Pirate Gold Corp. Announces $15M Flow-Through Financing

Pirate Gold Corp., a Newfoundland-focused exploration company, has announced a significant private placement aimed at raising up to $15 million through a flow-through private placement. The offering, facilitated by Canaccord Genuity Corp. and a syndicate of agents, will allow Pirate Gold to sell flow-through common shares (FT Shares) and special flow-through common shares (Special FT Shares) at specific prices, generating aggregate gross proceeds of up to approximately $15 million.

Under the terms of the private placement, the Company will sell FT Shares at a price of $0.215 per share and Special FT Shares at a price of $0.2475 per share, in any combination. Additionally, the Company has granted the Agents an option to sell up to $2,250,000 of additional Offered Securities, which can be exercised up to 48 hours prior to the closing date of the Offering. These securities will qualify as "flow-through shares" under the Income Tax Act (Canada).

The Offering is expected to close on or about October 22, 2026, and is subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The Offered Securities will be subject to a hold period of four months and one day from the closing of the Offering.

Pirate Gold will use any proceeds from the sale of the Offered Securities to incur eligible "Canadian exploration expenses" on the company's 100%-owned Treasure Island Project, a district-scale property covering more than 90 kilometers of strike along the Valentine Lake Fault Zone. The exploration is focused on the high-grade Moosehead gold system, the Moby Dick copper-gold porphyry/epithermal discovery, and multiple regional targets across the Crippleback Intrusive Suite.

The Treasure Island Project also includes the Company's district-scale Fleur de Lys Project. The Offering is expected to provide additional flow-through funding for eligible exploration expenditures on the Treasure Island Project, with the objective of maintaining an active drilling program into spring 2027 while preserving the Company's treasury of approximately $8 million. Drilling continues at Moby Dick and Moosehead with three rigs active, a 4,345 line-kilometer airborne Mobile MT survey is underway across the Crippleback intrusive suite, aiming to provide copper gold porphyry targets at depth. The barge-mounted rig is testing beneath the man-made Crippleback Lake, testing the heart of Moby Dick. Exciting advancements from the 2026 field program have generated additional copper-gold porphyry drilling targets at Coronation Lake and Clipper Brook, which are permitted for their first drilling in over 50 years.

The proposed Offering is expected to provide additional flow-through funding for eligible exploration expenditures on the Treasure Island Project, with the objective of maintaining an active drilling program into spring 2027 while preserving the Company's treasury of approximately $8 million. Drilling continues at Moby Dick and Moosehead with three rigs active, a 4,345 line-kilometer airborne Mobile MT survey is underway across the Crippleback intrusive suite, aiming to provide copper gold porphyry targets at depth. The barge-mounted rig is testing beneath the man-made Crippleback Lake, testing the heart of Moby Dick. Exciting advancements from the 2026 field program have generated additional copper-gold porphyry drilling targets at Coronation Lake and Clipper Brook, which are permitted for their first drilling in over 50 years.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. 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 unless an exemption from such registration is available.

Pirate Gold Corp. is a Newfoundland-focused exploration company advancing its 100%-owned Treasure Island Project, a district-scale property covering more than 90 km of strike along the Valentine Lake Fault Zone. Exploration is focused on the high-grade Moosehead gold system, the Moby Dick copper-gold porphyry/epithermal discovery, and multiple regional targets across the Crippleback Intrusive Suite. The Company also holds a portfolio of Newfoundland gold projects, including the district-scale Fleur de Lys Project.

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