CLARIFICATION TO NEWS RELEASE ENTITLED "OroEx Corp. Pre-Approves Great Eagle Gold's California-Based Cahuilla Gold Project for Tokenization into NatGold Coins"

Rhea-AI Summary

The Canadian Investment Regulatory Organization (CIRO) has requested clarification from Great Eagle Gold regarding its June 24, 2024 press release about the Cahuilla Gold Project in California. The project was initially reported to have indicated gold resources of 1,420,660 ounces and inferred resources of 82,487 ounces. These resources are eligible for the minting of 584,761 NatGold coins, valued at over $560 million. Great Eagle clarified that these figures are based on a technical report dated March 10, 2021, prepared by Steven D. Craig in compliance with NI 43-101 standards. The coin valuation is based on the International NatGold Council's standards, with each NatGold Coin representing one certified ounce of gold valued at $958 per ounce. Further details on the calculation can be found on the council's website.

Positive

• Great Eagle clarified its gold resource numbers, bolstering transparency.
• The Cahuilla Gold Project's 1,420,660 ounces of indicated resources and 82,487 ounces of inferred resources are substantial.
• The project qualifies for minting 584,761 NatGold coins, with a projected value over $560 million.

Negative

• Clarification was needed due to potentially misleading information in the initial release, which could affect investor trust.

Burnaby, British Columbia--(Newsfile Corp. - June 27, 2024) - The Canadian Investment Regulatory Organization ("CIRO"), has requested that Great Eagle Gold Corp. (CSE: GEGC) (OTC Pink: GEGCF) (FSE: GI8) ("Great Eagle") clarify certain information in its press release entitled "OroEx Corp. Pre-Approves Great Eagle Gold's California-Based Cahuilla Gold Project for Tokenization into NatGold Coins" dated June 24, 2024, (the "June 24 Release") in regards to certain geological information and resource statements.

Great Eagle stated in the June 24 Release that "The project boasts 1,420,660 indicated gold resources and 82,487 inferred gold resource, qualifying it for the minting of 584,761 NatGold coins with a gross projected baseline intrinsic coin value exceeding US$560 million." Great Eagle wishes to clarify that the foregoing resource numbers referred to in the June 24 Release are in regards to ounces of gold, as indicated in a current technical report dated March 10, 2021, titled "Amended Technical Report on the Cahuilla Project Gold and Silver Resources, Imperial County, California" prepared by Steven D Craig, C.P.G. as lead author, in compliance with National Instrument 43-101. In addition, the coin calculation is determined by the International NatGold Council standards, with each NatGold Coin representing one certified ounce of gold. The detailed outline of this calculation can be found on the International NatGold Council Website at https://www.natgold.org/about-natgold/faq/, where there is also a detailed summary of this calculation applicable to the Cahuilla Project. The base line intrinsic coin value is then calculated by taking the 584,761 NatGold Coins from above and multiplying them by the baseline intrinsic value of $958/certified ounce after resource ratio exchanges are applied.

For additional information on Great Eagle, as well as current news, please visit the company website www.greateaglegold.com.

About Great Eagle Gold Corp.

Great Eagle Gold Corp. (CSE: GEGC) (OTC Pink: GEGCF) (FSE: GI8), a Canadian public company also listed in the United States and Germany, is the world's premier NatGold miner. Championed by the Geneva-based International NatGold Council, NatGold represents a pioneering fusion of gold's timeless wealth protection, ESG principles, and digital asset innovation. This positions NatGold at the forefront of a super-trend that merges these three global investment trends into one unparalleled real-world asset-backed investment opportunity. NatGold captures gold's intrinsic value via a novel, legislatively supported, ESG-friendly digital mining process instead of traditional physical extraction.

Great Eagle's unique strategy focuses on acquiring NI 43-101 certified gold resources to digitally mine into NatGold coins within the cutting-edge NatGold tokenization and monetization ecosystem, operated by New York-based OroEx Corp. This approach allows Great Eagle to adopt an innovative, ESG-friendly method to monetize gold's intrinsic value. The company's immediate focus is on acquiring tokenization-ready U.S. Patented Land Claims containing NI 43-101 certified gold resources while maintaining an eye on global legislative moves that will make global expansion viable. For more information, visit www.greateaglegold.com.

On behalf of the board,

Andrew Fletcher, CEO & Director
Great Eagle Gold Corp.
+1 (778) 372-9723

INVESTOR INQUIRIES:
+1 (754) 946-4527
info@natgoldir.com

Neither the Canadian Securities Exchange (the "CSE") nor the Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.

This news release includes certain statements that may be deemed "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, the completion of the Financing and statements with respect to Great Eagle's operations and the acquisition of NI 43-101 certified gold resources, the ability to digitally mine NatGold coins, the viability of the NatGold tokenization and monetization ecosystem, and development plans, expansion plans, estimates, expectations, forecasts, objectives, predictions and projections of the future. Specifically, this news release contains forward looking statements with respect to Great Eagle's proposed operations, acquiring and developing certified gold resources and their tokenization, and the receipt of required approvals. Generally, forward-looking statements can be identified by the forward- looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "projects", "intends", "anticipates", or "does not anticipate", or "believes", or "variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might", or "will" be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Great Eagle to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and development and operation of Great Eagle's projects, the actual results of current exploration, development activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future precious metals prices, as well as those factors discussed in the sections relating to risk factors of our business filed in Great Eagle's required securities filings on SEDAR+. Although Great Eagle has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214773

FAQ

What clarification did Great Eagle Gold provide about the Cahuilla Gold Project on June 27, 2024?

Great Eagle clarified that the gold resource figures reported on June 24, 2024, referred to ounces of gold, based on a technical report from March 10, 2021.

How many NatGold coins will be minted from the Cahuilla Gold Project's resources?

The project qualifies for minting 584,761 NatGold coins.

What is the projected baseline intrinsic value of the NatGold coins from the Cahuilla Gold Project?

The projected baseline intrinsic value exceeds $560 million, with each coin valued at $958 per ounce.

Where can I find more details on the NatGold coin calculation for the Cahuilla Gold Project?

Detailed calculations can be found on the International NatGold Council's website.

What was the date of the technical report used for the Cahuilla Gold Project's resource numbers?

The technical report was dated March 10, 2021.