Calgary, Alberta--(Newsfile Corp. - December 23, 2022) - Ashley Gold Corp. (CSE: ASHL) ("Ashley" or the "Company") is pleased to announce that it has closed the second tranche of its previously announced $250,000 non-brokered private placement of units ("Units") for gross proceeds of CDN$84,000 (the "Offering"). This is in addition to a first tranche gross proceeds close of CDN$79,200 previously announced on September 27, 2022. A total of CDN$163,200 has been raised in both tranches.

The second tranche was comprised of 450,000 flow-through units ("Flow-Through Units") for a total of $54,000 and 300,000 non-flow through units (the "Non-Flow Through Units") for a total of $30,000. The Flow-Through Units were priced at $0.12 and comprised of one flow-through common share and one non-flow through common share purchase warrant. Each full purchase warrant is exercisable for one non-flow through common share at an exercise price of $0.20 for a period of 24 months from the closing of the Offering. The Non-Flow Through Units were priced at $0.10 and were comprised of one common share and one common share purchase warrant. Each full purchase warrant is exercisable into common shares at a price of $0.20 for a period of 24 months.

The Company paid a total of $6,720 in finder's fees associated with the Offering and issued 60,000 finder warrants at exercises prices of $0.10 and $0.12 and expiring 24 months from the closing date of the Offering. All securities issued under the Offering are subject to a statutory four month hold period.

The gross proceeds from the sale of the Flow-Through shares will be used to incur eligible Canadian Exploration Expenses ("CEE") at the Company's Santa Maria Property. The Company will renounce CEE effective on or before December 31, 2022. The proceeds raised from the Non-Flow Through component will also be used for exploration work on the Santa Maria Property and for general working capital.

ABOUT ASHLEY GOLD

Ashley Gold is focused on creating substantive long-term value for its shareholders through the discovery and development of world class gold deposits. Ashley currently holds an option to earn 100% interest in the Ashley Mine Project, subject to a 2% royalty. In addition, Ashley has acquired 100% of the Santa Maria subject to a 1.75% royalty. Ashley is actively searching for additional high potential gold properties to add to its portfolio.

Ashley Gold Corp. is an early-stage natural resource company engaged primarily in the acquisition, exploration, and if warranted, development of mineral properties. The Company's objective is to conduct efficient and economical exploration on its growing portfolio of high-quality gold projects, currently focused in northeastern and northwestern Ontario within the western Abitibi and the Eagle-Wabigoon-Manitou Lakes Greenstone Belts.

On behalf of the Board of Directors:

Mr. George Stephenson, CEO and President
(403) 816-2262
gstephenson@ashleygoldcorp.com

Mr. Darcy Christian, Vice President, Operations
(587) 777-9072
dchristian@ashleygoldcorp.com

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

DISCLAIMER & FORWARD-LOOKING STATEMENTS

This news release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks and uncertainties. Although these statements are based on currently available information, Ashley Gold Corp. provides no assurance that actual results will meet management's expectations. Factors which cause results to differ materially are set out in the Company's documents filed on SEDAR. Undue reliance should not be placed on "forward-looking statements".

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