Golden Lake Announces Signing Of New Lease On Jewel Ridge, Nevada

(TheNewswire)

December 30, 2025 – Vancouver,British Columbia – TheNewswire - Golden LakeExploration Inc. (“Golden Lake” or the“Company”) (CSE: GLM)(OTCQB: GOLXF) is pleased to announce theentering into of a mining lease with option to purchase dated December22, 2025 (the “LeaseAgreement”) with GM Squared, LLC, a Nevadalimited liability company (the “Lessor”), the ownerof 96 unpatented federal mining claims and 11 patented mining claims(roughly 80 percent) on the Jewel Ridge project located near Eureka,Nevada (the “LeaseClaims”). The Lease Agreement replaces anoriginal lease with purchase option entered into on March 8,2004.

The Lease Agreement has a term of 7 years during whichthe Company is required to make annual lease payments in the amount ofUS$25,000 per year, and during the first 3 years incur a minimum ofUS$1 million in expenditures on mining, exploration, and developmentactivities with respect to the property. The Company is also requiredto make all Bureau of Land Management filings and records, and to payall taxes and fees to maintain the property in good standing.

During the term, the Company has an option to purchasethe property for US$3 million, less the aggregate lease payments paidunder the Lease Agreement.

Upon commencement of production, the Company will berequired to pay the Lessor a royalty on production equal to 4.0% ofnet smelter returns. The Company has the option to buy down theroyalty for the following payments: (a) US$1,000,000.00 for the firstpercentage point; (b) US$1,500,000.00 for the second percentage point;(c) US$2,500,000.00 for the third percentage point; and (d)US$3,000,000.00 for the fourth percentage point.

The Company may terminate the Lease Agreement on 30days written notice, and the Lessor may terminate the Lease Agreementif the Company is in default of its obligations under the LeaseAgreement, including failure to pay to make rental, royalty, or anypayments to maintain the property free of liens or encumbrances, andpayments to make up for any work commitments, which are subject to a30 day cure period.

The Company’s Jewel Ridge project is also comprisedof, in addition to the Lease Claims, the 19 patented claims (the“Rainbow Claims”) that the Company acquired from a wholly owned affiliateof Greencastle Resources Ltd. (“Greencastle”) thatare adjoining to the Lease Claims, pursuant to the exercise of anoption by the Company on May 4, 2023 granted under an option agreementdated November 1, 2019 with Greencastle. The Rainbow Claims aresubject to a royalty of 3.0% on the net smelter returns, which theCompany has the option, exercisable until May 4, 2030, to buy downsuch royalty to purchase two-thirds of such royalty (being 2.0%) forcancellation in consideration of C$2,000,000, such that, upon suchpurchase, the royalty shall be reduced to 1.0% of the net smelterreturns. The royalty on the Rainbow Claims does not apply to the LeaseClaims.

In April 2022 the Company added to the Jewel Ridgeproperty with the Lord Byron patented claims comprising 4 acres (1.63hectares) and contiguous with the Company’s A & E targets (overthe Albert and Eloise patented claims) and without any royalties orobligations. See the Company’s news release dated April 13,2022.

Finally, in September 2023 the Company staked anadditional forty-six Bureau of Land Management lode claims totaling924 acres near its Jewel Ridge project in Eureka County, Nevada. Theproperty consists of unpatented lode claims that are 100% owned by theCompany, without any royalty obligations or work commitments. See theCompany’s news release dated September 26, 2023.

Correction to previousrelease:

The Company announced, on December 4, 2025, theissuance of a promissory note to use for advance royalty payments owedunder its option agreement with “Greenlane” Resources Ltd. whichshould have read under its option agreement with “Greencastle”Resources Ltd.

About Golden Lake Exploration Inc:

Golden Lake Exploration is a junior public miningexploration company engaged in the business of mineral exploration andthe acquisition of mineral property assets.

ON BEHALF OF THE BOARD

“Mike England”

Mike England, CEO & DIRECTOR

FOR FURTHER INFORMATION PLEASE CONTACT: Telephone: 1-604-683-3995

TollFree:1-888-945-4770

Neither the Canadian Stock Exchangenorits Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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