Mr. Gordon Robb reports

ESGOLD'S INTEGRATED 3D GEOLOGICAL MODEL IDENTIFIES DEEP, EXPANDING MINERALIZED CORRIDOR AT MONTAUBAN, SUPPORTING DISTRICT-SCALE EXPLORATION POTENTIAL

Esgold Corp. has completed and taken delivery of a comprehensive ANT-based (ambient noise tomography) three-dimensional (3-D) geological model for the Montauban project in Quebec, prepared by Geomatic World Inc. in collaboration with CAUR Technologies.

The integrated ANT-based 3-D model illustrates mineralized architecture extending to depths of approximately 900 metres, significantly deeper than any historical exploration at Montauban, where most drilling was confined to shallow depths of approximately 50 metres and the deepest holes reached only approximately 250 metres. The model also outlines approximately two kilometres of strike length within the current survey area, with mineralization appearing to widen at depth.

Importantly, the identified mineralized trends remain open and are bounded by the limits of the existing ANT coverage, suggesting potential continuation beyond the current study area. In multiple orientations, the modelled mineralized corridors seem to extend to the edge of the current ANT survey, indicating that the system continues beyond the limits of existing coverage.

This model represents the most advanced and integrated geological interpretation ever completed at Montauban and marks a pivotal milestone in the company's evolution from a legacy mining site into a project with district-scale exploration potential advancing in parallel with near-term tailings production in 2026.

Management commentary

Gordon Robb, chief executive officer of Esgold, commented: "This is the most important technical milestone in Esgold's history. The integrated 3-D model has fundamentally changed how we understand Montauban. What is becoming clear is that mineralization extends well beyond the historically mined areas, to depths and along strike lengths that were never previously explored. The scale indicated by this work is beyond what we had originally envisioned, and it reinforces our conviction that Montauban has the potential to evolve into a much larger mineral system. We are more excited than ever to accelerate our efforts to fully explore what this project can become while continuing to advance aggressively toward production."

Andre Gauthier, director of Esgold and the company's senior consulting geologist, added: "The ANT and 3-D geological modelling provide a coherent, technically robust framework that simply did not exist before. The identification of deep-seated structural corridors, lithological continuity and coincident geochemical anomalies in areas that have never been drilled is highly encouraging. From a geological perspective, the size and continuity suggested by this model point to a system with significant upside potential. The priority now is to validate these interpretations through expanded geophysics and targeted drilling. This level of structural continuity at depth is particularly notable given the complexity of Grenville-age terranes and helps explain why this system was not previously recognized."

Key technical highlights based on ANT-based 3-D geological model:

• Mineralized architecture imaged to depths of approximately 900 metres, which is significantly deeper than any historical exploration completed to date at Montauban;
• At least two kilometres of strike length identified within the current ANT survey area, with mineralization appearing to widen at depth;
• Mineralized trends remain open and are truncated by the limits of the existing ANT coverage, indicating potential continuation beyond the current study area;
• Integrated interpretation of ANT seismic velocity data, geological mapping, structural analysis and geochemistry defines coherent lithological and structural corridors comparable with those hosting historical Montauban mineralization;
• Dominant north-northwest- and northeast-trending structures interpreted as first-order controls on hydrothermal fluid flow and mineral deposition, consistent with large polymetallic volcanogenic massive sulphide (VMS) systems globally.

Next steps: from model to drill bit

Building on the results of this study, Esgold is advancing a systematic exploration plan that includes:

• Expansion of ANT coverage to evaluate the potential district-scale corridor;
• Integration of additional geophysical data sets to refine structural targets;
• Development of a stepout diamond drilling program designed to test high-priority targets identified by the model;
• The company anticipates commencement of drilling in early spring 2026, subject to permitting, access and logistics.

These exploration activities are being planned and will advance in parallel with the company's continuing tailings project as Montauban moves toward production in 2026.

A step change in geological understanding

The model demonstrates that mineralization at Montauban is not confined to the historically mined zones but is part of a much larger, vertically extensive and structurally controlled system. Importantly, the model highlights areas that have never been drill tested by previous operators, largely due to the limitations of historical exploration methods in the structurally complex Grenville province.

Only a limited portion of Esgold's land package has been evaluated using ANT to date. Based on the strength and continuity of the features identified within the current survey area, the company plans to expand ANT coverage to assess the full extent of the interpreted mineralized corridor, with the objective of defining the scale and geometry of the broader system.

Positioned for discovery while advancing to production

Esgold emphasizes that this exploration breakthrough is occurring as the company continues to advance Montauban toward near-term production in 2026. As existing infrastructure and permitted processing capacity are brought on line, any additional mineralization delineated through exploration has the potential to be integrated into future mine plans, subject to further evaluation. This allows exploration success to be pursued in parallel with development, providing leverage to discovery by reducing the time and capital typically required to convert new ounces into potential production and supporting long-term value creation.

About the ANT study

The ANT-based 3-D geological model was prepared by Geomatic World, under the direction of Santiago Mayor, PGeo, using seismic velocity data acquired by CAUR Technologies. ANT is a passive seismic method that leverages ambient vibrations to image subsurface density contrasts and structural features to depths of several kilometres. The resulting model is conceptual in nature and intended to guide exploration targeting; it is subject to refinement as additional data become available.

Why this matters to investors

This milestone represents a fundamental inflection point for Esgold. The completion of the integrated ANT-based 3-D geological model materially expands the scale of opportunity at Montauban, shifting the project from a historically constrained footprint to potentially a much larger, open-ended mineral system with the possibility for significant upside. Importantly, this exploration breakthrough is occurring as Esgold advances toward near-term production, creating a rare scenario where exploration success can be financed internally and rapidly translated into long-term value. For investors, Montauban is no longer a finite redevelopment story but an expanding platform where cash flow, discovery potential and disciplined execution converge -- positioning Esgold to benefit from both rising precious metals markets and the delineation of a potential new mineral district. The upside at Montauban is likely no longer defined by a single zone or a finite footprint but by the potential scale of a broader mineral system that is only beginning to be uncovered.

Qualified person statement

The scientific and technical information contained in this news release has been reviewed and approved by Andre Gauthier, PGeo, a director of Esgold and a qualified person within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Gauthier has reviewed the data underlying the ANT survey and the resulting 3-D geological model and believes the interpretations presented are reasonable and appropriate for exploration targeting purposes. The interpretations and conclusions are conceptual in nature and are intended to guide further exploration; they do not constitute a mineral resource or reserve and are subject to confirmation through additional geophysical work and drilling.

About Esgold Corp.

Esgold is a fully permitted, fully financed, preproduction mining company advancing a scalable clean mining model across North and South America. The company's flagship Montauban gold-silver project in Quebec is under construction, with production anticipated in 2026. With a dual-track strategy of cash flow today and discovery tomorrow, Esgold is building a platform for clean, sustainable growth and long-term shareholder value.

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