Dr. Toby Strauss reports

GEMDALE GOLD ANNOUNCES APPROVAL FOR LISTING ON THE TSX VENTURE EXCHANGE

Common shares in the capital of Gemdale Gold Inc. have been approved for listing on the TSX Venture Exchange and will commence trading under the ticker symbol GEMG at the opening of the market on Feb. 11, 2026.

In connection with the listing, the company's previously issued subscription receipts have automatically converted (without payment of additional consideration) into an aggregate of 4,276,550 units at a price of $1 per unit for gross proceeds of $4,276,550. Each unit consists of one common share and one-half of one common share purchase warrant, with each such whole warrant exercisable at a price of $1.30 per common share for a period of 24 months from the date of issuance. The gross proceeds of the subscription receipt offering were held in escrow pending satisfaction of customary release conditions, which conditions have been satisfied and which proceeds have been released to the company. In connection with the financing, the company paid a finder's fee to Leede Financial Inc. in the aggregate amount of $15,660, payable upon the release of escrowed funds, and issued 15,660 broker warrants, each exercisable to acquire one common share of the company.

"Listing on the TSX Venture Exchange is an important milestone for Gemdale," said Patrick Chidley, executive chairman. "It is a natural progression, following several years operating as a private company, during which Gemdale, together with its partners, has invested approximately $13-million in advancing its mineral exploration properties, including ongoing exploration at the company's flagship project, the Pontio gold project. We believe the listing will enhance our visibility and access to the public capital markets as we continue to advance our exploration programs. On behalf of the board, I would like to thank our team, shareholders, advisers and partners for their support as we move forward as a public company."

Upon listing on the TSX Venture Exchange, the company is expected to have 21,102,722 common shares issued and outstanding, of which 8,328,960 common shares will be subject to escrow or other resale restrictions in accordance with National Policy 46-201 (Escrow for Initial Public Offerings).

Strategic investment by Eldorado Gold Corp.

In advance of the listing, the company entered into a subscription agreement dated Jan. 15, 2026, with Eldorado Gold, pursuant to which Eldorado agreed to purchase two million units of the company at a price of $1.20 per Eldorado unit for aggregate gross proceeds of $2.4-million. Each Eldorado unit consists of one common share of the company and one-half of one common share purchase warrant. The issuance of the Eldorado units is conditional upon, among other things, the listing of the company's common shares on the TSX Venture Exchange and will be completed no later than Feb. 15, 2026. No finders' fees or commissions will be paid in connection with the issuance of the Eldorado units. The net proceeds of the financing are expected to be used to advance exploration at the company's principal properties and for general corporate purposes.

About Gemdale Gold Inc.

Gemdale Gold is a mineral exploration company focused on gold and critical minerals in Finland. Over the past eight years as a private company, the company has assembled a portfolio of exploration licences located in established and emerging mineral districts.

The company's flagship asset is the Pontio gold project in western Finland, where more than 10,000 metres of drilling have been completed to date, primarily along the M2 trend. Drilling has intersected near-surface gold mineralization along an interpreted strike length of approximately four kilometres. The company intends to undertake an additional drill program to further delineate known zones of mineralization. Additional technical information about the Pontio gold project is contained in the company's technical report entitled "NI 43-101 Technical Report on the Pontio Project, Central Ostrobothnia, Finland," available under the company's profile on SEDAR+.

The company's wholly owned principal projects include:

• Pontio gold project (western Finland): Historical and recent drilling has outlined near-surface gold mineralization along a multikilometre trend that remains open along strike and at depth.
• Isoneva (western Finland): The exploration-stage gold project is located proximal to extensive boulder train anomalies. The property is subject to an option agreement with Nordique Resources Inc., pursuant to which Nordique may earn a 100-per-cent interest by, among other things, financing exploration expenditures over a three-year period and making additional financial commitments to the company. For more information on the Isoneva option, please see the company's final long form prospectus dated Jan. 30, 2026, under the heading "Business of the Corporation -- Jan. 1, 2025, to the date hereof."
• Lapland projects (northern Finland): A group of exploration permits and applications that is located within a recognized gold and base metal exploration region in proximity to several recent regional discoveries.
• Kumiseva (western Finland): This is a copper-nickel-platinum-palladium exploration licence where historical government drilling has been completed.
• Savo/Rantasalmi (southeastern Finland): The exploration licence application area contains a historical inferred resource estimate prepared by a prior operator of 3.23 million tonnes grading 2.7 grams per tonne gold for approximately 276,000 ounces of gold (see the company's news release dated May 15, 2023). The resource estimate is considered historical in nature, and a qualified person has not completed sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The company is not treating the historical estimate as current mineral resources or mineral reserves, and the historical estimate should not be relied upon.

Qualified person and technical information

Dr. Toby Strauss (CGeol, EurGeol), director, president and chief executive officer of Gemdale, is a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Dr. Strauss is responsible for the accuracy of technical information contained in this news release, and has reviewed and approved the technical information contained within.

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