Mr. Gordon Robb reports

ESGOLD SURPASSES 4,000 METRES DRILLED AT MONTAUBAN, EXPANDING DRILLING BEYOND THE HISTORIC MINE

Esgold Corp. has provided an update on its 2026 diamond drilling program at its flagship Montauban project, located approximately 80 kilometres west of Quebec City, Que.

Esgold has surpassed 4,000 metres (m) of drilling at Montauban, completing more than 80 per cent of its planned 5,000-metre program as exploration advances beyond the historic mine workings into southern and deeper targets. With laboratory assays pending and the remaining processing equipment en route to Montauban, the company is entering an important stage in its dual-track strategy, advancing toward gold and silver production while systematically evaluating the broader exploration potential of the district. Newly logged core continues to reveal quartz veins, altered rock and visible sulphide minerals, providing additional geological information as drilling progresses.

The expanding drill coverage marks an important step in probing Montauban's broader exploration potential. By integrating direct observations from drill core with historic mine records, geophysical surveys and its 3-D geological model, Esgold is building a stronger foundation for identifying and prioritizing follow-up targets. Laboratory assays will determine metal grades and the significance of the observed intervals.

"We are entering an exciting stage at Montauban as drilling takes us beyond the initial mine-area holes and into southern and deeper targets," said Gordon Robb, chief executive officer and director of Esgold. "The veins, altered rock and sulphides we are seeing give our team tangible and positive geological indications to pursue. Montauban's mining history provides a compelling starting point, and we are excited by the opportunity to evaluate what may lie beyond and below the former workings. Each hole adds to our understanding, while laboratory results will establish metal grades and help guide our future exploration decisions."

Drilling and equipment highlights

• Approximately 4,074 metres have been drilled, advancing the planned 5,000-metre program beyond 80-per-cent completion and marking an important exploration milestone. Final totals remain subject to database reconciliation.
• Drilling has progressed into the south zone and toward additional targets as Esgold evaluates potential extensions beyond the former workings.
• Drill hole MM-26-27 reached approximately 408 metres in length, while drill hole MM-26-28 is currently under way with a planned length of approximately 600 metres, broadening the geological picture beneath Montauban. These lengths represent distance along each drill hole.
• Core logging has identified sulphide-bearing veins and narrow bands in drill holes MM-26-10 and MM-26-11, providing positive geological signs to guide further exploration. Laboratory assays are required to establish metal grades.
• Continuing core logging and sampling are adding direct drill information to Esgold's 3-D geological model, helping the team prioritize follow-up targets and evaluate Montauban's broader potential.
• Nineteen containers of equipment are on the water from China, with the remaining eight scheduled to leave China this week. This equipment supports the next stages of installation and integration at the company's Montauban processing facility.

Moving beyond the historic mine

Initial drill holes in the program focused on the historic mine area, several of which intersected former underground openings. Later drill holes (for example, MM-26-21) extend southward toward additional targets, including the Marcor zone (a key exploration sector within the company's Montauban project). Extended drill holes are also broadening the area tested, with holes MM-26-23, MM-26-25 and MM-26-27 reaching approximately 255 metres, 261 metres and 408 metres, respectively.

As of the Oct. 4, 2026, reporting cut-off, hole MM-26-28 was in progress with a planned length of approximately 600 metres to test deeper features interpreted beneath the project. This work will help Esgold evaluate potential extensions beyond the historic workings and identify follow-up targets.

Encouraging sulphide observations in three drill holes

The photographs above show sulphide-rich material in hole MM-26-11 and narrower quartz-carbonate veins carrying sulphides in holes MM-26-17 and MM-26-19. The logged minerals include the iron sulphides pyrite and pyrrhotite, and locally chalcopyrite, a copper-bearing mineral. These geological indications help the team identify areas for further evaluation.

In hole MM-26-11, the geological team describes an approximately 48-centimetre interval at 24.07 metres as containing massive sulphides within altered rock. Together with the veins in holes MM-26-17 and MM-26-19, these observations help refine follow-up targets. Reported depths and widths appear below. The observations do not establish connections between holes or continuous mineralization across the broader host-rock intervals.

All depths are measured along the drill core. Reported widths are core lengths and are not necessarily true widths, as true widths have not been established. These are visual geological observations, not laboratory assay results. Visual observations do not establish metal grades, continuity or economic viability.

Drill holes MM-26-12 and MM-26-13 also intersected historic underground openings, helping the team locate the former workings more accurately within the updated geological model.

Turning exploration data into better targets

Esgold is adding the new drill information to its 3-D geological model and comparing it with historic mine records and ambient noise tomography (ANT), a geophysical method used to image features beneath the surface. The ANT surveys were completed by CAUR Technologies, with integrated 3-D modelling undertaken by Geomatic World.

Each drill hole provides direct geological evidence used to validate interpretations and refine subsequent drill targeting. This work evaluates exploration potential, and the geophysical interpretation does not establish a mineral resource or reserve for the bedrock targets being tested.

Equipment delivery and mill buildout update

Esgold continues to advance equipment deliveries for its fully permitted Montauban tailings reprocessing project, with all remaining equipment either on site or in transit from China.

These shipments represent a major milestone in the final stages of the mill buildout, consolidating the equipment required to recover gold and silver from historic tailings. As deliveries continue, the team remains focused on completing installation, integrating equipment into the processing circuit, and advancing testing and commissioning activities. The arrival and integration of the remaining equipment will represent another important step toward bringing production at Montauban on-line.

Continued progress on equipment delivery reinforces Esgold's strategy of establishing a cash-flow-generating tailings processing operation while concurrently advancing exploration across the broader Montauban property.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Merouane Rachidi, PhD, PGeo, an independent qualified person as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Esgold Corp.

Esgold is a fully permitted, fully funded, pre-production mining company advancing a scalable clean mining model across North America. The company's flagship Montauban gold-silver project in Quebec is under construction. With a dual-track strategy focused on advancing toward near-term gold and silver production while systematically evaluating district-scale exploration potential, Esgold is building a foundation for sustainable growth and long-term shareholder value.

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