ASHL.CN · 2026-08-11

Ashley Gold Corp. Concludes Phase III Program, Shares Visuals, Provides Prospecting Update

Exploration Programs

FOR IMMEDIATE RELEASE

Ashley Gold Corp. Concludes Phase III Program, Shares Visuals, Provides Prospecting Update

CALGARY, ALBERTA - August 11, 2026 - Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) is pleased to share visuals relating to the concluded Phase III program.

President Noah Komavli; “Phase III has the potential to be our most impactful program yet, with drill data expanding our model of the broader area around the 67Z. The eastern horizon of the 67Z became a focal point of the campaign due to positive visuals. As a result of meterage expenditure along the strike and within the vicinity of the 67Z, NTZ drilling was placed on hold for a future campaign. The Company views this as a positive and calculated move to ensure idle drill move time was minimized during Phase III, with potential to follow-up on the NTZ in a future campaign. Concurrent to drilling, prospecting has revealed yet another compelling target, with additional grab samples now pending.”

About Phase III

7 holes completed in the resistive body of the Tak QFP,
3 holes West of the 67Z, 1 hole stepped North of the TAK-26-07 collar, 3 holes East of the 67Z,
Additional prospecting based off of IP data in the chargeability high, Northwest of the NTZ has uncovered a Gossan Zone.

Positioning

4 Phase II holes remain pending, updates expected in the weeks to come,
7 holes from Phase III undergoing geological logging, cutting to kick off shortly,
4 grab samples pending from the newly identified Gossan Zone, 4 from North of 67Z.

Figure 1: Area of Drilling & Prospecting

Phase III Core Visuals

Figure 2: Example Mineralization in TAK-26-16 (~63.5m)

Figure 3: TAK-26-16 - Potassic Alteration and Carbonate Vein with Example Mineralization on Margin (~68m)

Figure 4: TAK-26-16 - Example Mineralization (~39m) in Silicified Potassic Altered QFP

Figure 5: Example Mineralization in TAK-26-16, Quartz-Carbonate Veinlets (“QCV”) and Altered QFP

Figure 6: Example Mineralization in TAK-26-14, Potassic Altered QFP with QCV (~2m before EOH)

Figure 7: TAK-26-16 - (~64m) Potassic Altered QFP with QCV and Sulphides

Figure 8: TAK-26-14 - Potassic Altered QFP with QCV and Sulphides (~87m)

Figure 9: TAK-26-14 - Altered QFP with QCV Stockworks

Figure 10: Komavli (Left) & Kuran (Right) During Phase III Drilling - Holding Interval of TAK-26-12 - Buff Beige Altered QFP with QCV, Possible Magnetite (~96m)

Chargeability High IP Model & Prospecting

During Phase III drilling, Prospector William Kuran ground truthed a chargeability anomaly that was modelled to break the surface Northwest of the NTZ.

Clearing a thin layer of overburden uncovered a gossan zone. Gossans are intensely weathered, oxidized, or decomposed upper caps of mineral systems. It forms when subsurface sulfide minerals (like pyrite or chalcopyrite) react with air and water, leaving behind a rusty, bright red, orange, or yellow surface stain rich in iron oxides, hydroxides, and quartz.

The Company awaits grab assay results, beginning with 1A2 fire assay for gold values, to be followed by ICP-MS for a multi-element analysis suite.

Figure 11: IP Model Used to Find Gossan Zone

Figure 12: Gossan Zone Exposure

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Figure 13: Gossan Zone - Example Mineralization - Possible Malachite and Abundant Iron Staining / Iron Oxide Presence

Tak Project - Background

Situated abutting the Northeast of the Goliath Gold Complex, the Tak Patents have been the subject of intermittent exploration efforts from the 1900’s, with legendary companies like Lac Minerals (Barrick) and Cominco (Teck) exploring in and around the patented ground. At least two surveys were flown, with the most detailed mapping occurring in the late 1900’s. Within the patented boundary, only 11 historic holes were ever recorded from two operators - in 1999 and 2002. After 2002, the project sat idle for 24 years until acquired by the Company.

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Figure 14: Regional Map and Area of Activity

In 2026, mere weeks after acquisition, Ashley commissioned the first modern IP survey. The results highlighted a +1km resistive body, with two main chargeable units flanking the resistive body to the North. Ashley engaged 518 Drilling Ltd., deploying equipment into the patents for continued use. Guided in part from historic records and Phase 1 drilling results, three high priority zones have emerged.

Exploration Zones

D99Z:

In early 2026, a 5 hole, first phase program was successful in validating and expanding 1999 results. The zone was given the moniker “D99Z”. With the final two holes still pending from Phase 1 drilling, the surface mineralization width in the D99Z is already estimated at +80m.

67Z:

Two holes carried out in 2002 included TAK-02-06 and TAK-02-07, intercepting 3.08 g/t Au over 7.57 m (plus 7.0 g/t Au over 1.1 m) and 3.18 g/t Au over 8.7 m (incl. 9.67 g/t Au over 0.8 m), respectively (Southern Rio, 2002). These intercepts were some of the best in recorded history on the Tak Patents, and the area was given the title “67Z” by Ashley. In Phase 2 drilling, Ashley deployed 3 holes on IP line 250 to target the zone and collect data on lithologies, as well as dip. Example mineralization is shared below.

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NTZ:

The Northern Trench Zone (“NTZ”) comprises five trenches, up to 2m wide, 2m deep and some as long as 60m. This area has no drilling records, yet was worked vigorously, as evidenced by the scale of the trench networks. Ashley discovered a high-grade gold zone through prospecting, sampling up to 398 g/t Au. Phase 3 drilling will allocate some meterage to test these zones with no historic drill records.

Tak History

January 1940s - Long Lac Minerals (Mosher Long Lac Gold Mines Ltd.), extensive surface trenching (trenches up to 70 m long) on the Tak Grid targeting gold mineralization in quartz-feldspar porphyry (QFP); followed by 1948 magnetometer survey. MDI.

1980 - Cominco, geological mapping, rock sampling, and magnetometer survey over the property identifying porphyry-hosted gold potential. MDI.

1998-1999 - Triex Resources, acquired the Tak Patents; conducted prospecting, sampling, trenching (assays 1,100–29,790 ppb Au), and drilled 10 DDH (~1,558 m total), including TAK-99-10 returning 2.082 g/t Au over 31.83 m from 3.57–35.40 m (incl. 11.778 g/t Au over 2.88 m and 7.632 g/t Au over 1.10 m); outlined stockwork quartz-carbonate veining in silicified/carbonatized QFP; MDI.

2002 - Southern Rio Resources, optioned the property from Triex and drilled 8 DDH (~1,209 m) on the Tak Grid; outlined gold mineralization over ~350 m strike length to ~100 m depth with stockwork veining, visible gold noted, and intercepts including TAK-02-06: 3.08 g/t Au over 7.57 m (plus 7.0 g/t Au over 1.1 m) and TAK-02-07: 3.18 g/t Au over 8.7 m (incl. 9.67 g/t Au over 0.8 m). Southern Rio AFRI report.

January 6, 2026 - Ashley Gold Corp., acquired 100% ownership of the Tak Patents (part of Burnthut Project, ~100 ha patented ground adjoining NexGold Goliath-Gold Complex) via all-stock deal from for 3.5M shares; consolidates historical data showing bulk-tonnage QFP-hosted gold potential open in all directions; 5% NSR to Royal Gold Inc. (2.5% buyback for $1M).

February 10, 2026 - Ashley Gold Corp., announced operational readiness for winter drilling campaign on Tak Patents and engagement of Abitibi Geophysics for first-ever modern OreVision IP survey to refine targets and twin historic holes.

March 14, 2026 - Ashley Gold Corp., provided interim IP data revealing 1 km resistive trend on Tak Patents aligning with historic gold zones and abutting NexGold Goliath-Gold Complex.

April 2–10, 2026 - Ashley Gold Corp., completed mobilization to site (drill trails, 10+ pads, rig and skidder in place) and announced crew mobilization/drilling kick-off for Phase 1 program targeting validation of historic D99Z zone and extensions.

April–May 2026 - Ashley Gold Corp., completed Phase 1 diamond drilling (5 holes: TAK-26-01 to TAK-26-05) as twins/fans to historic holes; core logging/cutting showed strong alteration, pyrite, and quartz-carbonate veining with multiple visible mineralization examples; equipment left on site for Phase 2.

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