GoldON Closes First Tranche of its Private Placement Financing

Victoria, British Columbia--(Newsfile Corp. - March 20, 2025) - GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to announce that it has closed the first $250,000 tranche of its previously announced non-brokered private placement financing with qualified investors of up to 16,000,000 units (the "Units") for maximum gross proceeds of $400,000 (the "Offering").

In its first tranche, the Company issued 10,000,000 Units at a price of $0.025 per Unit. Each Unit consists of one common share and one transferable share purchase warrant (the "Warrant") that will entitle the holder to purchase one additional common share of the Company at a price of $0.05 per share for two years from the closing date. All shares issued in respect of this tranche will be subject to a hold period expiring July 21^st, 2025.

If at any time after the date of issuance of the Warrants, the closing price of the Company's common shares on the TSX Venture Exchange is at or above $0.20 per share for a period of 10 consecutive trading days (the "Triggering Event"), the Company may elect to accelerate the expiry date of the Warrants by delivering notice to the Warrant holders and issuing a news release announcing the Triggering Event, and in such case the Warrants will expire on the 30^th calendar day after the later of the date of such notice and the date of issuance of such news release.

The Company expects it will use up to $200,000 of the proceeds of the Offering to fund work at its 100%-owned Slate Falls Gold-Silver Property and the remainder for general working capital purposes. Management estimates that not more than 10% of the proceeds will be used for investor relations expenses and not more than 20% of the proceeds will be used for payments to non-arm's length parties. Completion of this Offering is subject to TSX Venture Exchange acceptance.

About GoldON Resources Ltd.

GoldON is a mineral exploration company focused on discovery-stage properties. Our goal is to add value by defining or redefining the exploration opportunity, maintain ownership control during the value creation phase of discovery, and then source a well-financed partner capable of accelerating discovery, resource definition, and development.

For more information, you can visit our website at goldonresources.com, download our investor presentation here, and follow us on X at https://x.com/GoldONResources.

Forward-Looking Statements

This news release may contain "forward-looking statements" that involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

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