Mr. Rick Mark reports

HARVEST GOLD ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT WITH CRESCAT CAPITAL AS LEAD INVESTOR

Subject to the approval of the TSX Venture Exchange and further to its news release of July 3, 2025, Harvest Gold Corp. has closed its non-brokered private placement raising gross proceeds of $2,295,549.86.

The offering consisted of 11,660,199 units at a price of 7.5 cents per unit for proceeds of $874,514.93 and 13,533,666 charity flow-through units at a price of 10.5 cents per charity flow-through unit for proceeds of $1,421,034.93.

Crescat Capital LLC, as the lead investor in the offering, purchased 5,866,666 units, bringing its non-diluted ownership of Harvest Gold common shares to approximately 19.73 per cent. Crescat's participation constitutes a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 based on the exemptions provided in Section 5.5(c), Distribution of Securities for Cash, and Section 5.7(b), Fair Market Value Not More than $2,500,000, respectively.

Quinton Hennigh, geologic and technical adviser at Crescat Capital, stated: "Harvest Gold has, in my view, a very attractive land position over a highly prospective greenstone belt that hosts the nearby Windfall deposit. Although in the early stage, Harvest Gold's team collected solid geophysical and geochemical data that define some compelling greenfield targets. They are now set to conduct their first drill program to test these targets. I find it refreshing to see a company tackle something bold and new like this and look forward to seeing what they encounter."

Rick Mark, president and chief executive officer of Harvest Gold, stated: "We are grateful to Crescat and the outstanding group of investors who have supported us in this round and over the past two year as we established ourselves in Quebec. I am very pleased to say that the drilling at Mosseau will begin shortly and that, concurrently, we will be exploring Urban Barry and Labelle for the first time."

Each charity flow-through unit comprises one common share of the company and one common share purchase warrant of the company, each of which qualifies as a flow-through share (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)). Each unit consists of one common share and one warrant. Each warrant entitles the holder thereof to acquire one common share at a price of 12 cents per warrant share for a period of two years following the closing date of the offering.

The company anticipates using the proceeds from the issue and sale of the units for the 2025 drilling campaign, various other exploration expenses and general working capital.

The gross proceeds raised from the charity flow-through units will be used by the company to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures (as both terms are defined in the Income Tax Act (Canada)) related to the company's projects in Quebec. The company will renounce qualifying expenditures with an effective date of no later than Dec. 31, 2025, in an amount of not less than the total amount of the gross proceeds raised from the issuance of the charity flow-through units, and incur such expenses by Dec. 31, 2026.

All securities issued will be subject to a four-month hold period pursuant to securities laws in Canada, expiring on Dec. 1, 2025.

In connection with the offering, the company paid finders' fees consisting of $19,790 cash and 263,867 non-transferable finder warrants to arm's-length finders. Each finder warrant is exercisable at 12 cents until the expiry date.

About Harvest Gold Corp.

Harvest Gold has three active gold projects focused in the Urban Barry area, totalling 329 claims covering 17,539.25 hectares, located approximately 45 to 70 kilometres east of Gold Fields' Windfall deposit.

The company's board of directors, management team and technical advisers have collective geological and financing experience exceeding 400 years.

Harvest Gold acknowledges that the Mosseau gold project straddles the Eeyou Istchee-James Bay and Abitibi territories. Harvest Gold is committed to developing positive and mutually beneficial relationships based on respect and transparency with local indigenous communities.

We seek Safe Harbor.