ONGold Announces Updated Mineral Resource Estimate for Monument Bay Gold Project

ONGold Resources Ltd. has announced an updated Mineral Resource Estimate (MRE) for the Monument Bay Gold Project in northeastern Manitoba. The new estimate, effective July 31, 2026, was prepared by SRK Consulting (Canada) Inc. and follows a comprehensive geological and mineralization modeling process.

The updated MRE highlights a significant open-pit-constrained gold resource. According to the report, the Measured and Indicated Mineral Resources total 74.39 million tonnes at 0.84 grams per tonne (g/t) of gold, containing 2.0 million ounces of gold. Additionally, the Inferred Mineral Resources amount to 24.46 million tonnes at 0.62 g/t Au, with 0.49 million ounces of gold.

Kyle Stanfield, CEO of ONGold, commented, "The completion of a mineral resource estimate prepared in accordance with NI 43-101 for the Monument Bay gold deposit is a significant milestone for ONGold. With 80% of the contained gold classified as Measured and Indicated, and approximately 0.5 million ounces of gold as Inferred Mineral Resources, the 2026 MRE establishes a substantial open-pit-constrained gold resource."

The updated geological model incorporates a revised interpretation of the Monument Bay deposit, including a simplified lithology and mineralization model. SRK's model identifies two principal volume components: high-grade mineralization volumes and a relatively low-grade mineralization volume. The high-grade model integrates grade with geological characteristics, while the low-grade model recognizes multiple grade populations outside the high-grade zones.

Stanfield added, "The updated geological interpretation has greatly improved our understanding of the structural controls on mineralization and identified priority areas for additional resource drilling as the deposit remains open at depth. We are encouraged by the opportunity to test mineralization at depth, particularly along the eastern portion of the deposit where gold grades from historical drilling are demonstrably higher."

The exploration database was compiled and maintained by ONGold, and was audited by SRK. The mineral resource estimation process included data verification, statistical and geostatistical analysis, variography, grade estimation, and classification in accordance with the CIM Definition Standards. The estimation was completed in Leapfrog Geo software, using a block model with a parent block size of 10 x 5 x 10 meters.

SRK has proposed an initial Phase I diamond drilling program of approximately 20 holes totaling 11,150 meters to test the continuity and extent of higher-grade gold domains in the central and eastern portions of the deposit, including areas below and beyond the current conceptual open-pit shell.

ONGold's recent re-logging, infill sampling, and pulp re-analysis program has substantially improved the tungsten database, supporting further evaluation of tungsten distribution, geological controls, and its association with higher-grade gold mineralization. The company believes tungsten represents an important additional exploration opportunity at Monument Bay.

Stanfield concluded, "While the new resource estimate does not include tungsten, the updated gold block model will support a more targeted evaluation of the association between gold and tungsten as part of additional technical studies underway. We are grateful for the continued strong support from both the local First Nations communities and the Government of Manitoba as we continue to advance the Monument Bay gold deposit in 2027 and beyond."