Mr. Cor Coe reports

SITKA GOLD TO ACCELERATE ACQUISITION OF 100% INTEREST IN THE CLEAR CREEK PROPERTY AT ITS RC GOLD PROJECT, YUKON

Sitka Gold Corp. has entered into an arrangement and separation agreement dated July 27, 2026, with PricewaterhouseCoopers Inc., the court appointed receiver and manager of all of the assets of Victoria Gold Corp., to accelerate Sitka's acquisition of a 100-per-cent interest in the Clear Creek property.

• Sitka to accelerate its acquisition of a 100-per-cent interest in the Clear Creek property from the receiver of Victoria Gold;
• This transaction completes Sitka's acquisition of all of the properties comprising the contiguous 447-square-kilometre RC gold project in Yukon, consolidating Sitka's 100-per-cent ownership of the project;
• Sitka will pay $6-million in cash and deliver a 5.0-per-cent NSR (net smelter return) royalty on the Clear Creek property at closing. Sitka will retain the right to reduce the 5.0-per-cent NSR royalty on the Clear Creek property to 2.0 per cent by making a one-time cash payment of $10-million. Sitka will also hold a right of first refusal over the sale of the royalty;
• The Clear Creek property hosts:
  • The Rhosgobel deposit, which comprises an inferred mineral resource of 2.25 million ounces of gold (100.68 Mt (million tonnes) at 0.70 g/t Au);
  • The Pukelman-Contact zone where drilling has intersected near surface mineralization including DDRCCC-25-118 within the Pukelman intrusion intersecting 93.3 metres of 0.50 g/t Au including 23.6 m of 1.00 g/t Au, and drill hole DDRCCC-25-113 within adjacent metasediments of the Contact zone intersecting 119.0 m of 1.10 g/t Au from surface;
  • The Bear Paw Breccia zone where drill hole DDRCCC-25-117 returned 21.0 m of 1.05 g/t Au, including 10.0 m of 1.64 g/t Au and 3.5 m of 2.29 g/t Au.
• 45,000 m of drilling at the Clear Creek property is planned as part of Sitka's continuing 60,000 m drill program. The distribution of drilling is 30,000 m at the Rhosgobel deposit directed at expanding the deposit which was discovered in 2025, 10,000 m at the Pukelman-Contact zone and 5,000 m at the Bear Paw breccia with the goal of outlining initial mineral resource estimates;
• Approximately 30,000 m and 59 drill holes completed to date of the 60,000 m drilling program currently under way with six drills turning on site.

"The exceptional potential of the Clear Creek property has already been demonstrated through Sitka's initial discovery of the Rhosgobel deposit, announced earlier this year with an initial inferred mineral resource estimate of 2.25 Moz of gold (100.68 Mt at 0.70 g/t Au), and the strong initial drill results returned from the Pukelman-Contact and Bear Paw breccia targets in 2025," said Cor Coe, chief executive officer and director of Sitka. "Accelerating the completion of the Clear Creek property acquisition removes any potential market uncertainty associated with the Victoria Gold receivership and secures Sitka's 100-per-cent ownership of the entire 447-square-kilometre, road-accessible RC gold project. With full ownership in place, we remain focused on maximizing shareholder value as we continue to rapidly advance one of Canada's largest gold discoveries through our fully funded 60,000-metre diamond drill program this year, 45,000 metres of which has been allocated across the Rhosgobel, Contact-Pukelman and Bear Paw targets on the Clear Creek property."

Under the agreement, Sitka will pay $6-million in cash at closing, rather than completing the payment in shares as permitted under the June, 2024, purchase agreement. This payment represents the final deferred payment under the June, 2024, purchase agreement; previous deferred payments were satisfied through the issuance of shares in August, 2025, and June, 2026. Closing is conditional on, among other things, an approval and vesting order being issued by the Ontario Superior Court of Justice (Commercial List) which would approve the agreement and vest in Sitka the Clear Creek property free of all encumbrances, other than certain permitted encumbrances as described in the agreement.

At closing, Sitka will also grant a 5.0-per-cent net smelter return royalty on the Clear Creek property. Sitka will have the right to reduce the royalty to 2.0 per cent by making a one-time cash payment of $10-million any time after the royalty is granted. In the event that the holder of the royalty proposes to sell all or any portion of the royalty to an arm's-length third party, Sitka will have a right of first refusal to acquire such royalty interest from the holder on the same financial terms and conditions as those being offered by the third party.

The terms of the June, 2024, purchase agreement otherwise remain unchanged. For additional information on the terms of the original purchase agreement with Victoria Gold, please refer to the company's news release dated June 24, 2024.

Upcoming events

Sitka will be attending and/or presenting at the following events:

• Diggers and Dealers: Kalgoorlie, Western Australia: Aug. 3 to Aug. 5, 2026;
• Precious Metals Summit: Beaver Creek, Colo.: Sept. 22 to Sept. 25, 2026;
• Denver Gold Show: Colorado Springs, Denver: Sept. 27 to Sept. 30, 2026.

About the RC gold project

Sitka's 100-per-cent-owned, flagship RC gold project consists of a 447-square-kilometre contiguous district-scale land package located in the heart of Yukon's Tombstone gold belt. The project is located approximately 100 kilometres east of Dawson City, which has a 5,000-foot paved runway, and is accessed via a secondary gravel road from the Klondike Highway which is usable year-round and is an approximate two-hour drive from Dawson City. It is one of the largest consolidated land packages strategically positioned mid-way between the Eagle gold mine and the past-producing Brewery Creek gold mine.

The RC gold project hosts an indicated MRE of 1,291,000 ounces of gold and an inferred MRE of 3,829,000 ounces of gold (see Table A) hosted within three at surface, road-accessible pit constrained deposits. The 60,000-metre drill program planned for 2026 is focused on expanding all three known deposits in addition to testing other high-potential targets in close proximity to the current resources.

All of these deposits begin at surface and are potentially open pit minable. Initial bottle roll metallurgical testing confirmed the non-refractory characteristics of the gold mineralization and returned gold extraction rates averaging around 85 per cent for the Blackjack and Eiger deposits. Further metallurgical testwork in 2024 for Blackjack and Eiger returned recoveries ranging from 77.6 to 93 per cent for gravity followed by cyanidation. Initial bottle roll testing for Rhosgobel has confirmed non-refractory characteristics of the gold mineralization with two composite samples returning gold recoveries of 89 per cent and 96 per cent. Additional metallurgical testing at Rhosgobel has returned an average gold recovery of 94.3 per cent using conventional whole ore cyanidation leaching and an initial recovery of 84.7 per cent tungsten in rougher concentrate using conventional flotation. Metallurgical testing for potential silver recovery has not yet been completed.

For the purposes of the current resource model, it is assumed that a likely mill flowsheet would consist of a gravimetric, flotation, and cyanidation circuit.

About Sitka Gold Corp.

Sitka Gold is a well-financed mineral exploration company headquartered in Canada. The company is managed by a team of experienced industry professionals and is focused on exploring for economically viable mineral deposits with its primary emphasis on gold, silver and copper mineral properties of merit. Sitka is currently advancing its 100-per-cent-owned, 447-square-kilometre flagship RC gold project located within the Tombstone gold belt in the Yukon Territory. The company has also announced plans to spin out the Alpha gold project in Nevada and the Burro Creek gold and silver project in Arizona into a new discovery-focused exploration company to be named at a later date.

A 60,000-metre diamond drilling program planned for 2026 is currently under way at the company's flagship RC gold project, located in Yukon, Canada, where six diamond drill rigs are currently operating.

All scientific and technical content of this news release has been reviewed and approved by Cor Coe, PGeo, director and chief executive officer of the company, and a qualified person (QP) as defined by National Instrument 43-101.

We seek Safe Harbor.