Mr. Kyle Stanfield reports

ONGOLD ANNOUNCES INITIATION OF COMPREHENSIVE EXPLORATION PROGRAM AT THE MONUMENT BAY GOLD AND TUNGSTEN PROJECT

Ongold Resources Ltd. has initiated summer exploration activities at its Monument Bay gold and tungsten project. Summer exploration activities are focused on both existing resource optimization and advanced ground geophysical induced polarization surveying. Field exploration activities will be undertaken from the existing fully serviced 40-person field base camp. The program is being co-ordinated closely with the Red Sucker Lake First Nation under an existing framework agreement.

Monument Bay is located in northeastern Manitoba, near the Ontario-Manitoba border, and represents a district-scale exploration opportunity with significant gold and tungsten mineralization over a 40-kilometre strike length. Monument Bay is an advanced-stage exploration asset with over 233,000 metres drilled in more than 800 diamond core holes, while still having substantial exploration upside both within the known deposits and along underexplored satellite zones. The company's most recent technical report dated May 30, 2025, titled "Technical Report on the Monument Bay Project, Manitoba," which was filed on the company's SEDAR+ profile on June 13, 2025, references historical estimates of 2.3 million gold ounces (58.0 million tonnes at an average grade of 1.24 grams per tonne) in the measured and indicated mineral resource categories, and 720,000 gold ounces (24.4 million tonnes at an average grade of 0.92 g/t) in the inferred mineral resource category. Please see the historical estimate section of this news release below for further information.

The key components of the summer exploration program are as follows.

Diamond drilling target evaluation:

• A 30-line-kilometre ground IP survey will be completed over selective gold-tungsten-bearing shoots along the Monument Bay deposit, following the westerly strike extension of the Twin Lakes shear zone, where historically identified anomalies were never drill tested, along the Mid-East zone and along the 1.4-kilometre strike length of the AZ/Central zone, where large IP anomalies were identified by Noranda between 1989 to 1991.
• The modern IP survey will target to a vertical depth of 300 m. Historical surveys by Noranda only penetrated to vertical depths of around 45 m.
• These surveys, in concert with ground field investigations this summer, will allow the company to define and prioritize target anomalies for future drill testing.

Regional geology:

• The geological team will conduct an initial phase 1 field exploration program to evaluate high-priority targets identified across the property to date. This work will focus on deepening the geological understanding of the existing gold-tungsten deposit at Monument Bay and the nature of mineralization and control structures along the Mid-East and the AZ/Central zones.
• The company will undertake a fixed-wing lidar/orthophotography survey to assist with regional exploration targeting and improve the structural understanding and interpretation of gold mineralization control features that might occur along all known regional deformation zones that transect the property.
• The lidar should assist in identifying new targets along these important structures to focus future field exploration activity and a possible drill program. These data can be used to update the geological map of the property and identify other fault and fold structures across the property.
• The orthophotography will assist geological team to improve geological mapping efforts in the future.

Kyle Stanfield, chief executive officer of Ongold, stated: "since acquiring Monument Bay from Agnico Eagle in December, 2024, our experienced geology team has been focused on review of the vast existing geological database. With desktop geological review complete and field operations now under way, we are poised to begin understanding the tremendous potential for expanding existing identified gold and tungsten resources at Monument Bay."

About the project

The Monument Bay gold and tungsten project is located in northeastern Manitoba, near the Ontario-Manitoba border, and represents a district-scale exploration opportunity with significant gold and tungsten mineralization over a 40-kilometre strike length. Monument Bay is an advanced-stage exploration asset with over 233,000 metres drilled in more than 800 diamond core holes, while still having substantial exploration upside both within the known deposits and along underexplored satellite zones.

The technical report describes the historical exploration work completed at the Monument Bay gold-tungsten project, particularly in the period from 1987 to 2021, including geological mapping and prospecting, trenching, geochemical sampling, airborne magnetometer and VTEM surveying, local ground induced polarization and magnetometer surveys, local humus, and B-horizon soil and biogeochemical surveys. A total of 233,410 m of diamond drilling has been completed in 818 holes, mostly focused on the Monument Bay gold-tungsten deposit. In addition, 120 reverse circulation holes were completed between 2019 and 2021 on a very wide (1.5 kilometres by 1.5 kilometres) spacing across the property. Collectively, this work has resulted in multiple gold discoveries, most notably at the Monument Bay Au-W deposit, and the Mid-East, AZ zone and Gold Ridge areas along important regional deformational/shear structures.

Previous operators have delineated three gold and tungsten mineralized zones at Monument Bay through diamond drilling, field sampling programs and limited surface stripping: the Monument Bay Au-W deposit, the Mid-East deposit and the AZ zone. Three types of gold mineralization have been identified within these zones associated with different generations of structures: (1) quartz-tourmaline plus or minus pyrite-arsenopyrite-pyrrhotite veins occur within both D1 and D3 shear zones, which strike easterly and dip shallow and steeply to the south; (2) smoky quartz plus or minus pyrite-pyrrhotite-arsenopyrite-chalcopyrite veins as well occur in steeply south-dipping D3 shear zones and typically have higher sulphide content but lower gold content than quartz-tourmaline veins; and (3) quartz-albite-ankerite-scheelite plus or minus pyrite-arsenopyrite-sphalerite-chalcopyrite-galena-stibnite are the dominant mineralization type observed in the Monument Bay, Mid-East and AZ deposits.

Historical estimate

The technical report discloses a historical mineral estimate which identified approximately 2.3 million gold ounces (58.0 million tonnes at an average grade of 1.24 grams per tonne) in the measured and indicated mineral resource categories and 720,000 gold ounces (24.4 million tonnes at an average grade of 0.92 g/t) in the inferred mineral resource category. This consists of in-pit resources above a cut-off grade of 0.3 g/t gold. This historical mineral estimate, although compliant with National Instrument 43-101 guidelines at the time it was prepared, is historical and should not be considered current. A qualified person has not completed sufficient work to classify this historical estimate as current mineral resources or mineral reserves, and, accordingly, it should not be relied upon. The author and the company are not treating the historical estimate as current mineral resources or mineral reserves. To verify the historical estimate, a qualified person needs to review the historical data, review any work completed at Monument Bay since the date of the historical estimate and complete a new mineral resource estimate. The author of the technical report and the company view this historical estimate as a conceptual indication of the potential size and grade of the gold-tungsten deposit in the area, and this information is relevant to continuing exploration efforts.

New gold exploration target identification

The compilation and new interpretive work completed by Ongold in first quarter 2025 resulted in the identification of five target areas, detailed below, for field exploration investigations with the goal of defining new targets for drilling. These zones are denoted and prioritized as follows:

1. Ankerite/Gold Pond area along the Twin Lakes shear zone;
2. AZ zone (easterly and westerly strike extensions);
3. Newly discovered Central zone;
4. Monument Bay deposit West extension, also located along the TLSZ immediately west of the Monument Bay deposit; and
5. Gold Ridge along the Stull-Wunnumin fault/deformation zone.

The company is focused on exploring target areas that have the best opportunity to provide gold resource expansion opportunities. Ongold has flagged that the: (1) Ankerite/Gold Pond area; (2) the AZ zone/Central zone area; and (3) the Monument Bay deposit West extension are the highest-priority areas.

An integrated, multidisciplinary exploration program in two phases is recommended to advance Monument Bay. A phase 1 exploration program would include a compilation of known geology data and reinterpretation based on known geophysics and new, modern IP surveys over the Western extension of the Monument Bay Au-W deposit, the AZ zone and the Mid-East zone, followed up by geological mapping and prospecting of any new targets and known, historical gold showings, the completion of an airborne lidar survey, conducting optical televiewer surveys on selected historical drill holes, completing an expanded audit of the diamond drill hole database, and initiating additional assaying of stored pulps for tungsten.

The cost for all the above proposed work is budgeted at $2,855,600, which includes a contingency allowance of 10 per cent.

Contingent upon the results of phase 1, a phase 2 exploration program would include diamond core drilling to test the best exploration targets and any possible resource expansion opportunities. Additional geophysics, geochemistry and/or surface sampling may also be appropriate.

The scientific and technical content of this press release has been reviewed and approved by Rodney Barber, PGeo, for Ongold, who is a qualified person as defined by National Instrument 43-101. Mr. Barber is the president of Ongold and is not considered independent. Continuing verification of scientific and technical information is achieved by direct involvement in the exploration work.

About Ongold Resources Ltd.

Ongold owns significant exploration assets in Northern Ontario and Northern Manitoba, including the district-scale Monument Bay gold and tungsten project, the TPK project, the Domain gold project, and the October gold project. These projects represent a strategic footprint in one of Canada's most prolific gold-producing regions.

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