Mr. David Grondin reports

TOMAGOLD INTERSECTS 17.4% CU OVER 0.4 M IN A NEW NORTH-SOUTH ZONE ON ITS OBALSKI PROPERTY

TomaGold Corp. has released the latest results from the 2023 drilling program on the Obalski property, located two kilometres (km) south of Chibougamau, Que. The program began in June, 2023, and was completed at the end of July, 2023. It was interrupted twice by forest fires in the region.

Highlights:

• Latest results from 2023 drilling program reveal new north-south-trending polymetallic zone;
• Best results from the 1,540-metre (m) drilling program include:
  • Hole OBS-23-031: 0.51 gram per tonne (g/t) gold (Au), 11.8 g/t silver (Ag) and 1.09 per cent copper (Cu) over 1.80 m;
  • Hole OBS-23-031: 2.03 g/t Au, 13.0 g/t Ag and 0.59 per cent Cu over 0.55 m;
  • Hole OBS-23-032: 0.47 g/t Au, 47.5 g/t Ag and 2.84 per cent Cu over 2.30 m, including 0.09 g/t Au, 303.0 g/t Ag and 17.40 per cent Cu over 0.40 m;
  • Hole OBS-23-034: 5.27 g/t Au, 23.7 g/t Ag and 0.48 per cent Cu over 0.75 m;
  • Hole OBS-23-035: 0.63 g/t Au, 36.05 g/t Ag and 2.42 per cent Cu over 1.55 m;
• Future work will include targeted geophysical surveys followed by drilling.

The program consisted of six drill holes for a total of 1,539.9 m. The NQ-diameter core was stored in TomaGold's core shack at the industrial park. The objective of the program was to demonstrate the presence of a north-south-trending polymetallic mineralized system initially identified by two holes drilled in 2017, namely hole OBS-17-002, which intersected 10.25 g/t Au, 42.15 g/t Ag and 7.80 per cent Cu over 3.10 m, and hole OBS-17-010, which intersected 0.18 g/t Au, 14.40 g/t Ag and 1.17 per cent Cu over 0.33 m.

The results presented in the attached table suggest the presence of a new north-south-trending zone (020 degrees) that dips to the east between minus 50 degrees and minus 60 degrees, which will require further work to better define.

David Grondin, president and chief executive officer, of TomaGold, said: "The results at Obalski continue to demonstrate the strong exploration potential of this former gold and copper producer located in one of Quebec's main mining camps and only two km from Chibougamau. Our objective in 2025 will be to carry out further work to better define its potential."

"These latest drilling results add to the gold and copper potential of Obalski," commented Jean Lafleur, vice-president of exploration of TomaGold. "According to the technical committee's recent review of the Obalski project, there are possibly several of these north-south structures. The main recommendation is to carry out targeted geophysical surveys along its 020-degree structures, followed by additional drilling."

Sample preparation and analysis

TomaGold has implemented and is adhering to a strict quality assurance/quality control program for the current drilling program. The core is sawed in half, with one-half kept as a witness sample in Chibougamau and the other half shipped directly by bus to ALS Chemex in Val d'Or, Que. ALS grinds the half core to one-eighth inch, split it into two halves, and keeps one-half as a witness (reject) in Val d'Or. ALS pulverizes the other half to minus 150 mesh, takes a 50-gram sample for analysis and keeps the rest, identified as pulp.

The technical content of this news release has been reviewed and approved by Jean Lafleur, PGeo, the company's vice-president of exploration and a qualified person under National Instrument 43-101.

About the Obalski property

The Obalski gold-copper-silver property comprises 75 claims covering 27 square km, one 85-metre shaft and two ramps. Obalski hosts nine separate Cu-Au-Ag mineralized zones -- the A/A-Po, B, C, D, G, South, Beaulieu, Peninsula and Wilson zones -- in the DLIC. Historical mining yielded 110,300 tonnes at 2.08 g/t Au, 6.04 g/t Ag and 1.14 per cent Cu from the combined A/A-Po zone (1).

More than 540 holes were drilled on the property for 78,000 m. The historical drilling was done from surface to 150 m along the 800 m southeast-northwest 110-degree mineralized corridor anomalies of the A and B zones, also defined by InfiniTEM anomalies.

About TomaGold Corp.

TomaGold is a Canadian mineral exploration company engaged in the acquisition, assessment, exploration and development of gold, copper, rare earth elements and lithium projects. Its primary goal is to consolidate the Chibougamau mining camp in Northern Quebec. In addition to the agreements to acquire 13 properties in the camp, the company holds interests in five gold properties in the vicinity of the camp: Obalski, Monster Lake East, Monster Lake West, Hazeur and Doda Lake. TomaGold also owns a 100-per-cent interest in a lithium property and in the Star Lake rare earth elements property, located in the James Bay region of Quebec, as well as a 24.5-per-cent interest in the Baird property, located near the Red Lake mining camp in Ontario, through a joint venture with Evolution Mining Ltd. and New Gold Inc.

(1) Source: SIGEOM website and Camchib Exploration internal reports.

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