Ashley Gold receives funding for the Burnthut Drilling Project from the Ontario Junior Exploration Program

Calgary, Alberta – December 31, 2024 – TheNewswire – Ashley Gold Corp. (CSE: ASHL, OTC: ADGCF) (“Ashley” or the “Company”) is pleased to announce the approval of an Ontario Small Exploration Program grant to fund 50% of the estimated drilling costs for the Burnout Program. The total grant is estimated at $83,175.

“We are pleased to receive the Ontario Junior Exploration Program (OJEP) grant, which demonstrates the Ontario government’s commitment to advancing exploration in the province,” said Darcy Christian, CEO of Ashley Gold Corp. “This $83,175 grant significantly reduces our financial burden and enables us to move forward with the Burnthut Drill program while minimizing shareholder dilution. We are excited to test the high-grade Oro and Oro West discoveries at depth, and expect drilling to begin by mid-January.”

Figure 1: Greater Dryden District, Burnthout Estate, towards Goliath (treasury) at Nyxgold and Goldlund

Figure 2: Overview of Burnthut, proposed drilling location for 2023 and 2024 surface sampling

About Burnthut Drill

The Burnthut project is located upstream and adjacent to NexGold’s Goliath property (the Treasury) with over 4.5 million ounces of resource. In 2023, the Ouro Grande surface discovery sampled up to 70 g/t gold (>1.9 oz/t) tested in a deformation zone up to 20 meters wide. In early 2024, an additional parallel deformation zone up to 31 g/t Au (>1 oz/t), called Oro West, was sampled approximately 80 metres. A three-hole, 1,000-meter-long program will test these deformation zones at a depth of 200-250 meters with the aim of reducing the bulk load. The Oro trend has been sampled over a distance of 1 km and will be successfully tested further in this first programme.

Figure 3: Interpretation of the January 2025 drilling cross section

Figure 4: Sample 340234 grading 31.9 g/t Au

2024 Flow-Through and Non-Flow-through Closing Through Private Placement

The Company has closed the second and final tranche of the previously announced private placement (“an offer“) for gross proceeds of $10,495, including 200,000 flow-through units for $10,000 and 11,000 non-flow-through units for $495.00. A total of $49.50 was paid in fees to qualified finders and the Company issued 1,100 warrants to finders at an exercise price of $0.045, It expires 24 months after the offer closing date.

The gross proceeds from the sale of the flow-through shares will be used to defray eligible Canadian exploration expenses (“Central and Eastern Europe“) for the Company’s Howie and Burnthut projects. The Company will relinquish CEE on or before December 31, 2024. Proceeds from non-flow through units will also be used for exploration work and for general working capital purposes.

The offering is subject to all necessary regulatory approvals, including acceptance from the Canadian Securities Exchange. All securities issued in connection with the Offering will be subject to a hold period of four months from the closing date under applicable Canadian securities laws, in addition to other restrictions that may apply under applicable securities laws in jurisdictions outside Canada.

About Ashley Gold Company

Ashley Gold Corp is dedicated to discovering the next multi-million ounce gold deposits through efficient and innovative exploration. Ashley Gold operates in mining-friendly and politically stable jurisdictions, and focuses on regions with proven adjacent success stories, creating a clear path to value generation.

As one of the first carriers in the highly desirable Dryden region of northwestern Ontario, Ashley Gold is strategically positioned to capitalize on the region’s rich geological potential. Our mission is to deliver substantial, long-term shareholder value by uncovering and developing world-class gold deposits in one of the most mining-friendly jurisdictions in the world.

Responsibility for this release rests with Mr. Darcy Christian, President and CEO • +1 (587) 777-9072 • This email address is being protected from spambots. You need JavaScript enabled to view it. You can contact us for more information. www.ashleygoldcorp.com

Neither the CSE nor its Regulation Services Provider (as that term is defined in CSE policies) accepts responsibility for the adequacy or accuracy of this release.

Disclaimers and Forward-Looking Statements

This press release includes certain “forward-looking statements” that do not consist of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their nature involve inherent risks and uncertainties. Although these statements are based on currently available information, Ashley Gold Corp gives no assurance that actual results will meet management’s expectations. Factors that could cause results to differ materially are described in the Company’s filings on SEDAR. Undue reliance should not be placed on “forward-looking statements”.