Mr. Brandon Bonifacio reports

NEVGOLD ANNOUNCES 100% ACQUISITION OF NUTMEG MOUNTAIN AFTER FINAL SHARE ISSUANCE PAYMENT TO GOLDMINING

Nevgold Corp. has issued 10 million Nevgold common shares to GoldMining Inc. pursuant to the Nutmeg Mountain option agreement dated June 13, 2022 (see June 14, 2022, news release). The total share issuance payment of 10 million shares equates to $3-million issued at 30 cents per share, representing the 30-day VWAP (volume-weighted average price) share price as of market close on Dec. 18, 2023.

Nevgold has now exercised the option under the Nutmeg Mountain option agreement to acquire 100 per cent of the Nutmeg Mountain gold project in Washington county, Idaho. Nevgold announced a mineral resource estimate (MRE) at the project on Aug. 17, 2023, of 1,007,000 indicated ounces of gold (51.7 million tonnes (Mt) at 0.61 gram per tonne (g/t) gold (Au)) and 275,000 inferred ounces of gold (17.9 Mt at 0.48 g/t Au).

Brandon Bonifacio, Nevgold chief executive officer, comments: "Completing the acquisition of 100 per cent of Nutmeg Mountain from GoldMining is a monumental milestone for the company. We have diligently advanced our efforts since closing the transaction on Nutmeg Mountain in August, 2022. After less than 12 months of working on the project, we released our initial mineral resource estimate in August, 2023, where we delivered an open-pit, oxide, heap-leachable gold indicated mineral resource of 1.01 Moz [million ounces] and inferred mineral resource of 275,000 oz. We will continue to focus our future efforts on drilling the many high-priority drill targets both on the private ground and fully permitted Bureau of Land Management (BLM) unpatented claims to unlock further value at the project. We are fortunate to now own 100 per cent of one of the very few open-pit, oxide, heap-leach gold projects of scale and grade with mineralization starting at surface in the Western U.S. Nutmeg Mountain's location in Western Idaho (Washington county) also offers many benefits as it is a premier mining jurisdiction with excellent infrastructure in place, which will allow for rapid project advancement."

The share issuance payment is subject to the final approval of the TSX Venture Exchange. The securities issued to GoldMining are subject to a four-month hold period ending on May 19, 2024, in accordance with applicable securities laws and the policies of the exchange.

GoldMining, a shareholder owning over 20 per cent of the outstanding common shares, was issued 10 million shares through the share issuance payment. Prior to the closing of the share issuance payment, GoldMining held, and had control and direction over, 16,670,250 common shares and 1,488,100 warrants of the company, exercisable into 1,488,100 common shares, representing approximately 20.6 per cent of the company's outstanding common shares on an undiluted basis and approximately 22.1 per cent on a partially diluted basis, assuming the exercise of the warrants held by GoldMining. On completion of the share issuance payment, GoldMining holds, and has control and direction over, 26,670,250 common shares and 1,488,100 warrants, representing approximately 29.4 per cent of the company's outstanding common shares on an undiluted basis and approximately 30.5 per cent on a partially diluted basis, assuming the exercise of the warrants held by GoldMining.

Note 1: 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.

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 the Nutmeg Mountain gold project in Idaho.

We seek Safe Harbor.