Mr. Noah Komavli reports

ASHLEY GOLD CORP. PROVIDES BC UPDATE - RECEIVES DIAMOND DRILL PERMIT FOR GOLD MOUNTAIN POLYMETALLIC PROJECT

Ashley Gold Corp. has received the necessary permits to operate a drill campaign on the Gold Mountain project.

President Noah Komavli stated: "Ashley has reached a significant milestone for the Gold Mountain polymetallic project. Historic results, as well as recent surface sampling, have revealed compelling numbers across precious and base metals.

"Ashley's near-term focus remains on the Dryden area -- specifically on the Tak patents. We look forward to circling back on our B.C. projects in the near future."

Gold Mountain, British Columbia

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

• North showing: grab sample returned 4.87 grams per tonne (g/t) gold (Au), 710 g/t silver (Ag) and 1.89 per cent copper (Cu) (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 (m) of 57.62 g/t Au, 7,349.5 g/t Ag, 16.5 per cent Cu and 8.74 per cent lead (Pb) (drill hole A);
    • 4.85 metres of 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 (Ag-Au-Pb-Zn-Cu-Sb) 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 (ppm) 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, with results including:

• 4.14 metres of 57.62 g/t Au, 7,349.5 g/t Ag, 16.5 per cent Cu and 8.74 per cent Pb;
• 4.85 metres of 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.

Share issuance

As per the disclosure made March 19, 2025, a final share issuance of two million shares has been made to Pegasus Resources Inc., in consideration for receiving the necessary permit. Under the terms of the agreement, the company was required to make the final share issuance on receipt of permit or at the 12-month anniversary, whichever came first. No further shares will be issued under the agreement. Shares are subject to a statutory four-month-and-one-day hold. The issuance of shares remains subject to exchange and all regulatory approvals. After giving effect to the issuance, the company will have 85,844,873 issued common shares.

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. Management cautions that grab samples are selective in nature and the assay results may not necessarily represent true underlying mineralization.

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 Santa-Maria, Burnthut (and the Tak patents), Howie, Alto-Gardnar claims, as well as in British Columbia, with the Icefield portfolio having two highly prospective claim packages.

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