Mr. Shaun Heinrichs reports

1911 GOLD PROVIDES EXPLORATION UPDATE AND ANNOUNCES $5 MILLION NON-BROKERED PRIVATE PLACEMENT WITH CORPORATE LEAD INVESTMENT

1911 Gold Corp. has provided an update on exploration strategy on the True North project, following the recently released updated National Instrument 43-101 mineral resource estimate. The company also plans to complete a financing to support this strategy by way of a non-brokered private placement of flow-through shares for aggregate proceeds of up to $5-million, with a lead investment from a corporate investor.

Highlights:

• Strategic and lead investment from a high-growth gold producer, whose production base does not include any assets in Canada;
• Non-brokered private placement of flow-through shares up to $5-million;
• Approximately 2,550 metres in 10 holes have been drilled to completion on testing new near-surface drill targets, with drilling under way at the San Antonio Southeast target;
• Two of the three initial new targets drill tested with follow-up expected upon review of final assay results;
• The MRE released on Nov. 20, 2024, identified a number of drill targets within areas of known mineralization for potential resource extension both down plunge and along strike outside of the veins modelled supporting the MRE;
• Assessment of the data and geological model supporting the existing NI 43-101 mineral resource estimate for Ogama Rockland project is under way; results of this will define the resource potential of this project, as well as identify opportunities as a potential satellite gold deposit;
• Continuing, comprehensive review of the geology and resource potential of other past producers on the property, including the Central Manitoba project, is under way to generate additional exploration drill targets.

Shaun Heinrichs, president and chief executive officer, commented: "With our work now complete on rebuilding the True North MRE, we have the right foundation to support the next phase of growth on our Rice Lake property. The progress to date has significantly advanced our understanding of the geology at the True North project and also attracted additional investment from a growing mid-tier gold producer. With this additional capital in place, we will continue our current exploration program on surface while completing our work on an economic mine plan based on the updated MRE to provide the foundation for a restart in the near future."

The offering

The offering is expected to be composed of a combination of: (i) shares of the company issuable to residents in Manitoba at 23.9 cents per Manitoba FT share; and (ii) flow-through shares of the company at 18.5 cents per FT share. Each of the FT shares and the Manitoba FT shares will qualify as a flow-through share for purposes of the Income Tax Act (Canada).

The gross proceeds raised from the offering will be used by the company to finance exploration programs qualifying as Canadian exploration expenses and flow-through mining expenditures (as those terms are defined in the ITA) at the company's flagship Rice Lake property in Manitoba, focusing on near-mine target areas.

The closing of the offering is expected to occur on or about Dec. 23, 2024, and is subject to receipt of all applicable regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued under the offering will be subject to a statutory hold period of four months and one day from the closing date.

Qualified person statement

The scientific and technical information in this news release has been reviewed and approved by Michele Della Libera, vice-president, exploration, of 1911 Gold. Mr. Della Libera is a professional geoscientist (PGeo) and a practising member of the Engineers and Geoscientists of British Columbia and the Association of Professional Geoscientists of Ontario, and a qualified person as defined under National Instrument 43-101.

About 1911 Gold Corp.

1911 Gold is a junior explorer that holds a highly prospective, consolidated land package totalling more than 63,000 hectares within and adjacent to the Archean Rice Lake greenstone belt in Manitoba, and also owns the True North mine and mill complex at Bissett, Man. 1911 Gold believes its land package is a prime exploration opportunity, with potential to develop a mining district centred on the True North complex. The company also owns the Apex project near Snow Lake, Man., and the Denton-Keefer project near Timmins, Ont., and intends to focus on organic growth and accretive acquisition opportunities in North America.

1911 Gold's True North complex and exploration land package are located within the traditional territory of the Hollow Water First Nation, signatory to Treaty No. 5 (1875-76). 1911 Gold looks forward to maintaining open, co-operative and respectful communication with the Hollow Water First Nation, and all local stakeholders, to build mutually beneficial working relationships.

We seek Safe Harbor.