Mr. Noah Komavli reports

ASHLEY GOLD CORP. CLOSES OVERSUBSCRIBED CRITICAL MINERAL FLOW-THROUGH PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $487,510

Ashley Gold Corp. has closed its previously announced non-brokered critical mineral flow-through private placement.

President Noah Komavli:

"We are very pleased to welcome new shareholders to our developing story, with demand for the offering exceeding current allocations and the initial raise target. This strong level of interest speaks to appreciation of the work executed to date, understanding of our streamlining efforts, our strategic foothold in the Dryden camp, as well as an overall bullish outlook on the precious metals. I look forward to delivering further results and updates as we advance our projects."

The company raised aggregate gross proceeds of $487,510.02 pursuant to the offering.

The offering was oversubscribed, with investor demand exceeding the final closing amount.

The offering consisted of the issuance of an aggregate of 8,125,167 critical mineral flow-through (FT) common shares at a price of six cents per FT share, issued as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada).

The offering remains subject to all necessary regulatory approvals, including final acceptance by the Canadian Securities Exchange. All securities issued in connection with the offering will be subject to a four-month hold period from the applicable closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The offering was made by way of private placement in Canada and such other jurisdictions as the company determined. Following completion of the offering, the company has 94,475,040 common shares issued and outstanding.

The gross proceeds from the sale of the FT shares will be used to incur eligible Canadian exploration expenses that are intended to qualify as flow-through critical mineral mining expenditures, each as defined in the Income Tax Act (Canada). The qualifying expenditures will be used primarily to finance drilling and exploration at the company's critical minerals projects in Ontario.

The company intends to renounce the qualifying expenditures to subscribers of the FT shares with an effective date no later than Dec. 31, 2026, and to incur the qualifying expenditures on or before Dec. 31, 2027, in accordance with the requirements of the Income Tax Act (Canada).

In connection with the offering, the company paid aggregate cash commissions of $35,260.80 and issued an aggregate of 412,680 finders' warrants. Each finder's warrant is exercisable to acquire one common share of the company at an exercise price of six cents for a period of 24 months from the closing date of the offering.

The existing shareholder exemption and investment dealer exemption

The offering was made available to existing shareholders of the company who, as of the close of business on May 27, 2026, held common shares of the company and continued to hold such common shares as of the closing date, pursuant to the prospectus exemption set out in British Columbia Instrument 45-534, Exemption From Prospectus Requirement for Certain Trades to Existing Security Holders, and similar instruments in other jurisdictions of Canada. Subscribers relying on the existing shareholder exemption were subject to the investment limits and suitability advice requirements applicable under that exemption. The company also made the offering available to certain subscribers pursuant to B.C. Instrument 45-536, Exemption From 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.

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 located in the Dryden area in Ontario, with 100-per-cent ownership in the Burnthut (and the Tak patents), Howie and Alto-Gardnar claims. In British Columbia, the company has optioned out the Icefield portfolio, which includes two highly prospective claim packages.

We seek Safe Harbor.