Mr. Richard Masson reports

BOREAL GOLD ANNOUNCES PRIVATE PLACEMENT FOR $200,000 AND NOTICE OF ANNUAL GENERAL MEETING

Boreal Gold Inc. plans to raise up to $200,000 through a non-brokered private placement financing. The private placement will comprise 500,000 flow-through shares at a price of 30 cents per flow-through share, representing proceeds of $150,000, and 250,000 units at a price of 20 cents per unit, representing proceeds of $50,000, for an aggregate total raised of $200,000. The units shall consist of, and separate immediately upon closing into, one common share of the issuer and one warrant, each entitling the holder to purchase one common share at a purchase price of 20 cents per warrant for a period of 24 months following the date of closing.

The offering is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals. All securities to be issued under the offering will be subject to a four-month statutory hold period in Canada.

The funds will be utilized for general working capital purposes and continuing work on the North Star, Fay Lake and Melgurd Lake properties.

Properties

The Fay Lake property consists of 17 contiguous claims comprising 2,719 hectares (ha) and lies 25 kilometres (km) northeast of Flin Flon, Man. It is contiguous to the south with Hudbay Minerals Vamp Lake Cu-Zn-Au (copper-zinc-gold) VMS (volcanogenic massive sulphide) property and also contiguous to the northeast, with the former Puffy Lake gold mine. Fay Lake contains approximately five km of mapped VMS horizons similar to Vamp Lake. Separately, west of the rail line, a nine km shear structure is presently known to contain similar mineralization as the Puffy Lake gold deposit, with samples assaying up to 14.33 grams per tonne (g/t) Au.

The Melgurd property consists of 11 mineral claims totalling 7,411 ha and lies northwest of Flin Flon, Man., just north of the Shotts Lake copper-zinc VMS deposit in Saskatchewan. Boreal's airborne magnetic and (electromagnetic) EM survey shows both EM conductors and gradient magnetic trends of the Shott Lake horizon continuing north onto the Melgurd property in the area of a felsic volcanic package. Prospecting and mapping in the summer and fall of 2023 and 2024 have outlined an area of significant garnet and anthophyllite alteration; locally, this alteration is associated with gossans.

The North Star Group property, consisting of 2,922 ha in 21 contiguous claims and two mining leases, is located 50 kilometres west of Snow Lake, Man. The property consist of three contiguous properties, which are: the North Star gold property; the Gold Rock mining lease; and the Sewell Lake critical metals property, which is contiguous and within the same stratigraphy as HudBay Minerals Rail zone copper deposit to the south and the former Dickstone copper zinc mine to the north.

Based on recent work on the Fay Lake (in Manitoba) and the Melgurd Lake (in Saskatchewan) properties and the recently acquired North Star property (in Manitoba) (see April 17, 2025, news release), the plans going forward are as outlined below.

Planned exploration and drill targets

In 2025 to 2026, a rigorous exploration program is planned on the Fay Lake property, the North Star property and the Melgurd Lake property. Target development follows up airborne targets, which have been verified by detailed analysis, ground geophysics, as well as geological mapping, sampling and prospecting from 2023 to 2025. These targets will be tested by drilling subject to the required funds being raised this year. Further ground geophysics is planned for the western portion of the Fay Lake grid, not previously covered, prior to drilling.

Use of proceeds

North Star

Line cutting and refurbishing old grids

Most of the refurbishing and recutting on the grid from north of the North Star deposit on line 46 N to line 59 N between baselines 46 E and tie line 59 E for both mapping and drilling purposes has been completed this fall, and the remaining lines will be completed in the spring and summer of 2026. This portion of the grid is almost 25 years old and overgrown to obliterated as it was cut a few years after a forest fire.

Geological mapping, prospecting and sampling

The grids from lines 59 plus 50 N south to line 46 N will require geological remapping and detailed sampling to bring it up to the standard and detail of the northern grids that cover the Gold Rock and Richard veins, with special emphasis on the section in between the North Star and Gold Rock deposits. This will occur during the spring and summer of 2026. During the late fall line cutting and refurbishing of the old grids, Boreal had the opportunity to collect 12 samples from the muck pile where blasted material from nearby trenches was piled and stored, as well as blasted quartz vein material from the underground development and bulk sample extracted in the spring of 2004 by Foran Mining. The underground sample from the 100 feet vertical level averaged 0.29 ounce per tone (oz/t) Au in the north part of the sill and 0.27 oz/t Au in the south part of the sill (Foran Mining news release dated May 25, 2004). The 12 samples of quartz vein material collected by Boreal were sent to SRC Laboratories in Saskatoon, Sask. (certification ISO/IEC 17025:2017), for screen metallic analysis and results are pending.

Drilling (planned for 2026 and involve a follow-up financing)

Selective infill drilling and downplunge drilling on the Gold Rock vein are planned, with a view of completing a resource estimate and National Instrument 43-101-compliant technical report (never undertaken). Ultimately, the plan is to drill off enough tonnes that the combined resource of the North Star and Gold Rock vein structures, with sufficient grade, will warrant to bring it to a prefeasibility study. Even if successful on the first pass, this objective will require a few additional drill programs.

Fay Lake

Boreal Gold intends to use the proceeds from this financing to perform ground geophysical surveys over the western portion of the Fay Lake grid (not previously covered), as well as the northeastern portion of the Fay Lake grid, which will be surveyed to follow the strike extension of the Sunrise conductor to the eastern shore of Fay Lake. Proceeds will also be used for the assays of the rock samples collected on the Fay grid, the eastern extension of the Sunrise grid and the assays from Koscielny Lake (Boreal Gold news release dated Nov. 21, 2025). Geological maps and reports will also be created detailing the exploration work and results obtained from the 2025 mapping, prospecting and sampling work program. Drill testing of designed targets will follow up confirmation of airborne conductors by ground geophysics on the Fay Lake property subject to a successful financing and direct consultation with Kiciwapa Cree Nation.

Melgurd Lake

On the Melgurd Lake property, proceeds will be utilized for assays and preparation of maps and report from this summer's mapping of the Keep Lake grid.

Notice of annual and special meeting of shareholders

An annual and special meeting of the shareholders of Boreal Gold will he held on Feb. 6, 2026, with a record date of Jan. 2, 2026.

Qualified person

Stephen L. Masson, MSc, PGeo, the qualified person as defined by NI 43-101, Standards of Disclosure for Mineral Projects, for these properties, has reviewed and approved the technical disclosure contained in this news release. Mr. Masson acts as a consulting geologist for the company.

About Boreal Gold Inc.

Boreal Gold is a Canadian junior mineral exploration company with a specific focus on mineral properties in northwestern Manitoba and northeastern Saskatchewan, Canada. All of the issuer's properties are currently at the exploration stage. The issuer has assembled a portfolio of base metal and precious metal prospects in strategic locations in the provinces of Manitoba and Saskatchewan.

We seek Safe Harbor.