Mr. Brandon Bonifacio reports

NEVGOLD ANNOUNCES SHARE ISSUANCE PAYMENT TO GOLDMINING FOR NUTMEG MOUNTAIN PROJECT OPTION

Nevgold Corp. has issued 3,658,536 Nevgold common shares to Goldmining Inc. pursuant to the Nutmeg Mountain option agreement dated June 14, 2022 (see June 14, 2022, news release). Nevgold has the right to acquire 100 per cent of the advanced-stage Nutmeg Mountain gold project in Idaho, which hosts a 2020 mineral resource estimate of 910,000 indicated ounces of gold (43.5 million tonnes of 0.65 gram per tonne gold) and 160,000 inferred ounces of gold (9.1 million tonnes of 0.56 gram per tonne gold) with significant resource expansion and exploration upside (see note). The total share issuance payment of 3,658,536 shares equates to $1.5-million issued at 41 cents per share, representing the 30-day VWAP (volume-weighted average price) share price as of market close on Dec. 19, 2022.

The share issuance payment is subject to the final approval of the TSX Venture Exchange. The securities issued to Goldmining are subject to a four-month hold period ending on May 2, 2023, in accordance with applicable securities laws and the policies of the exchange.

Goldmining, a shareholder owning over 10 per cent of the outstanding common shares, was issued 3,658,536 shares through the share issuance payment. Prior to the closing of the share issuance payment, Goldmining held and had control and direction over 8,902,125 common shares and 1,488,100 warrants of the company exercisable into 1,488,100 common shares. On completion of the share issuance payment, Goldmining holds and has control and direction over 12,560,661 common shares and 1,488,100 warrants, representing approximately 17.6 per cent of the company's outstanding common shares on an undiluted basis and approximately 19.3 per cent on a partially diluted basis assuming the exercise of the warrants held by Goldmining.

Early warning report

An early warning report will be filed by Goldmining pursuant to National Instrument 62-103 on SEDAR under the profile of Nevgold.

The securities were issued to Goldmining for investment purposes, and, in the future, Goldmining may acquire additional securities of Nevgold, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current position, depending on market conditions, reformulation of plans and/or other relevant factors.

Note: On July 14, 2020, Goldmining published an NI 43-101 technical report on the project, titled "Technical Report -- Almaden Gold Property," with an effective date of April 1, 2020, and which includes a historical resource estimate as shown in the attached table.

A Nevgold qualified person has not done sufficient work to classify the historical resource estimate as current mineral resources, and Nevgold is not treating the historical estimate as current mineral resources or mineral reserves.

About Nevgold Corp.

Nevgold is an exploration and development company targeting large-scale mineral systems in the proven districts of Nevada, Idaho and British Columbia. Nevgold owns a 100-per-cent interest in the Limousine Butte and Cedar Wash gold projects in Nevada and the Ptarmigan silver-polymetallic project in southeast British Columbia and has an option to acquire 100 per cent of the Nutmeg Mountain gold project in Idaho.

We seek Safe Harbor.