Mr. Gordon Robb reports

ESGOLD COMPLETES MONTAUBAN MILL BUILDING CONSTRUCTION AND MOVES TOWARD PRODUCTION READINESS

Esgold Corp. has completed the main mill building at its fully permitted Montauban gold-silver project in Quebec, marking a key step on the company's path toward production. With structural work finalized, Esgold is now advancing to equipment procurement and installation, moving the project into its commissioning phase.

The Montauban mill building structure, concrete flooring and interior divisions have been fully completed. The on-site gold room and laboratory are now complete, providing facilities for metallurgical testing and exploration analysis, while securely housing gold and silver dore prior to shipment to off takers and refineries. With the facility complete, Esgold is now transitioning to the next critical phase-equipment sourcing, delivery and installation -- to prepare for commissioning. Montauban newly revamped mill building, November, 2025 -- main structure complete.

Next steps toward production

Esgold has initiated procurement of the processing equipment required to complete the Merrill Crowe circuit, including clarifying tanks, filtration units and vacuum systems. Once all components are received, the team will move into system integration and commissioning, ensuring seamless alignment with the plant's clean, closed-circuit design.

The company anticipates commissioning activities to follow shortly after installation, leading to the first gold and silver production from Montauban in 2026.

Quote from Gordon Robb, chief executive officer: "Completing the mill building is a defining achievement for Esgold. This milestone transitions us from construction to commissioning and represents tangible progress toward near-term production," said Gordon Robb, CEO of Esgold. "Our team has done an incredible job keeping the project on schedule. We are now focused on ordering, installing and integrating equipment to bring Montauban on line. In parallel, our geological team is finalizing the comprehensive 3-D model that will guide the next phase of exploration and expansion. We're building not just a mine, but a long-term platform for growth and value creation for our shareholders."

Exploration planning and 3-D model progress

As construction advances, Esgold's geological and technical teams are completing the final stages of the comprehensive 3-D geological model for the Montauban district. This model integrates geophysical, historical and ANT survey data to refine drill targets and identify deeper mineralized structures. The results will form the foundation for an expanded exploration strategy designed to unlock Montauban's broader discovery potential.

Upcoming milestones

• Completion and public release of the Montauban 3-D geological model to guide exploration and resource expansion;
• Initiation of a targeted exploration and drill program based on newly interpreted structural data;
• Sourcing and procurement of key processing equipment to advance construction and readiness for commissioning;
• Delivery and installation of Merrill-Crowe circuit components to enable on-site gold and silver recovery;
• Progress toward first gold and silver production in 2026, marking the transition from construction to operations.

Why this matters to investors

Completion of the Montauban mill building derisks Esgold's transition to production and demonstrates the company's ability to execute efficiently. With funding secured, construction complete and procurement under way, Esgold is well positioned to move from build to commissioning. The combination of near-term cash flow potential and large-scale exploration upside continues to define Esgold as one of Canada's most advanced, scalable clean-mining developers.

Qualified person

The technical content of this news release has been reviewed and approved by John Langton (PGeo), a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. The bench testing summarized in this press release was supervised by Edmond St-Jean, Ing, whose underlying report notes that samples were collected from the Montauban site and used as received for metallurgical analysis. Data and results are preliminary but considered reliable for disclosure purposes.

Reliance on updated preliminary economic assessment (PEA)

Esgold's advancement of the Montauban project is supported by the results of its updated preliminary economic assessment (PEA), which remains the current technical study for the property. The PEA outlined an after-tax NPV (net present value) (5 per cent) of $24.27-million and an after-tax IRR (internal rate of return) of 60.3 per cent, along with a pretax NPV (5 per cent) of $44.53-million and a pretax IRR of 105.1 per cent, underscoring robust economics with a payback period of less than two years from production start. The study demonstrated strong project economics with low capital intensity and high operating margins, highlighting the potential for early cash flow from reprocessing of historical tailings and production of gold and silver dore.

Cautionary note on production decision

The company cautions that its decision to proceed with site construction and procurement of processing equipment at the Montauban project is not based on a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and a higher risk of economic or technical failure associated with the project's development compared with projects supported by a full feasibility study and defined mineral reserves. The company's production decision has been made using information contained in its updated PEA, historical operating data, metallurgical testing and management's assessment of the project's potential for sustainable operations.

About Esgold Corp.

Esgold is a fully permitted, fully financed, preproduction mining company advancing a scalable clean mining model across North and South America. The company's flagship Montauban gold-silver project in Quebec is under construction with production anticipated in 2026. Esgold is also advancing a joint venture in Colombia, validating one of South America's most prolific gold regions for tailings reprocessing and systematic exploration. With a dual-track strategy of cash flow today and discovery tomorrow, Esgold is building a platform for clean, sustainable growth and long-term shareholder value.

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