Mr. Kevin Keough reports

EVERGOLD ENTERS DEFINITIVE OPTION AGREEMENT TO ACQUIRE A 100 PER CENT INTEREST IN THE COPPER KING INLIER PROSPECTS

Evergold Corp. has entered into a definitive option agreement dated Aug. 20, 2025, with Richard Billingsley and Gaye Richards (the optionors), granting the company an option to acquire a 100-per-cent ownership interest in four inlier claim groups totalling 173 hectares, located within the northern half of its Golden Lion property. Completion of the option, which is subject to the approval of the TSX Venture Exchange, is conditional on the company first completing a consolidation of the common shares in the capital of Evergold on the basis of 10 preconsolidation common share for each one postconsolidation common share, and requires the staged payment over two years of 533,332 postconsolidation Evergold shares. In addition, upon the company exercising the option, it shall grant to the optionor a 2.5-per-cent net smelter returns royalty, 1.5 percentage points of which may be bought back for $1.5-million. The consideration shares shall be issued in stages as follows: (i) 133,333 postconsolidation shares issued on the date that is one calendar week following the effective date of the consolidation; (ii) 133,333 postconsolidation shares issued on July 2, 2026; and (iii) 266,666 postconsolidation shares issued on July 2, 2027.

All Evergold shares shall be subject to a hold period of four months and one day from the date of issuance. Completion of the option and the consolidation is subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange and, in the case of the consolidation, approval of two-thirds of the shareholders of the company.

The acquired tenures cover the non-contiguous Goat, Chuck, Copper King and Claw prospects, collectively known as the Copper King property. Historical drilling in 1975 at Claw of five shallow holes (assessment reports No. 05635 and 05657) each returned numerous references in drill logs to copper mineralization including native copper, bornite, chalcopyrite, malachite, azurite and chrysocolla, for the most part hosted within porphyritic andesite. None of the holes were assayed at the time. Subsequent rock sampling carried out over the area of the claims in 1984 (assessment report No. 12871) returned widespread areas containing high values of copper and silver mineralization in vein-fracture systems and disseminations in altered country rock. Reports at the time recommended waiting for higher metal prices prior to carrying out additional work, and no exploration activity is known to have occurred in the years since.

Qualified person

Charles J. Greig, MSc, PGeo, the company's chief exploration officer and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information in this news release.

About Evergold Corp.

Evergold is a TSX-V listed mineral exploration company with projects in British Columbia and Nevada. The Evergold team has a record of success in the junior exploration space, most recently the establishment of GT Gold Corp. in 2016 and the discovery of the Saddle epithermal vein and porphyry copper-gold deposits near Iskut, B.C., sold to Newmont in 2021 for a fully diluted value of $456-million, representing a 1,136 per cent (12.4 times) return on exploration outlays of $36.9-million.

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