Boreal Gold Closes the Third and Final Tranche of Non-Brokered Private Placement for $154,200

Flin Flon, Manitoba--(Newsfile Corp. - October 15, 2026) - Boreal Gold Inc (CSE: BGLD) (the "Issuer") has closed the third and final tranche totaling $154,200 of a non-brokered private placement announced on August 13, 2026 and updated on August 26, 2026. The closing is comprised of 14,000 Flow Through Shares at a price of $0.30 per Flow-Through Share representing proceeds of $4,200 and 750,000 Units at a price of $0.20 per Unit, representing proceeds of $150,000 for an aggregate total raised of $154,200.

Each Unit will be comprised of one Class A Share and one-half of one share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Class A Share, to be issued on a non-flow through basis, at an exercise price of $0.30 until the date that is two years following the closing date of the Offering.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals. The securities issued are subject to a four-month statutory hold period in Canada ending on February 16, 2027.

The Flow-Through Shares shall consist of one Common Share, to be issued as a "flow-through share" (the "Flow-Through Shares") within the meaning of the Income Tax Act (Canada).

In connection with the closing of the offering, the company paid certain cash finders fees totaling $44,699.99 and issued an aggregate of 220,000 finder warrants (each, a "Finder's Warrant") to eligible finders in respect of subscriptions for units and flow through shares referred by such finders. Each finder warrant is exercisable to acquire one additional Class A share (a "Finder Warrant Share") at an exercise price of $0.20 per Finder Warrant Share until September 9, 2028 for the finder's warrants from the second tranche and at an exercise price of $0.20 per Finder Warrant Share until October 15, 2028 for the finder's warrants from the third and final tranche.

All securities issued in connection with the Offering are subject to a statutory hold period under applicable Canadian securities laws, expiring February 16, 2027.

Boreal Gold has closed $964,299.80 over the three tranches of the announced private placement (see August 13 news release), $215,100 in the first tranche (see August 31 news release, $594,999.80 in the second tranche (see September 9 news release) and $154,200 in the third tranche announced in this news release.

Properties

The Fay Lake Property consists of 17 contiguous claims comprising 2,719 hectares that lie 25 km Northeast of Flin Flon, Manitoba. It is contiguous to the south with Hudbay Minerals Vamp Lake Cu-Zn-Au VMS property and also contiguous to the northeast, with the former Puffy Lake Gold mine. Fay Lake contains approximately 5 km of mapped VMS horizons similar to Vamp Lake. Separately, west of the rail line, is a 9 km shear structure presently known to contain similar mineralization to the Puffy Lake Gold deposit with samples assaying up to 14.33 g/t Au.

The Melgurd property consisting of 11 mineral claims totalling 7,411 hectares that lies Northwest of Flin Flon, Manitoba just north of the Shotts Lake copper-zinc VMS deposit in Saskatchewan. Boreal's airborne magnetic and EM survey shows both EM conductors and gradient magnetic trends of the Shott Lake horizon continuing north onto the Melgurd property in the area of a felsic volcanic package. Prospecting and mapping in the summer and fall of 2023 and 2024 have outlined an area of significant garnet and anthophyllite alteration, locally this alteration is associated with gossans.

The North Star Group property, consisting of 2,922 hectares in 21 contiguous claims and two mining leases is located 50 kilometres west of Snow Lake Manitoba. The Property consist of three contiguous properties which are: the North Star Gold Property; the Gold Rock Mining Lease and the Sewell Lake Critical Metals Property which is contiguous and within the same stratigraphy as HudBay Minerals' Rail Zone Copper Deposit to the south and the former Dickstone Copper Zinc Mine to the North.

Going forward based on recent work on the North Star and the Fay Lake (in Manitoba) and the Melgurd Lake (in Saskatchewan)

Planned Exploration and Drill Targets

In 2026 a rigorous exploration program is planned on the Fay Lake property, the North Star property and the Melgurd Lake property. Drilling the Gold Rock Vein has been completed on the North Star Property with very encouraging results (see July 29 and July 30, 2026 news releases). Drilling has been completed at Fay Lake targeting the Redwin volcanic massive sulphide horizon as well as high-grade gold quartz veins found in trenches (J. Pearson, Sept. 4, 2024, National Instrument 43-101 technical report) proximal to and within the Redwin horizon (see August 18, 2026 news release). Drilling also targeted the high-grade quartz veins sampled at Koscielny Lake (see August 18, 2026 and November 21, 2025news releases). Target development continues by following up airborne targets, which have been verified by detailed analysis, ground geophysics as well as geological mapping, sampling and prospecting from 2023 to 2025.

Use of Proceeds

Fay Lake

Boreal Gold intends to use the proceeds from this financing for drilling both the Redwin volcanic massive sulfide horizon as well as high-grade gold quartz veins found in trenches (J. Pearson, Sept. 4, 2024, National Instrument 43-101 technical report) proximal to and within the Redwin horizon, as well as the high-grade gold quartz veins at Koscielny Lake (J. Pearson, Sept. 4, 2024, National Instrument 43-101 Fay Lake technical report). The proceeds will also be used for assays, line cutting, prospecting and detailed geological mapping and sampling the grid extension to the east towards Puffy Lake.

North Star Lake

Exploration will continue on the North Star property with additional prospecting, sampling and detailed mapping of the under explored one km intervening area between the North Star and Gold Rock Deposits respectfully located at the north and south ends of the 2 km long structure to locate additional drill targets.

Melgurd Lake

On the Melgurd Lake property, the use of proceeds and focus of this year's exploration work will be the evaluation of airborne conductors near Cornell Bay. This area contains alteration as well as favourable felsic to intermediate volcanic rocks. Conductors not below the lake will be investigated for potential economic mineralization. Boreal will also be following up detailed analysis of Airborne Geophysical conductors on strike with the Shotts Lake deposit and the encouragement found in the felsic volcanic package with VMS style alteration in the 2023-2025 field work, further work is planned to ground truth these conductors. Detailed mapping, prospecting, sampling, line cutting and ground geophysics will be carried out over these conductors near the Cornell Bay area and also on the Keep Lake grid with follow up reports. Funds will also be used for corporate purposes.

Qualified Person

Stephen L. Masson, M.Sc., P.Geo. is the "Qualified Person" as defined by NI 43-101 Standards of Disclosure for Mineral Projects for these properties, has reviewed and approved the technical disclosure contained in this news release. Mr. Masson acts as a consulting geologist for the company.

About Boreal Gold Inc

Boreal Gold Inc is a Canadian junior mineral exploration company with a specific focus on mineral properties in northwest Manitoba and northeast Saskatchewan, Canada. All of the Issuer's properties are currently at the exploration stage. The Issuer has assembled a portfolio of base metal and precious metal prospects in strategic locations in the Provinces of Manitoba and Saskatchewan.

Boreal Gold Inc

"signed"
Richard Masson
President & CEO

For more information, please contact:

Richard Masson, President & Chief Executive Officer
Boreal Gold Inc.
T: +1 204-687-3500
E: [email protected]

Forward-Looking Information

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable Canadian and United States securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, including, but not limited to the Offering and the use of proceeds therefrom and the advancement of the Company's mineral properties. The forward-looking information is based on reasonable assumptions and estimates of the management of the Company at the time such statements were made and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Although the forward-looking information contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking information, except as required by applicable securities law.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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