Ashley Closes $300,000 Private Placement with Institutional Investor

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FOR IMMEDIATE RELEASE

CALGARY, ALBERTA

October 4, 2023

PRESS RELEASE

ASHLEY CLOSES $300,000 PRIVATE PLACEMENT WITH INSTITUTIONAL INVESTOR

Calgary, Alberta – October 4, 2023 – Ashley Gold Corp. (the "Company") (CSE: ASHL), is pleased to announce it has successfully

closed a $300,000.00 (CAD) private placement with Sorbie Bornholm LP, an institutional investor (“Sorbie”) based out of the UK.

The private placement consisted of 4,166,667 units of the Company (the "Units") at a price of $0.0720 per Unit, for aggregate

gross proceeds of $ 300,000 (the " Offering"). The proceeds from the Offering were deposited with a third -party escrow agent and

shall be delivered to the Company in equal monthly tranches of $25,000 over the next 12 months pursuant to the terms and conditions of

a Sharing Agreement, Escrow Agreement, Subscription Agreement and various support agreements dated October 4, 2023 between th e

Company and Sorbie, (collectively, th e “ Transaction Documents ”). The structure of the Offering will provide the Company with

flexibility in continuing to advance the Company's Projects in Ontario while maintaining a constant source of funds covering a portion

of the Company's short to medium term cash flow requirements.

Pursuant to the Transaction Documents, the Company paid Sorbie a due diligence deposit of $20,000 and a corporate finance fee of

$24,000, which was satisfied via the issuance of 611,111 Units of the Company, having the identi cal terms of the Units issued under the

Offering.

Each Unit consisted of one (1) common share of the Company (each a “Common Share”), and each Common Share comprising part of

a Unit being a “ Unit Share”) and one (1) share purchase warrant (each whole sh are purchase warrant, a “ Unit Warrant”), with each

Unit Warrant entitling the holder to purchase one additional Common Share (a “ Unit Warrant Share ”) at a price of $0.12 per Unit

Warrant Share, for a period of thirty-six months from the date of issue (the “Expiry Date”).

Darcy Christian, President of Ashley, commented: "We are very excited to secure the capital from an institutional investor and the funds

will accelerate Howie ground exploration program that is currently underway . The junior exploration market is currently experiencing

headwinds in securing capital, but we managed to secure a long-term partner who sees value in our management team and our exploration

program."

The Company relied on the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus

Exemptions for the Offering, and the Unit Shares, Unit Warrants and Unit Warrant Shares are not be subject to restrictions on resale.

An offering document dated September 13, 2023 relating to the Offering is available under the Company's profile at

www.sedar.com and at www.ashleygold.com. Prospective investors should read this offering document before making an

investment decision.

ABOUT ASHLEY GOLD

Ashley Gold is focused on creating substantive, long -term value for its shareholders through the discovery and development of

world-class gold deposits. Ashley has acquired 100 per cent of the Tabor Lake lease subject to a 1.5-per-cent royalty, 100 per cent of the

Santa Maria project subject to a 1.75 -per-cent royalty, 100-per-cent interest in the Howie Lake project subject to a 0.5 -per-cent royalty

and 100-per-cent interest in the Alto-Gardnar project subject to a 0.5-per-cent royalty.

The responsibility of this release lies with Mr. Darcy Christian, President, (587) 777-9072/[email protected] and who

may be contacted for further information.

www.ashleygold.com

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Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibil ity for the

adequacy or accuracy of this release.

Cautionary Statement Regarding Forward Looking Statements

This news release contains “forward -looking information” which may include, but is not limited to, statements with respect to the

activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information

in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but

not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”,

“forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state

that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current

judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward -looking

information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or

achievements of the Compa ny to be materially different from any future results, performance or achievements expressed or implied by

the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business,

the Company’s formative stage of development and the Company’s financial position. Forward-looking statements contained herein are

made as of the date of this news release and the Company disclaims any obligation to update any forward -looking statements, whether

as a result of new information, future events or results, except as may be required by applicable securities laws.

There can be no assurance that forward -looking information will prove to be accurate, as actual results and future events could differ

materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward -looking

information.