Mr. Brandon Bonifacio reports

NEVGOLD ANNOUNCES CLOSING OF UPSIZED C$1.5M NON-BROKERED PRIVATE PLACEMENT FINANCING AND FURTHER UPSIZES OFFERING TO C$2.0M

Nevgold Corp. has completed a first-tranche closing of the upsized non-brokered private placement financing (see news release dated Dec. 20, 2023) of 4,687,500 common shares of the company at a price of 32 cents per common share for gross proceeds of $1.5-million. As a result of strong demand, the company is further upsizing the offering to a maximum of 6.25 million common shares to raise gross proceeds of up to $2-million.

Nevgold chief executive officer Brandon Bonifacio commented: "It is encouraging to see the broad demand for our no-warrant financing, and the initial $1.5-million tranche had strong participation from current shareholders, including McEwen Mining Inc. (an existing strategic corporate shareholder), and new strategic investors.

"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. We are looking forward to commencing fieldwork, which will lead to an active H1 2024. The Nevgold platform has advanced significantly since publicly listing the company in June, 2021, and we will continue to build on our oxide, heap leach gold resource base in the Western USA as well as other accretive opportunities to generate value for our shareholders."

The company expects to close the second tranche of the offering on or about Jan. 12, 2024. 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.

Nevgold will pay cash finders' fees of $17,400 and issue 54,375 non-transferable finder warrants to arm's-length finders in connection with the initial closing tranche. Each finder warrant entitles the holder thereof to acquire one common share in the capital of the company at an exercise price of 32 cents per share until Jan. 5, 2025.

All securities of the company issued in connection with the initial closing of the offering are subject to a hold period expiring on May 6, 2024, in accordance with applicable securities laws. The offering is subject to the final approval of the TSX Venture Exchange.

Brandon Bonifacio and Giulio Bonifacio have purchased an aggregate of 468,750 common shares under the initial tranche of the offering. The insiders participation in the offering therefore constitutes a related party transaction within the meaning of TSX-V Policy 5.9 and Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying on exemptions from the formal valuation and minority securityholder approval requirements of the related party rules set out in sections 5.5(a) and 5.7(a) of MI 61-101 as the fair market value of the insider participation does not exceed 25 per cent of the market capitalization of the company. The company did not file a material change report more than 21 days before the closing of the initial tranche of the offering as the details of the offering and the participation therein by each related party of the company were not settled until shortly prior to the closing of the initial tranche of the offering, and the company wished to close the offering on an expedited basis for sound business reasons. The company obtained approval by the board of directors of the company to the offering, with Brandon Bonifacio and Giulio Bonifacio declaring and abstaining from voting on the resolutions approving the offering with respect to each of their participation in the offering. No materially contrary view or abstention was expressed or made by any director of the company in relation thereto.

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.