Mr. Noah Komavli reports

ASHLEY GOLD CORP. ANNOUNCES MOBILIZATION OF RODREN DRILLING LTD. TO THE 100% OWNED HOWIE PROJECT, DRYDEN, ON

Ashley Gold Corp. has contracted Rodren Drilling Ltd. for the maiden Howie drill program.

As of yesterday, the trail brushing crew had arrived on site, clearing an existing trail to the proposed pad locations. Today, the drill will arrive on site and the company expects the first hole to be started in the afternoon.

President Noah Komavli on the raise:

"By taking a measured approach to exploration and capital allocations, Ashley has prepared for these exciting activities. Furthermore, on closing of our second tranche, funds can be used to follow up on these results or to conduct scout drilling on one of Ashley's additional high-priority targets.

"Having located the 1987 Esso core this summer, the company confirmed a historic discovery South of the Twilight zone. Now, we will follow up with a diamond drill fence to test the collision of a carbonate breccia system with the East fault. An area that has never been drilled.

"Modelling of the historic holes over the IP data shows a clear trend; the historic work completed in the 1980s misses main IP targets. Additionally, and perhaps most significantly, these historic holes consistently intercepted anomalous gold, even outside of the main target zone.

"This is very promising for us, and suggests that Esso Minerals was on the right track. Now, we will pick up where they left off and finally drill test an area of coinciding chargeability and resistivity, with the best implied gold index.

"Results will directly inform next steps, with additional targets in the broader property that are yet to be followed up on. South east of this main IP grid, additional anomalies have emerged that will require the same follow-up, pending results from this campaign."

Howie program update

The Howie project is an intrusive gold project bordering Dynasty Gold's Pelham project to the west. Over the spring and summer, the company executed a small stripping campaign on the Main Katisha zone, channeling a high of 20.2 grams per tonne Au over 0.8 metre (May 26, 2025).

Later, the company channeled the Twilight zone, returning a weighted average of 0.624 g/t Au over 22.9 m (Sept. 22, 2025).

In early fall, the historic core from 1987 was located, cut and assayed, returning 0.33 g/t Au over 25.74 m in proximity to the Twilight zone (Oct. 14, 2025).

Due to the complex mineralization and widespread gold occurrences, the company has proposed a low-cost drill program for additional data collection using oriented core.

The targets were selected using the IP survey data commissioned in 2024, with results received in 2025. The 2025 drill program will target the highest gold index, along a trend of coinciding chargeability and resistivity, now dubbed the Twilight-Gap zone.

With a max proposed metreage of 550 m, this program is highly capital effective.

Financing terms and use of proceeds

On Nov. 13, 2025, the company announced a non-brokered private placement financing for aggregate proceeds of up to $530,000 to advance exploration on Ashley's Ontario and British Columbia gold properties, as well as for general working capital.

The offering consists of a non-flow-through (NFT) unit at a price of 7.5 cents. Each unit comprises one common share and one-half of one share purchase warrant. Each full warrant is exercisable for one non-flow-through common share, at an exercise price of 12 cents for a term of 24 months after the closing.

The offering also consists of a flow-through (FT) unit at a price of 9.5 cents. Each unit comprises one common share and one-half of one share purchase warrant. Each full warrant is exercisable for one non-flow-through common share, at an exercise price of 15 cents for a term of 24 months after the closing.

On Nov. 27, 2025, the company closed the first tranche for gross proceeds of $265,237.56.

The company anticipates closing the second tranche on the week of Dec. 15, 2025.

The existing shareholder exemption and investment dealer exemption

The offering will be made available to existing shareholders of the company who, as of the close of business on Nov. 13, 2025, held common shares of the company (and who continue to hold such common shares as of the closing date), pursuant to the prospectus exemption set out in B.C. Instrument 45-534 -- Exemption From Prospectus Requirement for Certain Trades to Existing Security Holders and in similar instruments in other jurisdictions in Canada. The existing shareholder exemption limits a shareholder to a maximum investment of $15,000 in a 12-month period unless the shareholder has obtained advice regarding the suitability of the investment and, if the shareholder is resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as an investment dealer in the jurisdiction. If the company receives subscriptions from investors relying on the existing shareholder exemption exceeding the maximum amount of the financing, the company intends to adjust the subscriptions received on a pro rata basis.

The company has also made the offering available to certain subscribers pursuant to B.C. Instrument 45-536 -- Exemption Form Prospectus Requirement for Certain Distributions Through an Investment Dealer. In accordance with the requirements of the investment dealer exemption, the company confirms that there is no material fact or material change about the company that has not been generally disclosed.

The offering is subject to all necessary regulatory approvals including acceptance from the Canadian Securities Exchange. All securities issued in connection with the offering will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

National Instrument 43-101 disclosure

The technical information in this news release was prepared and reviewed by Darcy Christian, chief executive officer, PGeo, a qualified person as defined in National Instrument 43-101. Mr. Christian is registered as a professional geoscientist with Engineers Geoscientists of Alberta. Mr. Christian is non-independent of Ashley Gold.

Some results discussed in this document are historical. Ashley nor the qualified person have performed sufficient work or data verification of the historical data. Although the historical results may not be reliable, the company nevertheless believes that they provide an indication of the project's potential and are relevant for any future exploration program.

About Ashley Gold Corp.

Ashley Gold is a Canadian mineral exploration company focused on acquiring and developing highly prospective gold and polymetallic deposits in Canada's top mining regions. The company's flagship assets are in the Dryden area in Ontario with a 100-per-cent ownership in Burnthut, Howie, Alto-Gardnar and Santa-Maria claims as well as in British Columbia with the Icefield portfolio having two highly prospective claim packages.

We seek Safe Harbor.