Mr. Mike Sieb reports

PRESIDENT'S MESSAGE: ADVANCING THE FONDAWAY CANYON PROJECT DURING RECORD GOLD PRICES

Getchell Gold Corp. has provided the following shareholder letter.

Dear shareholders,

As we enter a new gold market paradigm, I wanted to emphasize the exceptional foundational value of the Fondaway Canyon gold project and the plans we have for this year to increase that value.

At the inception of exploration in 2020, we had a vision and a very good starting point, supported by the jurisdiction in which the project resides and the past exploration efforts that had defined a considerable historic resource.

The Fondaway Canyon gold project is located in Nevada, consistently recognized as one of top mining jurisdictions in the world, providing a strong level of confidence for investment, project development and acquisition.

Fondaway Canyon first came into prominence in the 1950s, with the discovery and ensuing mining of tungsten near the mouth of the canyon. However, it was with the discovery of gold in the mid-1970s that heralded a comprehensive period of exploration through to recent times, including the drilling of over 600 holes totalling 56,000 metres and 200 metres of exploratory underground development that, at today's dollars, would equate to the inheritance of over $50-million worth of exploration work.

Upon integrating the historical exploration into a new geomineralizing model, Getchell tested two priority target areas, 300 metres apart, with a phase 1 five-hole drill program. Two major gold zones were discovered, the Colorado SW and the high-grade North Fork gold zones. Subsequent drill programs in the Central area of the project, totalling 26 holes in all, encountered a remarkable string of drill successes, without fail, that continued to expand upon the mineralization.

Recognizing the immense potential of the Fondaway Canyon gold corridor, we turned to strengthening the operational and infrastructural aspects of the project. In November, 2023, we took decisive action to support and secure the project's future. Through staking, we expanded our claim holdings by 50 per cent, bringing the total claim area to 4,623 acres (1,871 hectares). This strategic move granted us sole control over the entire four-kilometre-long east-west gold corridor. Moreover, the expanded claim package offers fully sufficient area to support resource growth and the infrastructure required for future development.

Translating our exploration efforts into results, an updated mineral resource estimate was published in September, 2024, that more than doubled the historical mineral resource defined at the outset. Specifically, we delineated an indicated mineral resource of 13.5 million tonnes at an average grade of 1.49 grams per tonne gold, totalling 648,000 ounces of gold and an inferred mineral resource estimated at 44.8 million tonnes at 1.16 g/t Au, amounting to 1,670,100 ounces of gold. Notably, the gold mineralization starts at surface, a significant oxide cap was identified and the mineral resource remains open in most directions for further expansion.

Following the completion of the mineral resource estimate, we were now in a position to achieve a major milestone for both the project and the company. In February, 2025, we published a positive preliminary economic assessment on the Fondaway Canyon gold project. The PEA outlined an open-pit mining operation coupled with a conventional 8,000-tonne-per-day milling process, projecting an initial mine life of approximately 10.5 years. The economic analysis highlighted robust project economics, with a pretax net present value of $546-million (U.S.) and a 51.2-per-cent internal rate of return, and an after-tax NPV of $474-million (U.S.) and a 46.7-per-cent IRR, at a conservative 10-per-cent discount and gold price of $2,250 (U.S.) per ounce.

These compelling figures, especially considering the current price of gold sitting well above the economic model's base price, underscore the project's potential to deliver substantial returns and reinforces our confidence in its viability.

Understanding the critical role of metallurgy in project development, we conducted metallurgical studies on the mineralized host rock to determine an optimized processing pathway for the PEA and to ensure that the process plant design is both efficient and effective. The metallurgical testwork demonstrated the amenability of the mineralized material to conventional flotation and the generation of a low-weight high-grade concentrate. In addition, multielement analysis of the concentrate indicated that deleterious elements if present are not in sufficient quantity to negatively impact the sale of the concentrate, and the concentrate should be readily marketable to third party smelters or pressure oxidation facilities.

We are very pleased with the results of the preliminary economic assessment; however, this marks only the end to the first chapter for the company in a richer and longer story to come. As we reflect on the progress and achievements of Getchell Gold Corp. over the past 12 months, it is with great enthusiasm that I look forward. Our collective efforts have not only expanded the project's potential but have also laid a solid foundation for a promising future. As we step into 2025, we will continue to advance our key objectives and remain committed to unlocking the full value of the Fondaway Canyon gold project.

Looking ahead: strategic objectives for 2025

As we embark on 2025, our strategic objectives are clear:

1. Expand mineral resource: We are in quite a fortuitous position. The already sizable mineral resource remains open in most directions for further expansion. Through targeted drilling, by an initial drill program comprising 3,000 metres, we seek to extend the mineralization along strike and dip, increase the mineral resource, enlarge the open pit model, and thereby substantially enhance the project's overall value.
2. Increase gold recoveries: The metallurgical testwork conducted in support of the PEA reported highly satisfactory gold recoveries of 84 per cent. The testwork also identified process methods to improve on the recoveries; however, due to the commissioned scope of work and the allowable time frame, further testwork was not pursued. One of the objectives in 2025 is to conduct additional testwork to demonstrate increased gold recoveries and upgrade the concentrate. Gold recovery directly translates through to the economics, and any increased contribution can have a significant positive impact.
3. Updated preliminary economic assessment: Given the potential for significant increases generated by the planned 2025 drill program and metallurgical testwork, and the likelihood of a substantially higher gold price regime, the intent is to produce an updated PEA that could reveal a marked improvement beyond the current robust PEA.

Conclusion

The journey of advancing the Fondaway Canyon gold project is a testament to our team's dedication, strategic vision and operational success. The past year's achievements in combination with a strong gold market have positioned us for a future filled with opportunity. As we move forward, we remain committed to delivering value to our shareholders and stakeholders. Together, we will continue to unlock the potential of the Fondaway Canyon gold project, paving the way for a successful 2025.

Thank you for your continued support.

Sincerely,

Mike Sieb,

President, Getchell

About Getchell Gold Corp.

The company is a Nevada-focused gold and copper exploration company trading on the Canadian Securities Exchange: GTCH, on the OTCQB: GGLDF and on the Frankfurt Stock Exchange: GGA1. Getchell Gold is primarily directing its efforts on its most advanced stage asset, Fondaway Canyon, a past gold producer with a large mineral resource estimate and a recently published robust preliminary economic assessment. Complementing Getchell's asset portfolio is Dixie Comstock, a past gold producer with a historic resource.

We seek Safe Harbor.