Mr. Kyle Stanfield reports

ONGOLD ANNOUNCES COMMENCEMENT OF 2026 PHASE 2 DIAMOND DRILLING PROGRAM AT TPK

Ongold Resources Ltd. has commenced its phase 2 exploration diamond drilling program at the Ti-pi-ha-kaa-ning (TPK) project in Northern Ontario. TPK is located on the regional communities' winter-road network, which connects directly to the Musselwhite gold mine access road north of Pickle Lake. The program is expected to continue through late November, 2026.

Kyle Stanfield, chief executive officer and director of Ongold, commented: "With the spring TPK field mapping and geophysics program successfully completed, we are extremely pleased to now be initiating the fall 2026 drilling program on several high-grade gold targets. This phase 2 drill program is designed to advance our understanding of targets previously tested that resulted in outstanding gold grades. Initiation of this program marks a key milestone in enhancing our understanding of the project's mineralized structures, and overall gold, silver and base metal potential."

The TPK project comprises 2,835 cell claims covering approximately 76,292 hectares in Northern Ontario and hosts multiple mineralized structures and exploration target areas. Historical drilling, gold-grain-in-till anomalies and gold-bearing boulder dispersal trains have informed the company's exploration targeting across the property.

Prior drilling programs highlights

All intervals reported below are downhole core lengths. True widths have not been determined. Grab samples are selective by nature and may not be representative of mineralization on the TPK project.

Discovery zone: near-surface target -- definition drilling to be undertaken

• GR-25-011: 19.39 grams per tonne Au over a core length of 8.20 metres (11.8 to 20.0 m) including 359 g/t Au over 0.30 m (11.8 m to 12.1 m).

Goose Lake structure

• Historical drill hole TPK-10-004: 25.87 g/t Au over a core length of 13.5 m (149.3 to 162.8 m) including 46.0 g/t Au over a core length of 0.5 m (153.0 to 153.5 m), 139.4 g/t Au over 1.7 m (156.8 to 158.5 m), including 749.0 g/t Au over a core length of 0.3 m (157.2 to 157.5 m) and 127.0 g/t Au over 0.7 m (162.0 to 162.7 m);
• Historical drill hole TPK-11-013: 4.31 g/t Au over a core length of 6.84 m (186.96 to 193.80), including 13.59 g/t Au over 1.5 m (192.3 to 193.8 m), including 34.00 g/t Au over 0.50 m (192.3 to 192.8 m).

Crying Boy Lake structure

• Historical drill hole TPK-12-030: 8.70 g/t Au, 16.74 g/t Ag and 0.67 per cent Cu over a core length of 3.6 m (223.00 to 226.6 m) including 30.38 g/t Au, 51.12 g/t Ag and 1.91 per cent Cu over 1.0 m (225.0 to 226.0 m) including 59.60 g/t Au, 92.30 g/t Ag and 3.19 per cent Cu over 0.5 m (225 to 226 m).

Sidewinder zone -- new 2026 target

• Shear diorite structure with a minimum strike length of 70 m; not yet drill tested. Surface grab/chip rock samples returned 10.70 g/t Au, 6.48 g/t Au; 5.21 g/t Au, 3.40 g/t Au, 2.90 g/t Au, 2.26 g/t Au, 1.08 g/t Au and 0.89 g/t Au.

Discovery West

• GR-25-012: 0.30 g/t Au and 1.60 g/t Ag over a core length of 56.4 m and an apparent east-trending shear zone 11.10 per cent Cu, 218 g/t Ag and 4.45 g/t Au over 0.40 m (319.2 to 319.6 m).

2026 phase II drill program outline

Recent fieldwork completed in June and July, 2026, previously reported in Ongold's Aug. 24, 2026, news release, together with the company's 2025 drilling campaign and continuing data compilation, has reinforced the prospectivity of this underexplored region and supported the advancement of a 2,100-metre diamond drilling program.

The program is designed to follow up on high-grade gold mineralization intersected in both the 2025 campaign and historical drill holes, while testing the continuity of interpreted gold-hosting structures. Drill targets have been defined through integrated 3-D modelling that incorporates previous drill results, newly acquired and historical geophysical data sets, surface bedrock mapping and mineralization observations, and continuing geological interpretation.

Continuous downhole sampling and oriented core data will further refine the understanding of structural controls on gold-silver-copper mineralization and support the development of high-priority targets across the project area.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Paul Dunbar, PGeo, vice-president, exploration, of Ongold, a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Dunbar is not independent of the company. Limitations: The QP has not verified all underlying historical data for the entire TPK data set and verification is limited to the referenced drill holes. Continuing verification of scientific and technical information is achieved by direct involvement in the exploration work.

QA/QC and assay procedures

Quality assurance/quality control (QA/QC) procedures were executed to ensure all work is conducted in accordance with best practices. Sample verification is the same for grab rock samples except that only 5 per cent of the samples are dispatched to the secondary laboratory for assay verification. Drill core was cut in half with one-half of the core prepared for shipment and the other half retained for future verification. Samples were placed into security-sealed bags for shipment. Drill core is BQTK size and sample intervals range from 0.3 metre to 1.5 metres in length. Commercially prepared certified reference material (CRM) standards and blanks were inserted at a rate of one QA/QC sample in every 10 core samples.

Samples were analyzed at Activation Laboratories facility in Thunder Bay, Ont., and Ancaster, Ont., which are ISO 17025 and ISO 9001 certified. Samples were initially analyzed by 50-gram fire assay with atomic absorption finish. Any sample assaying greater than five g/t Au was reassayed by fire assay gravimetric analysis. Selected samples have been analyzed by screened metallics method.

Geochemical analyses were performed by Activation Laboratories and consist of aqua regia digestion and analyses for 38 elements by ICP. Overlimit samples are reassayed for silver and copper by aqua regia digestion using inductively coupled plasma optical emission spectroscopy (ICP-OES), Actlabs code "8 - AR - ICP-OES." A 0.5 g sample is digested in aqua regia and diluted volumetrically to 250 millilitres with 18 megaohm water. Certified reference materials for the appropriate elements are digested the same way and are used as a verification standard(s). Samples are analyzed on an ICP-OES.

About Ongold Resources Ltd.

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

With its extensive technical expertise, strong commitment to social acceptability, mindful indigenous engagement and partnerships, in addition to a proven record of responsible exploration, Ongold's team is uniquely positioned to unlock the full potential of its portfolio of projects.

We seek Safe Harbor.