Mr. Kyle Stanfield reports

ONGOLD COMMENCES DRILLING AT THE AZ ZONE AND LAUNCHES FIRST NATION DRILL HELPER TRAINING PROGRAM AT MONUMENT BAY

Ongold Resources Ltd. has commenced diamond drilling at the AZ zone, an exploration target located approximately 800 metres (m) south of the Monument Bay gold deposit at the company's Monument Bay gold project in northeastern Manitoba. The drill program will test induced polarization (IP) anomalies identified during the company's 2025 ground geophysical survey program. The drill program is being undertaken in conjunction with a drill helper training program co-ordinated with a local first nation community.

The AZ zone coincides with a 1.1-kilometre-long (km) topographic high underlain by a broad sequence (approximately 350 m wide) of highly sheared, altered and strongly stretched polymictic, matrix-supported conglomerate, associated with a strong IP (resistivity anomaly and three parallel IP chargeability anomalies.

The Monument Bay gold deposit hosts a pit-constrained measured and indicated mineral resource of 74.39 million tonnes grading 0.84 gram per tonne (g/t) gold (Au), containing 2.0 million ounces of gold, and an inferred mineral resource of 24.46 million tonnes grading 0.62 g/t Au, containing 490,000 ounces of gold, reported at a cut-off grade of 0.20 g/t Au using a gold price of $3,000 (U.S.) per ounce, with an effective date of July 31, 2026. The 2026 MRE is supported by the technical report, titled "Independent Technical Report for the Monument Bay Gold Project in Manitoba, Canada," prepared by SRK Consulting (Canada) Inc., with an effective date of July 31, 2026, and a report date of Oct. 28, 2026, which is available under the company's profile on SEDAR+. For the key assumptions, parameters and methods used to prepare the 2026 MRE, readers are referred to the company's news release dated Sept. 14, 2026, and the technical report. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

The AZ zone lies within a series of sheared and altered conglomerates along the South Limb deformation zone (SLDZ), also known as the South Limb shear zone (SLSZ), which parallels the Twin Lakes shear zone (TLSZ) that hosts the Monument Bay gold deposit. This host conglomerate package is considered by the company to be analogous to the Timiskaming-type sequences of Ontario and Quebec, which are commonly bounded by gold-bearing regional shear zones. The presence of felsic intrusive dykes and sills, accompanied by silica-sericite-ankerite alteration, pyrite-arsenopyrite mineralization and elevated gold values, in a geological setting the company considers analogous to that of the Monument Bay gold deposit, indicated that further drill testing was warranted. References to other deposits and geological settings are for context only and are not necessarily indicative of the mineralization at the AZ zone.

Highlights:

• Historical trench sampling at the AZ zone returned gold values of up to 12.97 g/t Au (grab sample) and 10.29 g/t Au over 0.50 m (channel sample). In 2025, the company collected a channel sample just west of the historical channel that returned 1.54 g/t Au over 0.50 m from altered conglomerate south of the felsic dike. Grab samples are selective by nature and may not be representative of the mineralization on the project.
• The company's interpretation of the IP data suggests that potential gold-bearing structure(s) associated with felsic dike intrusions may extend for a strike length of at least 1,000 m to the east toward the lake and remain open for at least 500 m to the west (see the technical report).
• The historical AZ trench, located within the drill target area, exposed a strongly altered felsite dike (up to 2.0 m wide and 20 m long) with elevated sulphide mineralization. Historical sampling of altered conglomerates along the southern dike contact returned up to 10.29 g/t Au over 0.50 m, with additional intervals grading 1.0 to 1.5 g/t Au.
• Limited historical drilling (nine holes) completed by Bema Gold Corp. (2002) and Rolling Rock Resources Corp. (2006) tested the strike of the dike and associated structure over approximately 175 m, including two holes beneath the main trench and several along strike to the east and west. Reported intercepts include 2.86 g/t Au over 0.69 m from 125.70 m to 126.39 m downhole (TL-06-315) beneath the trench, 0.65 g/t Au over 0.57 m (TL-06-316) 75 m east, 2.10 g/t Au over 1.90 m, including 4.78 g/t Au over 0.80 m from 51.00 m to 51.80 m downhole (TL-02-96, identified as TL-06-96 in the technical report) 50 m west, and 1.66 g/t Au over 0.85 m (TL-06-312) beneath TL-02-96. Other historical holes returned assays generally below 1.0 g/t Au. Azimuths, dips and the remaining downhole depths of the historical holes are not set out in the technical report and have not been verified by the company. These results are historical and have not been fully independently verified by the qualified person. Reported lengths are core lengths. True widths have not been determined.
• The alteration and mineralization observed in historical trenching and drill core at the AZ zone are similar in style to those at the Monument Bay gold deposit.

First nation training program and Manitoba government support

The AZ zone drill program is being carried out as part of a drill helper training program being co-ordinated with a local first nation community.

Earlier in the year, the government of Manitoba announced a grant of $300,000 to Ongold to support project development, as well as indigenous engagement and training.

"We are very pleased to be advancing exploration at the AZ zone alongside a local first nation community, and we thank the government of Manitoba for its support of the project and of indigenous training opportunities in the region," said Kyle Stanfield, chief executive officer of Ongold.

Sampling, QA/QC (quality assurance/quality control) and analytical methods

The following quality assurance and quality control (QA/QC) procedures will apply to samples from the AZ zone drill program. Drill core will be logged and sampled by company personnel. Sample lengths respect geological and mineralized contacts, and generally range from 0.3 m to a maximum of 1.0 m. Drill core is cut in half, with one-half retained for future verification, and the other placed in a durable plastic sample bag with a sample tag and marked with the applicable sample number. Coarse blanks and OREAS-certified reference materials are inserted into the sample stream every 10th sample. Each bag is individually sealed and batches of 10 samples are placed in security tag-sealed rice bags for shipment. Samples are dispatched to the laboratory under chain-of-custody by Ongold personnel, subcontractors or contracted courier services, with sample submission forms to be completed as part of the chain of custody tracking process.

The 2025 channel sample referred to in this news release was analyzed at Actlabs in Thunder Bay, Ont., using the methods described below and was subject to the company's QA/QC program, as described in the company's news release dated Sept. 15, 2026.

Samples are analyzed at Activation Laboratories Ltd. (Actlabs) in Thunder Bay, Ont., the company's primary analytical laboratory, which is accredited to ISO/IEC 17025 and operates under an ISO 9001-certified quality management system. Actlabs is independent of the company. Upon receiving the samples, the laboratory sends Ongold a sample submission confirmation e-mail verifying that the samples have been received, and will advise if any security tracking tags have been tampered with or lost in the process. At the laboratory, samples are organized for internal tracking, dried and prepared using RX1 sample preparation handling. Samples are dried, crushed to a nominal minus two millimetres (mm), mechanically split and pulverized to at least 95 per cent passing 105 microns (RX1 preparation). Samples are analyzed by 50-gram fire assay with atomic absorption finish (1A2-50). Samples assaying greater than 5.0 g/t Au are reassayed by fire assay with gravimetric finish (1A3-50), which has an upper detection limit of 10.0 g/t Au, and samples exceeding 10.0 g/t Au or containing visible gold are analyzed by 1,000-gram metallic screen fire assay (1A4-1000). If a blank or certified reference material fails, the five samples on either side of the failed sample are reassayed by the lab, including the standard, and if the issue has been resolved, the new assays are entered as finals in the database. Once all the final assay reports are received, 10 per cent of the pulps are dispatched from Actlabs directly to AGAT Laboratories in Thunder Bay, Ont., for check assays.

QA/QC procedures applicable to the historical sampling and drilling described in this news release are not fully known.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Paul Dunbar, PGeo, vice-president of exploration of Ongold, a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Dunbar is not independent of the company.

The qualified person has verified the 2025 exploration result disclosed in this news release through a review of the applicable assay certificates, sampling records and QA/QC data. Historical exploration results have been reviewed against historical records available to the company. The qualified person has not independently verified all historical sampling and drilling procedures or all underlying historical assay data, but considers the historical information sufficiently reliable for the limited purpose of guiding the company's current exploration activities. All historical drill intervals reported in this news release are core lengths. True widths have not been determined.

Grant of stock options

The company also announces that, effective today, it has granted an aggregate of 1.6 million stock options to certain directors, officers, employees and consultants of the company pursuant to the company's omnibus incentive plan. Each option entitles the holder to acquire one common share of the company at an exercise price of 58 cents per common share until five years from the date of issue. One-third of the options vested on the date of grant, and one-third will vest on each of the first and second anniversaries of the date of grant. The options and any common shares issued upon the exercise thereof are subject to a four-month hold period under the policies of the TSX Venture Exchange, expiring on March 11, 2027.

About Ongold Resources Ltd.

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

With its extensive technical expertise, strong commitment to social acceptability, mindful indigenous engagement and partnerships, in addition to a proven record of responsible exploration, Ongold's team is uniquely positioned to unlock the full potential of its portfolio of projects.

We seek Safe Harbor.