Mr. Darcy Christian reports

ASHLEY GOLD CORP. PROVIDES BC UPDATE - POSTS BOND FOR GOLD MOUNTAIN PROJECT

Ashley Gold Corp. has posted a bond for the Gold Mountain project.

President Noah Komavli said: "Ashley has reached one of the final steps in the permitting process for our Gold Mountain polymetallic project. Vertebrae Ridge has had a notice of work submitted and is in the government review process.

"With Ashley's near-term focus on the Dryden area -- specifically on the Tak patents -- a variety of strategic alternatives exist to streamline our operations if needed, with a focus on value creation for the company and shareholders."

Gold Mountain, British Columbia

Gold Mountain is an early-stage gold-silver project, located about 50 kilometres northwest of Golden, B.C. The project consists of four claims covering approximately 1,863 hectares. Highlights include:

• North showing: grab sample returned 4.87 grams per tonne gold, 710 g/t silver and 1.89 per cent copper: Allen, 1982;
• South showing: peak values of 30.3 g/t Au, 13,301 g/t Ag and 32.54 per cent Cu: Allen, 1982:
  • 1984 drilling: Parr, 1984: notable intervals include:
    • 4.14 metres -- 57.62 g/t Au, 7,349.5 g/t Ag, 16.5 per cent Cu and 8.74 per cent lead (drill hole A);
    • 4.85 m -- 29.99 g/t Au, 6,711.3 g/t Ag, 11.0 per cent Cu and 14.53 per cent Pb (drill hole B);
  • 2020-2021 exploration: a silver-gold-lead-zinc-copper-antimony mineralized system at Gold Mountain identified (see Jan. 13, 2021, and Jan. 4, 2022, news releases):
    • Five samples returning 1,000 to 6,670 g/t Ag;
    • Eight samples returning 1,260 to 8,220 parts per million Sb.

The property's mineral-rich history dates back to the 1930s and includes impressive showings of gold, silver, copper and lead within a trend that spans over 600 metres. Past work has revealed high-grade values across two primary showings, North and South, which are separated by approximately 450 metres of talus -- a zone where mineralized boulders suggest continuity of mineralization between the two showings.

The South showing covers an area of 160 by 50 metres and features five vein exposures in multiple trenches, where high-grade mineralization has previously been sampled, including values up to 30.3 g/t Au, 13,301 g/t Ag and 32.54 per cent Cu (Allen, 1982). These veins trend toward the North showing, which has been partially exposed by a shallow open cut and an old adit. Exploration during 1982 at the North showing, near the adit, identified a one-metre-wide quartz vein, which returned a grab sample of 4.87 g/t Au, 710 g/t Ag and 1.89 per cent Cu, indicating a rich polymetallic presence (Allen, 1982). Together, these showings form a mineralized corridor that remains open at both ends.

Eight shallow backpack style drill holes were completed in 1984 (Parr, 1984) though poor recoveries were noted. Results include:

• 4.14 m -- 57.62 g/t Au, 7,349.5 g/t Ag, 16.5 per cent Cu and 8.74 per cent Pb;
• 4.85 m -- 29.99 g/t Au, 6,711.3 g/t Ag, 11 per cent Cu and 14.53 per cent Pb.

Samples collected in 2020 and 2021 confirmed the high-grade mineralization at both the North and South showings, with five samples returning from 1,000 to 6,670 g/t Ag, and eight samples returning from 1,260 to 8,220 ppm Sb.

Recent claim additions opened a path for expanded exploration aimed at uncovering the full extent of mineralization along this trend.

High-level process overview, British Columbia:

1. Preapplication: obtain free miner certificate (if needed), register/stake mineral claims by Mineral Titles Online; early engagement with first nations recommended; review guidance, and prepare detailed mine plan, maps, reclamation/closure plan, environmental protections and cultural heritage measures;
2. Submit notice of work application: on-line through FrontCounterBC/MineSpace for a regional Mines Act permit (also called exploration permit); covers proposed activities, locations and protection programs; fees apply; site-specific or multiyear area-based options exist; low-impact/non-mechanized activities (example, hand sampling, certain geophysical surveys and very small test pits under limits) may be exempt;
3. Government review: intake/completeness check, technical review (compliance with Mines Act/Code), referrals to other agencies, first nations consultation, possible public input, calculation of reclamation security (bond) using the regional reclamation bond calculator (site-specific, based on disturbance area and activities). Intake batching and processing timelines apply (improvements continuing; fixed 40- to 140-day timelines by complexity start April 1, 2026);
4. Reclamation security (bond) posting: required as a condition of permit issuance (per Mines Act Section 10(4)); covers full estimated reclamation/closure costs if proponent defaults; amount determined site-specific by calculator/policy; adjustable for progressive reclamation or added disturbance; held by province until successful reclamation/closure and release approved by chief inspector;
5. Permit issuance: Mines Act permit issued (with conditions, for example, timelines, progressive reclamation and monitoring); work can then commence; annual summary of exploration activities reporting required by March 31; inspections, amendments for changes and compliance with code (Part 9 for exploration) apply;
6. Continuing/closure: progressive reclamation during operations; upon completion/abandonment; full reclamation, site stabilization and reporting to request bond release.

National Instrument 43-101 disclosure

The technical information in this news release was prepared and/or reviewed by Darcy Christian, 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-arm's length of the company, and serves as director and chief executive officer.

Some results discussed in this document are historical. Neither Ashley Gold nor the qualified person has 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 the Santa-Maria, Burnthut (and the Tak patents), Howie and Alto-Gardnar claims, as well as in British Columbia with the Icefield portfolio having two highly prospective claim packages.

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