Sitka Gold Strengthens Board of Directors with Appointment of Samantha Shorter

Sitka Gold Corp. (SIG) announced the immediate appointment of Samantha Shorter as an independent director and Chair of the Audit Committee. Shorter brings 19 years of experience in financial compliance and analysis, including six years at Davidson & Company LLP on mining audit engagements and 13 years as principal at Red Fern Consulting, CPA (CPABC). She holds a BCom (Hons) from the University of British Columbia.

The company also provided a general progress update on its RC Gold exploration program. As of 2026, 135 holes totaling over 56,000 meters have been drilled against a planned 60,000-meter program, with six drills currently operating. Assay results have been released for 56 holes so far in 2026, while assays remain pending for the remaining 79 completed holes plus holes currently turning.

A previously released assay was included in the operations update: Hole DDRCCC-26-133 at Blackjack returned 141.5 meters of 1.93 g/t Au, including 80.6 meters of 3.20 g/t Au and 6.0 meters of 9.46 g/t Au. This data was attributed to a news release dated September 21, 2026, and constitutes a restatement rather than new data.

The company presented a restated resource table (Table A) effective January 21, 2025, with a 0.3 g/t Au cutoff. This includes an Indicated resource of 1,291,000 oz Au and an Inferred resource of 3,829,000 oz Au at Blackjack. Resources for Rhosgobel and Eiger are effective February 25, 2026, also using a 0.3 g/t Au cutoff.

Corporate updates reiterated plans to spin out Alpha Gold (Nevada) and Burro Creek (Arizona) into a new discovery-focused company. Sitka Gold has scheduled five conference appearances between October 2026 and January 2027. No new assay tables, from/to depths, true widths, metallurgy, economics, financing, or resource changes were reported.

Sitka Gold Corp. (SIG) is an advanced explorer and pre-economics company holding 5.12 moz Au (1.29 moz Indicated + 3.83 moz Inferred) across three pit-constrained deposits. The company currently has no reserves, no Preliminary Economic Assessment (PEA), no production, and no revenue. At a market capitalization of approximately C$417 million, the equity is valued at roughly C$80/oz of in-ground gold, a premium above the typical C$20-60/oz range for explorers without economics. This valuation assumes the resource will grow, convert, and become a mine.

The recent release did not change the scale, grade, or odds of the project. There were no new assays, new zones, resource revisions, metallurgical results, economic studies, or financing announcements. Tonnes, grade, and odds remain unchanged from the September 21 release. The market’s reaction to recent data suggests limited sensitivity to non-material updates; the September 21 hole (273 g·m at Blackjack) lifted the stock from $1.07 on September 21 to $1.14 on September 22, but the stock round-tripped to $0.96 by October 7. Re-quoting that same hole 17 days later carries essentially zero incremental information.

The anchor result for Blackjack grade-and-width substance remains hole 133 (141.5 m at 1.93 g/t, 273 g·m, published September 21, 2026). This anchor is not embedded in the current price, as the stock is down approximately 19% over twelve months (from $1.19 to $0.96) and sits mid-to-low in its $0.77-$1.19 range. Consequently, the price is not assuming repetition of that grade, resulting in no positive or negative delta from the lack of new intercepts.

As a pre-resource-economics explorer, a fresh discovery-tier step-out would be highly material to the thesis, whereas a board appointment is not. Governance quality matters for a company moving toward PEA, permitting, and a spin-out transaction, and an independent CPA running the audit committee is a mild improvement, but it is not a value event.

Prior-period financial context, not disclosed in today's release, shows FY2025 as-reported figures of C$44.6 million cash at December 31, 2025, total equity of C$85.0 million, a C$5.9 million net loss, C$18.6 million of investing cash outflow, and C$50.7 million of financing inflow. The Q1 2026 MD&A reports C$43.5 million cash with no debt. The investor presentation states C$25 million of treasury as of August 1, 2026, implying roughly C$18 million of spend in four months against a 60,000 m programme. That burn rate is the most important non-technical number in the pack and is absent from today's release. The expected share-price impact is essentially nil to slightly positive on governance optics.

Sitka Gold Corp. (TSXV: SIG, OTCQX: SITKF, FSE: 1RF), headquartered in Vancouver, Canada, owns the 100% RC Gold Project, a 447 km² package in the Dawson Mining District of the Yukon. Located in the Tombstone Gold Belt and Tintina Gold Province, the property sits approximately 100 km southeast of Dawson City with year-round road access via the Klondike Highway and Clear Creek Road. Grid power is available roughly 32 km away, and the site features an identified gravity advantage for a potential downhill conveyor to a conceptual centralized valley mill site. Eleven gold-bearing intrusions have been identified on the package.

Ownership of the contiguous package was consolidated to 100% through the accelerated Clear Creek acquisition, which was completed on August 20, 2026, following Ontario Superior Court approval. The transaction involved C$6 million in cash at closing, plus a 5.0% NSR reducible to 2.0% for C$10 million, removing the Victoria Gold receivership overhang.

The project holds an NI 43-101 resource totaling approximately 5.12 moz Au at a 0.3 g/t Au cutoff, pit-constrained and starting at surface. The breakdown is as follows:

• 1,291,000 oz Au Indicated (39.96 Mt at 1.01 g/t)
• 3,829,000 oz Au Inferred
  • Blackjack: 1.04 moz at 0.94 g/t
  • Rhosgobel: 2.25 moz at 0.70 g/t (100.68 Mt)
  • Eiger: 0.54 moz at 0.52 g/t (32.14 Mt)

The Blackjack shell is modeled at US$2,000/oz, while the Rhosgobel and Eiger shells are modeled at US$3,000/oz with a US$2,500/oz base-case cutoff.

Tungsten (scheelite) at Rhosgobel is confirmed over roughly 850 m of strike, with intercepts including 128.0 m at 0.115% WO3 and 152.3 m at 0.109% WO3. This was excluded from the February 2026 gold-only MRE pending further metallurgy. Silver (100.68 Mt at 0.90 g/t Ag) was also excluded from that report. Prior-period metallurgical context indicates the ore is non-refractory. Blackjack and Eiger show 77.6%-93% gold recovery via gravity plus cyanidation, with 85% assumed in the shells. Rhosgobel shows 94.3% average gold recovery via whole-ore cyanidation at 75 microns, and 84.7% tungsten recovery via flotation at under 1% mass pull.

Sitka Gold announced on March 12, 2026, the spin-out of non-core assets Alpha Gold in Nevada and Burro Creek in Arizona into a new discovery-focused company. Alpha Gold is a Carlin-type property on the Cortez Trend, while Burro Creek holds a historical resource of approximately 122 koz Au Indicated and 81 koz Au Inferred plus silver. The spin-out remains subject to shareholder, court, and exchange approvals.

Per an investor presentation from September 2026, Sitka Gold has 433,899,344 shares outstanding, 13,687,500 warrants at an average exercise price of C$0.36, and 17,750,000 options, resulting in 465,336,844 fully diluted shares. Ownership is distributed as follows: institutional 38.1%, management and insiders 35.7%, retail 12.5%, HNW 8.9%, and family trusts 5%. Named institutional holders include Franklin Templeton, Sprott Commodity Discovery Fund, Crescat Capital, and Pender.

Management includes Director and CEO Cor Coe (P.Geo), Director and President Donald Penner, Director and CFO Stephen Pearce, Director and VP Corporate Development Mike Burke (P.Geo), and VP Exploration Gilles Dessureau (P.Geo). The board consists of Caroline Hendrick, Louis Archambault, Angus Campbell (independent), and Samantha Shorter. Ronald G. Simpson of GeoSim Services Inc. serves as the Resource QP.

Prior-period financial context shows FY2025 as-reported results with C$44.57 million in cash, C$101.24 million in total assets, C$16.28 million in total liabilities, and C$84.96 million in total equity. The book value was C$0.20/share, with a net loss of C$5.93 million (EPS -C$0.02). SG&A was C$4.61 million, investing outflow was C$18.56 million, and financing inflow was C$50.67 million. The Q1 2026 MD&A reported C$43.5 million in cash, C$33.8 million in working capital, no interest-bearing debt, and no going-concern flag. An investor deck indicated C$25 million in treasury as of August 1, 2026.