Mr. Richard Masson reports

BOREAL GOLD BEGINS DRILLING THE REDWIN HORIZON ON THE FAY LAKE PROPERTY IN MANITOBA

Boreal Gold Inc. has begun a 1,000-metre drill program on its 2,719-hectare Fay Lake property located approximately 55 kilometres (100 km by road) east-northeast of the city of Flin Flon, Man. The property is contiguous with and positioned between Hudbay Minerals' gold-rich Vamp Lake copper/zinc volcanic massive sulphide deposit, two km to the southeast and Minnova's Puffy Lake gold mine, one km to the northeast. The drill program at Fay Lake will target the Redwin volcanic massive sulphide horizon as well as high-grade gold quartz veins found in trenches (J. Pearson, Sept. 4, 2024, National Instrument 43-101 technical report) proximal to and within the Redwin horizon.

Redwin deposit: From 1932 to 1933, three shipments totalling 229 tonnes of massive sulphides containing some chalcopyrite along with quartz vein material within or near the sulphides were sent from the Redwin deposit off to Hudbay Mining and Smelting. The material assayed too low in copper (0.5 per cent) and was rejected by HudBay but averaged up to 15 grams per tonne gold in two shipments and 4.5 g/t gold in a third. (J. Pearson, Sept. 4, 2024, NI 43-101 technical report).

From sampling of gold veins on the Redwin grid from 2021 to 2024, those in the Redwin shaft area, approximately between lines 24 and 26 East, a span of 200 m had significant gold, and all were associated with the veins in proximity to the Redwin massive sulphide horizon. Two of the higher samples were sample 298693, which assayed 146.9 g/t Au, and sample 27315, which assayed 59.88 g/t Au (S.L. Masson and R. Masson, July 15, 2025, 2024 prospecting, sampling and mapping report). During a recent visit to the property prior to drilling, five more quartz vein samples were collected and sent out for analysis to SRC laboratories in Saskatoon, Sask. (certification ISO/IEC 17025:2017), and results are pending. A forest fire last year created additional exposures.

Koscielny Lake

On Aug. 9, 2026, Boreal Gold also prepared a drill pad to test trench No. 6 on an island in the eastern area of Koscielny Lake, where several quartz veins occur on the most eastern part of the Fay Lake property. In the fall of 2025, Boreal gold sampled this trench, and six of the nine samples collected returned assays over 1.0 g/t gold with notable samples: sample 298802 assaying 5.7 g/t gold and sample 298804 assaying 9.7 g/t gold (Boreal Gold Nov. 21, 2025, news release). Boreal Gold returned to Koscielny Lake located on the eastern portion of the property directly south of the Puffy Lake gold mine and collected another 13 samples from another showing containing trench No. 7 on the southern shore of Koscielny Lake slightly southwest of the Island showing. These samples were also sent out for analysis to SRC laboratories in Saskatoon, Sask. (certification ISO/IEC 17025:2017), and results are pending. Several sites reported at Koscielny Lake contain significant gold. Here, mineralization from previous work contained values of up to 11.81 g/t Au (0.38 ounce per ton Au) over one metre (J. Pearson, Sept. 4, 2024, National Instrument 43-101 Fay Lake technical report).

The Island and the South Shore veins, one to two metres in width, and approximately 80 metres apart, are hosted in east-southeast-trending subparallel shear zones. The shear zones appear to occur at the sheared contact of quartz porphyritic tonalite dikes and sheared to strongly foliated gabbro. The veins themselves contain abundant cubic pyrite 1.5 centimetres across as well as locally vuggy pyrite along fractures. Tourmaline is a common accessary. Surface samples of quartz are commonly weathered, showing boxwork textures. The immediate wall rock and inclusions of host rock are a grey silicified schistose rock rich in pyrite, locally laminated like sulphide facies iron formation. Other quartz-ferro dolomite veins, plus or minus pyrite, were noted in poorly exposed parts of the island, as well as the south shore suggesting there may be other undiscovered parallel structures. The medium grained quartz phyric tonalite dikes appear to be hypabyssal offshoots to the coarse-grained Spider Lake quartz phyric-rich tonalite stock immediate to the east. The Spider Lake stock may have provided the heat engine for mineralization along the shear structures.

Boreal Gold is now at a stage where it poised to bring real growth by drilling the selected targets on its Fay Lake property and the subsequent drill programs on the North Star group following its completed acquisition. Boreal focusing more on gold is on the backdrop of rising gold and silver prices that are at record levels with gold hovering around $4,300 (U.S.) per oz or greater than $6,000 (Canadian) per oz today and silver over $65 (U.S.) per oz or greater than $90 (Canadian) per oz today.

Sampling methods and quality control

The company employs quality assurance/quality control protocol on all aspects of its analytical procedures. Core samples are sawn, and one-half of the NQ core is restored to the core boxes for future reference and one-half sent for analysis. The rock samples were placed in standard plastic bags, which were then placed into rice bags that were wired shut for shipment. The rice bags were delivered to Gardwine North Trucking by staff of M'Ore Exploration and shipped to SRC laboratories in Saskatoon. Gardwine delivered the samples directly to the lab in Saskatoon. Samples of veining or mineralization are taken in approximately 50-centimetre intervals or less.

Commercially prepared standards representing three ranges of gold grades are inserted at intervals of one in 10 samples. A blank rock is inserted every 20 samples.

When samples were taken in the field, the sample location was marked in the field book, and the grid and/or GPS co-ordinates were entered in the sample book with the sample description. The sample number was written on flagging tape that was tied to a rock or a tree at the sample site. When collecting samples for protolith whole rock analysis, every effort was made to get representative samples with minimal alteration, veining and sulphide content, so that lithological classification is not skewed by introduced material. In the case of samples collected, to measure the degree of alteration, only veining is avoided. For each sample, two rocks were collected, with one rock sent for analysis and one kept as a representative sample. The rock samples were placed in standard plastic bags, which were then placed into rice bags that were wired shut for shipment. The rice bags were delivered to Gardewine North Trucking by staff of M'Ore Exploration and shipped to SRC laboratories in Saskatoon. Gardewine delivered the samples directly to the lab in Saskatoon.

Mr. Masson, MSc, PGeo, is the qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects) for this property, has confirmed the visual descriptions, and has supervised the quality control and all aspects of the exploration program. Mr. Masson acts as a consulting geologist for the company.

Sample preparation and analytical work is conducted at SRC laboratories in Saskatoon, Sask. (certification ISO/IEC 17025:2017), utilizing the gravimetric overlimit analysis (method Au 9).

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.