Ashley Gold closes $265,237 first tranche of placement

Executive Summary

• Ashley Gold Corp. has closed the first tranche of its proposed $530,000 non-brokered private placement, raising gross proceeds of $265,237.56 through the issuance of flow-through (FT) and non-flow-through (NFT) units.
• The company has signed a drill contractor for a maiden scout drilling program at its Howie project, scheduled to commence in early December 2025, targeting the Gap zone and extending the Twilight zone.
• Recent exploration results include channel sampling up to 20.2 g/t Au at the Main Katisha zone and the re-assay of historic core returning 0.33 g/t Au over 25.74 m near the Twilight zone.

Key Details

• Financing Structure & Proceeds:

  • Total proposed financing: $530,000.
  • First tranche closed: Gross proceeds of $265,237.56.
  • Flow-Through (FT) Units: 1,578,922 units issued at $0.095/unit. Gross proceeds: $149,795.09. Includes two-year half warrants exercisable at $0.15.
  • Non-Flow-Through (NFT) Units: 1,536,833 units issued at $0.075/unit. Gross proceeds: $115,262.47. Includes two-year half warrants exercisable at $0.12.
  • Management Participation: Management financed $78,750 of the tranche. Specific purchases include:
    • Darcy Christian (CEO): 200,000 units for $15,000.
    • Noah Komavli (President): 100,000 units for $7,500.
    • 1000903966 Ontario Inc. (controlled by Komavli): 550,000 units for $41,250.
    • Paul Rozek (CFO): 200,000 units for $15,000.
  • Finders' Fees: $12,521.00 paid, plus issuance of 137,753 finders' warrants exercisable at $0.075 for 24 months.
  • Use of Proceeds: Flow-through funds for eligible exploration expenses (drilling); hard dollar proceeds for exploration costs and corporate G&A.
  • Renunciation: Flow-through funds to be renounced by Dec. 31, 2025.
  • Hold Period: Statutory hold period of four months and one day from issuance.

• Howie Project Drilling Program:

  • Contractor: Signed for maiden program; drilling expected in early December 2025.
  • Scope: Max proposed metreage of 550m.
  • Cost: Projected cost of $137,500 (highly capital effective).
  • Targets:
    • Gap Zone: Primary target; linear anomaly along East Fault between Howie and Twilight zones. Host to strong coinciding chargeability and resistivity anomalies. No historical drilling. Shallow fence to be executed.
    • Twilight Zone: Two scissored holes to follow the plunge of the Twilight zone.
  • Logistics: Rig to be rotated/relocated to proximity of Howie for low demobilization costs. Potential use for Alto-Gardnar program in early new year pending Tranche 2 funding.

• Recent Exploration Results (Howie):

  • Main Katisha Zone: Spring/summer stripping campaign yielded channel sampling high of 20.2 g/t Au over 0.8m.
  • Twilight Zone: Channel sampling returned weighted average of 0.624 g/t Au over 22.9m.
  • Historic Core: Located and assayed core from 1987 returned 0.33 g/t Au over 25.74m in proximity to Twilight zone.

• Regulatory & Legal:

  • Related party transaction exempt from formal valuation/minority shareholder approval under MI 61-101 as purchases do not exceed 25% of market cap.
  • Subject to final Canadian Securities Exchange acceptance.

Notable Quotes

• Noah Komavli, President: "The first tranche will allow for execution of the planned scout drill program at the company's Howie project, with rapid turn around on activity; drilling is expected to occur in early December."
• Noah Komavli, President: "Moving from historical occurrences to validated targets to scout drilling in one year represents our drive for discovery."