Mr. Mike Bandrowski reports

BIG RIDGE GOLD CORP CLOSES $1.5 MILLION PRIVATE PLACEMENT, ANNOUNCES MICHAEL GENTILE INCREASES HOLDINGS TO 9.9%

Big Ridge Gold Corp. has closed a non-brokered private placement of 30 million common shares of the company at five cents per share for aggregate gross proceeds to the company of $1.5-million.

The company intends to use the net proceeds of the offering to finance continued exploration and development of Big Ridge's Hope Brook gold project and for general working capital purposes. No brokers' or finders' fees were paid in connection with the offering.

Michael Bandrowski, president and chief executive officer of the company, commented: "Big Ridge is pleased to receive continued support from existing shareholders, including strong participation from Mr. Michael Gentile, PowerOne Capital Group and other supportive shareholders. We look forward to upcoming results from our 2024 summer field program, environmental baseline work and ongoing ore sorting studies at the Hope Brook gold project."

Mr. Gentile commented: "Over the last six months, I have acquired 12.6 million shares of Big Ridge Gold Corp., increasing my holdings to 9.9 per cent of the company. With a market capitalization of only $11-million, Big Ridge is a compelling opportunity at current valuation levels. The company is well positioned to capitalize on the strong gold price environment with a project that can advance quickly. Hope Brook is an advantaged project due to regional infrastructure synergies, significant exploration potential and environmental work already completed, and the ability to generate a preliminary economic assessment in the near future. Big Ridge has chosen to preserve its capital in this difficult market for juniors and is now judiciously raising money from a core group of shareholders to unlock significant value via the advancement of key milestones."

The securities issued pursuant to the offering are subject to a four-month hold period expiring Jan. 19, 2025.

The company also announced the resignation of James Maxwell as a director of the company. Mr. Maxwell was the nominee of First Mining Gold Corp. on the Big Ridge board, which nomination right ended upon the sale by First Mining of its entire equity position in the company, as previously announced on March 28, 2024. The company thanks Mr. Maxwell for his contributions to the Big Ridge board over the last several years.

About Hope Brook

The Hope Brook gold project is an advanced-stage, high-grade gold project that produced 752,162 ounces of gold from 1987 to 1997. Initial production consisted of an open pit before moving to underground mining. Hope Brook operated using both heap leach (1987 to 1990) and conventional cyanidation milling methods (1989 to 1997) with a later inclusion of flotation concentration to recover copper (1991). Government records indicate that gold recoveries from milling ranged between a low of 78.8 per cent in 1987 and a high of 85.9 per cent in 1989. Government and company annual reports indicate that gold recoveries ranged between a low of 82.1 per cent in 1994 and a high of 89.83 per cent in 1996 following a change of ownership. Copper flotation produced a concentrate at approximately 22 per cent copper (Cu) and 34.3 grams per tonne (g/t) gold (Au) for shipment in 1992.

Hope Brook hosts an indicated gold resource totalling 16.19 million tonnes grading 2.32 g/t gold for 1.2 million ounces and inferred resources totalling 2,215,000 tonnes grading 3.25 g/t gold for 231,000 ounces based on cut-off grades of 0.4 g/t and 2.0 g/t for open-pit and underground resources, respectively, using a long-term gold price of $1,750 (U.S.).

The Hope Brook gold deposit is a high-sulphidation epithermal gold deposit hosted in the Proterozoic-aged Whittle Hill sandstone and is intruded by a Late Proterozoic quartz-feldspar porphyry sill-dike complex of the Roti intrusive suite. The deposit is located adjacent to and within an extensive advanced argillic alteration envelope, which includes pyrophyllite, kaolinite, andalusite and alunite. The principal gold mineralization occurs in a buff-coloured massive, vuggy silicic alteration with an associated, less developed grey silicic alteration with pyrite, chalcopyrite and lesser bornite accessory minerals. Gold mineralization is also found with pyrite in units of advanced argillic alteration adjacent to or near silicic alteration horizons. The altered and mineralized zone is cut by mafic dikes, the contacts of which are often mineralized. All the altered and mineralized sequences and the intruded dikes have been folded.

Hope Brook is located 85 kilometres east of Port aux Basques in Newfoundland. The project has well-maintained infrastructure on site, including an operational 28-person camp, a 1,100-metre airstrip and ice-free docking facility, and, importantly, connection to the provincial electrical power grid via an on-site substation.

About Big Ridge Gold Corp.

Big Ridge is an exploration and development company managed by a disciplined and experienced team of officers and directors. The company is committed to the development of advanced-stage mining projects using industry best practices combined with strong social licence from local communities. Big Ridge owns an 80-per-cent interest in the Hope Brook gold project, located in Newfoundland and Labrador. Big Ridge also owns a 100-per-cent interest in the highly prospective Oxford gold project, located in Manitoba, and the Destiny gold project, located in Quebec.

Acknowledgment

Big Ridge acknowledges and appreciates the Newfoundland and Labrador Ministry of Natural Resources' financial support of the company's 2023 exploration programs through the junior exploration assistance (JEA) program.

We seek Safe Harbor.