ONGold Closes Upsized $9.0 Million LIFE Financing

OnGold Resources Ltd. (ONAU) has closed an upsized Listed Issuer Financing Exemption (LIFE) private placement, raising aggregate gross proceeds of C$9,055,558.12. The offering was initially announced on October 5, 2026, at up to $5.3 million, and was subsequently upsized to $9.3 million before closing.

The transaction consists of three tranches: 7,410,000 Ontario Flow-Through (ON FT) Units at $0.81 per unit; 1,615,000 Manitoba Flow-Through (MB FT) Units at $0.93 per unit; and 2,675,014 Non-Flow-Through (HD) Units at $0.58 per unit. Each unit includes one common share and one-half of one common share purchase warrant. The warrants carry an exercise price of $0.88 per share and expire on October 27, 2028.

Flow-through proceeds will fund eligible Canadian exploration expenses, which are renounced to subscribers by December 31, 2026. Proceeds from the HD units will fund working capital and general corporate purposes. Agent compensation includes a 6.0% cash commission and 702,001 non-transferable compensation options exercisable at $0.58 per share, expiring October 27, 2028. The financing was led by Paradigm Capital Inc., with ATB Capital Markets Corp. and Agentis Capital Markets as co-agents.

In related corporate developments, OnGold now retains 100% ownership and operatorship of the 271 km² October Gold Project after Evolution Mining Exploration and Development (Canada) Ltd. terminated its earn-in and joint venture agreement on October 16, 2026. Additionally, OnGold commenced Phase 2 diamond drilling at its Ti-pi-ha-kaa-ning (TPK) project on October 7, 2026, targeting high-grade gold structures identified in 2025.

OnGold Resources Ltd. (ONAU) has secured a closed financing deal that provides approximately C$13.4 million in cash, combining the C$4.38 million balance from Q2 2026 with the new proceeds. This capital injection significantly extends the company's financial runway into 2027. The transaction was upsized from $5.3 million to $9.05 million, reflecting demand for flow-through shares. The funds will directly support the planned 2,100-meter Phase 2 drill program at TPK and the 2,500-meter AZ Zone program at Monument Bay, aligning with management's stated exploration roadmap.

The issuance of approximately 11.7 million new units, along with associated warrants, represents substantial dilution to existing shareholders. The fully diluted share count is set to rise from approximately 74.0 million to approximately 85.7 million. The current trading price of $0.50 sits well below the flow-through issue prices of $0.81 and $0.93, as well as the warrant exercise price of $0.88.

Additionally, the termination of the Evolution Mining joint venture on the October Gold Project means OnGold now bears 100% of the exploration cost and risk. While this removes a partner and simplifies decision-making, it increases the capital intensity required to advance the property.

OnGold Resources Ltd. (TSX.V: ONAU) is a Canadian exploration company focused on gold, silver, copper, and tungsten. The company operates three primary projects in Canada: Monument Bay in Manitoba, and Ti-pi-ha-kaa-ning and October Gold in Ontario.

The Monument Bay project is located in northeastern Manitoba, bordering Ontario. It is in an advanced exploration stage with a completed open-pit constrained Mineral Resource Estimate (MRE) effective July 31, 2026. The MRE defines 2.009 million ounces of gold in Measured and Indicated categories at 0.84 g/t Au, and 0.491 million ounces in Inferred at 0.62 g/t Au. The deposit also hosts significant tungsten potential, with historical assays showing coincident gold and tungsten mineralization. Tungsten was explicitly excluded from the 2026 MRE but is a key focus for future studies. Infrastructure includes year-round aircraft access, winter road access, and a modern 40-person camp, with high-voltage power available nearby.

The Ti-pi-ha-kaa-ning (TPK) Project is located in northwestern Ontario and is undergoing discovery-led exploration. The company reported high-grade gold intersections in 2025, including 19.39 g/t Au over 8.2 meters. Phase 2 drilling is underway at the site.

The October Gold Project is located in the southern Swayze Greenstone Belt. OnGold Resources holds a 100% interest in the 271 km² land package following the termination of the Evolution Mining joint venture. The project is located 35 km northwest of IAMGOLD's Côté Gold Mine.