Mr. Colin Smith reports

TOOGOOD GOLD CORP. OPTIONS GOLDEN NUGGET PROPERTY, EXPANDING CONTIGUOUS AND HIGHLY PROSPECTIVE TOOGOOD GOLD PROJECT IN NEWFOUNDLAND

Toogood Gold Corp. has acquired an option to acquire a 100-per-cent interest the Golden Nugget property, a highly prospective group of claims contiguous to the company's flagship Toogood gold project, located on New World Island, Newfoundland, Canada.

Key point summary:

• Golden Nugget consists of a 3,000-hectare land package covering over 12 kilometres of underexplored fertile gold trend;
• Secures an additional greater than 10 kilometres of Melange contact, which now totals greater than 15 km of prospective strike property-wide;
• Notably, an 8.5-kilometre-long trend of strongly anomalous coastline hosts a subset of:
  • 148 historical rock samples which grade greater than or equal to one gram per tonne gold (average of approximately seven g/t Au);
  • 87 per cent (n equal to 129) of these samples are reported as outcrop sourced;
  • Includes a 6.5-kilometre-long trend hosting 36 historical rock samples grading greater than five g/t Au (average of approximately 26 g/t Au), with 83 per cent (n equal to 30) reported as outcrop sourced;
• High-grade gold (greater than five g/t) occurs in all rock groups, with historical channel samples having returned values of 50.2 g/t gold over 1.1 m, 87 g/t over 0.8 m and 29.2 g/t over 2.5 m;
• A comprehensive coastline rock sampling and mapping program to verify historical results is to commence in mid-October.

"The Golden Nugget acquisition represents a compelling opportunity for Toogood, adding 3,000 hectares and greater than 12 kilometres of highly prospective strike along a highly underexplored, fertile gold trend," said Colin Smith, chief executive officer of Toogood Gold. "Of particular significance is the 8.5-kilometre-long stretch of coastline, where historical rock sampling consistently returned high- to bonanza-grade gold directly from outcrop. It is extremely rare to see such a continuous, high-grade trend at surface that is devoid of extensive modern-day exploration. We look forward to launching our October rock sampling and mapping program to validate these exceptional results and lay the groundwork for potential future drilling."

Summary of transaction

The option agreement allots and issues, over a four-year earn-in period, an aggregate of $330,000 in cash and $370,000 in common shares at a price equal to the consideration share price, to be issued as follows:

• Cash:
  1. $50,000 cash payment within one year of the agreement signature;
  2. $70,000 cash within two years of the effective date;
  3. $90,000 cash within two years of the effective date;
  4. $120,000 cash within two years of the effective date;
• Common shares:
  1. 90,000 in common shares after receipt of TSX Venture Exchange approval;
  2. $40,000 in common shares on the date that is one year from the effective date;
  3. $60,000 in common shares on the date that is two years from the effective date;
  4. $80,000 in common shares on the date that is three years from the effective date;
  5. $100,000 in common shares on the date that is four years from the effective date;
• Royalty:
  1. Grant to the optionors a 2.0-per-cent net smelter return (NSR) royalty over the property;
  2. Subject to the right of the optionee to acquire 50 per cent of the NSR royalty for $1.5-million at any time prior to the commencement of commercial production on the property.

Qualified person

Colin Smith, MSc, PGeo, a qualified person under National Instrument 43-101, has reviewed and approved the technical information contained in this news release. Mr. Smith is not independent and serves as chief executive officer and a director of Toogood Gold and owns securities of the company.

About Toogood Gold Corp.

Toogood Gold is a Canadian exploration company focused on the discovery and development of high-grade gold deposits in Newfoundland. The company's flagship asset, the district-scale (118-square-kilometre) Toogood gold project, is located on New World Island within the highly prospective Exploits subzone, a structurally complex and underexplored district known for significant recent gold discoveries. The project's inaugural drill program in 2022 yielded a high-grade, at-surface gold discovery, intercepting visible gold in 15 of 19 core holes, with mineralization remaining open in all directions. The Toogood gold project is accessible by paved highway and hosts extensive development infrastructure, including electrical lines, water and proximity to tidewater.

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