Mr. Noah Komavli reports

ASHLEY GOLD CORP. PROVIDES UPDATES ON PHASE 2 TAK DRILLING AND PROSPECTING ACTIVITIES, DRYDEN AREA, ONTARIO

Ashley Gold Corp. has provided a status update in regards to continuing activities.

Highlights:

• Three holes from phase 1 remain pending, with assays expected shortly;
• Two holes of phase 2 program completed;
• Located undocumented outcrop south of the 67Z, proposed hole planned;
• Thirty-two samples from prospecting submitted to ActLabs Dryden for fire assay.

President Noah Komavli:

"The final assays of our phase 1 program are expected in short order, with prospecting along historically worked trenches revealing strong potential outside of the main resistive trend currently being drilled. It is important to note that there is no record of these trenches ever being drill tested. With that in mind, the North Trench zone (NTZ) is emerging as a potential shear associated structure running parallel to the resistive body on the north side of main chargeability anomaly. Grab sample assays will determine drilling allocations in the near future. Additionally, a lidar survey is being considered to highlight any features that remain under cover and simultaneously produce a highly accurate digital elevation model (DEM). The trenches in the NTZ are up to two m deep in some locations, 60 m long and up to two m wide. This impressive scale showcases the lengths that prior operators in 1940 and 1980 were willing to go to assess the structures on the Tak."

Phase 2 -- TAK-26-06

The first hole of the phase 2 program was collared between the 99Z and 67Z zones, targeting historic trenches 18 and 19 at depth. The hole reached its planned depth of 122 m and was successful in intercepting target mineralization. Further updates will be provided when core logging and cutting for phase 2 begins.

Drill planning and prospecting update

Prospecting south of the 67Z has uncovered an outcrop that was undocumented in the historic Tak maps. With current drilling focused in the area, the company has proposed a third hole on IP line 250, backing away 75 metres to the south and drilling north. This planned hole has the ability to test recently identified surface mineralization as well as the width and depth of the 67Z -- coinciding with a strong gold index. As previously stated, drill plans remain subject to a variety of conditions, including assays from phase 1, visual indicators from phase 2, as well as active prospecting.

Exploration around the Northern Trench zone (NTZ) has revealed compelling features, with interesting example mineralization. Thirty-two samples have been collected and submitted to ActLabs Dryden for fire assay.

Tak history

January, 1940s -- Long Lac Minerals (Mosher Long Lac Gold Mines Ltd.), extensive surface trenching (trenches up to 70 metres long) on the Tak grid targeting gold mineralization in quartz-feldspar porphyry (QFP); followed by 1948 magnetometer survey.

1980 -- Cominco, geological mapping, rock sampling and magnetometer survey over the property identifying porphyry-hosted gold potential.

1998 to 1999 -- Triex Resources acquired the Tak patents; conducted prospecting, sampling, trenching (assays 1,100 to 29,790 parts per billion Au (gold)) and drilled 10 DDH (approximately 1,558 m total), including TAK-99-10 returning 2.082 g/t Au over 31.83 m from 3.57 to 35.40 m (including 11.778 g/t Au over 2.88 m and 7.632 g/t Au over 1.10 m); outlined stockwork quartz-carbonate veining in silicified/carbonatized QFP.

2002 -- Southern Rio Resources, optioned the property from Triex and drilled eight DDH (approximately 1,209 m) on the Tak grid; outlined gold mineralization over approximately 350 m strike length to approximately 100 m depth with stockwork veining, visible gold noted and intercepts including TAK-02-06: 3.08 g/t Au over 7.57 m (plus 7.0 g/t Au over 1.1 m) and TAK-02-07: 3.18 g/t Au over 8.7 m (including 9.67 g/t Au over 0.8 m).

Southern Rio AFRI report

Jan. 6, 2026 -- Ashley Gold acquired 100-per-cent ownership of the Tak patents (part of Burnthut project, approximately 100 hectares patented ground adjoining NexGold Goliath gold complex) via all-stock deal from for 3.5 million shares; consolidates historical data showing bulk-tonnage QFP-hosted gold potential open in all directions; 5-per-cent NSR (net smelter return) to Royal Gold Inc. (2.5-per-cent buyback for $1-million).

Feb. 10, 2026 -- Ashley Gold announced operational readiness for winter drilling campaign on Tak patents and engagement of Abitibi Geophysics for first-ever modern OreVision IP survey to refine targets and twin historic holes.

March 14, 2026 -- Ashley Gold provided interim IP data revealing one-kilometre resistive trend on Tak patents aligning with historic gold zones and abutting NexGold Goliath gold complex.

April 2 to April 10, 2026 -- Ashley Gold completed mobilization to site (drill trails, 10-plus pads, rig and skidder in place) and announced crew mobilization/drilling kickoff for phase 1 program targeting validation of historic D99Z zone and extensions.

April to May, 2026 -- Ashley Gold completed phase 1 diamond drilling (five holes: TAK-26-01 to TAK-26-05) as twins/fans to historic holes; core logging/cutting showed strong alteration, pyrite and quartz-carbonate veining with multiple visible mineralization examples; equipment left on site for phase 2.

May 14, 2026 -- Ashley Gold reported first phase 1 assay (TAK-26-01): 1.104 g/t Au over 28 m from collar (including 1.662 g/t Au over 12 m), confirming and validating historic near-surface mineralization in D99Z zone; mineralization starts at surface with strong continuity of grade within interval.

May 20, 2026 -- Ashley Gold reported TAK-26-02 assays: multiple gold intervals including 0.586 g/t Au over 34.2 m from surface within 194.1 m of anomalous gold mineralization, further confirming broad width and continuity of the mineralized D99Z stockwork system south of TAK-26-01.

NI 43-101 disclosure

The technical information in this news release was reviewed and approved by Shannon Baird, PGeo, a qualified person as defined in National Instrument 43-101. Mr. Baird is exploration manager of Ashley Gold and registered as a professional geoscientist with the Professional Geoscientists of Ontario as well as the Engineers and Geoscientists of British Columbia.

* Management cautions that core visuals and grab samples are selective in nature to begin with and are not representative of the hole or property in its entirety or indicative of any grade overall. Assay results are pending and visual identification of minerals does not guarantee economic grades. These preliminary visual observations are awaiting laboratory confirmation.

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

We seek Safe Harbor.