Further to Advanced Gold Exploration Inc.'s press release of June 25, 2024, it has closed its previously announced non-brokered private placement through the issuance of 8.2 million flow-through units at a price of 2.5 cents per FT unit and 3.26 million common share non-flow-through units at a price of 2.5 cents per NFT units, for aggregate gross proceeds of $286,500.

The proceeds of the offering will be used for exploration on the company's Buck Lake property, a copper-zinc project.

Each FT unit comprised one common share, issued on a flow-through basis, and one common share purchase warrant, issued on a non-flow-through basis. Each FT warrant shall entitle the holder thereof to acquire one common share at a price of five cents per common share for a period of five years from the date of issuance. The FT shares will qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada), which also qualify for the Canadian government's Critical Mineral Exploration Tax Credit.

Each NFT unit shall be comprised one common share in the capital of the company and one common share purchase warrant. Each warrant shall entitle the holder thereof to acquire one common share at a price of five cents per common share for a period of five years from the date of issuance.

A member of the board and the management of the company, Radovan Danilovsky, has participated in the financing. In addition, John Ross Quigley, has become an insider of the company by participation in the financing.

All securities issued pursuant to the offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The gross proceeds from the sale of the FT units will be used by the company to incur eligible Canadian exploration expenses that will qualify as flow-through critical mineral mining expenditures as such terms are defined in the Income Tax Act (Canada). The closing of the offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the Canadian Securities Exchange.

About Buck Lake

The property is located approximately 62 linear kilometres northeast of Sault Ste. Marie in the province of Ontario. The property consists of a total of 180 single-cell mining claims that covers 3,886 hectares located in Lunkie and Gapp townships.

The property is located in the Wawa-Abitibi subprovince within of the Superior province of Canada. The property is situated within the Batchawana greenstone belt (BGB) that comprises a small portion of the Wawa-Abitibi subprovince. The BGB is an arcuate-shaped, expansive belt located in the southern-central part of the Wawa-Abitibi subprovince on the eastern shore of Lake Superior. This BGB is an Archean-aged greenstone belt consisting of a thick succession of supracrustal rocks. The property is situated in the Batchawana volcanic domain which hosts prospective sequences of felsic and mafic volcanics.

The technical report prepared by Mike Kilbourne in 2023 states that the geological environment of the property is favourable for the presence of Archean volcanogenic massive sulphide deposits (VMS), iron deposits and orogenic gold deposits, namely banded iron formation (BIF) hosted gold deposits due to the fact that BIF's are present on the property. The focus of exploration has historically been on VMS-type deposits, but other deposit model types should not be dismissed.

The property contains at least eight areas of potential based on the presence of base metal mineralization based on historical or recent activities. Including areas of copper and zinc mineralization.

An extensive stripping and channel sampling program over one of the zones in (the Noranda trend) in 2022 identified several mineral horizons and provided invaluable clues to the geological environment of Cu-Zn (copper-zinc) mineralization. Highlights of the channel sampling include 4.94 per cent Zn, 367 ppm (parts per million) Cu, 0.77 per cent Pb (lead) and 45.6 g/t (grams per tonne) Ag (silver) over 1.0 m at trench G and less than 0.01 per cent Zn, 1.58 per cent Cu and 27.4 g/t Ag over 1.1 m.

These programs were followed up by diamond drilling in 2022 consisting of 15 diamond drill holes totalling 2,545 m. The objective of the drilling was to test sulphide mineralization documented on surface at depth and along strike of the Noranda trend. The VLF anomalies outlined along the Noranda trend in 2022 were also tested.

Highlights of the drill program include 1.51 per cent Cu over 11.75 m in hole BL-22-06 and 2.38 per cent Cu over 2.95 m in hole BL-22-15.

The success of this program prompted the expansion of the property to cover known airborne anomalies and other areas of past drilling which had identified base metal mineralization.

Jim Atkinson, chief executive officer of Advanced Gold, notes that: "The author of the 43-101 technical report has reviewed the available information on the property and has stated in the report 'the following salient features of the Buck Lake property makes this a property of high merit for VMS-type Cu-Zn deposits:

1. 'A greenstone belt hosting supracrustal Archean-aged rocks within the metal endowed Wawa-Abitibi subprovince.
2. 'A geological environment consistent with other VMS deposits of the Wawa-Abitibi subprovince which includes felsic to intermediate volcanics, dacitic flows, tuffs, and breccias and sediments in an extensional arc environment.
3. 'Confirmed Cu-Zn bearing massive sulphide mineralization in surface channel sampling and diamond drilling.
4. 'Cu-Zn bearing plus/minus massive pyrite-pyrrhotite mineralization stratigraphically proximal to cherty exhalative horizons and BIF.
5. 'Limited modern-day VMS-deposit model exploration.'

This is very positive for the project. The author of the technical report goes on to say, "It is of the author's opinion that the property be continued to be explored for VMS-type massive sulphide deposits as indications are favorable for success."

About Advanced Gold Exploration Inc.

Advanced Gold (formerly, Advance United Holdings Inc.) is a Canadian mineral exploration company. It has acquired a portfolio of undervalued gold and copper properties and is increasing their value through the application of modern technology, new ideas and systematic exploration. It has a growing pipeline of similar properties that it is looking to acquire. It is involved exclusively in the acquisition and advancement of past projects -- with no intent to bring them back into production or to mine them itself. Its expertise is in identifying and acquiring undervalued properties with significant historical work, which were uneconomic at the time. It believes it can enhance their economic value at today's prices. It finances the reworking of historic data and the applying of modern technology to underwrite new qualified reports, and document quantifiable resources and reserves to current standards, thereby recognizing the current value. Its purpose is to bring immediate and long-term value to its partners and shareholders while seeking to reduce exploration risk, so that all can advance in the shortest possible time frame.

Qualified person

James Atkinson, MSc, PGeo, a qualified person (QP) as such term is defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed and approved the geological information reported in this news release. The qualified person has not completed sufficient work to verify all historic information on the property, particularly with regards to historical sampling, drill results and technical work provided by others. The qualified person assumes that sampling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the property but may not be representative of expected results.

We seek Safe Harbor.