Ashley adds to Dryden area assets

Executive Summary

• Ashley Gold Corp. announced the commencement of core cutting at its Howie project and executed a value-added transaction to reset Net Smelter Royalties (NSRs) to 0% for the Howie and Burnthut Main Block properties.
• The company issued 400,000 common shares at 7.5 cents per share to the project vendor to facilitate the NSR reset, subject to a four-month hold and pending regulatory approvals.
• Recent drilling at the Howie project's Twilight-Gap anomaly intersected significant geological structures and fluid pathways, while the NSR reset is expected to enhance project attractiveness and provide strategic flexibility for future portfolio management.

Key Details

• NSR Reset Transaction: Ashley Gold issued 400,000 common shares to the project vendor to reset vendor NSRs to 0% for the Howie project and Burnthut Main block.
• Transaction Terms: Shares issued at 7.5 cents per share; subject to a four-month hold; transaction is arm's length and contingent on exchange and regulatory approvals.
• Howie Project Exploration: Core cutting commenced in early January following a four-hole drilling campaign in late 2025 targeting the Twilight-Gap anomaly; assays are pending.
• Howie Drilling Intersections: Campaign intersected gabbro, breccia flows, quartz veins, quartz feldspar porphyry (QFP), shear zones, and carbonate breccia, confirming significant geological events and fluid movement through the property.
• Burnthut Main Block Status: Original claims and East block (acquired March 18, 2025) now carry a 0% vendor NSR. A prior 1.0% NSR with buyback conditions remains on Burnthut Island. The block adjoins/strikes Nexgold Mining Corp.'s Goliath gold complex and includes the historic Wedge zone.
• Other Ontario NSR Holdings: Santa-Maria project (1.75%), Burnthut North block (1.0%), Burnthut Island (1.0%), and Alto-Gardnar (0.5%).
• Option Grants: 1.5 million options issued to management, directors, and contractors at an exercise price of 7.5 cents with a three-year expiry and a four-month-and-one-day hold.
• Option Cancellations: Board approved the cancellation of 925,337 options; no options for management or directors were cancelled.
• Strategic Implications: Resetting NSRs to zero increases project attractiveness for continued exploration and opens the door for Ashley to retain an NSR if the portfolio is streamlined.

Notable Quotes

• President Noah Komavli: "This value-added transaction has many implications. We see great potential in our portfolio, and resetting the NSRs to zero will make these projects increasingly attractive as we continue to advance them through exploration efforts. Additionally, in the event of streamlining our portfolio, this transaction opens the door to Ashley retaining a NSR."
• President Noah Komavli: "The whole Howie project will have a 0-per-cent NSR, and so will the main claims at Burnthut on strike of the recently acquired Tak patents."
• President Noah Komavli: "We are also pleased to provide some more visuals from the Howie core cutting. Drilling has unveiled mineralization that is obscured by overburden on the surface."