Mr. David Grondin reports

TOMAGOLD REPORTS HIGH-GRADE SAMPLE OF 3.95% TREO AT STAR LAKE AND DOUBLES THE SIZE OF ITS PROPERTY

TomaGold Corp. has released positive prospecting sampling results from its 100-per-cent-owned Star Lake property, located 120 kilometres southeast of Radisson in the James Bay area of Quebec.

TomaGold has also doubled the size of its Star Lake property to 214 map-designated claims over an area of 10,906 hectares (or 109 square kilometres), the largest land position in the sector. The property is characterized by multiple underexplored outcropping pegmatite intrusions that host unusual enrichment of rare earth elements and is located in one of the world's most mining-friendly jurisdictions, with ample green energy sources.

In the fall of 2022, TomaGold asked Dahrouge Geological Consulting Ltd. to conduct a one-day prospecting visit on the property for the purpose of resampling historic grab samples containing anomalous rare earth element values.

A total of nine chip samples were collected in the area, with one returning a total of 3.95 per cent TREO (total rare earth oxide) (18,974 ppm (parts per million) Ce2O3 (cerous oxide), 10,849 ppm La2O3 (lanthanum oxide), 5,369 ppm Nd2O3 (neodymium oxide, 1,931 ppm Pr2O3 (praseodymium oxide), 902 ppm Sm2O3 (samarium oxide), 184 ppm Dy2O3 (dysprosium oxide), 15 ppm Eu2O3 (europium oxide), 511 ppm Gd2O3 (gadolinium oxide), 27 ppm Ho2O3 (holmium oxide), 51 ppm Tb2O3 (terbium oxide), four ppm Tm2O3 (thulium oxide) and 608 ppm Y2O3 (yttrium oxide)) (see the associated table). That particular sample was from a pegmatite intrusion that lies near a shear zone mapped by the Geological Survey of Quebec and near the contact between two lithological units (Laguiche 2a and 3a).

Given these promising results, TomaGold will organize a two-week-long prospecting campaign for early summer, 2023.

"This initial TREO result, coupled with Star Lake's historical results, seems to indicate that the property holds promising rare earth exploration potential, which we'll be testing more this summer," said David Grondin, president and chief executive officer of TomaGold. "Rare earth elements are increasingly sought after, as they play a critical role in permanent magnets and modern electronic applications, such as electric vehicles, which supports our decision to acquire the largest land position in this part of James Bay. It is an interesting fact that, since we acquired our property last fall, several mining companies have acquired claims around us, which could lead to more exploration activity and greater recognition of the area going forward."

Grab samples were collected with the use of a rock hammer where possible and sample selection location was determined by the localization of historic sampling done on the property. All values over 0.4 per cent TREO were visited and resampled. All lithogeochemical assay results of grab samples were provided by SGS Canada Inc., ISO/IEC 17025, in Burnaby, B.C.. Additional elements with overlimit detection were sent for more analysis in SGS Canada, an ASTM C204-84 certified laboratory, in Lakefield, Ont. Analytical results are subject to industry-standard and National-Instrument 43-101-compliant quality assurance/quality control (QA/QC) sample procedures internally at the laboratory, as described by SGS Canada.

The technical content of this press release has been reviewed and approved by Andre Jean, PEng, the corporation's director of exploration and a qualified person under National Instrument 43-101.

About TomaGold Corp.

TomaGold is a Canadian mineral exploration company engaged in the acquisition, assessment, exploration and development of gold, copper, rare earth elements and lithium projects. TomaGold holds interests in five gold properties near the Chibougamau mining camp in Northern Quebec: Obalski, Monster Lake East, Monster Lake West, Hazeur and Doda Lake, as well as a 24.5-per-cent interest through a joint venture with Evolution Mining Ltd. and New Gold Inc. in the Baird property, located near the Red Lake mining camp in Ontario. In addition, it owns a 100-per-cent interest in a lithium property and the Star Lake rare earth elements property, located in the James Bay region of Quebec.

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