Highlights of Havelock:

• Shallow, undrilled epizonal and mesozonal gold +/- antimony targets
• Historical production from multiple small-scale underground workings with recorded gold grades between 1 – 10 ounces per ton¹
• Antimony reported in historic underground workings²
• History of coarse alluvial gold (nuggets) on the property³
• Excellent access with year-round exploration potential

Marc Blythe, AUGC’s President and CEO stated, “Recent success at Fosterville (Agnico Eagle), Sunday Creek (Southern Cross Gold) and Costerfield (Alkane Resources) has highlighted the potential of Victoria’s epizonal gold-antimony deposits.  At Havelock, mining in the 1880’s recovered high-grade gold-bearing quartz reef with abundant stibnite (antimony sulphide) at one of at least seven workings along a 9 km trend within the project area.  This historic mining has never been followed up with modern exploration programs or drilling.  We are very excited to start exploration, including testing high priority gold-antimony targets at Havelock”.

Epizonal gold systems, such as those mentioned above, have created high-grade gold deposits that are now a focus for modern exploration.  Significant antimony with gold in this part of Victoria is regarded as a reasonable proxy for epizonal gold mineralization⁴.

The Company has agreed to pay LGA, an arms length party, C$75,000 and issue 5 million shares of AUGC for a 100% interest in the Project.  In addition, AUGC will pay per ounce payments for future resource definition – see “Transaction Details” below. The Acquisition is subject to acceptance for filing by the TSX Venture Exchange.

About the Havelock Gold-Antimony Project

The Project is located in the heart of the Victorian goldfields near Maryborough, roughly halfway between Bendigo and Ballarat and about 1.5 hours drive from Melbourne, Australia.  Paved highways and roads, along with gravel tracks provide year-round, ready access to all areas of the Project.  Land ownership is a combination of government (Crown) land and private property.

The first discovery at the Maryborough goldfield was made on this property in 1853⁵, with nuggets and alluvial gold, which led to small scale hard rock mining.  Water pumping and processing technologies were rudimentary during this period and mining generally targeted high grades above the water table.  Two significant gold-bearing structural trends cross the property with numerous historical workings evident.  The first is the Shaw-McFarlane Trend (“SMT”), which comprises about 9 km of intermittent small scale historic workings with recorded multi-ounce per ton gold production in the late 1800’s⁶.  The SMT has had minimal modern exploration and most targets have never been drilled.

In 2010, a local landowner had a water storage dam excavated on their property (situated in the central part of the SMT) and a metal detector operator reportedly recovered 514 ounces of gold, including 23 kg of gold bearing quartz material from the excavation⁷.  Management believes the dam excavation intersected the top of a gold-bearing quartz vein (reef) that has never been explored historically or drill tested (see Figure 1).  The samples shown in Figure 1 were obtained from the dam spoil material, located at 5,904,195 N, 746,275 E (GDA94 Zone 54).  Samples were identified as gold-bearing, first by metal detector response and then visually.  Individual sample weights varied between 0.238 g and 3.07 g.

The reader is cautioned that the sample selection process described above is designed to identify high-grade samples which may not be representative.  The disclosure is included because these samples will be used as a vector to guide future exploration activities specifically at the dam target.

The gold-bearing samples were delivered to On Site Laboratory Services, located in Bendigo, Victoria by LGA.  On Site Laboratory Services is a NATA accredited laboratory, certified as compliant with ISO/IEC 17025 (2017) – Testing.  Samples were assayed using fire assay with gravimetric finish (Code PE01S).  Results were reported as parts per million and subsequently converted to percent gold content.  LGA did not report QA/QC protocols and no blanks or standards were added to the sample stream by LGA.  On Site Laboratory Services added one standard and one blank to the sample batch and these samples returned values within industry accepted standard deviations.  There is no relationship between On Site Laboratory Services and the Company.

Figure 1 Photograph of gold-bearing quartz

The second structural trend is the Leviathan-Mariner’s Trend (“LMT”), which covers 3 km of historic workings.  In 2021, Leviathan completed an 8-hole diamond drill program along a 270 m portion of the LMT targets.  The drill program returned significant results from 4 of the 8 drillholes, justifying further work.

Table 1 Leviathan 2021 Drill Highlights

Historic underground mining reached a maximum depth of 500 feet (152 m) on the SMT and 900 feet (274 m) on the LMT, limited by mining techniques and the presence of ground water.  Mesozonal and epizonal gold systems are known to have depth extents of more than 1,000 m at other locations in Victoria, highlighting the potential below these historic workings.

Epizonal gold systems are believed to have formed in the Late Devonian, specifically between 380 – 370 Ma.  A dyke at Bristol Hill Mine (Maryborough), about 10 km south of Havelock was dated at 370 Ma, while a granite 10 km northwest of Havelock was dated at 391 Ma +/- 8, indicating that Late Devonian intrusions potentially exist on or near the property.

LGA previously referred to the Project as the Timor property.

The Dja Dja Wurrung Aboriginal people are the traditional owners of the land on which the Project is located.  A Land Use Activity Agreement is in place for the project, providing clarity for both the Dja Dja Wurrung and the project operator.

The Company advises that there are no current Mineral Resources on the Project and cautions that despite the documented historic production, there is no certainty that exploration will result in mineral resources being estimated.

_____________________________

[1] 1885-Q4, The Gold-Fields of Victoria, Reports of the Mining Registrars, Department of Mines, Victoria.

[2] Whitelaw, H.S., 1899, Notes on Antimony ores in Victoria, G1643.

[3] Dunn, E.J., 1912 List of Nuggets Found in Victoria, Geological Survey of Victoria Memoir 12.

[4] Moore, D.H., 2007, Gold Undercover – Classifying gold bearing deposits in central and western Victoria, Australia, Department of Primary Industries, Victoria.

[5] https://collections.museumsvictoria.com.au/articles/2298

[6] Howitt, A.M., 1913, The Maryborough Gold-Field, Geological Survey of Victoria Memoir 11.

[7] Whitehouse, K., 2021, Personal communication.

Transaction Details

For a 100% interest in the Project, AUGC has agreed to pay LGA:

• 5 million AUGC common shares
• $10,000 (CAD) on signing of the Agreement
• $65,000 (CAD) on TSX Venture Exchange acceptance for filing

In addition, AUGC will pay LGA $3 per ounce discovered (measured, indicated or inferred category).  AUGC also agrees to honour an agreement between LGA and Mercator Gold Australia (“Mercator”) who vended the project to LGA.  Under this agreement, a payment of A$1 per ounce discovered (measured, indicated or inferred) and A$1 per ounce produced shall be paid to Mercator.  Payments to Mercator are capped at A$1 million for ounces discovered and A$1 million for ounces produced.

AUGC has incorporated a wholly owned Australian subsidiary, Havelock Gold Pty Ltd to hold the project. No finders fees are payable in connection with this transaction.

The Company will also replace a A$10,000 environmental bond which is already in place by LGA.

Post-closing, the Company plans to move quickly to commence exploration on the project.

The Transaction is a Fundamental Acquisition under TSX Venture Exchange policies and a National Instrument 43-101 Technical Report on the Project is being prepared for AUGC by an independent Qualified Person.  The Technical Report will be filed on SEDAR+ once it has been reviewed and accepted by the TSX Venture Exchange.

Technical information in this press release was prepared under the supervision of Mr. William Wengzynowski, P.Eng., a Qualified Person as defined by NI 43-101.  Mr. Wengzynowski is AUGC’s Exploration Manager.

Following completion of the transaction, LGA will beneficially own and control 5,000,000 Common Shares, representing 11.16 % of the issued and outstanding Common Shares of the Company on a non-diluted basis.

This press release and LGA’s corresponding early warning report (the “Early Warning Report”) which is expected to be filed on SEDAR+ in the near term, constitutes the required disclosure pursuant to section 5.2 of National Instrument 62-104.  Take-Over Bids and Issuer Bids (“NI 62-104”).  The securities acquired by LGA are for investment purposes. LGA has no current intention to enter into any of the transactions listed in clauses (a) to (k) of item 5 of Form 62-103F1 of National Instrument 62-103.  The Early Warning System and Related Take-over Bid and Insider Reporting Issues (“NI 62-103”), but in the future LGA may acquire or dispose of securities of the Company depending on market conditions, reformulation of plans and/or other relevant factors, in each case in accordance with applicable securities laws.

The Early Warning Report that will be filed on SEDAR+ will satisfy the requirement of section 5.2 of NI 62-104 to have the Early Warning Report filed by an acquiror, in this case by LGA, with the securities regulatory authorities in each of the jurisdictions in which the Company is a reporting issuer and which contains the information required by section 3.1 of NI 62-103, which includes the information required by Form 62-103F1.

A copy of the Early Warning Report filed by LGA in connection with the Offering will be available under the Company’s profile on the SEDAR+ website at www.sedarplus.ca.

For further information, please contact:

Au Gold Corp

Marc G. Blythe, MBA, P.Eng., President & Chief Executive Officer

Sandrine Lam, Investor Relations Phone: 1-604-687-3520 Ext. 250

info@augoldcorp.com

augoldcorp.com 

About Au Gold

Au Gold Corp (TSX-V: AUGC) is a gold exploration company focused on advancing its flagship Havelock gold-antimony project in the Victorian Gold Fields in Australia and the Ponderosa gold project in the Spences Bridge Gold Belt in British Columbia, Canada.

Cautionary Note

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as “forward-looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things, the completion of the Acquisition, receipt of TSX Venture Exchange acceptance, future exploration activities including drilling on the Project, and the preparation and filing of a National Instrument 43-101 Technical Report.

These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. Such risks and uncertainties include, among other things, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the TSX Venture Exchange), changes in laws, regulations and policies affecting mining operations, currency fluctuations, market uncertainty, as well as those factors discussed in the Company’s most recently filed management’s discussion and analysis and other filings of the Company with Canadian securities authorities, copies of which can be found under the Company’s profile on the SEDAR+ website at www.sedarplus.ca.

In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will be able to complete the Acquisition as anticipated, that it will obtain all necessary regulatory approvals, including the acceptance of the TSX Venture Exchange and that the Company will be able to obtain sufficient financing to carry out its planned exploration activities.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbour.

Figure 2 Havelock Project Detail Map

Figure 3 Project Location Map

Au Gold Corp (TSXV:AUGC) (“AUGC” or the “Company”) announces that it has closed the previously announced private placement of $300,000.

The Company raised $300,000 from the sale of 6 million units priced at $0.05 each. Each unit comprises one share and one whole $0.10 warrant valid for two years.  All securities issued are subject to a four month hold period expiring on February 2, 2026.

Finder’s fees of $3,325 were paid to eligible parties.

Two directors of the Company purchased or acquired direction and control over a total of 950,000 units under the private placement.  The placement to those persons constitutes a “related party transaction” within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 –Protection of Minority Security Holders in Special Transactions (“MI 61-101”) adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).

The funds raised will be used for general corporate purposes and advancing mineral exploration on the Company’s properties.

For further information, please contact:

Au Gold Corp

Marc G. Blythe, MBA, P.Eng., President & Chief Executive Officer

Sandrine Lam, Investor Relations Phone: 1-604-687-3520 Ext. 250

Email: info@augoldcorp.com

To learn more visit: https://augoldcorp.com

Cautionary Note

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. STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY’S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.

Au Gold Corp (TSXV:AUGC) (“AUGC” or the “Company”) announces that it has increased the size of the previously announced placement to $300,000.  The placement now consists of 6 million units priced $0.05 each. Each unit comprises one share and one whole $0.10 warrant valid for two years.

The Company is very pleased with the response to the placement and thanks new and existing shareholders for their support.

The closing of the private placement is expected to occur soon and is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange.  The securities issued with respect to the private placement will be subject to a hold period of four months and one day in accordance with applicable securities laws.

For further information, please contact:

Au Gold Corp

Marc G. Blythe, MBA, P.Eng., President & Chief Executive Officer

Sandrine Lam, Investor Relations Phone: 1-604-687-3520 Ext. 250

Email: info@augoldcorp.com

To learn more visit: https://augoldcorp.com

Cautionary Note

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. STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY’S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.

Au Gold Corp (TSXV:AUGC) (“AUGC” or the “Company”) announces that it has arranged a non-brokered private placement of $250,000.  The placement consists of 5 million units priced $0.05 each. Each unit comprises one share and one whole $0.10 warrant valid for two years.  The securities issued with respect to the private placement will be subject to a hold period of four months and one day in accordance with applicable securities laws.

Proceeds of the private placement will be used for general corporate purposes and exploration on the Company’s mineral exploration properties.

The Company has been carrying out exploration on its Ponderosa property, located near Merritt, BC and continues to evaluate gold properties for potential acquisition.

For further information, please contact:

Au Gold Corp

Marc G. Blythe, MBA, P.Eng., President & Chief Executive Officer

Sandrine Lam, Investor Relations Phone: 1-604-687-3520 Ext. 250

Email: info@augoldcorp.com

To learn more visit: https://augoldcorp.com

Cautionary Note

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. STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY’S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.

Vancouver, British Columbia – May 28, 2024 – Au Gold Corp (TSXV:AUGC) (“AUGC” or the “Company”) announces that it has agreed to an extension of the option agreement covering part of its Ponderosa project, located near Merritt, BC.

The extension allows the Company a further three years to complete $1M in exploration work on three claims which surround its wholly owned central claim.  AUGC has agreed to issue 150,000 shares to the claim optionor in exchange for this extension.

Management remains highly encouraged by the discovery potential along the newly interpreted Ponderosa Structural Corridor (PSC) and has designed a low cost reverse circulation (RC) drill program to test the highest priority targets along the 1,800 m trend.  Historical diamond drilling was restricted to a 140 m portion of the PSC with five scissor-style holes while the most recent drill campaign targeted epithermal vein mineralization associated with parallel secondary structures. Company personnel recently began detailed mapping and reconnaissance work along the southern portion of the PSC to expand the target trend and fine tune the proposed exploration plan.

For further information, please contact:

Au Gold Corp

Marc G. Blythe, MBA, P.Eng., President & Chief Executive Officer

Sandrine Lam, Investor Relations Phone: 1-604-687-3520 Ext. 250

Email: info@augoldcorp.com

To learn more visit: https://augoldcorp.com

Cautionary Note

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. STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY’S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.

Au Gold Corp (TSXV:AUGC) (“AUGC” or the “Company”) announces that founding director Garrett Ainsworth has resigned from the Board of the Company to allow him to focus on his main role.

President and CEO, Marc Blythe stated “On behalf of the Board, I would like to thank Garrett for his input and guidance.  Garrett has been a great advocate for Au Gold since day one and we have appreciated all of his advice and support. We wish him well in his future endeavours”.

The Company plans a new appointment to the Board in the near future after a formal search is completed and will announce the new candidate upon selection by the Board.

Cautionary Note

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

For further information, please contact:

Au Gold Corp

Marc G. Blythe, MBA, P.Eng., President & Chief Executive Officer

Sandrine Lam, Investor Relations Phone: 1-604-687-3520 Ext. 250

Email: info@augoldcorp.com

To learn more visit: https://augoldcorp.com

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. STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY’S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.

Au Gold Corp (TSXV:AUGC) (“AUGC” or the “Company”) is pleased to provide an update on its Ponderosa Gold Project, located near Merritt, BC.

Highlights:

• 223 soils samples collected completing gaps in the grid as recommended by industry expert Dr. Jeffery Hedenquist (https://augoldcorp.com/wp-content/uploads/2024/01/Hedenquist_Report.pdf)
• New zones of gold anomalism coincident with Ponderosa Structural Corridor
• 2 km trend of moderately -to- strongly anomalous gold geochemistry
• Company to display 2022 drill core at AME Roundup Conference (Vancouver), January 24 & 25

2023 Field Work

During 2023, infill soil samples (223) were collected from the central part of the Ponderosa property to fill in gaps between areas of previously defined anomalous gold and arsenic response.  This sampling returned anomalous gold values, mostly within the structural boundaries of the newly interpreted Ponderosa Structural Corridor, with samples ranging in value from below detection to 390 ppb gold.

Despite favourable results from the recent soil sampling program and the newly interpreted structural model, the Company delayed plans to carry out further drilling at Ponderosa in 2023 due to the difficult market conditions.  It instead elected to adopt a cash conservation strategy.  The Company does however plan to continue drill exploration when market conditions improve.

Ponderosa Structural Corridor

Completion of infill soil sampling in the central part of the property provided the final information defining the trace of the Ponderosa Structural Corridor (PSC).  The corridor consists of a series of sinistrally offset en-echelon structural segments that trend due north through the central part of the property.  The PSC can be traced for approximately 2 km and features continuous and scattered elevated gold and arsenic geochemistry with localized clusters of gold-bearing vein samples along much of the trend (historical surface samples reported up to 46.90 g/t Au and 110 g/t Ag).  The PSC ties together most of the known gold-bearing zones on the property and will be the basis for future exploration. (https://augoldcorp.com/wp-content/uploads/2024/01/Structural_Layout_Final.pdf)

Axel Ridge, the initial showing upon which the Ponderosa property was staked, is situated at the center of the Ponderosa Structural Corridor and is an enigmatic occurrence that was drill tested by previous operators.  Despite multi-gram gold samples up to 12.82 g/t gold at surface and favourable epithermal textures, drilling was unable to trace the zone even to shallow depths.  In conjunction with the Ponderosa Structural Corridor, management now interprets Axel Ridge to be associated with lateral fluid flow along the paleo gradient, rather than an upflow or feeder zone.  Management believes feeder zones are located close by and likely at lower elevations along the Ponderosa Structural Corridor.  Future drilling at Ponderosa will focus on identifying the source of these gold-bearing fluids and following them to depth.

Roundup Coreshack Exhibit

Au Gold Corp. has been selected by AMEBC to be an exhibitor at the Coreshack during the annual Roundup Convention in Vancouver, BC on January 24 and 25.  The Company invites shareholders and interested parties to view the core during the convention at booth 920.

Analytical Information

Soil samples collected during 2023 at Ponderosa were located using GPS coordinates and extracted from below the vegetation layer.  Samples were delivered to ALS Global in North Vancouver, Canada for analysis.  After drying, a Supertrace gold detection technique was selected (Au-ST44) with a 50 g sample being analysed by aqua regia extraction with ICP-MS finish.

Qualified Person

All scientific and technical information in this press release has been prepared by William Wengzynowski, P. Eng., a qualified person as defined by NI 43-101. Mr. Wengzynowski is the Exploration Manager for Au Gold Corp.

Ponderosa Gold Property

The Ponderosa Gold Property is located 16 km southwest of Merritt, BC, within the Spences Bridge Gold Belt which forms a northwest trending belt roughly 180 km long and up to 24 km wide.

Exploration by AUGC and others, notably Westhaven Gold Corp., has identified the potential for gold associated with low-sulphidation epithermal mineralization (quartz-adularia).  Examples of this style of mineralization include Hishikari (Sumitomo Metal Mining) and Fruta Del Norte (Lundin Gold).

Rocks of immediate interest in the belt and underlying much of the Property comprise successions of Cretaceous subaerial and pyroclastic volcanic flows which host significant gold mineralization at Westhaven Gold Corp.’s Shovelnose project approximately 20 km southeast of the Ponderosa Gold Property.  Geology across the Ponderosa Gold Property claim group is broadly divided into two Cretaceous age volcanic sequences comprising subaerial and pyroclastic volcanic flows of the Pimainus and Spius Formations.

Historical exploration at Ponderosa focused almost exclusively on an in-situ occurrence referred to as “Axel Ridge”, which is characterized by outcropping cryptocrystalline/saccharoidal to crustiform and colloform banded epithermal quartz. A series of trenches were excavated across these outcropping exposures with highlights including 2.22 g/t gold over 11.7 m, 1.92 g/t gold over 14.0 m (with 3.03 g/t gold over 8.0 m) and 3.6 g/t gold over 7.0 m. Follow-up diamond drilling of seven holes at Axel Ridge was unsuccessful in intersecting the surface mineralization at depth.

The Ponderosa Gold Property is located within the unceded traditional territory of the Nlaka’pamux People.

Further information on the Property can be found on the Company’s website: https://augoldcorp.com.

Cautionary Note

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

For further information, please contact:

Au Gold Corp

Marc G. Blythe, MBA, P.Eng., President & Chief Executive Officer

Sandrine Lam, Investor Relations Phone: 1-604-687-3520 Ext. 250

Email: info@augoldcorp.com

To learn more visit: https://augoldcorp.com

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. STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY’S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.

“Au Gold Corp remains extremely positive that a significant gold discovery will be made at Ponderosa” states AUGC President and CEO, Marc Blythe.  “While the initial drilling at Tomahawk has verified the presence of high-level gold-silver-bearing epithermal style mineralization, six priority targets bearing moderate to strong gold-arsenic soil geochemical responses and/or prospecting sample results remain to be tested”.

The Ponderosa Gold Property is located with the unceded traditional territory of the Nlaka’pamux People.

2022 Exploration Summary – Why We Are Excited About Ponderosa

During 2022, exploration focused exclusively on the Tomahawk and Flat Iron targets.  Drilling successfully identified epithermal alteration and mineralization in all 20 holes drilled with 10 of 20 holes yielding anomalous gold (>0.20 g/t – 2.20 g/t Au) and silver intervals (described in the News Release dated August 4, 2022).  Management focused its efforts at the Tomahawk and Flat Iron zones on the basis of significant outcrop exposure (Tomahawk) and historical trench references (Flat Iron).  Both target areas are represented by only intermittent weak gold/arsenic-in-soil anomalism but host broad outcrop exposures indicative of a high-level low sulphidation epithermal system.  Sections showing the geology and assay results for the 2022 drilling have been posted to the Company’s website at https://augoldcorp.com/project/ponderosa-2022-drill-results/.

Following industry expert Dr. Jeffery Hedenquist’s drill core review and property visit in September 2022 (the details of which are described in the news release dated October 24, 2022), the Company has been progressing a number of the recommendations from this visit in addition to conducting a detailed compilation of the project data including a revised interpretation of the Ponderosa mineralizing system.

The Company believes the Tomahawk and Flat Iron targets are associated with secondary structural elements parallel to a primary northerly trending structural system newly termed the “Ponderosa Structural Corridor” (PSC) which bisects the property along its main access road through the central part of the claim block.  This structural feature is dextrally offset with en-echelon geometry and hosts a series of intermittent moderately- to well-defined gold-arsenic soil geochemical anomalies along a 1.7 km trend from the T-Bone to the Cattle Guard South zones and the Ribeye Zone.  Recent and historical gold-bearing prospect samples largely fall within or very near the traces of the PSC.

Work Program for 2023

Infill soil sampling of strategic gaps along the PSC will commence shortly as conditions permit.  A series of RAB drillhole fences has also been designed to test the best coincident gold-arsenic geochemical anomalies and areas of gold bearing surface prospecting samples along the PSC trend from the T-Bone to the Cattle Guard zones and the Ribeye target.  The RAB program will evaluate a much broader area both laterally and vertically below the relative position of the Tomahawk target to identify epithermal mineralization associated with structural feeder zones.

The company expects to begin field work in May 2023 and will provide further updates as work progresses.

About the Ponderosa Gold Project

The Ponderosa Gold Property is located 16 km southwest of Merritt, BC, within the Spences Bridge Gold Belt which forms a northwest trending belt roughly 180 km long and up to 24 km wide.

Exploration by AUGC and others, notably Westhaven Gold Corp., has identified the potential for gold associated with low-sulphidation epithermal mineralization (quartz-adularia). Examples of this style of mineralization include Waihi (Oceanagold), Hishikari (Sumitomo Metal Mining) and Fruta Del Norte (Lundin Gold).

Rocks of immediate interest in the belt and underlying much of the Property comprise successions of Cretaceous subaerial and pyroclastic volcanic flows which host significant gold mineralization at Westhaven Gold Corp.’s Shovelnose project approximately 20 km southeast of the Ponderosa Gold Property. Geology across the Ponderosa Gold Property is broadly divided into two Cretaceous age volcanic sequences comprising subaerial and pyroclastic volcanic flows of the Pimainus and Spius Formations.

Further information on the Property can be found on the Company’s website: https://www.augoldcorp.com/ponderosa-property/.

Qualified Person Statement

All scientific and technical information in this press release has been prepared by William Wengzynowski, P. Eng., a qualified person as defined by NI 43-101. Mr. Wengzynowski is the Exploration Manager for the Company.

Au Gold Corp.

Marc G. Blythe, MBA, P.Eng., President & Chief Executive Officer

Sandrine Lam, Investor Relations Phone: 1-604-687-3520 Ext. 250

Email: info@augoldcorp.com

To learn more visit: https://www.augoldcorp.com

Forward Looking Information

Certain statements made, and information contained herein may constitute “forward looking information” and “forward looking statements” within the meaning of applicable Canadian and United States securities legislation. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including without limitation, the statement that the Company intends to complete the Acquisition and all actions in connection with the Acquisition are forward-looking statements and contain forward-looking information. These statements and information are based on facts currently available to the Company and there is no assurance that actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as “anticipates”, “believes”, “targets”, “estimates”, “plans”, “expects”, “may”, “will”, “could” or “would”. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the closing of the Acquisition, the receipt of regulatory approvals for the Acquisition and other matters. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guaranteeing of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.

Neither 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.

Au Gold Corp. (TSXV: AUGC) (“AUGC” or the “Company”) is pleased to announce it has entered into a purchase and sale agreement (the “Agreement”) with Almadex Minerals Ltd. (“Almadex”) (TSXV: DEX) whereby the Company will acquire Almadex’s forty percent (40%) ownership of the Ponderosa Gold Project, located in the Nicola Mining Division, British Columbia (the “Acquisition”). Completion of the Acquisition will bring the Company to 100% ownership of the Ponderosa Gold Project. The Company previously acquired 60% ownership of the Ponderosa Gold Project pursuant to an option agreement dated September 6, 2019 with Almadex (the “Option Agreement”).

“We are very pleased to consolidate our ownership of the central claim at Ponderosa” said the Company’s President and CEO, Marc G. Blythe “The team is excited to continue our low-cost exploration at Ponderosa during 2023.”

About the Ponderosa Gold Project

The Ponderosa Gold Property is located 16 km southwest of Merritt, BC, within the Spences Bridge Gold Belt which forms a northwest trending belt roughly 180 km long and up to 24 km wide.

Exploration by AUGC and others, notably Westhaven Gold Corp. (TSXV: WHN.V), has identified the potential for gold associated with low-sulphidation epithermal mineralization (quartz-adularia). Examples of this style of mineralization include Waihi (Oceanagold), Hishikari (Sumitomo Metal Mining) and Fruta Del Norte (Lundin Gold).

Rocks of immediate interest in the belt and underlying much of the Property comprise successions of Cretaceous subaerial and pyroclastic volcanic flows which host significant gold mineralization at Westhaven Gold Corp.’s Shovelnose project approximately 20 km southeast of the Ponderosa Gold Property. Geology across the Ponderosa Gold Property claim group is broadly divided into two Cretaceous age volcanic sequences comprising subaerial and pyroclastic volcanic flows of the Pimainus and Spius Formations.

The Ponderosa Gold Property is located within the unceded traditional territory of the Nlaka’pamux People.

Further information on the Property can be found on the Company’s website: https://www.augoldcorp.com/ponderosa-property/.

Transaction Details

Pursuant to the Agreement, the Company will acquire Almadex’s forty percent (40%) ownership of the Ponderosa Gold Project and terminate the Option Agreement, in consideration for which the Company will:

• issue to Almadex a total of 750,000 common shares in the capital of the Company (the “Consideration Shares”) upon closing of the Acquisition;
• grant to Almadex a two percent (2%) net smelter returns royalty in relation to the Ponderosa Gold Project on terms more particularly set out in a royalty agreement to be entered into in connection with the closing of the Acquisition; and
• issue to Almadex a total of 500,000 common shares in the capital of the Company (the “Contingent Shares”) conditional upon the defining of a Mineral Resource (as such term is defined by the Canadian Institute of Mining, Metallurgy and Petroleum) on the Ponderosa Gold Project of at least 250,000 ounces of gold.

The Agreement is subject to the approval of the TSX Venture Exchange.

Qualified Person Statement

All scientific and technical information in this press release has been prepared by William Wengzynowski, P. Eng., a qualified person as defined by NI 43-101. Mr. Wengzynowski is the Exploration Manager for the Company.

Au Gold Corp.

Marc G. Blythe, MBA, P.Eng., President & Chief Executive Officer

Sandrine Lam, Investor Relations Phone: 1-604-687-3520 Ext. 250

Email: info@augoldcorp.com

To learn more visit: https://www.augoldcorp.com

Forward Looking Information

Certain statements made, and information contained herein may constitute “forward looking information” and “forward looking statements” within the meaning of applicable Canadian and United States securities legislation. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including without limitation, the statement that the Company intends to complete the Acquisition and all actions in connection with the Acquisition are forward-looking statements and contain forward-looking information. These statements and information are based on facts currently available to the Company and there is no assurance that actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as “anticipates”, “believes”, “targets”, “estimates”, “plans”, “expects”, “may”, “will”, “could” or “would”. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the closing of the Acquisition, the receipt of regulatory approvals for the Acquisition and other matters. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guaranteeing of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.

Neither 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.

Au Gold Corp (TSXV: AUGC) (“AUGC” or the “Company”) is seeking approval from the TSX Venture Exchange to extend the term of certain warrants which would otherwise expire on December 21, 2022.

5,500,000 warrants granted on December 21, 2020, with the original expiry date of December 21, 2022, are now extended to expire on December 21, 2023, with each warrant entitling the holder to purchase one common share of the Company at $0.15 per share.

Cautionary Note

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

For further information, please contact:

Au Gold Corp

Marc G. Blythe, MBA, P.Eng., President & Chief Executive Officer

Sandrine Lam, Investor Relations Phone: 1-604-687-3520 Ext. 250

Email: info@augoldcorp.com

To learn more visit: https://www.augoldcorp.com

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. STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY’S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.