Toronto, Ontario – (Newsfile Corp. – December 24, 2024) – ONGold Resources Ltd (TSXV: ONAU) (OTCQB: ONGRF). (the “a company“or”ONGold“) is pleased to announce that it has closed its previously announced non-brokerage private placement, raising gross proceeds of $3,250,995 (“)an offerPursuant to the Offering, the Company has issued an aggregate of 5,001,532 ordinary shares of the Company that qualify as “flow-through shares” for purposes of Income tax law (Canada) (all)Share FT“) at a price of US$0.65 per square foot share. The Company will use the gross proceeds of the offering for expenditures that qualify as Canadian exploration expenses, within the meaning of Income tax law (Canada), to enhance exploration operations at its mining properties in Manitoba and Ontario. In connection with the Offering, the Company paid a finder’s fee in cash equal to 6% of the gross proceeds raised, and issued warrants equal to 6% of the total number of FT Shares sold, to eligible parties unrelated to the Company, in accordance with the policies of the TSX Venture Exchange (“exchange“).

All securities issued pursuant to the Offering will be subject to a holding period expiring 4 months and 1 day after issuance, in accordance with the rules and policies of the Exchange and applicable Canadian securities laws.

About ONGold Resources Ltd.

ONGold Resources Ltd. (formerly 1348515 BC Ltd.) is a reporting issuer in British Columbia and Alberta. ONGold has significant exploration assets in Northern Ontario, most notably the region-wide TPK Project and the October Gold Project. These projects represent a strategic footprint in one of Canada’s most prolific gold producing regions.

ONGold recently acquired 100% interests in both the Monument Bay Gold Project (“monument bay“”) and project domain (“specialization“And together”Projects“), both located in Manitoba, Canada, from a wholly-owned subsidiary of Agnico Eagle (NYSE:) Mines Limited (“I sing to you eagle(TSX: AEM) (NYSE: AEM) in the case of Monument Bay, Agnico Eagle and Capella Minerals Ltd. (“Capella(TSXV:CMIL), in the case of the Domain. With its extensive technical expertise, strong commitment to social acceptance, informed Indigenous engagement and partnerships, as well as a proven track record of responsible exploration, the ONGold team is uniquely positioned to unleash the full potential of Monument Bay and the Domain For further details, please see the Company’s press release dated December 23, 2024.

Monument Bay and Domain

Located in northeastern Manitoba, near the Ontario-Manitoba border, Monument Bay represents a region-wide exploration opportunity with significant gold and tungsten mineralization over 40 kilometres. Monument Bay is an advanced-stage exploration asset with over 232,000 meters drilled in over 800 diamond core holes, while still having significant upside exploration both within known deposits and along unexplored satellite areas. Monument Bay has several mineral resource estimates completed by various qualified persons on behalf of various operators, which are no longer valid under NI 43-101 but will be used by ONGold to focus exploration efforts and form the basis of future resource estimates to be prepared in accordance with NI 43- 101. The proposed acquisition of Monument Bay will strengthen ONGold’s portfolio, provide an exploration camp for ONGold’s nearby Rapson Bay properties and complement the company’s broader exploration footprint in northern Ontario. A 2017 Historical Mineral Resource Estimate identified 2,300,000 ounces of gold at an average grade of 1.24 g/t in the measured and indicated mineral resource categories, and an additional 720,000 ounces of gold at an average grade of 0.92 g/t in the inferred mineral category. Resource category.

ONGold has entered into separate asset purchase agreements for Monument Bay (“MP Convention“”) and the domain (“specialization deal“, together with the MB Agreement,”Agreements) on November 25, 2024. Under the terms of the agreements, ONGold will acquire the Monument Bay and Domain projects for an initial aggregate consideration of US$250,000 in cash, of which US$100,00 is payable under the MB Agreement and US$150,000 is payable under MB Agreement Domain Agreement, 8.7 million common shares of ONGold valued at approximately $4.2 million at a price of 0.485 US$ per share ONAU price, payable under the MB Agreement, resulting in Agnico Eagle retaining a 15% interest in the Company In addition, Agnico Eagle is entitled to up to US$21.5 million in event-based conditional payments under the Agreement MB, while Agnico Eagle and Capella will jointly be entitled to $0.5 million of milestone-based contingent payments under the Domain Agreement, and the acquisition has closed. Monument Bay and Domain on December 20, 2024.

The transactions under the agreements represent an important step in developing ONGold’s strategy to become a leading junior explorer in the prolific Stull Lake Greenstone Belt in northern Canada.

TBK

The TPK project, known for large-scale gold mining, covers 47,976 hectares in a highly favorable geological environment, and has shown promising exploration results from historical drilling and recent surveys. The project area is located in an area known for its mineral potential.

Golden October

Likewise, the October Gold Project, consisting of 1,208 claims covering an area of ​​271 square kilometres, holds great promise thanks to its geological location being suitable for large-scale gold deposits and being located approximately 35 kilometers from the Cote Lake mine. The project underwent preliminary exploration activities that indicated the presence of mineralized areas containing large gold anomalies. ONGold also has a 100% interest in additional properties in northwestern Ontario, known as Rapson Bay, Thorn Ellard and Meston Lake. Together these consist of 2,334 cell claims, covering 43,791 hectares.

ONGold is committed to responsible exploration practices and sustainable development, with an emphasis on strong partnerships with local communities and stakeholders. By committing to high standards of environmental stewardship and community engagement, ONGold aims not only to explore and develop its assets, but also to contribute positively to the regions in which it operates.

With an experienced management team led by industry experts and a strategic focus on high-potential mining assets, ONGold Resources Ltd. Well positioned to become a leader in next generation mine development in Canada’s prolific mining sectors.

ONGold Resources Ltd on behalf of the Board of Directors

Kyle Stanfield, CEO and Director

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

All figures are in Canadian dollars unless otherwise noted.

Forward-looking statements: This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance and include expectations of the incurrence of expenses that will qualify the securities issued in the offering as “flow-through” securities under the Income Tax Act (Canada). All statements other than statements of historical fact may be forward-looking statements or information. Forward-looking statements and information are often, but not always, identified by the use of words such as “appears,” “seeks,” “expects,” “plans,” “continues,” “estimates,” “approximates,” “expects,” “may”, “will”, “plan”, “predict”, “potential”, “target”, “intend”, “could”, “may”, “should”, “believe”, “will” and the like. From expressions data and information are provided For the purpose of providing information about the current expectations and plans of the Company’s management relating to the future, readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their nature they imply Inherent Risks and Uncertainties Actual results may differ materially from those currently anticipated due to a number of factors and risks and, accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this press release.

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