TORONTO, Oct. 29, 2025 (GLOBE NEWSWIRE) -- Evergold Corp. (TSXV:EVER, WKN: A2PTHZ)) ("Evergold" or the "Company") is pleased to announce that C.J. Greig Holdings Ltd., a company wholly-owned by C.J. "Charlie" Greig, a director of the Company and Evergold's Chief Exploration Officer (the "Investor"), has agreed to subscribe for up to $350,000 (the "Offering") of an unsecured convertible debenture (the "Debenture"). The Debenture bears interest at a rate of 7.5% per annum and will mature on December 31, 2026 (the "Maturity Date"). Subject to certain conditions, the principal amount of the Debenture is convertible into an aggregate of up to 1,521,739 common shares (assuming the entire principal amount is converted) in the capital of Evergold (each, a "Debenture Share") at any time prior to the Maturity Date at a conversion price of $0.23 per Debenture Share. Interest accrued on all or any portion of the Debenture being converted by the holder may also be converted into common shares at the option of the Investor at the time of conversion at a conversion price equal to the Market Price (as that term is used in the policies of the TSX Venture Exchange ("TSXV")) as at the date of conversion. The Investor will also receive 3,000 detachable common share purchase warrants ("Warrants") for each $1,000 of principal of the Debenture subscribed for, for a total of 1,050,000 Warrants. Each Warrant will be exercisable into one Share at a price of $0.23 per Warrant until the date that is two years from the date of issuance.

The proceeds from the Convertible Debenture are expected to allow for the immediate completion, prior to the expected near-term onset of winter, of a drill hole below highly encouraging intersections of precious and critical metals achieved in 2023 and 2024 within the DEM Mountain Zone, located on the Company's DEM property near Fort St. James in central BC (news, January 15, 2024 and December 11, 2024). Closing of the Offering is subject to the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange. All securities issued and issuable are subject to a hold period of four months and one day from the date of issuance.

"We thank Charlie for this vote of confidence in the Company's prospects," said Kevin Keough, President and CEO. "We presently interpret the DEM Mountain Zone to be a near vertical, structurally-focused, epithermal system. Previous drill results delivered an array of both precious and critical metals over broad system widths including, locally, high grades. Geophysical survey results indicate the system is deep running. As such there is excellent potential for better grades over strong widths at depth. Our plan is to test this model with the pending limited program of drilling, which will get underway within approximately one week."

2023 and 2024 Drilling

As shown in Figures 1 and 2, hole DEM23-03, drilled due west at minus 50 degrees, intersected a broad (48.2 metre wide, est. 40 metres true width) zone of mesothermal- to epithermal-style gold mineralization grading 0.58 g/t Au from 303 to 351.2 metres, with associated cobalt, silver, copper, tellurium and antimony credits (news, January 15, 2024). Only 48 metres (12%) of this hole was sampled and assayed, although XRF results indicated isolated narrow system intersections were also achieved at shallower depths up-hole. Within the ...