Grant of Options and Restricted Share Units

VANCOUVER, BC / ACCESS Newswire / May 20, 2026 / Gemdale Gold Inc. (TSXV:GEMG)(OTCQB:GDGIF) ("Gemdale" or the "Company") is pleased to announce that it has granted an aggregate of 520,000 stock options (the "Options") and 477,273 restricted share units (the "RSUs") to certain directors, officers, employees and consultants of the Company pursuant to its long-term incentive plan (the "Plan").

The Options are exercisable at a price of $1.90 per common share for a period of five (5) years from the date of grant, expiring on May 19, 2031.

The Options are subject to the following vesting provisions:

• 50% vesting six (6) months from the date of grant;

• 25% vesting nine (9) months from the date of grant; and

• 25% vesting twelve (12) months from the date of grant.

The RSUs will vest in equal installments over a three (3) year period from the date of grant, with one-third vesting on each annual anniversary of the grant date. Each vested RSU will entitle the holder to receive one common share of the Company, subject to the terms and conditions of the Plan.

About Gemdale Gold

Gemdale Gold Inc. owns a portfolio of highly prospective exploration licenses in Finland, and is focused on making significant new gold and critical metal discoveries on these properties. The Company has been active in Finland since 2018. Gemdale's 100% owned projects include:

Pontio Gold Project (Western Finland): Historical and recent drilling has outlined near-surface gold mineralization along a multi-kilometre trend that remains open along strike and at depth. The Company started an infill and extension drill programme in February, 2026.

Isoneva (Western Finland): Exploration stage gold project located proximal to extensive boulder train anomalies. The property is subject to an option agreement (the "Isoneva Option") with Nordique Resources Inc. ("Nordique") pursuant to which Nordique may earn a 100% interest by, among other things, funding exploration expenditures over a three-year period and making additional financial commitments to the Company. For more information on the Isoneva Option, please see the Company's final long form prospectus dated January 30, 2026 under the heading "Business of the Corporation - January 1, 2025 to the date hereof".

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