A2 GOLD ANNOUNCES COMPLETION OF WARRANT EXERCISE INCENTIVE PROGRAM

The most recent news release (January 30, 2026) confirms the completion of a warrant exercise incentive program. A2Gold successfully induced the exercise of 8,286,400 eligible warrants at a price of $0.70 per share, resulting in gross proceeds of approximately $5.8 million USD. In exchange for the early exercise, the company issued 8,286,400 "incentive warrants," each allowing the holder to purchase an additional share at $1.00 for a period of 12 months. This follows the January 26, 2026, announcement that the company has commenced a 30,000-meter reverse circulation (RC) drill program at its flagship Eastside Gold-Silver Project in Nevada. This program was expanded from an initial 18,000 meters due to strong recent assay results, including 2.9 g/t gold over 20 meters at the McIntosh Zone.

• Financial Liquidity: The $5.8 million injection, combined with the $10.5 million raised in late 2025, provides the company with a robust treasury. Management claims the 30,000-meter drill program is "fully funded." This reduces the immediate risk of a dilutive equity raise during the current drill season.
• Dilution Overhang: While the cash is positive, the incentive program created 8.28 million new warrants at $1.00. With the current stock price at $1.11, these warrants are "in the money" and represent a potential future dilution of ~9% of the current share count. Furthermore, the shares issued at $0.70 are subject to a hold period expiring May 29, 2026, which may create significant selling pressure at that time.
• Operational Scale: The expansion to 30,000 meters is a material increase in exploration intensity. The focus on both infill and high-impact step-out drilling (two-thirds of the budget) indicates an aggressive attempt to grow the existing 1.4 million ounce inferred gold resource.
• Execution Risk: The company has transitioned from planning to execution. The primary impact is now shifted to "drill bit" risk; the market has priced in the funding, and now requires consistent, high-grade assay results to maintain the current valuation.

A2Gold Corp. (formerly Allegiant Gold) is a Nevada-focused explorer. Its flagship is the Eastside Gold-Silver Project, located in the Walker Lane trend near Tonopah. - Resource: Inferred resource of 1.4 million ounces of gold and 8.8 million ounces of silver (2021 Estimate). - Geology: Mineralization is open in all directions and at depth. Recent drilling has confirmed mineralization down to 480 meters vertical. - Infrastructure: Excellent access with nearby highways and power; the project is located in a top-tier mining jurisdiction.