TomaGold Completes Initial Two-Year SOQUEM Option Commitments and Provides Corporate Update

The November 20, 2025, press release provides a comprehensive corporate update covering several areas: - SOQUEM Option Commitments: TomaGold has fulfilled all acquisition commitments for the first two years of its option agreements with SOQUEM. This allows it to continue its work to acquire a 100% interest in the Williams, David, Brosman, Radar, Dufault, McKenzie, and Bruneau properties. - Exploration Progress: The company has completed 8 drill holes on the David project and 5 holes on the Berrigan Mine project. On the Radar project, 26 high-priority targets have been identified. Additionally, 49 new claims were staked. Assay results for the completed drill holes are pending. - Financing and Corporate Updates: The release reiterates the proposed $2.25 million private placement announced on November 7, 2025, and the pending $1 million contingent payment from Northern Superior Resources Inc. It also mentions a pending option agreement with Chibougamau Independent Mines Inc. and a special meeting for Northern Superior shareholders. - Financial Fraud: The company disclosed it was the victim of a "sophisticated financial fraud" totaling US$300,000 perpetrated by external parties. The matter is under investigation by law enforcement in Montréal and Milan.

The news is a mixed bag, but the negative elements are more significant and introduce new risks.

• Negative: The disclosure of a US$300,000 financial fraud is a material negative. For a micro-cap company with a history of working capital deficits, this is a substantial loss of cash that was critically needed for exploration commitments. It represents over 13% of the gross proceeds from the recently announced financing. This event raises serious questions about the company's internal financial controls, management oversight, and will serve as a significant distraction. This is a major red flag for any risk-averse investor.

• Neutral/Routine: Fulfilling the first two years of the SOQUEM option commitments is positive but also an expected and necessary step to maintain the company's core strategy. Without meeting these commitments, the entire project portfolio would be at risk. Similarly, the drilling updates are routine operational progress for an exploration company. The real value lies in the assay results, which are still pending. Re-announcing the private placement and contingent payment is old news.

• Overall Assessment: The operational progress is overshadowed by the concerning fraud disclosure. While the company is executing its exploration plan, the loss of funds and the questions this raises about corporate governance are more impactful. The market is likely to view the surprise fraud negatively, potentially putting pressure on the stock and making it harder to attract capital. Therefore, the overall impact of this news release is negative.

TomaGold Corporation is a Canadian junior mineral exploration company focused on acquiring, exploring, and developing gold and copper mineral properties. Its flagship strategy involves the consolidation of a large, contiguous land package in the historically productive Chibougamau mining camp in Quebec. This has been achieved through a series of complex option agreements to acquire a 100% interest in numerous properties, with the most significant being from SOQUEM, Chibougamau Independent Mines Inc., and Globex Mining Enterprises Inc. The key projects in this portfolio include Obalski, Berrigan, Radar, David, and Dufault. The properties are royalty-free until specific conditions are met within the option agreements which may include NSR royalties.