Dr. Toby Strauss reports

GEMDALE GOLD ANNOUNCES PROPOSED ASSIGNMENT OF ISONEVA GOLD PROPERTY OPTION TO JESMOND CAPITAL

WestGold Metals Corp. (formerly known as Nordique Resources Inc.) has entered into an option acquisition agreement with Jesmond Capital Ltd., pursuant to which WestGold has agreed to assign and transfer to Jesmond all of WestGold's right, title, benefit and interest in the option to acquire a 100-per-cent interest in Gemdale Gold Inc.'s Isoneva gold property in Finland.

The assignment is being completed pursuant to an agreement between WestGold and Jesmond, with Jesmond assuming WestGold's obligations under the existing option agreement with Gemdale from closing. The original terms of the option agreement between Gemdale and WestGold remain unchanged.

Completion of the assignment is subject to a number of conditions, including completion of Jesmond's qualifying transaction and concurrent financing, and receipt of the required TSX Venture Exchange, regulatory and third party approvals and acknowledgments.

Following closing, Gemdale will continue to own 100 per cent of the Isoneva gold property until such time as Jesmond completes the terms of its earn-in and exercises its option. Gemdale will also continue to act as operator of the Isoneva gold property in accordance with the terms of the underlying option agreement.

Dr. Toby Strauss, president and chief executive officer, comments: "We are pleased to welcome Jesmond as our proposed new option partner for the Isoneva gold property. We look forward to working closely with the Jesmond team as we continue to advance Isoneva and unlock the significant potential we believe this project holds.

"The proposed assignment provides a clear path forward while maintaining the original terms of the option agreement and we look forward to building a strong working relationship with Jesmond as the project progresses."

Underlying option agreement terms

Following closing, to exercise the option, Jesmond will be required to:

1. Incur remaining aggregate exploration expenditures of $2.4-million (Canadian) before the option period under the underlying option agreement expires (June 25, 2028);
2. Before that option period expires, at Gemdale's election:
   1. Pay Gemdale $1-million (Canadian) in cash;
   2. Or issue to Gemdale $4-million (Canadian) worth of Jesmond common shares, valued at the higher of the 20-day volume-weighted average trading price and the lowest price permitted by the applicable stock exchange, subject to a 19.99-per-cent ownership limitation and a cash top-up for any balance that cannot be satisfied through the issuance of shares.

If Gemdale elects to receive the $1-million (Canadian) cash payment, additional contingent payments will become payable following exercise of the option, consisting of:

• $500,000 (Canadian) following the announcement of an aggregate 500,000-ounce gold or gold equivalent mineral resource on the Isoneva gold property in the measured or indicated categories;
• $1-million (Canadian) following the announcement of an aggregate one-million-ounce gold or gold equivalent mineral resource on the Isoneva gold property in the measured or indicated categories;
• $1.5-million (Canadian) following the announcement of the completion of a positive feasibility study for the Isoneva gold property.

Each case will be in accordance with the terms of the underlying option agreement. The underlying option agreement states that the contingent payment amounts are not cumulative and provides, as an example, that if the initial mineral resource exceeds one million, the aggregate cash payment then payable is $1.5-million (Canadian).

Upon Jesmond satisfying the applicable cash or share consideration and exploration expenditure requirements and exercising the option, a 100-per-cent undivided interest in the Isoneva gold property will vest in Jesmond, subject to a 2.0-per-cent net smelter return (NSR) royalty in favour of Gemdale.

Jesmond will have a one-time right, exercisable when the option is exercised, to reduce the NSR royalty from 2.0 per cent to 1.5 per cent by paying Gemdale $2-million (Canadian). Jesmond will also have the right at any time to reduce the NSR royalty to 1.0 per cent by paying Gemdale $3-million (Canadian) or to 0.5 per cent if Jesmond has also exercised the $2-million (Canadian) royalty reduction right.

Gemdale will initially act as operator of the Isoneva gold property and, subject to the terms of the underlying option agreement, will undertake exploration activities directed and financed by Jesmond. Gemdale will be entitled to an operator's fee equal to 10 per cent of qualifying exploration expenditures, reduced to 8 per cent for the portion of qualifying exploration expenditures exceeding $1-million (Canadian) in a calendar year.

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 the following.

Pontio gold project (western-central Finland)

Historical and recent drilling has outlined near-surface gold mineralization along a multikilometre trend that remains open along strike and at depth. The company started an infill and extension drill program in February, 2026, and, based on this program, plans to deliver a maiden mineral resource estimate in early 2027. Full exploration information has been disclosed in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, in a report titled "NI 43-101 Technical Report on the Pontio Project, Central Ostrobothnia, Finland," with an effective date of Sept. 30, 2025, and filed on SEDAR+ on Jan. 16, 2026.

Isoneva (western-central Finland)

Isoneva is an exploration-stage gold project located proximal to extensive boulder train anomalies. The property is subject to an option agreement with WestGold Metals (formerly called Nordique Resources), pursuant to which WestGold 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 section regarding the business of the corporation -- Jan. 1, 2025, to the date hereof.

Lapland projects (northern Finland)

Laplan is a group of exploration permits and applications located within a recognized gold and base metal exploration region, in proximity to several recent regional discoveries, including Rupert Resources' Ikkari gold project.

Nuotti (western-central Finland)

Nuotti is a copper-nickel-platinum-palladium exploration licence, where limited historical government drilling indicates the presence of near-surface copper-PGM (platinum group metal) mineralization.

Savo/Rantasalmi (southeastern Finland)

The exploration licence application area contains a historical inferred resource estimate of 3.23 million tonnes grading 2.7 grams per tonne (g/t) gold for approximately 276,000 ounces of gold prepared by a prior operator, Rupert Resources Ltd., and disclosed in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects.

In November, 2018, Rupert Resources 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 were 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 per ounce (oz) (current gold price of approximately 4,240 euros per oz). 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 with the 2011 resource estimate. The resource estimate was reported at a cut-off grade of 1.5 g/t gold (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. 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.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Dr. Toby Strauss, CGeol, EurGeol, a qualified person as defined in NI 43-101. Dr. Strauss, as president and CEO of the company, is not independent of the company.

Additional disclosure, including the company's financial statements, technical reports, news releases and other information, can be obtained on the company's website and on SEDAR+.

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