Golden Cariboo Resources Letter to Shareholders

Sep 22, 2025

Frank Callaghan, CEO
September 22, 2025

Dear Fellow Shareholders,

I am pleased to share an update on our significant progress at Golden Cariboo Resources as we advance our flagship Quesnelle Gold Quartz Mine property in British Columbia’s storied Cariboo Gold Belt and to address recent share-price performance, including how unaccredited shareholders (a person who’s net worth is less than $1million) as of September 15, 2025, can participate in the current Unit financing of a share and a whole 5-year warrant.

With gold at record highs, up ~40% year-to-date in 2025, and capital rotating into quality discoveries, our timing could not be better, and the rocks are cooperating. In mining booms, gains arrive in steps: metal prices move first, big profitable miners and royalty firms jump next, mid-tiers follow, and junior explorers catch up last, as in the 2002–2010 super-cycle. We expect a similar progression this cycle as growth capital loosens. Consistent with that sequence, the S&P/TSX Venture Composite rose from 563.39 on March 31, 2024, to 904.8 on September 19, 2025, up about 60.6%, while many greenfield explorers still lag.

As we all know too well, the Company’s shares have been on a slide for the past 12 months, but the relentless selling of 16.5 million shares since May 6, 2025, below ten cents when no person has paid less than ten cents. The last financing is not yet free trading. The insiders including myself after consolidation in February 2024, paid $0.15 per share. I am advised this is possibly algorithm trading.

Exploration & Geological Success (Drilling Highlights)

Recent holes include some of the best drilling I’ve seen in my 30+ years in mining and the Cariboo Mining District, with consistent mineralization and robust widths that underscore the scale and continuity emerging across multiple parallel corridors (see map enclosure). These results build on more than a century of regional gold production while showcasing what modern geology, disciplined targeting, and methodical step-outs can deliver. I am energized by the momentum on the ground and focused on advancing this potentially large, district-scale system with the same technical rigor and capital efficiency that have brought us this far. I believe that soon the drill results will speak volumes as the market understands the undeveloped potential of this property with continued superb drill results.

Emerging scale (conceptual target):

Integrating geophysical surveys, vein-system modelling, 2019-2025 surface sampling plus historical sampling, and drilling across a 2.5+ km corridor, the Company has outlined a conceptual exploration target of 5 parallel zones with a collective potential strike length of ~8,000 m, open along strike, with estimated true widths of ~50–100 m and depths to ~300 m.

This conceptual target underscores the district-scale potential at the project. Broad intercepts include 0.76 g/t Au over 342 m, including 1.06 g/t Au with 9.8 g/t Ag over 237 m, which also includes 1.55 g/t Au with 16.05 g/t Ag over 137 m in the Halo zone, indicate bulk-tonnage opportunities comparable with nearby projects. The Km Uno discovery (announced September 9, 2025) further supports a multi-zone model, with visible mineralization observed in ongoing drilling. Our permitted fall–winter program will prioritize step-outs to extend these zones and test along-strike targets at North Hixon and Km Uno, improving definition of the system’s scale and continuity

Central to Golden Cariboo’s 2025 exploration program and beyond, is the expanding magnitude of the Quesnelle property now with over 94,899 hectare (234,501 acre) circling the Naver Pluton (see map enclosure) and has delivered tangible technical momentum. Drilling and sampling continue to demonstrate continuity of mineralization along the Halo/Main corridor while opening new targets that will guide step-outs through the fall–winter campaign.

Visible gold (VG) in core: On April 15 and May 13, 2025, intersections at the Halo zone and its extension confirmed continuity of mineralization. One hole terminated within a VG-bearing interval due to stability, and the zone remains open.
Grade validation: On August 12, 2025, PhotonAssay™ reconciliations indicated gold grades approximately 5.9% higher than conventional fire assay, supporting the presence of a coarse-gold component and confirming sampling protocols.
New discovery: On September 9, 2025, the Company announced Km Uno, a new parallel zone at Quesnelle that expands the multi-zone model and creates additional step-out opportunities in the current campaign.

The target range is supported by 24 drill holes, vein-system modeling, and multi-year surface sampling, all of which indicate open-ended mineralization. Please pay particular attention to the enclosed map: you’ll see former producers and five mineralized trends identified so far.

Strengthened Balance Sheet to Advance Drilling (Past 12 Months)

To accelerate this next transformative phase of exploration, this week we announced a non-brokered private placement of up to C$1.5 million in units, priced at C$0.05 per unit, each comprising one common share and one whole warrant exercisable for five years.

For the unaccredited shareholder, Pursuant to the Existing Security Holder prospectus exemption (BCI 45-534; in Ontario, OSC Rule 45-501, s.2.9), our existing securityholders of record as of September 15, 2025, can participate in the financing.

To participate, please download the subscription agreement HERE
and for shortened version HERE and follow the instructions provided.

These funds will directly support our winter 2025 drilling program, designed to extend the Halo/Main zones from roughly 600 metres toward potentially 2 kilometres of strike and testing high-priority targets such as Km Uno within an ~8,000-metre collective strike potential. In today’s robust gold market, this financing enhances our ability to convert exploration upside into tangible value and further de-risk the path toward a potential maiden resource. We appreciate your participation in this offering and your continued support as shareholders.

District Validation Next Door (Osisko Development)

Our Quesnelle Gold Quartz Mine property is contiguous with Osisko Development’s Cariboo Gold Project. In July–August 2025, Osisko Development (ODV-TSX.V. ODV-NYSE) secured a US$450 million project loan facility and closed a US$203 million equity placement, building on feasibility-level economics (~1.89 Moz over 10 years). Capital commitments of this magnitude validate the district’s development trajectory and the strategic relevance of our ground along the same corridor.

Our team, with deep experience in Cariboo gold projects, remains dedicated to disciplined exploration, QP oversight, and transparent communication. We are committed to transforming the Quesnelle property’s potential into shareholder value during this unprecedented gold price environment. Join us for our upcoming webinar on October 15, 2025, to explore these developments in detail. Thank you for your trust in Golden Cariboo Resources.