The Burnthut Gold property is contiguous to NexGold to the southwest. The property covers approximately 12km of favourable geology in the central volcanic belt and along strike of the Goldlund and Miller gold deposits. Past drilling has outlined 3 separate gold zones. A 500m wide, mineralized deformation corridor hosting numerous zones of gold mineralization is in close contact with the Ruby Island fault. The Ruby Island fault marks the boundary between mafic volcanics of the central volcanic belt to the North, with sedimentary rocks of the Minnitaki group to the south. A structural offset along the Ruby Island fault and the convergence of a northeast fault may have produced significant dilation zones.

A 48ft shaft was sunk on the Burnthut Island in the late 1800’s. The most recent drilling program on the property was conducted in the early 1960’s and was focussed near the Shaft. Sampling of core was intermittent; however, it is stated that a “few 100ft intervals were encountered between 0.01 and 0.07 oz/t Au*”. To the immediate west of the Burnthut on former Barrick Gold properties drilling intercepted 31.83m at 2.06 g/t Au* (Tak Patents). As of early 2026, Ashley had consolidated this ground as part of the greater Burnthut project.

2023 Sampling

In 2023, the Oro Grande Zone was discovered on the mainland which included 3 parallel veins up to 1.5m each in width. 16 grab samples of the three stacked veins averaged over 15g/t Au with the highest grading 59.5 g/t Au. The strike of the Oro Grande zone corresponds with Zone 2 on Burnthut Island and is traced for 75m on the mainland before trending under cover. This mineralized zone coincides with a VLF anomaly that extends 700m to the west of the Oro Grande zone.

Terms of the Burnthut Acquisition to earn 100%

$10,000 cash payment over four months and 600,000 shares on execution of Agreement (ISSUED AND PAID)

1.5% Net Smelter Royalty (NSR) with option to purchase 0.5% back at $600,000 reducing NSR to 1%. (As of early January 2026, the NSR's covering the main Burnthut block have been reset to zero).

5% Net Smelter Royalty (NSR) with an option to purchase back 2.5% for 1 Million at any time (Tak Patents), attributable to Royal Gold Inc.

*Please note that assay values denoted with an “*” within this release are from previous operators, considered to be “historical” in nature and therefore are non-compliant with respect to NI 43-101 standards, and have not been independently verified by Ashley Gold. The values have been extracted from publicly available government resources including Assessment Reports and MinFile inventory details and it is unknown what type of quality-control programs were performed at the time.

2023 Sampling

In 2023, the Oro Grande Zone was discovered on the mainland which included 3 parallel veins up to 1.5m each in width.  16 grab samples of the three stacked veins averaged over 15g/t Au with the highest grading 59.5 g/t Au. The strike of the Oro Grande zone corresponds with Zone 2 on Burnthut Island and is traced for 75m on the mainland before trending under cover. This mineralized zone coincides with a VLF anomaly that extends 700m to the west of the Oro Grande zone.