Mr. Brandon Bonifacio reports

NEVGOLD ANNOUNCES HIGH-GRADE, OPEN-PIT, HEAP-LEACH GOLD MINERAL RESOURCE INCLUDING 1,006,000 OZS INDICATED AND 275,000 OZS INFERRED AT NUTMEG MOUNTAIN

Nevgold Corp. has released its initial mineral resource estimate (MRE) for the Nutmeg Mountain gold project in southwest Idaho.

Key highlights:

• High-grade, open-pit, oxide, heap-leach gold mineral resource in the Western United States: 1.01 million ounces (Moz) of indicated resources at 0.61 gram per tonne Au (51.7 million tonnes (Mt), 74 per cent of pit-constrained tonnage) and 275,000 oz of inferred resources at 0.48 g/t Au (17.9 Mt, 26 per cent of pit-constrained tonnage).
• Significant growth captured over past 12 months: Compared with the 2020 historical resource estimate, the company increased the pit-constrained tonnage by over 32 per cent, with further upside identified with high-priority drill targets.
• Mineralization starts at surface with low strip ratio: Mineralization at Nutmeg Mountain starts at surface. The strip ratio of the project based on conceptual pit shells is expected to be less than 1:1, which is extremely low for an open-pit, oxide, heap-leach gold project. The low strip ratio will minimize upfront capital and development timelines of the project, providing the opportunity for a future low-cost mining operation with rapid cash flow.
• Higher-grade core within the resource: Increasing the cut-off grade from the base case of 0.30 g/t Au to 0.60 g/t Au, the project has 560,000 oz of indicated resources at 0.92 g/t Au, and 81,000 oz of inferred resources at 0.87 g/t Au. Exploring for more potential high-grade mineralization will be a key focus as the project is advanced with further drilling and subsequent resource estimates.
• Low sensitivity to gold price: The project has low sensitivity to gold price. Decreasing the cut-off grade from the base case of 0.30 g/t Au to 0.20 g/t Au, the project has 1.13 Moz of indicated resources at 0.53 g/t Au, and 365,000 oz of inferred resources at 0.39 g/t Au.
• Next steps: The company plans to complete further drilling, metallurgical test work and an updated MRE to advance the project to a preliminary economic assessment (PEA).

Nevgold chief executive officer Brandon Bonifacio comments: "This is an important milestone for Nevgold and the Nutmeg Mountain gold project as it further validates our corporate strategy and business model. We are pleased with the results of the MRE, as it illustrates the size, grade and simplicity of this robust, at-surface, open-pit, oxide, heap-leach gold project in the Western U.S. Since announcing the transaction on Nutmeg Mountain in 2022, we strongly believed there was immediate growth potential not captured in the 2020 historical resource. Using the same cut-off grade from the 2020 historical resource of 0.30 g/t Au, we were able to significantly increase the indicated mineral resource to 1.01 Moz, and the inferred mineral resource to 275,000 oz. Today's MRE is the first step towards extracting the potential at the project, and with the mineralization remaining open, we will continue to focus our efforts on further drilling to expand the resource. As we have stated consistently, there are very few open-pit, oxide, heap-leach gold projects of scale and grade with mineralization starting at surface in the Western U.S., and that is exactly what we are building at Nutmeg Mountain."

Technical overview

Details of the MRE are provided in a technical report entitled "Technical Report on the Nutmeg Gold Property" with an effective date of June 22, 2023, prepared in accordance with National Instrument 43-101 standards, which is filed under the company's SEDAR+ profile. The MRE was prepared by independent mining consulting firm GMRS.

Nutmeg Mountain -- summary

Nutmeg Mountain is a low-sulphidation epithermal gold deposit located in southwest Idaho, approximately 20 kilometres east of Weiser, Idaho, and 120 kilometres northwest of Boise, Idaho. The project is approximately 1,724 hectares in size, which comprises 210 federal unpatented claims, 12 patented claims and two private leases.

In July, 2022, Nevgold executed an option to acquire Nutmeg Mountain from GoldMining Inc. At the time, the project had 934 core, reverse circulation (RC) and rotary drill holes totalling over 70,254 metres of historical drilling. In early 2023, Nevgold completed five core holes totalling 1,371 metres, and the data from these holes were used to complete the MRE at the project.

Nutmeg Mountain -- additional exploration potential

The work completed to date by the company has identified several high-priority drill targets for future drilling. Historical drilling was mainly focused on the outcropping and near-surface disseminated mineralization, which is primarily located on the patented mining claims and other privately owned ground. Nevgold has identified numerous additional near-surface gold targets on the unpatented mining claims surrounding the private ground. Additionally, the average drill hole depth at the project is less than 75 metres, and to date the potential high-grade feeder veins typically associated with low-sulphidation epithermal gold systems have yet to be identified. Discovering additional near-surface disseminated gold mineralization and the potential high-grade feeder structures will continue to be the focus of Nevgold's continuing exploration.

Nutmeg Mountain -- deposit geology and model

Nutmeg Mountain is a low-sulphidation epithermal gold deposit with exploration dating back to the 1980s. The project is host to Miocene-age basalt and tuffaceous sediments, Payette formation sandstone and siltstone, and lacustrine sedimentary rocks of the Pliocene-age Idaho group.

Most gold mineralization that has been identified at the project to date occurs within a north-trending graben, which is where most of the drilling has been concentrated. The graben is bounded by faults on the east and west, and sedimentary units change in thickness and character across the bounding faults. Mineralization is associated with multiphase hydrothermal brecciation and veining, strong silicification, acid alteration, and faulting. Much of the surface alteration is composed primarily of opaline silica and appears to be a replacement of Payette formation sandstone.

There are four principal zones of mineralization. The Main zone is the most significant in size and contains most of the gold in the MRE. Gold mineralization is hosted primarily in silicified Payette formation sandstone that has been subjected to multiple phases of hydrothermal alteration, brecciation and veining. The Main zone mineralization occurs over a north-south distance of approximately 1,200 metres, a width from 250 to 500 metres and a vertical thickness of up to 180 metres. Most of the gold in the MRE is situated in the top 75 metres of this vertical thickness, creating an opportunity to expand the resource vertically with further deeper drilling and additional data.

The North zone underlies the narrow ridge crest at the north end of the project, approximately 600 metres northeast of the Main zone. In the North zone, gold occurs as an oval, north-trending, tabular body that is up to 60 metres thick, approximately 335 metres long (north-south) and 150 metres wide. The Stinking Water zone lies approximately 400 metres west of the North zone and 600 metres north of the Main zone. The Cove Creek zone is located 600 metres southeast of, and approximately 170 metres lower than the Main zone, with little to no surface expression.

Drill hole data and quality assurance/quality control procedures

Prior to the company's work, the project was evaluated by several historical work programs starting in the 1980s including geological mapping, geochemical and geophysical surveying, several metallurgical bulk samples, and 934 core, RC and rotary drill holes totalling 70,254 metres. In early 2023, Nevgold completed five core holes totalling 1,371 metres, four of which were located within the known envelope of mineralization. The data from these holes have been used in the MRE.

There is minimal documented QA/QC procedures or data available for drill programs prior to 2008. The company drill program utilizes full industry-standard survey control and QA/QC programs and is designed to systematically validate as much of the historical drilling as possible through collar surveys, relogging and resampling.

Reasonable prospects of eventual economic extraction

To support reasonable prospects for eventual economic extraction for the MRE, GMRS used the estimated block model to generate an optimized pit shell using the following assumptions: a gold price of $1,750 (U.S.)/oz, mining costs of $2 (U.S.)/tonne moved, processing costs including general and administration costs of $8 (U.S.)/tonne, heap-leach process recovery of 80 per cent, and an overall pit slope angle of 50 degrees. Mining and processing costs are based on industry norms for this type of deposit and contemplated mining method.

Environmental, social and governance opportunities

As part of its commitment to environmental, social and governance (ESG) practices, the company has commenced a review of alternative energy potential near the project. These alternative sources include geothermal, solar and wind power generation. In particular, the project is in an area of high geothermal energy potential with two geothermal projects already operating nearby. There are also a number of solar and wind power generation projects in Idaho. The company is actively considering collaboration agreements with alternative energy partners to assess opportunities to lower the carbon footprint at the project.

Next steps

The company plans to complete further drilling, metallurgical test work and, as appropriate, a further updated MRE to advance the project toward a PEA in 2024.

Nevgold vice-president, exploration, Derick Unger, comments: "It has been a positive initial 12 months at Nutmeg Mountain since completing the transaction on the project in July, 2022. We rapidly advanced our field activities including core relogging, geochemical sampling, surface mapping, updating the geological model and drilling, which has culminated in this exciting MRE. The MRE highlights the large scale of the outcropping, heap-leachable gold mineralization at Nutmeg Mountain. It is very encouraging to see the consistency of mineralization exemplified by the low sensitivity to lower gold cut-off grades. The mineralization remains open in multiple directions, and we have many high-priority drill targets to test in the next phase of drilling to further unlock the value of the project. Our goal is to continue the drilling and metallurgical test work to potentially advance the project to a PEA in 2024."

Qualified person statements

Greg Mosher (PGeo, MSc, applied), principle of GMRS, is an independent qualified person under NI 43-101 and responsible for the MRE. Mr. Mosher has prepared and approved the scientific and technical information related to the MRE contained in this news release.

Mr. Unger, CPG, the company's vice-president, exploration, and a qualified person under NI 43-101, has also reviewed and approved the scientific and technical information contained in this news release.

Technical disclosure

The company has filed on SEDAR+ an updated Limousine Butte technical report titled "Technical Report on the Limousine Butte Gold Property," with an effective date of June 15, 2023. An updated and amended annual information form (AIF) has been filed on SEDAR+ and reflects updated disclosure contained in the Limousine Butte technical report mainly related to the drilling results from 2022 and the consequent new geological interpretations of the property.

The amended AIF also reflects the Nutmeg Mountain technical report filed on SEDAR+ entitled "Technical Report on the Nutmeg Gold Property," with an effective date of June 22, 2023, that disclosed an initial mineral resource estimate for the project, which is included in this news release.

About Nevgold Corp.

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

We seek Safe Harbor.