Mr. Mike Sieb reports

GETCHELL GOLD CORP. LEASES DIXIE COMSTOCK PROPERTY

Getchell Gold Corp. has entered into a mining lease agreement with Montana Goldfields LLC, an arm's-length party, pursuant to which the company, through its wholly owned subsidiary Getchell Gold Nevada Inc., will lease the Dixie Comstock gold mine to Montana for the purposes of exploration for and the development of mining and processing of minerals for a term of 20 years.

Mining lease agreement

Montana Goldfields is a privately held Nevada corporation whose principals have a combined record of successful development and operation of precious and base metal mines in the United States and Mexico. More recent mining projects include the Carmen gold mine and Pediment Gold's La Colorada mine, with both producing gold and silver in Sonora, Mexico.

The parties involved in Montana Goldfields have combined over 100 years mineral resource experience ranging from exploration and permitting through development and production.

In consideration for the mining lease, Montana will pay the company $25,000 (U.S.) upon the execution of the lease agreement.

In addition, Montana has agreed to pay the company minimum advance royalty payments in the amount of $25,000 (U.S.) on or before the first anniversary of the effective date, and each year thereafter throughout the term of the mining lease.

Montana has also agreed to the following work commitment in exploration costs directly expended on the property:

1. During the first lease year, expend a total of no less than $100,000 (U.S.);
2. During the second lease year, expend a total of no less than $200,000 (U.S.);
3. During the third lease year and each subsequent lease year, expend a total of no less than $300,000 (U.S.).

In addition to a certain 2-per-cent net smelter return production royalty owing to Canagold Resources Ltd. through Canagold's wholly owned subsidiary, American Innovation Minerals LLC, pursuant to a royalty deed dated April 19, 2024, between Getchell Gold Nevada and American Innovation Minerals, Montana has agreed to pay a 2-per-cent net smelter return production royalty to the company based on a percentage of net smelter returns from the production of minerals from the property.

During the term of the mining lease, Montana has the option to purchase up to 1 per cent of the NSR royalty for $1-million (U.S.) and the right to purchase up to 1 per cent of the American Innovation Minerals NSR royalty for $1-million (U.S.).

Dixie Comstock mine

The Dixie Comstock mine is a past small-scale producer of gold, located in Churchill county, Nevada, 160 kilometres east of Reno, abutting the eastern flank of the Stillwater Range in Dixie Valley. The property consists of 44 unpatented mining claims covering 725 acres (293.5 hectares).

Gold was discovered at Dixie Comstock in 1935, with the majority of the historic development and mining taking place in the intervening years through to 1942 when mining activities were halted by an order issued by the War Production Board requiring all non-essential gold mines to cease production. Through this period, four mining levels, vertical shafts and a 200-foot decline were developed and a flotation circuit mill with a cyanide plant was constructed. Cumulative production was reported as having 17,880 tons of ore mined at a 0.8-ounce-per-ton-gold-equivalent grade with recoveries of 4,182 ounces of gold and 6,737 ounces of silver.

Sporadic activity occurred between 1952 and 1975, culminating in the select mining and shipping of 86 tons of material grading 2.3 ounces per ton gold to the Asarco smelter, which produced 172 ounces of gold, equating to recoveries of 87 per cent. At the end of this period, all production occurred within 100 feet of surface.

From 1982 through to 1991, various operators completed 64,563 feet of drilling, consisting of 179 reverse circulation, core and rotary drill holes, with an average spacing of 50 to 70 feet. Drilling has delineated a well-mineralized zone trending 300 metres north-northeast along surface, approximately 100 metres thick, that has been traced for 200 metres down dip. The mineralization remains open down dip to the east.

One of the primary factors underlining the reason that the recommissioning of the Dixie Comstock mine did not proceed was due to the presence of a wilderness survey area (WSA) partially overlying the property and constraining development. The WSA was released, in December, 2022, completely removing the impediment and opening the greater area to mining and development.

The qualified person (as defined in National Instrument 43-101) who reviewed and approved the scientific and technical information in the news release is Patrick McLaughlin, PGeo, senior project geologist at Getchell Gold, and he is non-independent.

About Getchell Gold Corp.

The company is a Nevada-focused gold exploration company trading on the Canadian Securities Exchange (under the symbol GTCH), the OTCQB (under the symbol GGLDF) and the Frankfurt Stock Exchange (under the symbol 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 recently published preliminary economic assessment.

We seek Safe Harbor.