Mr. Brandon Bonifacio reports

NEVGOLD EXTENDS MINERALIZATION TO 0.74 G/T AU OVER 66.8 METERS FROM SURFACE, INCLUDING 1.40 G/T AU OVER 11.3 METERS FROM 10 METERS DEPTH AT NUTMEG MOUNTAIN

Nevgold Corp. has released further oxide gold drill results for drill hole NMD0004, which intercepted mineralization from surface at the Nutmeg Mountain project in Washington county, Idaho. The project has a 2023 mineral resource estimate (MRE) of 1,007,000 indicated ounces of gold (51.7 million tonnes at 0.61 gram per tonne gold) and 275,000 inferred ounces of gold (17.9 million tonnes at 0.48 gram per tonne gold) (see note).

Key highlights:

• Gold intercepted from surface that suggests the project will be amenable to heap leach processing: Final assays indicate hole NMD0004 intercepted a total of 0.74 g/t Au over 66.8 metres from surface (oxide), including 1.40 g/t Au over 11.3 metres from 9.8 metres depth (oxide) (partial assays were released from this hole on June 22, 2023). The new assays included screen fire assays that show strong correlation with the original assays and indicate significant coarse gold is not present, suggesting the project will be amenable to heap leaching.
• Positive phase I drilling program: Other drill results released from the 2023 phase I 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) (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 dated April 13, 2023).
• Metallurgical test work to commence with hole NMD0004: The company has engaged McClelland Laboratories out of Sparks, Nev., and has delivered samples for NMD0004 for metallurgical test work.
• Recent Washington county, Idaho district, activity: With the recent copper porphyry discovery made by Hercules Silver Corp. and strategic investment of approximately $23-million into Hercules by Barrick Gold Corp., there has been an increased level of activity in Washington county in western Idaho. The company has a strong position in this emerging precious metal and base metal district with Nutmeg Mountain and will continue to advance strategic opportunities to leverage its technical and operating expertise in the area.

Brandon Bonifacio, Nevgold's chief executive officer, commented: "The further results from our drilling at Nutmeg Mountain continue to highlight the at-surface, oxide gold mineralization building on the recently announced 2023 MRE at the project. Since completion of the 2023 MRE, we have been focused on identifying areas to expand the mineralization laterally and at depth, and we have generated many high-priority drill targets for phase II drilling. We have made rapid progress at Nutmeg Mountain over the past 12 months, and the near-term focus is further drilling and metallurgical test work with the goal of advancing the project to the next stage of development. It is also exciting to see the high level of interest and activity in this emerging district in Washington county, Idaho, with the recent copper porphyry discovery made by Hercules Silver and subsequent strategic investment completed by Barrick Gold. The Hercules copper porphyry discovery and strategic investment by Barrick are important validations of this part of Idaho and highlight the underexplored nature of the area and its geological potential. We strongly believe that we have similar potential at Nutmeg Mountain, which we will continue to explore, and we will look to leverage our technical and operating expertise in the area to unlock value for our shareholders."

Derick Unger, Nevgold's vice-president, exploration, commented: "The recently completed MRE at Nutmeg Mountain was an important milestone for the company, and, with that completed, the focus shifts back to further drilling and metallurgical test work. Our technical group has identified numerous high-priority drill targets with the potential to expand the mineralization laterally and at depth. The resource at Nutmeg Mountain exhibits strong continuity, and we are confident additional mineralization can be found with further exploration at the project. It is also very encouraging to see the recent increase in exploration activity in western Idaho. Over the course of our work at Nutmeg Mountain, we have gained a very strong understanding of the local geology, which we will look to leverage in this emerging new trend."

Technical 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.

Sampling methodology, chain of custody, quality control and 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 were analyzed approximately every 20th sample. Selected samples were also analyzed for coarse gold by completing screen fire assays using a 150-mesh screen size coarse and fine size fractions. 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 on Nutmeg Mountain 2023 mineral resource estimate

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.

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 NI 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 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.