Ashley Gold Corp. announced that, further to the news release dated March 4, 2024, it has executed a property option agreement dated April 22, 2024 (the "Agreement") with San Rafael Resources LLC ("San Rafael") to acquire a 100%- interest in the Sahara uranium-vanadium property, located in Emery County, Utah. Option Agreement Terms. Under the terms of the Agreement, Ashley has the right to acquire a 100% undivided interest in the Property through staged cash and share payments, plus minimum work expenditures totaling USD 10 million over a three-year period, as summarized below: 4,500,000 Ashley common shares within 30 days of Ashley completing a private placement financing for first stage earn-in.

Terms and conditions of the private placement will be disclosed in a future press release when finalized. Ashley previously issued 500,000 common shares to San Rafael as a deposit upon execution of the letter of intent. 1,000m drill program and completion of National Instrument 43-101 Report on the Property within 30 days of the first anniversary.

To earn an initial 30% interest to the Property: issue 18,500,000 common shares; and pay USD 100,000 cash to San Rafael. To earn a 50% interest to the Property: issues 20,000,000 common shares; and complete expenditures of USD 3,000,000 on the Property. To earn 100% of the Property: issue to San Rafael, the greater of 36,500,000 common shares and the number of Ashley common shares that would result in the aggregate number of common shares issued to San Rafael pursuant to the Agreement representing 40% of the issued and outstanding common shares; pay USD 1,000,000 cash; and USD 7,000,000 of expenditures on the Property.

In addition to the 100% earn-in, Ashley has agreed to issue additional common shares to San Rafael based on certain economic Uranium Resource identified in a Preliminary Economic Assessment, as follows: 10 million pounds of uranium in Preliminary Economic Assessment - 15,000,000 common shares and USD 500,000; and USD 500,000,000; and. USD 7,000,000of expenditures on the Property. In Additionally, Ashley has entered into a Option to earn 100% of the Sahara Uranium-Vanadium property in Emery County, Utah subject to a 2% NSR.