Gemdale Gold Completes Phase 2 2026 Drill Program at its Pontio Gold Project, Finland

VANCOUVER, BC / ACCESS Newswire / October 21, 2026 / Gemdale Gold Inc. (TSXV:GEMG)(OTCQB:GDGIF) ("Gemdale" or the "Company") is pleased to announce the successful completion of its Phase 2 2026 infill drilling programme at its Pontio gold project, comprising 2,860 metres of drilling across 14 holes, primarily focused on infilling the S1 Sector to a 50-metre drill profile spacing. The programme represents an important step towards the Company's planned maiden Mineral Resource Estimate ("MRE"), expected in early 2027. Phase 2 Drilling Completed The Phase 2 programme was designed to improve drill density and further define the continuity and geometry of the gold mineralisation within the S1 Sector. The tighter 50-metre profile spacing is intended to provide additional geological and assay data to support the evaluation and potential classification of the mineral resource. The programme follows the successful completion of approximately 5,000 metres of Phase 1 drilling earlier in 2026, which confirmed previously identified gold mineralisation across the N1, N2 and S1 Sectors over several kilometres of strike. Previous drilling has demonstrated encouraging mineralised widths and grades, with widths of up to approximately 150 metres. The Company looks forward to receiving assay results from the Phase 2 programme over the coming weeks and months. In parallel, metallurgical test work is underway with SLR Consulting Ltd. in the United Kingdom to investigate potential processing routes and assess gold recoveries. Preliminary metallurgical results are anticipated in the coming weeks, and will provide additional important input into the Company's understanding of the project's development potential. The integration of the drilling results, historical geological data and preliminary metallurgical test work will support the Company's ongoing technical evaluation and preparation for the planned maiden MRE. Toby Strauss, President and CEO comments "We are pleased to have completed our Phase 2 drilling programme this year. This represents another important milestone as we advance the project towards our maiden Mineral Resource Estimate, targeted for early 2027. "With approximately 7,860 metres of drilling completed across our Phase 1 and Phase 2 programmes this year, in addition to around 10,000 metres of historical drilling, we are building the geological dataset required to support the resource estimation process focussed, for the moment, only on the very shallow portion of the mineralized system on the M2 Trend at Pontio. We now look forward to receiving the Phase 2 assay results over the coming months, alongside preliminary metallurgical test work results, which will further inform our understanding of the project's potential." The Company will provide further updates as assay results and metallurgical test work results become available. About Pontio The Pontio Gold Project lies in western-central Finland, in an historical mining district featuring extremely good infrastructure, including paved roads, power and rail lines within a few kilometres. A highly skilled labour force and a high level of local services are available, including port access, smelters and refineries. Despite a long history of base metals mining, gold exploration in the area is still in its infancy; Pontio was only discovered in 2011 when the area's first gold mine (Laiva, some 45 km to the NW) was being commissioned. Gold mineralisation has so far been outlined by drilling over a 4km strike length along the M2 Trend; mineralisation subcrops just beneath the surface, covered by a thin layer of soil, sand and gravel, and extends to at least 150m vertical and ranges from 20->150m in estimated true thickness. Gold mineralisation is mainly hosted in subvertical diorite and diorite porphyry dykes intruding gneissic metasediments that occur along a NNW trending mineralised corridor. The M2 Trend is one of a number of identified potential gold bearing structures with the others, such as the M1, M2.5 and M3 Trends yet to have significant exploration along their lengths. The M2 Trend mineralisation can be subdivided into several Sectors labelled N1, N2, S1 and S2. Gold mineralisation is typically fine-grained and associated with disseminated chalcopyrite and pyrrhotite in generally weakly sheared and variably potassic altered intrusive rocks. Alteration is in the form of biotite amphibole and potassium felspar. Unusually for the area there is no particular association with quartz veining and arsenopyrite mineralisation. Rarely, molybdenum is noted with quartz veining. Mineralisation postdates peak metamorphism and is intimately associated with the late intrusive diorite porphyries which are younger than the diorite dykes. The deposit is enigmatic in style but has affinities with the roots of a deep level porphyry system or a disseminated orogenic style of gold mineralisation. Drilling, Core Sampling and QA/QC Protocols The drill programme was contracted to Nivalan Timantikairaus Oy ("NTKOY"). Drilling was completed with an Atlas Copco CS1000 rig drilling HQ3 sized core. The Phase 2 drill programme started in August 2026 and was completed in October 2026. Drill core is logged and sampled in a secure core storage facility located in Ylivieska, Finland. Core samples from the program are cut in half, using a diamond cutting saw, and are sent to ALS Minerals, Outokumpu, an international accredited mineral analysis laboratory, for sample prep and analysis. All samples are analysed for gold using Fire Assay-AA techniques (method Au-AA23) and multi-element analysis (method ME-MS61). As part of Gemdale's quality assurance/quality control program (QA/QC), certified gold reference standards are routinely inserted into the sample stream every 20th sample (5%). The Qualified Person has reviewed the results of the QA/QC programme and confirms that no significant QAQC issues were noted with the results reported herein. Qualified Person and NI 43-101 Disclosure Dr. Toby Strauss (CGeol.; EurGeol.), Director, President and CEO of the Company, is the Qualified Person as defined by National Instrument 43-101. Dr. Strauss is not independent of the Company. Dr Strauss has reviewed and approved the technical and scientific content of this news release. More About Gemdale Gold Gemdale Gold Inc. owns a portfolio of highly prospective exploration licenses in Finland, and is focused on making significant new gold and critical metal discoveries on these properties. The Company has been active in Finland since 2018. The Company's 100% owned projects include: Pontio Gold Project (western-central Finland): Historical and recent drilling has outlined near-surface gold mineralisation along a multi-kilometre trend that remains open along strike and at depth. The Company started an infill and extension drill programme in February, 2026, and, based on this programme, plans to deliver a maiden mineral resource estimate in early 2027. Full exploration information has been disclosed in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") in a report titled "NI 43-101 Technical Report on the Pontio Project, Central Ostrobothnia, Finland" with an effective date of 30 September, 2025 and filed on SEDAR on 16 January 2026. Isoneva (western-central Finland): Exploration stage gold project located proximal to extensive boulder train anomalies. The property is subject to an option agreement (the "Isoneva Option") with Nordique Resources Inc. ("Nordique") pursuant to which Nordique may earn a 100% interest by, among other things, funding exploration expenditures over a three-year period and making additional financial commitments to the Company. For more information on the Isoneva Option, please see the Company's final long form prospectus dated January 30, 2026 under the heading "Business of the Corporation - January 1, 2025 to the date hereof". Lapland Projects (northern Finland): A group of exploration permits and applications located within a recognised gold and base-metal exploration region, in proximity to several recent regional discoveries, including Rupert Resources' Ikkari gold project. Nuotti (western-central Finland): Copper-nickel-platinum-palladium exploration license where limited historical government drilling indicates the presence of near-surface copper-PGM mineralisation. Savo / Rantasalmi (southeastern Finland): Exploration license application area containing a historical inferred resource estimate of 3.23 million tonnes grading 2.7 g/t gold for approximately 276,000 ounces of gold prepared by a prior operator, Rupert Resources Ltd., and disclosed in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). In November 2018, Rupert Resources Ltd, released an NI 43-101 Mineral Resource Estimate completed by Brian Wolfe (Qualified Person) of International Resource Solution Pty Ltd. The NI 43-101 Technical Report was filed by Rupert Resources Ltd on SEDAR on 9th November, 2018. No new data subsequent to an earlier 2011 estimate was included in this study. This study used Multiple Indicator Kriging (MIK) for the estimation of grade into the block model. This study assumed a combined open pit and underground mining operation, recoveries of 85-90% and a gold price of EUR 1,200/oz (current gold price ~ EUR 4240/oz). The use of MIK as an estimation method, along with the requirements of a greater degree of confidence in the geological continuity for underground mining, were given as the reasons for the assigned lower resource category of Inferred Resources compared to the 2011 Resource Estimate. The Resource Estimate was reported at a cut-off grade of 1.5 g/t Au. Osikonmäki Mineral Resource Estimate for Rupert Resources Ltd, 9 Nov 2018 Year Cut-off Au g/t Classification Tonnes Au (g/t) Au oz 2018 1.5 Inferred 3,230,000 2.7 276,000 The Company is not aware of any further drilling or sampling being conducted on the property since this historical estimate was completed. Gemdale Gold Inc is not treating this historical estimate as a current resource estimate. Neither Gemdale Gold Inc nor a suitable Qualified Person, has done sufficient work to classify the historical estimate as a current Mineral Resource Estimate. The company believes this historical estimate is relevant and reliable in providing insight into the potential mineral resources for the project based on historical drilling completed to date. Gemdale Gold believes that further drilling is not required to verify or upgrade these historical resources to a current Mineral Resource Estimate, but that it is necessary for a Qualified Person to review the assumptions and methodology used for the estimation. Qualified Person: The scientific and technical information contained in this news release has been reviewed and approved by Toby Strauss, CGeol., EurGeol, a "Qualified Person" as defined in NI 43-101. Dr. Strauss, as President and CEO of the Company, is not independent of the Company. Additional disclosure, including the Company's financial statements, technical reports, news releases and other information, can be obtained at https://gemdalegold.com/ or on SEDAR+ at https://www.sedarplus.ca/home/#. ON BEHALF OF GEMDALE GOLD INC "Dr. Toby Strauss" President & CEO For Further Information Please Contact: Mr. Paul Durham, MSc. Mr. Patrick Chidley, MS, CFA Director and EVP Corporate Development Executive Chairman Cell: +1 203-940 2538 Cell: +1 917-991 7701 Email: [email protected] Email: [email protected] Website: www.gemdalegold.com Cautionary Note on Forward-Looking Statements Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains certain "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking information"). Forward-looking information includes, but is not limited to, statements regarding the Company's exploration and development plans, in particular the ongoing drill program on the Pontio Gold Project, other anticipated drill programs, potential mineralisation, resource estimates, future financing plans, use of proceeds, regulatory approvals, market conditions and the Company's future business objectives. Forward-looking information is generally identified by the use of words such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," "believes," or variations of such words and phrases, or statements that certain actions, events or results "may," "could," "would," "might" or "will" occur or be achieved. Forward-looking information is based on a number of assumptions that management believes to be reasonable at the time such statements are made, including, without limitation, assumptions regarding the availability of capital, the receipt of required regulatory approvals, the continuation of favourable market conditions, the accuracy of historical and technical data, and the Company's ability to execute its exploration and development plans as currently contemplated. However, forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking information. Such factors include, without limitation, risks related to exploration and development activities, commodity price fluctuations, availability of financing, regulatory approvals, environmental and permitting risks, operational risks, and general economic and market conditions. Accordingly, readers should not place undue reliance on forward-looking information. Although the Company believes the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws. ANNEXURE 1: Location of Pontio Drillholes Hole Easting Northing Elevation Length_m Azimuth Dip Drill_Completed BELANP001 403262 7120134 84.9 89.3 268.7 -45 22/09/2011 BELANP002 402932 7120148 83.4 44.35 95.8 -45 26/09/2011 BELANP003 403014 7120160 85.9 102.65 273.8 -45 28/09/2011 BELANP004 403292 7120338 82.1 76.75 275.1 -45 29/09/2011 BELANP005 403245 7120353 82.0 79.9 279.1 -45 30/09/2011 BELANP006 403311 7120528 81.3 80.55 277.7 -45 05/10/2011 BELANP007 403011 7121003 81.0 77.35 272.9 -45 06/10/2011 BELANP008 402187 7120992 82.0 98.6 92.6 -45 12/10/2011 BELANP009 402184 7120992 81.9 83.22 273.1 -45 15/10/2011 BELANP010 402255 7120702 82.9 90.05 277.0 -45 18/10/2011 BELANP011 402191 7119943 85.1 85.85 267.8 -45 22/10/2011 BELANP012 402226 7119940 85.5 119.45 271.3 -45 22/05/2012 BELANP013 402231 7119992 86.9 90.65 271.2 -45 23/05/2012 BELANP014 402223 7119894 85.7 83.25 273.0 -45 24/05/2012 BELANP015 402221 7120038 85.3 89.15 269.2 -45 25/05/2012 BELANP016 403032 7121002 80.7 76.45 267.0 -45 27/05/2012 BELANP017 402264 7119935 86.2 139.9 271.5 -45 10/01/2013 BELANP018 402249 7120040 85.5 128.2 272.2 -45 13/01/2013 BELANP019 402159 7119941 84.1 98.2 270.6 -45 16/01/2013 BELANP020 402225 7120179 86.9 122.1 271.0 -45 18/01/2013 BELANP021 402242 7119781 86.9 119.15 263.6 -45 20/01/2013 BELANP022 402254 7119627 93.0 89.45 270.2 -45 21/01/2013 BELANP023 402220 7118484 97.9 55.55 273.2 -45 25/01/2013 BELANP024 402523 7117845 99.0 104.4 268.2 -45 27/01/2013 BELANP025 402327 7119529 89.2 42.9 273.4 -45 22/01/2013 BELANP026 402291 7119631 90.4 101.45 268.3 -45 01/02/2013 BELANP027 402201 7119832 85.6 70.25 269.4 -45 30/01/2013 BELANP028 402193 7120231 83.2 95.45 269.2 -45 03/02/2013 PONT001 402259 7120037 86.5 113.75 278.6 -70 25/07/2019 PONT002 402243 7119892 87.8 190.7 272.0 -65 29/07/2019 PONT003 402245 7119442 90.7 95.5 273.5 -45 31/07/2019 PONT004 402295 7119442 90.1 77.42 281.9 -45 01/08/2019 PONT005 402279 7119259 91.9 80.5 286.9 -45 06/08/2019 PONT006 402326 7119267 90.6 83.4 285.4 -45 07/08/2019 PONT007 402324 7119071 91.5 130 275.8 -45 13/08/2019 PONT008 402271 7119072 92.2 80.5 265.0 -45 14/08/2019 PONT009 402349 7118862 92.8 95 291.9 -45 15/08/2019 PONT010 402401 7118871 91.9 89.5 260.6 -45 19/08/2019 PONT011 402433 7118671 94.7 83.8 289.2 -45 20/08/2019 PONT012 402478 7118669 93.5 82.2 269.9 -45 21/08/2019 PONT013 402516 7118479 94.5 80.8 271.6 -45 22/08/2019 PONT014 402466 7118482 97.1 77.9 270.3 -45 26/08/2019 PONT015 402416 7118483 99.2 75 270.0 -45 27/08/2019 PONT016 402324 7118480 100.7 152.3 270.4 -45 29/08/2019 PONT017 402463 7118275 99.3 77.6 270.6 -45 02/09/2019 PONT018 402535 7118272 99.9 110.9 277.0 -45 03/09/2019 PONT019 402481 7118077 99.1 74 272.8 -45 04/09/2019 PONT020 402536 7118081 98.4 92.7 261.6 -45 05/09/2019 PONT021 402542 7117676 100.2 86.5 266.1 -45 10/09/2019 PONT022 402593 7117678 99.9 89.6 266.7 -45 11/09/2019 PONT023 402567 7117859 99.9 86.1 275.6 -45 12/09/2019 PONT024 402352 7119269 89.8 170.9 270.4 -55 14/01/2020 PONT025 402306 7119348 90.7 76.5 271.0 -45 15/01/2020 PONT026 402200 7119351 90.5 179.3 90.2 -55 20/01/2020 PONT027 402321 7119438 90.1 146.5 269.3 -55 22/01/2020 PONT028 402217 7119549 91.1 80.5 89.2 -45 24/01/2020 PONT029 402182 7119548 90.7 147.2 83.6 -55 29/01/2020 PONT030 402179 7119647 92.5 149.8 95.5 -55 31/01/2020 PONT031 402214 7119749 89.7 80.6 88.5 -45 01/02/2020 PONT032 402180 7119744 89.9 146.5 90.1 -55 04/02/2020 PONT033 402214 7119835 87.1 91.3 102.4 -45 05/02/2020 PONT034 402080 7119944 85.3 223.1 100.5 -55 10/02/2020 PONT035 402256 7118849 92.7 58.8 93.7 -45 28/04/2020 PONT036 402220 7118850 92.0 55.7 90.3 -45 29/04/2020 PONT037 402343 7119151 90.2 88.6 269.7 -45 04/05/2020 PONT038 402305 7119550 91.3 162 271.2 -55 07/05/2020 PONT039 402099 7120351 84.6 113.8 89.9 -45 12/05/2020 PONT040 402107 7120450 83.6 121.3 90.0 -45 18/05/2020 PONT041 401935 7120248 85.1 56.1 90.5 -45 19/05/2020 PONT042 401843 7120144 86.1 50.3 89.9 -45 20/05/2020 PONT043 401828 7120250 87.8 64.5 89.5 -45 21/05/2020 PONT044 401910 7120450 85.1 64.5 89.8 -45 27/05/2020 PONT045 401807 7120446 84.1 53.1 90.0 -45 26/05/2020 PONT046 401568 7120449 86.6 49.6 90.7 -45 28/05/2020 PONT047 401388 7120448 88.6 68.1 89.6 -45 02/06/2020 PONT048 401415 7120251 87.0 58.8 90.1 -45 09/06/2020 PONT049 401261 7120448 90.1 87.9 91.4 -45 03/06/2020 PONT050 401206 7120250 91.8 61.6 90.1 -45 04/06/2020 PONT051 401236 7120144 92.8 57.4 270.1 -45 08/06/2020 PONT052 402258 7119991 87.7 158 270.2 -55 18/06/2020 PONT053 402350 7119351 89.5 172.76 271.4 -45 09/04/2021 PONT054 402204 7119253 92.9 223.64 91.7 -55 13/04/2021 PONT055 402287 7119938 88.7 250.3 271.3 -50 19/04/2021 PONT056 402667 7117452 101.4 68 270.3 -45 21/04/2021 PONT057 402571 7117451 100.8 145.9 270.0 -45 23/04/2021 PONT058 402623 7117449 101.8 146.7 269.8 -45 28/04/2021 PONT059 402517 7117253 101.5 106.4 91.3 -45 30/04/2021 PONT060 402479 7118851 91.6 145.7 273.9 -50 05/05/2021 PONT061 402685 7117050 101.1 78.75 90.0 -45 19/10/2023 PONT062 402585 7117050 101.5 92.7 90.0 -45 24/10/2023 PONT063 402415 7116858 104.1 60.9 90.0 -45 27/10/2023 PONT064 402385 7116858 103.6 49.9 90.0 -45 30/10/2023 PONT065 402550 7116160 107.2 87.88 90.0 -45 02/11/2023 PONT066 402765 7116450 103.8 73.9 90.0 -45 06/11/2023 PONT067 402845 7116450 103.4 75.7 90.0 -45 08/11/2023 PONT068 402820 7115850 107.4 75.64 90.0 -45 11/11/2023 PONT069 402170 7118950 93.3 79.23 90.0 -45 15/11/2023 PONT070 401880 7120650 84.7 107.7 270.0 -45 22/11/2023 PONT071 402222 7120101 85.1 103.8 270.0 -45 30/01/2026 PONT072 402199 7120100 85.0 86 270.0 -45 01/02/2026 PONT073 402277 7119705 89.8 203.2 270.0 -45 06/02/2026 PONT074 402275 7119599 92.3 203.3 270.0 -45 10/02/2026 PONT075 402124 7119595 90.5 200.4 90.0 -45 14/02/2026 PONT076 402297 7119495 90.7 101.7 270.0 -45 16/02/2026 PONT077 402298 7119495 90.5 152.8 270.0 -60 19/02/2026 PONT078 402438 7119481 88.9 86.5 270.0 -45 22/02/2026 PONT079 402309 7119398 90.1 225.15 270.0 -45 25/02/2026 PONT080 402330 7119392 89.7 89.8 270.0 -55 27/02/2026 PONT080B 402326 7119392 89.8 299.8 270.0 -55 05/03/2026 PONT081 402330 7119300 90.4 203.7 270.0 -45 08/03/2026 PONT082 402348 7119300 89.8 251.9 270.0 -60 12/03/2026 PONT083 402443 7119297 89.3 77 270.0 -45 17/03/2026 PONT084 402351 7119249 89.9 164.06 270.0 -45 16/03/2026 PONT085 402445 7117850 100.8 206.6 90.0 -45 20/03/2026 PONT086 402579 7117749 99.9 254.6 270.0 -45 24/03/2026 PONT087 402458 7117551 102.4 200.7 90.0 -45 27/03/2026 PONT088 402488 7117350 101.8 164.8 270.0 -45 30/03/2026 PONT089 402811 7116452 103.7 110.7 90.0 -55 01/04/2026 PONT090 402751 7116648 103.2 152.7 90.0 -45 08/04/2026 PONT091 402668 7116647 104.4 149.8 90.0 -45 10/04/2026 PONT092 402598 7117355 100.6 140.8 270.0 -45 12/04/2026 PONT093 402567 7117554 100.2 227.32 270.0 -45 15/04/2026 PONT094 402641 7117676 99.8 281.7 270.0 -45 19/04/2026 PONT095 402445 7117950 99.7 224.8 90.0 -45 23/04/2026 PONT096 402413 7117753 101.1 221.7 90.0 -45 26/04/2026 PONT097 402217 7120075 85.2 104.65 260.0 -45 29/04/2026 PONT098 402198 7119871 86.0 119.9 270.0 -45 01/05/2026 PONT099 402490 7117350 101.8 137.80 90 -45 22/08/2026 PONT100 402421 7117450 101.7 191.70 90 -45 29/08/2026 PONT101 402475 7117500 102.2 122.68 90 -45 01/09/2026 PONT102 402460 7117600 102.1 173.80 90 -45 06/09/2026 PONT103 402433 7117800 101.7 209.70 90 -45 10/09/2026 PONT104 402418 7117900 100.4 239.50 90 -45 13/09/2026 PONT105 402457 7118000 99.6 200.46 90 -45 17/09/2026 PONT106 402610 7118080 97.5 182.01 270 -45 22/09/2026 PONT107 402620 7117900 99.4 269.68 270 -45 26/09/2026 PONT108 402600 7117800 100.1 290.60 270 -45 30/09/2026 PONT109 402587 7117600 101.2 272.70 270 -45 07/10/2026 PONT110 402352 7117500 102.5 299.00 90 -55 11/10/2026 PONT111 402530 7117150 101.6 124.20 90 -45 14/10/2026 PONT112 402840 7116350 103.4 146.80 90 -45 17/10/2026 R336 401607 7116611 100.0 70.7 270.0 -40 31/12/1987 R337 401018 7116639 100.0 120.3 270.0 -40 31/12/1987 R338 400749 7116652 100.0 125.8 90.0 -40 31/12/1987 R460 401490 7118569 93.0 60.2 90.0 -45 31/12/2001 R461 401505 7119008 93.0 62 90.0 -45 31/12/2001 R462 401505 7119008 93.0 80 90.0 -60 31/12/2001 R463 401358 7119015 89.0 60 90.0 -45 31/12/2001 R464 401560 7119006 94.0 89.3 270.0 -50 31/12/2001 R465 401558 7118966 94.0 98.1 270.0 -55 31/12/2001 R466 401558 7118966 94.0 81 90.0 -45 31/12/2001 SOURCE: Gemdale Gold Inc. 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