Mr. Brandon Bonifacio reports

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

Nevgold Corp. has issued 4,109,589 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 Nutmeg Mountain gold project in Idaho. The total share issuance payment of 4,109,589 shares equates to $1.5-million issued at 36.5 cents per share representing the 30-day volume-weighted average price share price as of market close on June 21, 2023. The company is in the process of updating the mineral resource estimate (MRE) at the Nutmeg Mountain project, with a targeted completion in July.

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 Nov. 14, 2023, in accordance with applicable securities laws and the policies of the exchange.

The company is also pleased to announce that at the annual general and special meeting of shareholders (AGSM) on June 30, 2023, the disinterested shareholders of the company approved the creation of GoldMining as a new control person of the company.

A total of 33,045,307 common shares of the company, representing 46.3 per cent of the company's outstanding common shares, were represented at the AGSM. A total of 19,951,224 common shares (99.6 per cent) voted in favour of the creation of a new control person, while a total of 94,639 common shares (0.5 per cent) voted against. The creation of the new control person was required to be approved by over 50 per cent of the votes cast by disinterested shareholders at the special meeting, excluding GoldMining.

GoldMining, a shareholder owning over 10 per cent of the outstanding common shares, was issued 4,109,589 shares through the share issuance payment. Prior to the closing of the share issuance payment, GoldMining held, and had control and direction over, 12,560,661 common shares and 1,488,100 warrants of the company exercisable into 1,488,100 common shares, 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. On completion of the share issuance payment, GoldMining holds, and has control and direction over, 16,670,250 common shares and 1,488,100 warrants, representing approximately 22.1 per cent of the company's outstanding common shares on an undiluted basis and approximately 23.6 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. To obtain a copy of the report, please contact Pat Obara, chief financial officer of GoldMining, at GoldMining's address at 1030 West Georgia St., suite 1830, Vancouver, B.C., V6E 2Y3 or by telephone at 855-630-1001.

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.

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.