Mr. Brandon Bonifacio reports

NEVGOLD ISSUES CLARIFICATION ON PREVIOUS TECHNICAL DISCLOSURE

As a result of a review by the British Columbia Securities Commission, Nevgold Corp. has issued the following news release to clarify certain disclosure.

In a video formerly posted on the company's website, in a former version of the company's corporate presentation posted on its website and in a press release dated Aug. 17, 2023, the company made reference to certain targets for future mineral resources that were not disclosed in compliance with the requirements of National Instrument 43-101, Standards of Disclosure For Mineral Projects. The company retracts these statements with respect to targets for future potential resources on the company's mineral properties.

The video, the presentation and the Aug. 17, 2023, press release made note of a higher-grade core to the modelled mineral deposit used in the mineral resource estimate (MRE) for the company's Nutmeg Mountain project originally disclosed in the Aug. 17, 2023, press release. The company clarifies that this higher-grade core does not constitute a separate mineral resource estimate and that the company has not completed any mine sequencing studies on the Nutmeg project with respect to the timing or sequence of mining of various portions of the known mineralization.

In the video, the presentation and the Aug. 17, 2023, press release, the company included statements with respect to the favourable economic attributes of low-strip-ratio heap leach mining projects generally as compared with other mining techniques. The company clarifies that no economic analysis has been completed on the company's mineral projects and that there is no guarantee that these beneficial economic attributes will be applicable to the company's mineral properties.

The video, the presentation and the Aug. 17, 2023, press release contained statements with respect to the sensitivity of the Nutmeg MRE to gold prices, noting the change in the Nutmeg MRE when the cut-off grade was decreased, which would generally occur in a rising gold price environment. The company advises that investors should also consider effects on the Nutmeg MRE when the cut-off grade is increased, which would generally occur in a falling gold price environment. The company directs investors to the sensitivity analysis of the Nutmeg MRE to cut-off grades included in the Aug. 17, 2023, press release, which contemplates both scenarios.

In the video, references were made to "ore" in respect of the company's Nutmeg Mountain project. The company retracts such references and clarifies that there are no mineral reserves (as defined in NI 43-101) estimated for the Nutmeg Mountain project and the company has not established that any of the mineralized material on the Nutmeg Mountain project is economically viable for extraction.

In the video and the presentation, the company made reference to a strip-ratio-adjusted grade. The company retracts this disclosure, which does not comply with the requirement under NI 43-101 to not disclose the grade of a mineral deposit in a manner that is not mineral resources or reserves as defined under NI 43-101.