Mr. Brandon Bonifacio reports

NEVGOLD INTERCEPTS 0.80 G/T AU OVER 51.5 METERS FROM SURFACE INCLUDING 1.40 G/T AU OVER 11.3 METERS FROM 10 METERS DEPTH, AND ANNOUNCES PLANS TO UPDATE THE MINERAL RESOURCE ESTIMATE AT NUTMEG MOUNTAIN

Nevgold Corp. has released further oxide, gold results intercepted from surface at the Nutmeg Mountain gold project in Idaho. The project hosts a 2020 historical mineral resource estimate of 910,000 indicated ounces of gold (43.5 million tonnes (Mt) at 0.65 gram per tonne (g/t) gold (Au)) and 160,000 inferred ounces of gold (9.1 Mt at 0.56 g/t Au). A Nevgold qualified person has not done sufficient work to classify this historical resource estimate as current mineral resources, and Nevgold is not treating the estimate as current mineral resources or mineral reserves. The company also announces that it is well advanced on completing a current mineral resource estimate (MRE) at Nutmeg Mountain, with targeted completion in early July.

Key highlights:

• More gold intercepted from surface that suggests the project will be amenable to heap-leach processing: The company intercepted 0.8 g/t Au over 51.5 metres from surface (oxide), including 1.4 g/t Au over 11.3 metres from 9.8 metres depth (oxide) in hole NMD0004. Assays are pending for the remaining approximate 130 metres of this hole.
• Metallurgical test work has commenced: Hole NMD0004 was drilled to commence metallurgical test work at the project. The company has engaged McClelland Laboratories out of Sparks, Nev. The focus of the metallurgical test work is to evaluate optimization opportunities related to grinding, comminution and recovery methods.
• Building large, near-surface, mineralized footprint: Other drill results released from the 2023 drill program include 0.72 g/t Au over 79.3 metres from 10.4 metres depth (oxide), including 2.32 g/t Au over 13.4 metres from 25.6 metres depth (oxide) in hole NMD0003, and 0.56 g/t Au over 23.9 metres from 24.1 metres depth, including 0.89 g/t Au over 11.4 metres from 25.6 metres depth, with 4.33 g/t Au intercepted near the bottom of the hole (hole NMD0001, hole was lost in mineralization) (see news release from April 13, 2023).
• Current drill program update: The orientated core drilling portion of the drill program is now complete, and the program will shift to reverse circulation (RC) drilling.
• Advancing mineral resource estimate: The company is well advanced in completing a current MRE at the project, with targeted completion in early July.

Brandon Bonifacio, Nevgold chief executive officer, comments: "The further results from our inaugural drill program at Nutmeg Mountain continue to highlight the at-surface oxide gold mineralization at the project that we anticipate will be amenable to heap-leach processing. Drill hole NMD0004 will also be utilized for the commencement of metallurgical test work with focus on optimization opportunities in the grinding and comminution area. We are looking forward to the remaining approximate 130 metres of assays pending from drill hole NMD0004, which is at the assay lab undergoing further test work. We are also pleased to announce that we are advanced in completing a current mineral resource estimate at Nutmeg Mountain, with targeted completion in early July. Nutmeg Mountain is one of very few oxide gold, heap-leach projects of scale and grade, with mineralization starting at surface, in the Western U.S."

Updated mineral resource estimate

The company has engaged Global Mineral Resource Services from North Vancouver, Canada, to complete the MRE at Nutmeg Mountain. Targeted completion of the MRE is early July.

Geology summary

Hole NMD0004 was a metallurgical drill hole and, based on the core logging completed, the hole shows strong oxidation in the mineralized zone. The hole was split into quarters, and part of the hole was sent to McClelland Laboratories in Sparks, Nev., to commence metallurgical test work. The focus of the new test work program is to systematically augment the historical metallurgical data with focus on grinding, comminution and optimal recovery methods.

The remainder of assays from hole NMD0003 were received. Along with the previously announced 0.72 g/t Au over 79.3 metres from 10.4 metres depth, the hole contained multiple zones of anomalous mineralization with grades up to 0.61 g/t Au. The textures and alterations logged in the core exhibit positive characteristics and highlight that the company is vectoring in on the potential high-grade feeder structure at the project. More core drilling will be incorporated into further drilling at the project in 2023.

Sampling methodology, chain of custody and quality control/quality assurance

All sampling was conducted under the supervision of the company's geologists, and the chain of custody from the project to the independent sample preparation facility, American Assay Labs in Sparks, Nev., was continuously monitored. The samples were crushed, pulverized and sample pulps were analyzed using industry-standard fire assay methods. A blank and certified reference material were inserted approximately every 20th sample, and duplicates of coarse reject material was analyzed approximately every 20th sample. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results.

Note 1: Nutmeg Mountain -- historical 2020 mineral resource

On July 14, 2020, GoldMining Inc. published a National Instrument 43-101 technical report on the project, titled "Technical Report -- Almaden Gold Property," with an effective date of April 1, 2020, which Nevgold is treating as a historical mineral resource estimate.

Nutmeg Mountain -- GoldMining 2020 mineral resource estimate

The historical mineral resource estimate is believed to be reliable and relevant, and professionally calculated under the assumptions made in 2020. A Nevgold qualified person has not done sufficient work to classify GoldMining's mineral resource estimate as current mineral resources, and Nevgold is not treating the estimate as current mineral resources or mineral reserves. The current Nevgold drilling and geological work is considered sufficient to allow for Nevgold to complete an updated mineral resource estimate at the project.

Technical information contained in this news release has been reviewed and approved by Derick Unger, CPG, the company's vice-president, exploration, who is Nevgold's qualified person under National Instrument 43-101, and responsible for technical matters of this release.

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 B.C., and has an option to acquire 100 per cent of the Nutmeg Mountain gold project in Idaho.

We seek Safe Harbor.