Mr. Brandon Bonifacio reports

NEVGOLD ANNOUNCES CLOSING OF UPSIZED C$6.0M BROKERED PRIVATE PLACEMENT FINANCING

Nevgold Corp. has closed its previously announced brokered private placement financing and concurrent non-brokered financing of units for gross proceeds of $6-million. Each unit, priced at 30 cents per unit, consists of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of 45 cents until May 29, 2027. Clarus Securities Inc. was lead agent and sole bookrunner, on behalf of Research Capital Corp. and Moneta Securities Corp.

Nevgold chief executive officer Brandon Bonifacio commented: "We are pleased to announce the closing of our upsized financing, which sets the company up for a very active 2025 field season and many near-term value catalysts. We will focus on advancing our emerging gold-antimony Limousine Butte project in Nevada and the gold Nutmeg Mountain project in Idaho. We will also systematically progress our prospective Zeus copper project in Idaho to identify drill targets in one of the most active districts in the United States for copper exploration. The successful financing is a testament to our supporters and the growing Nevgold platform. We are thankful to our existing shareholders, and we have also added some significant new names to our shareholder registry through this financing."

The company issued an aggregate of 20 million units at a price of 30 cents per unit pursuant to the offering. The company intends to use the net proceeds of the offering for advancing its Limousine Butte (Nevada) and Nutmeg Mountain (Idaho) gold projects, and its Zeus copper project (Idaho), working capital, and general corporate purposes, as further described in the company's offering document under the listed issuer financing exemption dated May 27, 2025, filed on the company's profile at SEDAR+ and on the company's website.

The offering was conducted pursuant to the terms of an agency agreement between the company and the agents dated May 29, 2025. In connection with the offering, the agents received a cash commission of $339,669 and 1,132,229 non-transferable compensation options on the gross proceeds of the offering, other than with respect to purchasers on the company's president's list. The company also paid a cash finder's fee of $42,000 and issued 140,000 compensation options to an arm's-length finder as consideration for locating certain purchasers on the company's president's list. Each compensation option will entitle the holder thereof to acquire one unit at the issue price until May 29, 2027.

The offering was completed pursuant to the listed issuer financing exemption in accordance with National Instrument 45-106 (Prospectus Exemptions) and the co-ordinated blanket order 45-935 (Exemptions from Certain Conditions of the Listed Issuer Financing Exemption), and the securities issued to purchasers in the offering are not subject to a hold period pursuant to applicable Canadian securities laws. The compensation options and the securities issuable on exercise thereof are subject to a hold period expiring on Sept. 30, 2025, in accordance with applicable Canadian securities laws. The offering is subject to the final approval of the TSX Venture Exchange.

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

We seek Safe Harbor.