Golden Lake Exploration Enters Mining Lease for Jewel Ridge Project

Vancouver, British Columbia — December 30, 2025 — Leads & Copy — Golden Lake Exploration Inc. (CSE: GLM) (OTCQB: GOLXF) has entered into a mining lease with an option to purchase, effective December 22, 2025, with GM Squared, LLC, concerning the Jewel Ridge project near Eureka, Nevada.

The agreement involves 96 unpatented federal mining claims and 11 patented mining claims, constituting approximately 80 percent of the Jewel Ridge project. The new Lease Agreement replaces a prior lease with purchase option established on March 8, 2004.

Under the terms of the Lease Agreement, Golden Lake Exploration is obligated to make annual lease payments of US$25,000 over a 7-year term. The company must also incur a minimum of US$1 million in expenditures on mining, exploration, and development activities related to the property within the first 3 years. Additionally, the company is responsible for all Bureau of Land Management filings and payments of taxes and fees required to maintain the property in good standing.

Golden Lake Exploration holds the option to purchase the property for US$3 million, deducting the aggregate lease payments made under the Lease Agreement.

Upon commencing production, the company will pay GM Squared, LLC a royalty equal to 4.0% of net smelter returns. Golden Lake Exploration can reduce this royalty by making the following payments: (a) US$1,000,000.00 for the first percentage 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 can terminate the Lease Agreement with 30 days' written notice. GM Squared, LLC can terminate the agreement if Golden Lake Exploration defaults on its obligations, including failure to make rental, royalty, or payments to maintain the property free of liens or encumbrances, or failure to meet work commitments, subject to a 30-day cure period.

In addition to the Lease Claims, the Jewel Ridge project includes 19 patented claims (the “Rainbow Claims”) acquired from a wholly owned affiliate of Greencastle Resources Ltd. These claims adjoin the Lease Claims, obtained through the exercise of an option on May 4, 2023, under an agreement dated November 1, 2019, with Greencastle. The Rainbow Claims are subject to a 3.0% royalty on net smelter returns. Golden Lake Exploration has the option, until May 4, 2030, to buy down two-thirds of this royalty (2.0%) for C$2,000,000, reducing the royalty to 1.0%.

The royalty on the Rainbow Claims does not apply to the Lease Claims.

In April 2022, Golden Lake Exploration expanded the Jewel Ridge property with the Lord Byron patented claims, comprising 4 acres (1.63 hectares) contiguous with the A & E targets. These claims have no royalties or obligations. (See news release dated April 13, 2022.)

Furthermore, in September 2023, the company staked an additional forty-six Bureau of Land Management lode claims totaling 924 acres near its Jewel Ridge project in Eureka County, Nevada. These unpatented lode claims are 100% owned by the company, without any royalty obligations or work commitments. (See news release dated September 26, 2023.)

A correction to a previous release: On December 4, 2025, the company announced the issuance of a promissory note related to an option agreement with “Greenlane” Resources Ltd. This should have read “Greencastle” Resources Ltd.

Golden Lake Exploration Inc. is a junior public mining exploration company focused on mineral exploration and the acquisition of mineral property assets.

Mike England, CEO & DIRECTOR

FOR FURTHER INFORMATION PLEASE CONTACT: Mike England, Telephone: 1-604-683-3995, TollFree:1-888-945-4770

Source: Golden Lake Exploration Inc.