ONGold Resources Confirms 2.0 Million Ounce Gold Resource at Monument Bay in Manitoba

• Updated Mineral Resource Estimate (MRE): 74.39 million tonnes at 0.84 g/t gold for 2.0 million ounces in the Measured and Indicated categories, plus 24.46 million tonnes at 0.62 g/t gold for 0.49 million ounces Inferred, constrained within a conceptual open-pit shell.
• Approximately 80% of the total contained gold falls within the Measured and Indicated categories.
• The estimate incorporates 833 historical drill holes totalling approximately 237,021 metres across the 4.2 kilometre Twin Lakes Shear Zone.
• SRK has proposed an initial Phase I drill programme of approximately 20 holes (11,150 metres) targeting higher-grade gold zones in the central and eastern deposit, including areas below and beyond the current pit shell.
• A programme adding 13,900 new tungsten assays to the project database is supporting further evaluation of tungsten, a mineral designated as critical by the Government of Canada.

ONGold Resources Ltd. (TSXV: ONAU) (OTCQB: ONGRF) is a Canada-based exploration company with properties in Northern Ontario and Northern Manitoba. Its assets include the Monument Bay Gold and Tungsten Project, the TPK Project, the Domain Gold Project and the October Gold Project, all located within established gold-producing areas of the region.

Updated Monument Bay MRE Delivering 2.0 Moz Measured and Indicated Gold at 0.84 g/t and 0.49 Moz Inferred Within Open-Pit Conceptual Shell Across 4.2km Twin Lakes Shear Zone

SRK Consulting (Canada) Inc. has completed an updated Mineral Resource Estimate for the Monument Bay Gold Project, effective 31 July 2026, prepared under the CIM Definition Standards and NI 43-101. An MRE estimates how much metal a deposit may contain, using categories (Measured, Indicated and Inferred) that reflect the level of confidence in the underlying data, with Inferred carrying the lowest confidence. The updated estimate totals 74.39 million tonnes grading 0.84 g/t gold for 2.0 million ounces in the Measured and Indicated categories, with an additional 24.46 million tonnes at 0.62 g/t gold for 0.49 million ounces classified as Inferred.

The resource is constrained within a conceptual open-pit shell above a 0.20 g/t gold cut-off grade, using a gold price assumption of US$3,000 per ounce. Approximately 80% of the contained gold falls within the Measured and Indicated categories. The updated figures incorporate 833 historical diamond drill holes totalling approximately 237,021 metres across the 4.2 kilometre Twin Lakes Shear Zone, together with a revised geological and structural interpretation, core re-logging and additional assay information.

Kyle Stanfield, Chief Executive Officer and a director of ONGold, said:

"The completion of a mineral resource estimate prepared in accordance with NI 43-101 for the Monument Bay gold deposit is a very important milestone for ONGold."

This is the company's first NI 43-101 compliant resource estimate for Monument Bay; ONGold states that it does not consider prior historical estimates for the project to be current, as this estimate uses different geological interpretations, methodology and assumptions.

Revised Geological and Structural Interpretation Identifying Higher-Grade Eastern Deposit Priority Drill Targets Below and Beyond Current Pit Shell

SRK developed updated lithology and gold mineralisation models for Monument Bay, incorporating the revised geological and structural interpretation, historical drill data, core re-logging and additional assays. The gold mineralisation model consists of a higher-grade domain, defined broadly above a 1.0 g/t gold threshold and tied to specific structural features, and a lower-grade surrounding domain defined above a 0.30 g/t gold threshold. Domains refer to modelled zones grouped by grade and geological characteristics.

Six east-plunging mineralised zones, described as shoots, have been interpreted along the deposit. The company notes that significant portions of the deposit remain untested by drilling below approximately 300 metres of vertical depth, and that the eastern extension has been relatively sparsely drilled to date. A previously disclosed historical intercept in the eastern portion, hole TL16-575, returned 6.15 g/t gold over 132.0 metres, including 163.92 g/t gold over 2.75 metres.

SRK has proposed an initial Phase I programme of approximately 20 holes totalling 11,150 metres, focused on the central and eastern portions of the deposit, including zones below and beyond the current pit shell, with roughly half directed to the east. Some of the higher-grade domains lie outside the current pit shell and could form the basis of a future pit expansion at depth.

Mr. Stanfield stated:

"We are encouraged by the opportunity to test mineralization at depth particularly along the eastern portion of the deposit where gold grades from historical drilling are demonstrably higher."

Tungsten Critical Mineral Upside Evaluation Underway Following 13,900 New Assays Added to Database

Tungsten was not included in the 2026 MRE. The company states that tungsten occurs within the same broader hydrothermal system associated with the gold mineralisation at Monument Bay. Tungsten at the project occurs primarily as scheelite, associated with quartz veining and stockwork systems, and recent work indicates that higher-grade tungsten can occur alongside higher-grade gold mineralisation in some portions of the deposit. Tungsten is designated a critical mineral by the Government of Canada, with applications in defence and advanced manufacturing.

A 2025-2026 re-logging, infill sampling and pulp re-analysis programme added approximately 13,900 tungsten assays to the database, primarily from historical samples that had previously been analysed for gold only. Examples from this work include a sample from hole TL-20-703 that returned 22.30 g/t gold alongside 2,700 parts per million tungsten. Metallurgical testing conducted in 2015 by Thibault & Associates Inc. indicated that Monument Bay gold-tungsten samples tested were amenable to flotation, though this testing was described as preliminary.

With the expanded database, ONGold plans to identify historical drill holes with missing tungsten assays and focus further work on higher-grade gold-tungsten intercepts and their structural controls. This work is intended to determine whether sufficient continuity exists to support future tungsten domain modelling and resource evaluation.

Milestones and Next Steps

SRK is preparing the full NI 43-101 technical report supporting the updated MRE, which the company will file on SEDAR+ within the period prescribed by NI 43-101. ONGold will review SRK's proposed Phase I drilling recommendation together with its own targets to finalize a drill programme addressing higher-grade extensions in the central and eastern deposit, including areas below and beyond the current pit shell. The company also plans to continue its tungsten evaluation using the expanded assay database. The company noted continued support from local First Nations communities and the Government of Manitoba as it advances the Monument Bay Project into 2027.

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