Mr. Mike England reports

GOLDEN LAKE ANNOUNCES SIGNING OF NEW LEASE ON JEWEL RIDGE, NEVADA

Golden Lake Exploration Inc. has entered into of a mining lease with option to purchase dated Dec. 22, 2025, with GM Squared LLC, a Nevada limited liability company (the lessor), the owner of 96 unpatented federal mining claims and 11 patented mining claims (roughly 80 per cent) on the Jewel Ridge project located near Eureka, Nev. The lease agreement replaces an original lease with purchase option entered into on March 8, 2004.

The lease agreement has a term of seven years during which the company is required to make annual lease payments in the amount of $25,000 (U.S.) per year, and during the first three years incur a minimum of $1-million (U.S.) in expenditures on mining, exploration and development activities with respect to the property. The company is also required to make all Bureau of Land Management filings and records, and to pay all taxes and fees to maintain the property in good standing.

During the term, the company has an option to purchase the property for $3-million (U.S.), less the aggregate lease payments paid under the lease agreement.

Upon commencement of production, the company will be required to pay the lessor a royalty on production equal to 4.0 per cent of net smelter returns. The company has the option to buy down the royalty for the following payments: (a) $1-million (U.S.) for the first percentage point; (b) $1.5-million (U.S.) for the second percentage point; (c) $2.5-million (U.S.) for the third percentage point; and (d) $3-million (U.S.) for the fourth percentage point.

The company may terminate the lease agreement on 30-day written notice, and the lessor may terminate the lease agreement if the company is in default of its obligations under the lease agreement, including failure to pay to make rental, royalty or any payments to maintain the property free of liens or encumbrances, and payments to make up for any work commitments, which are subject to a 30-day cure period.

The company's Jewel Ridge project also comprises, in addition to the lease claims, the 19 patented claims that the company acquired from a wholly owned affiliate of Greencastle Resources Ltd. that are adjoining to the lease claims, pursuant to the exercise of an option by the company on May 4, 2023, granted under an option agreement dated Nov. 1, 2019, with Greencastle. The Rainbow claims are subject to a royalty of 3.0 per cent on the net smelter returns, which the company has the option, exercisable until May 4, 2030, to buy down such royalty to purchase two-thirds of such royalty (being 2.0 per cent) for cancellation in consideration of $2-million, such that, upon such purchase, the royalty shall be reduced to 1.0 per cent of the net smelter returns. The royalty on the Rainbow claims does not apply to the lease claims.

In April, 2022, the company added to the Jewel Ridge property with the Lord Byron patented claims comprising four acres (1.63 hectares) and contiguous with the company's A & E targets (over the Albert and Eloise patented claims), and without any royalties or obligations. See the company's news release dated April 13, 2022.

Finally, in September, 2023, the company staked an additional 46 Bureau of Land Management lode claims totalling 924 acres near its Jewel Ridge project in Eureka county, Nevada. The property consists of unpatented lode claims that are 100 per cent owned by the company, without any royalty obligations or work commitments. See the company's news release dated Sept. 26, 2023.

Correction to previous release

The company announced, on Dec. 4, 2025, the issuance of a promissory note to use for advance royalty payments owed under its option agreement with Greenlane Resources Ltd. which should have read under its option agreement with Greencastle Resources.

About Golden Lake Exploration Inc.

Golden Lake Exploration is a junior public mining exploration company engaged in the business of mineral exploration and the acquisition of mineral property assets.