Mr. Denis Laviolette reports

PIRATE GOLD CONTINUES ITS REGIONAL CONSOLIDATION OF THE TREASURE ISLAND PROJECT AND PROVIDES DRILLING UPDATE

Pirate Gold Corp. has added an additional 113 mineral claims to its wholly owned Treasure Island project in central Newfoundland. The Treasure Island project now covers over 90 kilometres of strike along the Valentine Lake fault zone in Canada's newest gold district.

Drilling program update:

• Two diamond drills are currently active at the Treasure Island project, with a third drill anticipated to mobilize in early 2026.
• One drill is focused on the expansion of the Moosehead Eastern and Western trends and has completed six holes to date.
• The second drill rig is conducting regional exploration drilling localized within several kilometres of the Moosehead zone and has completed two holes to date.
• Initial visual observations from completed drill holes are summarized below.

The company cautions that the presence of visible gold mineralization is not indicative of high gold assay grades and that drill core samples will or have been submitted to a certified laboratory for analysis of gold content. Assay values for the discussed intervals will be released when available. All intervals are downhole depths, and true widths are not known at this time.

Pirate Gold Treasure Hunters -- episode 2: drilling under way at Treasure Island

Episode 2 of Pirate Gold Treasure Hunters provides shareholders with a behind-the-scenes look at the early stages of the drilling campaign and features:

• Visual updates from the first drill holes at Moosehead;
• Initial drilling insights from regional geophysical targets;
• An overview of the expanding exploration team and regional strategy.

Mineral claims addition:

• Three separate mineral licence purchase agreements have been executed to acquire 77 mineral claims covering 1,925 hectares;
• Recent staking has added an additional 36 mineral claims covering 900 hectares.

"The consolidation of a fragmented mineral tenure along the Valentine Lake fault corridor has been one the key first steps for the company to build value in this district. Starting with its advanced-stage Moosehead project, the company has grown its exploration focus to cover over 90 kilometres of strike length along the prospective fault corridor. Today's announcement continues to build that regional-scale project.

"The initial focus of our 50,000-metre drilling program has been to explore both within and around the immediate vicinity of the Moosehead zone looking for other similar gold-bearing structures. Our exploration ethos has been that Moosehead shouldn't be a singular high-grade structure and that it fits into a larger mineral system, as seen in other orogenic gold deposits. Our acquisition of the Stony Lake project south of Moosehead in October includes historical drilling results up to 1.88 grams per tonne gold over 27.35 metres and 1.52 grams per tonne over 31.75 metres, located just five kilometres south of the Moosehead fault structure, which indicates there is much more to learn about the gold mineralization in this part of the Treasure Island project," said Greg Matheson, vice-president, exploration, of Pirate Gold.

Note: The qualified person has not done sufficient work to verify the drilling results published by K9 Gold Corp.

Pirate Gold has entered into an agreement with Paradigm Minerals, Ian Farrell, Rebecca Heathcote and Katie Lewis to acquire a 100-per-cent interest in and to four mineral licences. In consideration the company will, subject to TSX Venture Exchange approval, make a one-time cash payment of $400 to Mr. Farrell, $2,000 to Ms. Heathcote and $9,960 to Ms. Lewis; issue 20,000 common shares to Mr. Farrell, 50,000 common shares to Ms. Heathcote and 230,000 common shares to Ms. Lewis; and grant a 1.5-per-cent NSR (net smelter return) royalty to Ms. Lewis, one-half of which Pirate Gold can purchase for $1-million.

The company has also entered in an agreement with Kevin Keats and 91112 Newfoundland and Labrador Inc. to acquire a 100-per-cent interest in and to one mineral licence. In consideration, the company will, subject to TSX-V approval, make a one-time cash payment of $10,000, issue 250,000 common shares and grant a 1.0-per-cent NSR royalty, one-half of which Pirate Gold can purchase for $1-million.

The company has entered in an agreement with Brian Jones and Gary Rowsell to acquire a 100-per-cent interest in and to one mineral licence. In consideration, the company will, subject to TSX-V approval, make a one-time cash payment of $2,500 to Mr. Jones and $2,500 to Mr. Rowsell; issue 50,000 common shares to Mr. Jones and 50,000 common shares to Mr. Rowsell; and grant a 1.0-per-cent NSR royalty allocated 50 per cent to Mr. Jones and 50 per cent to Mr. Rowsell, one-half of which Pirate Gold can purchase for $1-million.

Qualified person

Greg Matheson, PGeo, vice-president, exploration, for Pirate Gold, a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

About Pirate Gold Corp.

Pirate Gold is led by an experienced management team and is the dominant explorer along the Valentine Lake fault zone in Newfoundland, Canada's newest gold district. The company's primary focus is its 100-per-cent-owned district-scale Treasure Island gold project, along with a portfolio of gold projects, including the district-scale Fleur de Lys project.

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