Dr. Toby Strauss reports

GEMDALE GOLD ANNOUNCES COMMENCEMENT OF INFILL DIAMOND DRILLING PROGRAM AT ITS FLAGSHIP PONTIO GOLD PROJECT, FINLAND

Gemdale Gold Inc. has started an extensive infill drilling program at its 100-per-cent-owned Pontio gold project in western Finland. This campaign follows the company's recent successful listing on the TSX Venture Exchange and the closing of a $2.4-million strategic investment from Eldorado Gold Corp.

The 2026 drilling program is designed to provide the density of data required to move the project toward a maiden mineral resource estimate and an updated National Instrument 43-101 technical report reflecting the same. Drilling will focus on the main M2 trend, a large-scale system where gold mineralization has been intersected near-surface over a strike length of approximately four kilometres. Additional technical information about the Pontio gold project and the company's intended work program for 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," dated Sept. 30, 2025, and the company's final prospectus dated Jan. 30, 2026, each available under the company's profile on SEDAR+.

Key program objectives:

• Resource definition: Targeted infill drilling at 50 m to 100 m spacings within the core of the M2 trend to confirm continuity of grade and thickness.
• Depth extensions: Testing the down-dip potential of known high-grade shoots which remain open below 150 metres vertical depth.
• Trend expansion: Following up on successful 2024 stepout drilling that extended the mineralized envelope to the south.

Dr. Toby Strauss, president and chief executive officer of Gemdale Gold, commented:

"With our recent public listing and the strategic investment from Eldorado Gold, we are now fully funded to accelerate the development of Pontio. This infill program is a critical step in our transition from discovery to resource definition. The M2 trend has already demonstrated remarkable scale and consistency near surface, and we are confident that this systematic drilling will further develop Pontio's potential to become a major gold deposit in Finland."

Summary of previous drill results at Pontio

To date, there has been over 10,000 metres of drilling at Pontio, featuring consistent intersections into broad zones of near-surface gold mineralization. Previous highlights from the M2 trend include:

• PONT053: 148.6 m at 0.71 gram per tonne Au from 24.2 m, including 16.7 m at 2.07 g/t Au;
• PONT057: 126.1 m at 0.80 g/t Au from 5.4 m, including 15.8 m at 3.08 g/t Au (the highest-grade intercept to date on the project);
• PONT067: 20.34 m at 1.05 g/t Au (a significant 800 m stepout to the south, extending the total strike to four kilometres);
• PONT006: 76.82 m at 0.88 g/t Au from 6.6 m, including 32.20 m at 1.41 g/t Au;
• PONT028: 53.85 m at 0.70 g/t Au from 21.53 m, including 11.44 m at 1.10 g/t Au.

A full list of significant intersections is provided in tables 1 and 2. The mineralization at Pontio is typically hosted within a sheared diorite and is associated with disseminated sulphides and quartz-arsenopyrite veining. The system remains open in all directions. In addition, on the property, several parallel trends also show early stage promise for further mineralization.

Qualified person and source of 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.

All technical information concerning the Pontio gold project in this release has been excerpted from the technical report, which is available on the company's SEDAR+. The author of the technical report was Dr. Hannu Makkonen, EurGeol, who is a qualified person for the purposes of NI 43-101 and is independent of the company.

About Gemdale Gold Inc.

Gemdale Gold owns a portfolio of highly prospective exploration licences in Finland, and is focused on making significant new gold and critical metal discoveries on these properties. The company has been active in Finland since 2018. The company's 100-per-cent-owned 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): Exploration stage gold project located proximal to extensive boulder train anomalies. The property is subject to an option agreement (the Isoneva option) with Nordique Resources Inc. pursuant to which Nordique may earn a 100-per-cent interest by, among other things, funding 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 - January 1, 2025 to the date hereof."

Lapland projects (northern Finland): A group of exploration permits and applications located within a recognized gold and base-metal exploration region, in proximity to several recent regional discoveries.

Kumiseva (western Finland): Copper-nickel-platinum-palladium exploration licence where historical government drilling has been completed.

Savo/Rantasalmi (southeastern Finland): Exploration licence application area containing a historical National Instrument 43-101 inferred resource estimate prepared by a prior operator of 3.23 million tonnes grading 2.7 g/t gold for approximately 276,000 ounces of gold.

In November, 2018, Rupert Resources Ltd. released a National Instrument 43-101 mineral resource estimate completed by Brian Wolfe (qualified person) of International Resource Solution Pty. Ltd. The NI 43-101 technical report was filed by Rupert Resources on SEDAR+ on Nov. 9, 2018. No new data subsequent to an earlier 2011 estimate was included in this study. This study used multiple indicator kriging (MIK) for the estimation of grade into the block model. This study assumed a combined open pit and underground mining operation, recoveries of 85 to 90 per cent and a gold price of 1,200 euros/ounce (current gold price approximately 4,240 euros/ounce). The use of MIK as an estimation method, along with the requirements of a greater degree of confidence in the geological continuity for underground mining, were given as the reasons for the assigned lower resource category of inferred resources compared to the 2011 resource estimate. The resource estimate was reported at a cut-off grade of 1.5 g/t Au.

The company is not aware of any further drilling or sampling being conducted on the property since this historical estimate was completed. Gemdale Gold is not treating this historical estimate as a current resource estimate. Neither Gemdale Gold, nor a suitable qualified person, has done sufficient work to classify the historical estimate as a current mineral resource estimate. The company believes this historical estimate is relevant and reliable in providing insight into the potential mineral resources for the project based on historical drilling completed to date, as it was completed by a qualified person in accordance with NI 43-101. Gemdale Gold believes that further drilling is not required to verify or upgrade these historical resources to a current mineral resource estimate, but that it is necessary for a qualified person to review the assumptions and methodology used for the estimation.

We seek Safe Harbor.