Toronto, Ontario--(Newsfile Corp. - August 7, 2026) - Trojan Gold Inc. (CSE: TGII) ("Trojan" or the "Company") wishes to announce that Charles Elbourne has stepped down as the President and Chief Executive Officer of the Company, effective as of today. The role of Chief Executive Officer will be filled by Jason Bagg, a current director of the Company, ensuring continuity and a smooth transition of leadership. Mr. Elbourne will continue to serve as a director of the Company and will work closely with Mr. Bagg to support an orderly transition process. The leadership transition is part of the Company's ongoing succession planning and reflects its focus on continuity as it advances the Proposed Transaction

"I would like to thank the board and our shareholders for their support during my time as President and Chief Executive Officer. As the Company continues to advance the Proposed Transaction, I believe this leadership transition is the right step to support its next phase. I look forward to continuing to serve as a director and working closely with Jason to ensure a smooth transition," said Charles Elbourne, Director and former President and Chief Executive Officer of Trojan Gold Inc.

"On behalf of the board, I would like to thank Chuck for his leadership and commitment as President and Chief Executive Officer. I am honoured to assume this role and look forward to working with the board as we continue advancing the Proposed Transaction and positioning the Company for the opportunities ahead. I am pleased that Chuck will remain on the board and support a seamless leadership transition," said Jason Bagg, Incoming Chief Executive Officer and Director of Trojan Gold Inc.

The Company also wishes to provide an update on its proposed transaction with Tashota Resources Inc. ("Tashota") and Strike Copper Corp. ("Strike Copper"), as described in the press release of the Company dated March 3, 2026. As previously announced, the Company, Tashota and Strike entered into a non-binding letter of intent dated March 1, 2026 setting out the principal terms of a proposed business combination (the "Proposed Transaction") pursuant to which Trojan would acquire all of the issued and outstanding common shares and convertible securities of Tashota and Strike Copper, by way of a three-cornered amalgamation involving a newly-incorporated subsidiary of Trojan. The parties are continuing to work towards the Proposed Transaction, and the Company will provide further updates as progress is made. In particular, the Company anticipates filing a notice in the near future to announce the meeting date at which the shareholders of the Company will be asked to consider and approve the Proposed Transaction.

It is anticipated that, upon closing of the Proposed Transaction, the board of Trojan will consist of four directors in total, being the four existing Trojan directors, Charles Elbourne, Rodney Barber, Jason Bagg and Sarah Morrison.

MI 61-101

The Proposed Transaction would be considered a "business combination" for Trojan pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions, as Charles Elbourne is a director of each of Trojan, Strike Copper and Tashota. The board of directors of each of Trojan, Strike Copper and Tashota have formed committees of independent directors to consider and evaluate the Proposed Transaction, and Trojan will be seeking disinterested shareholder approval for the Proposed Transaction. The Proposed Transaction is exempt from the formal valuation requirements.

LOI Conditions and Steps to Definitive Agreement

The Proposed Transaction is subject to a range of conditions including, but not limited to, Trojan, Strike Copper and Tashota entering into one or more binding definitive agreements containing customary terms and conditions, including representations and warranties customary in a transaction of this nature. In the event that the definitive agreement(s) is entered into between the parties, and subject to the final transaction structure, the closing of the Proposed Transaction will be subject to additional conditions including, but not limited to, the receipt of all required approvals, including the approval of the CSE, the requisite approval by the shareholders of Trojan (on a disinterested basis) at a special meeting of Trojan shareholders, shareholder approval of Strike Copper and Tashota, and the approval of the board of directors of each of Trojan, Strike Copper and Tashota.

Trojan, Strike Copper and Tashota are committed to consummating the Proposed Transaction and expect to issue press releases containing further information about the Proposed Transaction in the near future. However, there is no obligation on the part of either Trojan or Tashota to consummate the Proposed Transaction or to enter into a definitive agreement.

There can be no assurance that the Proposed Transaction will result, or as to the final definitive terms thereof.

About Trojan Gold Inc.

Trojan is an active Ontario-based prospect generator junior exploration company, led by a team of professionals having exploration, engineering, project financing and permitting experience. Trojan has accumulated land positions in the Hemlo Gold Camp and Shebandowan Greenstone Belt which in management's view represent mineral exploration potential. For further information on the Company, please visit www.trojangold.com. Trojan is listed on the Canadian Securities Exchange under the symbol (CSE: TGII), on the OTC Pink Market under the ticker symbol TRJGF and on the Frankfurt Exchange under the symbol KC1.

About Tashota

Tashota Resources Inc. ("TRI") is a Prospect Generator junior resource Exploration Company currently focused on defining and monetizing the mineral deposits on its multiple properties in historically prolific gold camps in Northern Ontario. TRI has a stellar management and advisory team with significant exploration, engineering, project financing and permitting experience. This includes decades-long experience in prospecting and mining operations in the Hemlo, Shebandowan, and Beardmore-Geraldton Gold Camps where TRI has significant property interests comprising nearly 65,000 acres.

About Strike Copper

Strike Copper Corp. ("SCC") is a junior resource Exploration Company currently focused on defining and monetizing the resource potential of its Sungold property in the historic Shebandowan Greenstone Belt just 85 km west of Thunder Bay in Northwestern Ontario.

Forward-looking Statements

This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. All statements other than statements of present or historical fact are forward-looking statements, including statements with respect to the LOI and the likelihood that the definitive agreement(s) will be entered into and that the Proposed Transaction will be consummated on the terms and timeline provided herein or at all, the benefits of the Proposed Transaction to Trojan, Strike Copper and Tashota and the receipt of all required approvals including without limitation the shareholders of Tashota and applicable stock exchanges. Forward-looking statements include words or expressions such as "proposed", "will", "subject to", "near future", "in the event", "would", "expect", "prepared to" and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include general business, economic, competitive, political and social uncertainties; the state of capital markets; risks relating to (i) the preliminary and non-binding nature of the LOI, (ii) the ability of the parties to satisfy the conditions precedent to the execution of any definitive agreement(s) or to ultimately agree on definitive terms, (iii) the impact on the respective businesses, operations and financial condition of Trojan, Strike Copper and Tashota resulting from the announcement of the Proposed Transaction and/or the failure to enter into definitive agreement(s) or to complete the Proposed Transaction on terms described or at all, (iv) a third party competing bid materializing prior to the effective date of any definitive agreement(s) or the completion of the Proposed Transaction, (v) delay or failure to receive board, shareholder regulatory or court approvals, where applicable, or any other conditions precedent to the completion of the Proposed Transaction, (vi) unforeseen challenges in integrating the businesses of Trojan, Strike Copper and Tashota, (vii) failure to realize the anticipated benefits of the Proposed Transaction, (viii) other unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant; and other risks described in Trojan's documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in filings made with the Canadian securities regulatory authorities and available at www.sedarplus.ca. We disclaim any obligation to update or revise these forward-looking statements, except as required by applicable law.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.

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