Ashley Gold Corp. Reports TAK-26-01 Assay from Phase 1 Drilling, Intercepts 1.104 g/t Au over 28 m, Including 1.662 g/t Au over 12 m - with Mineralization Starting at Collar - Bordering the NexGold Goliath-Gold Complex, Dryden Area, Ontario

Most Recent Release (May 14, 2026)

• Headline: Ashley Gold Corp. Reports TAK-26-01 Assay from Phase 1 Drilling, Intercepts 1.104 g/t Au over 28 m, Including 1.662 g/t Au over 12 m - with Mineralization Starting at Collar
• Key Data: Drill hole TAK-26-01 confirmed multi-gram intercepts within a continuous ~28m interval. Notable intercepts include 3.89 g/t Au (1.0m) and 3.84 g/t Au (1.0m). Mineralization starts at the drill collar, indicating near-surface potential.
• Status: Phase 1 drilling complete; four additional holes pending assay results. Phase 2 drilling scheduled for late May 2026 focusing on the 67 Zone.
• Geology: Deepest holes showed pervasive green sericite-chlorite alteration, brecciation, and quartz veining with increased sulphide content.

Historical Context (Jan - April 2026)

• Acquisition: Jan 2026 acquisition of Tak Patents for $190k cash + 3.5M shares ($~$3.5M value). Historic drilling cited 2.08 g/t Au over 31.8m.
• Financing: March 2026 closed financing raised ~$807k (CFT and NFT units) to fund the drill program. Management participated significantly ($140k+ in related party purchases).
• Drilling Mobilization: April 2026 saw crew mobilization, pad clearing, and IP survey completion identifying a 1km resistive trend aligning with historic holes.
• Previous Assays: Howie project (Mar 2026) returned lower grades (0.53 g/t Au over 24m), contrasting with the higher-grade confirmation at Tak Patents.

Validation of Strategic Pivot

• The May 14 results validate the January acquisition strategy. The Tak Patents were acquired to anchor the portfolio adjacent to NexGold's Goliath-Gold Complex.
• Grade Comparison: The new intercept (1.104 g/t Au over 28m) is slightly lower than the historic highlight (2.08 g/t Au over 31.8m) but confirms continuity starting at surface ("collar"). This supports a bulk-tonnage model rather than just high-grade veins, which is favorable for long-term resource definition.
• Market Expectation: The market has priced in this confirmation since the acquisition announcement (Jan 2026). The stock price has remained stable ($0.06-$0.07) throughout Q1-Q2 2026 despite positive news flow, indicating the result is largely expected by investors familiar with the project history.

Dilution and Capital Needs

• Financing Impact: The March financing raised $807k but issued warrants ($0.12 exercise price). This creates future dilution pressure if exercised or if further financings are required for Phase 2.
• Cash Burn: With only ~$5M market cap, the company is highly sensitive to cash flow. The "debt-free" claim in April news is positive but relies on continued equity raises to fund exploration without eroding shareholder value significantly.
• Royalty Burden: A 5% NSR held by Royal Gold Inc. on the Tak boundary reduces potential future margins if a resource is defined, though the buy-back option ($1M) provides some upside protection for shareholders.

Risk of Misses or Delays

• Pending Assays: Four additional holes from Phase 1 are pending. If these return lower grades than TAK-26-01, it could dampen enthusiasm for Phase 2.
• Phase 2 Execution: Scheduled to resume late May 2026. Weather conditions (spring melt) and permitting delays in Ontario can impact timelines, potentially requiring additional capital raises if the program extends beyond budgeted funds.

Corporate Structure

• Headquarters: Dryden Area, Ontario (Primary focus).
• Portfolio: Tak Patents (Dryden), Burnthut Project, Howie Project, Alto-Gardnar Project, Gold Mountain (BC).
• Management: Noah Komavli (President), Darcy Christian (CEO). Both have significant personal investment in the company.

Flagship Project: Tak Patents

• Location: Dryden Area, Ontario; borders NexGold's Goliath-Gold Complex.
• Ownership: 100% owned by Ashley Gold Corp.
• Royalty Structure: 5% NSR held by Royal Gold Inc. on the Tak boundary (2.5% buy-back option for $1M). No NSRs on Burnthut main block.
• Geology: Quartz-feldspar porphyry body with stockwork gold mineralization. Potential for bulk-mineable open-pit resource.
• Status: Phase 1 drilling complete; Phase 2 pending. IP survey confirms resistive trend aligning with historic holes.