Private Placement - Tranche I Closes
12 Mitchell Road
Flin Flon, Manitoba R8A 1N1
Tel: 204-687-3500
Email: [email protected]
Website: BorealGold.ca
BGLD (CSE)
Boreal Gold Closes the First Tranche Private Placement for $215,100.00
Flin Flon, Manitoba, August 31, 2026 –Boreal Gold Inc (CSE:BGLD) (the “Issuer”) has closed the
first tranche financing of $215,100.00 of a non-brokered private placement announced on August
13, 2026 and updated on August 26, 2026 . Th e closing is comprised of 717 ,000 Flow Through
Shares at a price of $0.30 per Flow -Through Share representing proceeds of $215,100.00 for an
aggregate total raised of $215,100.
The Offering is subject to certain conditions including, but not limited to, the receipt of all
necessary regulatory approvals. The securities issued are subject to a four-month statutory hold
period in Canada ending on January 1, 2027.
The Flow-Through Shares shall consist of one Common Share, to be issued as a "flow -through
share" (the "Flow-Through Shares") within the meaning of the Income Tax Act (Canada).
Properties
The Fay Lake Property consists of 17 contiguous claims comprising of 2719 ha. lies 25km
Northeast of Flin Flon, Manitoba. It is contiguous to the south with Hudbay Minerals Vamp Lake
Cu-Zn-Au VMS property and also contiguous to the northeast, with the former Puffy Lake Gold
mine. Fay Lake contains approximately 5 km of mapped VMS horizons similar to Vamp Lake.
Separately, west of the rail line, a 9 km shear structure, presently known to contain similar
mineralization as the Puffy Lake Gold deposit with samples assaying up to 14.33 g/t Au.
The Melgurd property consisting of 11 mineral claims totalling 7411 ha., lies Northwest of Flin Fon
Manitoba just north of the Shotts Lake copper-zinc VMS deposit in Saskatchewan. Boreal’s
airborne magnetic and EM survey shows both EM conductors and gradient magnetic trends of
the Shott Lake horizon continuing north onto the Melgurd property in the area of a felsic
volcanic package. Prospecting and mapping in the summer and fall of 2023 and 2024 have
outlined an area of significant garnet and anthophyllite alteration, locally this alteration is
associated with gossans.
The North Star Group property, consisting of 2922 Ha in 21 contiguous claims and two mining
leases is located 50 kilometres west of Snow Lake Manitoba. The Property consist of three
contiguous properties which are: the North Star Gold Property; the Gold Rock Mining Lease and
the Sewell Lake Critical Metals Property which is contiguous and within the same stratigraphy as
HudBay Minerals Rail Zone Copper Deposit to the south and the former Dickstone Copper Zinc
Mine to the North.
Going forward based on recent work on the North Star and the Fay Lake (in Manitoba) and
the Melgurd Lake (in Saskatchewan)
Planned Exploration and Drill Targets
In 2026 a rigorous exploration program is planned on the Fay Lake property, the North Star
property and the Melgurd Lake property. Drilling the Gold Rock Vein has been completed on the
North Star Property with very encouraging results (Boreal Gold July 29 and July 30, 2026 news
releases). Drilling has begun at Fay Lake targeting the Redwin volcanic massive sulphide horizon
as well as high-grade gold quartz veins found in trenches (J. Pearson, Sept. 4, 2024, National
Instrument 43-101 technical report) proximal to and within the Redwin horizon (Boreal Gold
August 18, 2026 news release). Drilling will also target the high-grade quartz veins sampled at
Koscielny Lake (Boreal Gold August 18, 2026 and Nov. 21, 2025, news releases). Target
development continues by following up airborne targets, which have been verified by detailed
analysis, ground geophysics as well as geological mapping, sampling and prospecting from 2023
to 2025.
Use of Proceeds
Fay Lake
Boreal Gold intends to use the proceeds from this financing for drilling both the Redwin volcanic
massive sulfide horizon as well as high-grade gold quartz veins found in trenches (J. Pearson,
Sept. 4, 2024, National Instrument 43-101 technical report) proximal to and within the Redwin
horizon (Boreal Gold August 18, 2026 news release) as well as the high-grade gold quartz veins
at Koscielny Lake (J. Pearson, Sept. 4, 2024, National Instrument 43-101 Fay Lake technical
report). The proceeds will also be used for assays, line cutting, prospecting and detailed
geological mapping and sampling the grid extension to the east towards Puffy Lake.
North Star Lake
Exploration will continue on the North Star property with additional prospecting, sampling and
detailed mapping of the under explored one km intervening area between the North Star and
Gold Rock Deposits respectfully located at the north and south ends of the 2 km long structure
to locate additional drill targets.
Melgurd Lake
On the Melgurd Lake property, the use of proceeds and focus of this year’s exploration work will
be the evaluation of airborne conductors near Cornell Bay. This area contains alteration as well
as favourable felsic to intermediate volcanic rocks. Conductors not below the lake will be
investigated for potential economic mineralization. Boreal will also be following up detailed
analysis of Airborne Geophysical conductors on strike with the Shotts Lake deposit and the
encouragement found in the felsic volcanic package with VMS style alteration in the 2023-2025
field work, further work is planned to ground truth these conductors. Detailed mapping,
prospecting, sampling, line cutting and ground geophysics will be carried out over these
conductors near the Cornell Bay area and also on the Keep Lake grid with follow up reports.
Qualified Person
Stephen L. Masson, M.Sc., P .Geo. is the “Qualified Person” as defined by NI 43-101 Standards of
Disclosure for Mineral Projects for these properties, has reviewed and approved the technical
disclosure contained in this news release. Mr. Masson acts as a consulting geologist for the
company.
About Boreal Gold Inc
Boreal Gold Inc is a Canadian junior mineral exploration company with a specific focus on
mineral properties in northwest Manitoba and northeast Saskatchewan, Canada. All of the
Issuer’s properties are currently at the exploration stage. The Issuer has assembled a portfolio of
base metal and precious metal prospects in strategic locations in the Provinces of Manitoba and
Saskatchewan.
Boreal Gold Inc
“signed”
Richard Masson
President & CEO
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for
the adequacy or accuracy of this release. Some of the statements contained in this release are
forward-looking statements, such as estimates and statements that describe the Issuer's future
plans, objectives or goals, including words to the effect that the Issuer or management expects
a stated condition or result to occur. Since forward-looking statements address future events
and conditions, by their very nature, they involve inherent risks and uncertainties.