Proceeds of the financing will be used to drill GoldON's 100%-Owned West Madsen property in Ontario's Red Lake Gold Camp

Vancouver, British Columbia--(Newsfile Corp. - August 16, 2024) - GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to announce the closing of its previously announced non-brokered private placement financing that raised $522,000 in gross proceeds (the "Offering").

The Offering consisted of 4,350,000 flow-through shares, each priced at $0.12 per share. All shares issued through this Offering will be subject to a hold period expiring on December 17, 2024.

Figure 1: Looking northeast from GoldON's West Madsen property to WRLG's Madsen Gold Mine property.

The Company will use the proceeds of the Offering to fund the next phase of drilling at its 100%-owned West Madsen Gold Property located in the heart of the Red Lake Gold Camp.

About GoldON Resources Ltd.

GoldON is a mineral exploration company focused on discovery-stage properties. Our goal with a property 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 .

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.