Mr. Kevin Keough reports

EVERGOLD ANNOUNCES $350,000 NON-BROKERED CONVERTIBLE DEBENTURE PRIVATE PLACEMENT WITH CJ GREIG TO FINANCE DRILLING IN EARLY NOVEMBER AT THE DEM GOLD PROSPECT

C.J. Greig Holdings Ltd., a company wholly owned by C.J. (Charlie) Greig, a director of Evergold Corp. and Evergold's chief exploration officer (the investor), has agreed to subscribe for up to $350,000 of an unsecured convertible debenture. The debenture bears interest at a rate of 7.5 per cent per annum and will mature on Dec. 31, 2026. Subject to certain conditions, the principal amount of the debenture is convertible into an aggregate of up to 1,521,739 common shares (assuming the entire principal amount is converted) in the capital of Evergold at any time prior to the maturity date at a conversion price of 23 cents per debenture share. Interest accrued on all or any portion of the debenture being converted by the holder may also be converted into common shares at the option of the investor at the time of conversion at a conversion price equal to the market price (as that term is used in the policies of the TSX Venture Exchange) as at the date of conversion. The investor will also receive 3,000 detachable common share purchase warrants for each $1,000 of principal of the debenture subscribed for, for a total of 1.05 million warrants. Each warrant will be exercisable into one share at a price of 23 cents per warrant until the date that is two years from the date of issuance.

The proceeds from the convertible debenture are expected to allow for the immediate completion, prior to the expected near-term onset of winter, of a drill hole below highly encouraging intersections of precious and critical metals achieved in 2023 and 2024 within the DEM Mountain zone, located on the company's DEM property near Fort St. James in central British Columbia (see news releases dated Jan. 15, 2024, and Dec. 11, 2024). Closing of the offering is subject to the receipt of all necessary regulatory approvals, including the approval of the TSX-V. All securities issued and issuable are subject to a hold period of four months and one day from the date of issuance.

"We thank Charlie for this vote of confidence in the company's prospects," said Kevin Keough, president and chief executive officer. "We presently interpret the DEM Mountain zone to be a near-vertical, structurally focused epithermal system. Previous drill results delivered an array of both precious and critical metals over broad system widths, including locally high grades. Geophysical survey results indicate the system is deep running. As such, there is excellent potential for better grades over strong widths at depth. Our plan is to test this model with the pending limited program of drilling, which will get under way within approximately one week."

2023 and 2024 drilling

Hole DEM23-03, drilled due west at minus 50 degrees, intersected a broad (48.2 metres wide; estimated 40 metres true width) zone of mesothermal- to epithermal-style gold mineralization grading 0.58 gram per tonne gold from 303 to 351.2 metres, with associated cobalt, silver, copper, tellurium and antimony credits (see news release dated Jan. 15, 2024). Only 48 metres (12 per cent) of this hole was sampled and assayed, although XRF (X-ray fluorescence) results indicated isolated narrow system intersections were also achieved at shallower depths up-hole. Within the broad 48-metre assayed envelope, the interval from 339 to 340.5 metres returned 11.98 g/t Au, including 0.5 metre of 29.5 g/t Au from 340.0 to 340.5 metres. The DEM23-03 intersection was targeted the following year by hole DEM24-05, drilled to a south azimuth perpendicular to that of DEM23-03. This hole also returned encouraging results, including strongly elevated antimony over broad widths (see news release dated Dec. 11, 2024).

2025 proposed drill hole DEM25-06

Results to date, including an increase in the number of porphyritic dikes downhole in prior drilling and a general broadening with depth of the geophysical (induced polarization and controlled-source audio-frequency magnetotelluric) responses, suggest good potential for system continuity and strengthening with depth. Proposed hole DEM25-06 will therefore be drilled from the same pad as DEM23-03, which was left in place, but at a steeper inclination (minus 70 degrees), targeting approximately 200 metres vertically below the intersection achieved in DEM23-03, for a projected length of approximately 600 metres. The key goals for this hole will be to demonstrate system continuity to depth and to determine the orientation, widths and grade of any mineralized structures. Results will guide future drilling.

About the DEM project

The 12,728-hectare DEM property is ideally located in moderate terrain only 40 kilometres northwest of Fort St. James in central British Columbia. The project area lies toward the southern end of the Nation Lakes porphyry camp and within the Quesnel terrane, the latter of which hosts large deposits and long-life mines including the Mount Milligan mine (50 kilometres to the northeast of DEM), the Lorraine deposit, and, farther south, the Mount Polley, Afton, Copper Mountain and Brenda mines, in addition to the Highland Valley mines and deposits.

Located central to the DEM property is the DEM prospect, a roughly four-square-kilometre target area defined by alteration and mineralogy suggestive of the presence of a porphyry system by a multielement soil geochemical signature, compelling high-relief magnetic, IP chargeability and CSAMT resistivity anomalies, and the presence of nearby regional-scale structures. Extensive logging in the area and associated forest service roads provide drive-on access directly to the DEM prospect.

Reconnaissance drill programs (three holes for 947 metres in 2023 and two holes for 654 metres in 2024) returned narrow intercepts, locally, of high-grade gold, silver and strategic metals (antimony, cobalt, copper, molybdenum, tellurium, tungsten and rhenium) generally encompassed by a broad low-grade envelope, localized to a magnetic low within the higher elevations of DEM Mountain (see news release dated Jan. 15, 2024). Drill holes intercepted variably calcareous fine-grained sedimentary rocks cut locally by metre-scale porphyritic dikes, with the host rocks, and, locally, the dikes are crosscut over core lengths of up to 50 metres by sulphide-bearing veinlets and veins, locally, of semi-massive to massive character, along with associated disseminated sulphides. These intervals were also encompassed by broader halos of lower-intensity disseminated and sulphide-bearing veinlets and veins. Sulphide minerals observed in core included abundant disseminated and vein-hosted arsenopyrite, pyrite and pyrrhotite, with lesser but significant sphalerite, galena, chalcopyrite and molybdenite. Sulphosalts were also commonly observed.

Related party transaction

C.J. Greig Holdings, a company wholly owned by Mr. Greig, a director of the company and Evergold's chief exploration officer, is expected to acquire the entire $350,000 principal amount of convertible debentures. This issuance of securities constitutes a related party transaction as such term is defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying on an exemption from the formal valuation and minority shareholder approval requirements provided under MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, on the basis that the issuance of the securities does not exceed 25 per cent of the fair market value of the company's market capitalization.

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 mining space, most recently the establishment of GT Gold Corp. in 2016 and the discovery of the Saddle South epithermal vein and Saddle North 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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