Mr. Kyle Stanfield reports

ONGOLD ANNOUNCES FILING OF NI 43-101 TECHNICAL REPORT FOR THE MONUMENT BAY GOLD PROJECT AND PROVIDES CORPORATE UPDATE

Ongold Resources Ltd. has filed on SEDAR+ a technical report prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, describing historical mineral resource estimates for its Monument Bay gold project. The report was prepared in accordance with the guidelines of NI 43-101 and the mineral resource estimates in the report are understood to have been estimated in conformity with generally accepted CIM (Canadian Institute of Mining, Metallurgy and Petroleum) "Estimation and Mineral Resource and Mineral Reserve Best Practices" guidelines.

The full technical report dated May 30, 2025, with an effective date of March 3, 2025, is entitled "Technical Report on the Monument Bay Project, Manitoba, NTS: 53K07." The report was prepared for Ongold Resources by Rodney Barber, BSc (honours), PGeo, and can be found under the company's issuer profile on SEDAR+.

About the project

Monument Bay is located in northeastern Manitoba, near the Ontario-Manitoba border, and represents a district-scale exploration opportunity with significant gold and tungsten mineralization over a 40-kilometre (km) strike length. Monument Bay is an advanced-stage exploration asset with over 233,000 metres drilled in more than 800 diamond core holes, while still having substantial exploration upside both within the known deposits and along underexplored satellite zones.

The report describes the historical exploration work completed at Monument Bay, particularly in the period from 1987 to 2021, including geological mapping and prospecting, trenching, geochemical sampling, airborne magnetometer and VTEM (versatile time-domain electromagnetic) surveying, local ground induced polarization and magnetometer surveys, and local humus, B-horizon soil and biogeochemical surveys. A total of 233,410 metres of diamond drilling has been completed in 818 holes, mostly focused on the Monument Bay Au-W (gold-tungsten) deposit. In addition, 120 reverse circulation holes were completed between 2019 and 2021 on a very wide (1.5-kilometre-by-1.5-kilometre) spacing across the property. Collectively, this work has resulted in multiple gold discoveries, most notably at the Monument Bay Au-W deposit, the Mid-East deposit, and the AZ zone and Gold Ridge areas, along important regional deformational/shear structures.

Previous operators have delineated three gold and tungsten mineralized zones on Monument Bay through diamond drilling, field sampling programs and limited surface stripping: the Monument Bay Au-W deposit, the Mid-East deposit and the AZ zone. Three types of gold mineralization have been identified within these zones associated with different generations of structures: (1) quartz-tourmaline plus or minus pyrite-arsenopyrite-pyrrhotite veins occur within both D1 and D3 shear zones, which strike easterly, and dip shallow and steeply to the south; (2) smoky quartz plus or minus pyrite-pyrrhotite-arsenopyrite-chalcopyrite veins, as well occur in steeply south-dipping D3 shear zones and typically have higher sulphide content but lower gold content than quartz-tourmaline veins; and (3) quartz-albite-ankerite-scheelite plus or minus pyrite-arsenopyrite-sphalerite-chalcopyrite-galena-stibnite are the dominant mineralization type observed in the Monument Bay, Mid-East and AZ deposits.

The report discloses a historical mineral estimate which identified approximately 2.3 million gold ounces (58.0 million tonnes at an average grade of 1.24 grams per tonne (g/t)) in the measured and indicated mineral resources categories, and 720,000 gold ounces (24.4 million tonnes at an average grade of 0.92 g/t) in the inferred mineral resources category. This consists of in-pit resources above a cut-off grade of 0.3 g/t gold. This historical mineral estimate, although compliant with NI 43-101 guidelines at the time it was prepared, is historical and should not be considered current. A qualified person has not completed sufficient work to classify this historical estimate as current mineral resources or mineral reserves, and, accordingly, it should not be relied upon. The author and the company are not treating the historical estimate as current mineral resources or mineral reserves. In order to verify the historical estimate, a qualified person needs to review the historical data, review any work completed at Monument Bay since the date of the historical estimate and complete a new mineral resource estimate. The author of the report and the company view this historical estimate as a conceptual indication of the potential size and grade of the gold-tungsten deposit in the area, and this information is relevant to ongoing exploration efforts.

New gold exploration targets identification

The compilation and new interpretive work completed by Ongold in 2025 resulted in the identification of five target areas, detailed below, for field exploration investigations with the goal of defining new targets for drilling. These zones are denoted and prioritized as follows:

1. Ankerite/Gold Pond area along the Twin Lakes shear zone (TLSZ);
2. AZ zone (easterly and westerly strike extensions);
3. Newly discovered Central zone;
4. Monument Bay deposit west extension, also located along the TLSZ immediately west of the Monument Bay deposit;
5. Gold Ridge along the Stull-Wunnumin fault/deformation zone.

The company is focused on exploring target areas that have the best opportunity to provide gold resource expansion opportunities. Ongold currently believes that the Ankerite/Gold Pond area, the AZ zone/Central zone area and the Monument Bay deposit west extension are the highest-priority areas, having the highest potential to discover new gold resources.

An integrated, multidisciplinary exploration program in two phases is recommended to advance Monument Bay. A phase 1 exploration program would include a compilation of known geology data and reinterpretation based on known geophysics, new, modern IP (induced polarization) surveys over the western extension of the Monument Bay Au-W deposit. The AZ zone and the Mid-East zone, followed up by geological mapping and prospecting of any new targets and known, historical gold showings, the completion of an airborne lidar (light detection and ranging) survey, conducting optical televiewer surveys on selected historical drill holes, complete an expanded audit of the diamond drill hole database and initiate additional assaying of stored pulps for tungsten.

The cost for all the above proposed work is budgeted at $2,855,600, which includes a contingency allowance of 10 per cent.

Contingent upon the results of phase 1, a phase 2 exploration program would include a 5,000-metre diamond core drilling to test the best exploration targets and any possible resource expansion opportunities in 10 to 20 holes. Additional geophysics, geochemistry and/or surface sampling may also be appropriate.

The scientific and technical content of this news release has been reviewed and approved by Rodney Barber, PGeo, for Ongold, who is a qualified person as defined by NI 43-101. Mr. Barber is the president of Ongold and is not considered independent. Continuing verification of scientific and technical information is achieved by direct involvement in the exploration work.

Corporate update regarding director resignation

Ongold announces that, effective immediately, independent director Thomas Gallo has resigned from the board of directors of Ongold in order to pursue other opportunities within the mining sector.

Mr. Gallo stated: "With my greater responsibilities in my new role, which I am excited to be pursuing, I unfortunately will not be able to give Ongold the attention that it deserves from an independent director. I continue to believe in the Ongold team and its projects, and I'm confident that Ongold will find a suitable replacement for me on its board of directors in the near term. I am looking forward to Ongold's future and will be monitoring its news releases closely."

Kyle Stanfield, chief executive officer of Ongold, stated: "I would like to thank Tom for his contributions to Ongold. We wish him the very best in his new role."

Ongold has not currently identified a replacement for Mr. Gallo's seat on its board of directors but is currently reviewing potential candidates. The company is grateful to Mr. Gallo for his services and wishes him the best in his future endeavours.

About Ongold Resources Ltd.

Ongold owns significant exploration assets in Northern Ontario and Northern Manitoba, including the district-scale Monument Bay gold-tungsten project, the TPK project, the Domain gold project and October gold project. These projects represent a strategic footprint in one of Canada's most prolific gold-producing regions.

We seek Safe Harbor.