Evergold Announces $350,000 Non-Brokered Convertible Debenture Private Placement with CJ Greig to Finance Drilling in Early November at the DEM Gold Prospect

On October 29, 2025, Evergold Corp. announced a $350,000 non-brokered convertible debenture private placement with C.J. Greig Holdings Ltd., a company controlled by Evergold's Director and Chief Exploration Officer, Charles Greig. The proceeds are designated to finance immediate drilling at the DEM gold prospect in British Columbia.

The program will consist of one deep drill hole, DEM25-06, designed to test the DEM Mountain Zone approximately 200 metres vertically below a promising intersection in a previous hole (DEM23-03, which hit 48.2 metres of 0.58 g/t Au). The debenture comes with warrants exercisable at $0.23 for 24 months. The company expects the drill program to commence within a week.

This financing is a material and positive development for Evergold, primarily because it serves as a critical lifeline that allows the company to pursue a high-impact catalyst.

• Context from Historical News: Reviewing the news flow over the past year paints a picture of a company with promising assets but in severe financial distress.

  • Dec 2024: The company announced excellent drill results from the DEM prospect, featuring high-grade antimony (8.37% Sb over 0.5m) and gold (48.2m of 0.58 g/t Au in a 2023 hole). This established DEM as the key asset. The stock briefly doubled to $0.40 before fading.
  • Jan 2025: Evergold explicitly stated that poor market conditions prevented them from funding follow-up work and that they were seeking partners. This confirmed their inability to capitalize on the positive DEM results.
  • Financials (Q4 2024 - Q2 2025): Financial statements filed through 2025 revealed a deteriorating cash position. By June 30, 2025, cash had dwindled to just $44,851 against liabilities of $89,227, resulting in negative working capital. The company was essentially insolvent and reliant on management waiving fees to survive.
  • July-Oct 2025: The company undertook a 1-for-10 share consolidation, a move often associated with struggling companies, to facilitate a small property acquisition.

• Assessment of the Current Financing:

  • Positive: The financing, though small, directly addresses the critical need for capital identified in January. It is being provided by the company's Chief Exploration Officer, which is a significant vote of confidence in the geological model for the upcoming drill hole. It provides just enough capital to test a key, potentially company-making target. A successful hole could dramatically improve the company's ability to raise further funds on more favourable terms.
  • Negative Undercurrent: The reliance on an insider for a small convertible debenture underscores the company's inability to attract capital from the broader market. This $350,000 is a stop-gap measure that funds one drill hole and keeps the lights on for a short period; it does not solve the underlying long-term funding requirements.

This is a "bet the company" drill hole funded by an insider. While the context is one of financial weakness, the news itself is positive as it provides a tangible path forward and a shot at a significant discovery that was previously unfundable.

Evergold Corp. is a Canadian junior mineral exploration company focused on projects in British Columbia, Canada.

• Flagship Project (Current Focus): DEM Property: Located in central BC, the DEM prospect is a polymetallic system showing potential for gold, silver, antimony, and other critical metals like cobalt, tellurium, and tungsten. The company's 2023-2024 drilling confirmed a broad, deep-running epithermal system with high-grade intercepts of various metals. The upcoming drill hole, DEM25-06, is a critical follow-up on this work.
• Other Projects:
  • Golden Lion Property: A gold-silver-copper property in the Toodoggone region of BC. The company recently optioned the adjacent Copper King claims to consolidate the land package.
  • Rockland Property: A gold-silver property in Nevada, which has been optioned out to Wolfden Resources Corp., who is funding the exploration work.