Mr. Brandon Bonifacio reports

NEVGOLD ANNOUNCES CLOSING OF SHARES-FOR-DEBT TRANSACTION

Nevgold Corp. has closed a previously announced shares for debt transaction, as described in the press release of the company dated Sept. 21, 2023. Nevgold has settled debt in the amount of $169,580 previously owed to two arm's-length creditors by issuing an aggregate of 403,761 common shares in the capital of the company at a price of 42 cents per common share, reflecting a plus 40-per-cent premium to Nevgold closing share price on Oct. 13, 2023, to the creditors. The Nevgold board of directors determined that it was in the best interests of the company to settle the outstanding debt by the issuance of common shares at a significant premium to market in order to preserve the company's cash for continuing operations.

The company received the approval of the TSX Venture Exchange to the shares for debt transaction. The common shares issued pursuant to the shares for debt transaction are subject to a hold period expiring on Feb. 14, 2024.

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.