Trojan Gold Inc. announced that it has become party to an option agreement dated April 11, 2024 (the "Option Agreement") with arms-length third parties ("Optionors") pursuant to which Trojan has an option to acquire a 50% interest in the Paulpic-Wascanna gold property. The property lies within the Beardmore-Geraldton-Tashota greenstone belt, approximately 80 km northwest of the town of Geraldton and 240 km northeast of the City of Thunder Bay in Northwestern Ontario. The property, which comprises four mining leases and twenty-five mining claims, covers two significant gold deposits as well as several under-explored gold occurrences.

The Option Agreement was originally entered into between the Optionors and Advandtel Minerals (Canada) Ltd. ("AMCL") in July 2018 and assigned by AMCL to Tashota Resources Inc. ("Tashota") on November 3, 2021. Tashota has now assigned 50% of its interest in the option under the Option Agreement to Trojan. As consideration for the assignment, Trojan has agreed to issue 5,000,000 common shares to the Optionors at a deemed price of $0.05 per common share.

Charles Elbourne is a director and officer of each of Trojan and Tashota, and Rodney Barber is a director of each of Trojan and Tashota. As a result, the assignment of the Option Agreement may be a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions because the Company has assumed the obligations of a related party under the Option Agreement. However, section 5.4(1) of MI 61-101 provides that the transaction does not require a formal valuation and section 5.7(1)(a) of MI 61-101 provides that the Company is exempt from the requirement to obtain minority shareholder approval because the fair market value of any consideration received in the transaction is less than 25% of the Company's market capitalization.