Mr. Brandon Bonifacio reports

NEVGOLD ANNOUNCES UPSIZE TO C$5.5M BROKERED PRIVATE PLACEMENT FINANCING

Nevgold Corp., due to strong investor demand, has agreed with Clarus Securities Inc., as lead agent and sole bookrunner, on behalf of a syndicate of agents, to increase the size of its previously announced $5-million best efforts marketed private placement conducted pursuant to the listed issuer financing exemption (LIFE), as defined below.

Pursuant to the upsized deal terms, the offering will now consist of up to 18,333,333 units of the company at a price of 30 cents per unit for gross proceeds to the company of up to $5.5-million. Each unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at an exercise price of 45 cents for 24 months following the completion of the offering.

The offering will be conducted pursuant to the terms of an agency agreement to be entered into between the company and the agents on or prior to the closing date of the offering. In connection with the offering, the agents will receive a 7.0-per-cent cash commission on the gross proceeds of the offering and 7.0 per cent in non-transferable broker warrants on the number of units sold under the offering. The commission and broker warrants from the company's president's list will be reduced. Each broker warrant will entitle the holder thereof to acquire one unit at the issue price for a period of 24 months from the closing of the offering.

The company intends to use the net proceeds of the offering for advancing its Limousine Butte gold-antimony project (Nevada), its Nutmeg Mountain gold project (Idaho), working capital and general corporate purposes.

The closing of the offering is anticipated to occur on or about May 29, 2025, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, Prospectus Exemptions, and the Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, the units will be offered for sale to purchasers resident in Canada other than the province of Quebec and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106. Because the offering is being completed pursuant to the listed issuer financing exemption, the securities issued in the offering will not be subject to a hold period pursuant to applicable Canadian securities laws.

There is an amended and restated offering document related to the offering that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

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 (gold-antimony) and Cedar Wash (gold) projects in Nevada, and the Nutmeg Mountain (gold) and Zeus (copper) projects in Idaho.

We seek Safe Harbor.