Mr. Brandon Bonifacio reports

NEVGOLD ANNOUNCES C$1M NON-BROKERED PRIVATE PLACEMENT FINANCING

Nevgold Corp. has arranged a non-brokered private placement financing of up to 3,125,000 common shares of the company at a price of 32 cents per common share to raise gross proceeds of up to $1-million.

Nevgold chief executive officer Brandon Bonifacio comments: "The no-warrant, $1-million financing is very well supported by key insiders, existing and new strategic shareholders. The financing proceeds will focus on some high-potential opportunities at Nutmeg Mountain and in the surrounding Hercules copper district, both in Washington county, Idaho. Since the recent copper porphyry discovery by Hercules Silver Corp., and strategic investment of approximately $23-million by Barrick Gold Corp., we have been laser focused on leveraging our established operating and technical expertise in the area. The activity in the entire Hercules copper district has increased significantly since the discovery hole was released in October, and we are well positioned to take advantage of opportunities in this emerging copper-gold district in Idaho."

The common shares will be offered pursuant to exemptions from the prospectus requirements to residents of Canada, and such other jurisdictions as may be determined by the company. The company intends to use the aggregate net proceeds raised from the offering for general working capital purposes and advancing strategic efforts at the Nutmeg Mountain project and in the surrounding Washington county, Idaho, district.

The offering is expected to close on or about Jan. 3, 2024, and is subject to the receipt of all necessary regulatory and other approvals, including, but not limited to, the approval of the TSX Venture Exchange. The common shares will be subject to a hold period of four months and one day from the closing date in accordance with applicable securities laws. The company may pay finder's fees to certain finders in connection with the offering.

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.

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