Evergold Announces Closing of $350,000 Convertible Debenture Private Placement with CJ "Charlie" Greig; Drilling at DEM is Underway

On November 7, 2025, Evergold Corp. announced it has closed the previously announced $350,000 convertible debenture private placement with C.J. Greig Holdings Ltd., a company controlled by Evergold's Chief Exploration Officer, Charles "Charlie" Greig.

Concurrently, the company announced that drilling has commenced at its DEM property in British Columbia. The program consists of a single core hole designed to test for precious and critical metals at depth, below encouraging intersections from drilling in 2023 and 2024. The drilling is expected to take approximately one week to ten days to complete.

The news is a routine follow-through on the financing and drill program announced on October 29, 2025. The impact is positive in that the company has successfully secured the necessary funds and has mobilized a drill to the site, executing its stated plan. This removes the immediate financing uncertainty for this specific program.

However, the materiality is low. The market was already aware of the plan, and this news simply confirms its commencement. The substantive, material event will be the assay results from this drill program.

Critically, the financing highlights the company's precarious financial position. Securing a mere $350,000 required turning to an insider, suggesting difficulty in attracting capital from the broader market. This is a significant red flag regarding investor confidence and the company's financial stability. The company's entire near-term valuation appears to hinge on the results of this single, high-risk drill hole (DEM25-06).

• Execution: Positive. The company is doing what it said it would do.
• Financial Health: Negative. The small size of the financing and its source (an insider) underscore the company's severe capital constraints and dependence on related parties. This follows a pattern of financial distress, including a recent 1:10 share consolidation (October 2025) and a "gain on forgiveness of debt" noted in the March 31, 2025 financials, where insiders waived fees to keep the company solvent.
• Expectations: The news meets the expectations set on October 29. The market is now in a "wait and see" mode for the drill results. A positive outcome could provide a significant stock price catalyst, while a negative result would be detrimental, as the company has no other immediate catalysts and will have exhausted these new funds.

Overall, this is a necessary operational step forward, but it does not change the fundamental high-risk profile of the company. It's a positive development in a distressed situation.

Evergold Corp. is a Canadian junior mineral exploration company focused on properties in British Columbia. While it holds several projects, including Golden Lion and Snoball, its current flagship project is the DEM property located near Fort St. James, B.C.

Following drilling in late 2023 and 2024 that returned encouraging polymetallic results, including high-grade antimony (a critical mineral) as well as gold, silver, and other elements, the company has focused all its limited resources on this project. The current drill program is a single hole designed to test the depth potential of the DEM Mountain Zone, which the company interprets as a potentially deep-running epithermal system.