Mr. Brandon Bonifacio reports

NEVGOLD COMMENCES 20,000 METER DRILL PROGRAM AT ANTIMONY-GOLD LIMO BUTTE PROJECT, NEVADA; STREAMLINED FOCUS ON RESOURCE BUILDING, EXPANSION, AND NEW DISCOVERIES

Nevgold Corp. has commenced a 20,000-metre drill program at its antimony (Sb) and gold (Au) Limousine Butte project in Nevada. The drill program will be focused on mineral resource conversion and expansion, expanding mineralization around the 2025 discovery of the high-grade antimony-gold Bullet zone and Armory fault, and new project-wide discoveries utilizing the Nevgold geological model of the project.

Key highlights

• Nevgold will start with two reverse circulation (RC) drill rigs for the 20,000-metre program:
  • One drill rig has commenced drilling, with the second drill rig to mobilize by June/July;
  • The company will consider adding more drill rigs as the current program is established.
• CSAMT geophysics was completed in Q1 2026 covering the 2025 Bullet zone and Armory fault discoveries; preliminary results further support the Nevgold geological model at the project; a number of high-priority drill targets have been identified in this area:
  • All 2025 drill holes at Bullet zone discovery intercepted significant oxide gold-antimony mineralization.
  • The Bullet zone is the eastern expansion area at Resurrection Ridge, which has over one kilometre of untested potential.
  • Project-wide target testing below the older thrusted upper dolomite unit, following up on the new geological modelling that was successful in the Nevgold 2025 drilling.
• Nevgold will drill test the historical Nevada antimony mine and Lage antimony mine area, which mined high-grade antimony in the World War II era:
  • Significant, near-surface, antimony potential exists;
  • The area was not drilled in 2025 due to access constraints; drill road construction is advancing.
• The drill program is covered under the advanced plan of operations (PoO) permit: this is a continuation of the 2025 drill program, which was the first drill program at the project under the approved PoO permit (see Nevgold news release from Nov. 27, 2024). The expanded area of the PoO covers many untested targets on the property, providing significant antimony-gold mineralization expansion potential.
• Maiden antimony-gold MRE on the historical gold leach pads and larger project area, including Resurrection Ridge and Cadillac Valley, is rapidly progressing; critical step in the development path toward antimony production by 2027.

Nevgold chief executive officer Brandon Bonifacio comments: "After completing the $42-million financing, we are excited to commence our 20,000-metre drill program at Limo Butte with a streamlined focus on resource building, expansion and new discoveries. We will have a three-pillar strategy for our future drilling with the objective of growing the scale and quality of the project, with a clear focus on near-surface oxide antimony-gold mineralization and grade. As we advance our maiden oxide antimony-gold mineral resource estimate (MRE) in the coming period, we have identified a number of key target areas to drill after our highly successful 2025 drill program. The 2025 program was a 'step-change' in our understanding of the project geology, as we successfully intercepted significant antimony-gold mineralization in 100 per cent of the holes that we drilled testing the 'under the older thrusted upper dolomite' target. This led to the important discoveries of the Bullet zone and high-grade control Armory fault, which will be a key focus of our upcoming drilling. Another focus of our upcoming program is testing the historical high-grade, past-producing antimony mines, including the Nevada antimony mine and Lage antimony mine, that we could not drill last year due to access constraints. We remain focused on playing a leading role in building the vertically integrated antimony supply chain in the United States."

Nevgold geological model summary and 2025 discovery of Bullet zone and Armory fault

The Devonian Pilot shale is the principal local host to Carlin-type mineralization at Limousine Butte. At Limousine Butte, positive gold grades commonly coincide with silicification and jasperoid breccias within the Pilot shale, and this alteration style is also host to elevated antimony.

Nevgold's 2021 to 2025 work included integrating historical drilling, new mapping and surface sampling, which produced an updated district model and refined property-wide controls on mineralization. At Resurrection Ridge, Devonian-Silurian dolomite is exposed immediately east of known gold-antimony mineralization. Earlier explorers inferred that the overlying Pilot shale had been eroded in this area, and they did not test eastward, despite shallow high-grade intercepts in the easternmost holes drilled at Resurrection Ridge. The new model indicates the older dolomite was thrust over the prospective Pilot shale unit, creating structural preparation and a fluid trap that preserves the favourable host at depth, the classic architecture for a Carlin-type system.

The 2025 drill program validated the new Nevgold geological model. Holes collared in dolomite, passed through the upper thrust plate, and intersected gold and antimony at multiple horizons within the underlying Pilot shale validating the new geological model and materially expanding the potential mineralization footprint at the project.

The preserved Pilot shale extends more than one kilometre east of prior drilling at Resurrection Ridge.

Historical records within the project boundary document two small-scale antimony prospects -- the Nevada antimony mine and the Lage antimony mine. The Nevada antimony mine extracted stibnite (Sb2S3) from a hydrothermal breccia via shallow pits; the Lage prospect similarly reports limited antimony production. Complementing these records, rock-chip sampling from the Golden Butte pit (Brigham Young University thesis) returned numerous assays exceeding 1 per cent Sb in jasperoid breccias, with several over 5 per cent Sb, including a sample grading 9.6 per cent Sb with visible stibnite and stibiconite.

Together, these data sets support a district-scale interpretation in which thrust repetition preserves the Pilot shale at depth east of Resurrection Ridge and focuses Au-Sb mineralization along structurally prepared horizons, establishing multiple high-priority targets for stepout drilling and follow-up work.

Debt settlement

The company announces that it intends to settle accrued original issue discount on the company's convertible security with Mercer Street Global Opportunity Fund II LP, managed by C/M Global GP LLC, in the amount of $555,208.33 in 227,544 common shares of the company, at an issue price of $2.44 per common share. The company issued the convertible security in the principal amount of $3.5-million to Mercer on Aug. 30, 2024, which was subsequently converted by Mercer into common shares of the company. The convertible security has an original issue discount of $650,000 that continues to accrue over the 24-month term that may be settled in cash or common shares at the election of Mercer. Mercer provided notice to the company to convert the original issue discount that accrued from Aug. 30, 2024, to May 15, 2026, into common shares. The debt settlement is subject to the approval of the TSX Venture Exchange. For further information on the convertible security, see the company's press releases dated Aug. 26, 2024, and Sept. 3, 2024. Mercer has been a long-term, supportive shareholder of the company since the original transaction in 2024, and the debt settlement conversion into equity of Nevgold is further continued support.

Sampling methodology, quality control and quality assurance

Nevgold QA/QC (quality assurance/quality control) protocols are followed on the project and include insertion of duplicate, blank and standard samples in all drill holes. Drill, surface and test pit samples are sent to ISO 17025 certified American Assay Labs in Reno, Nev. A 30-gram gold fire assay and multielemental analysis ICP-OES method were completed.

The test pit sampling was conducted by Greg French, the company's vice-president, exploration, who is Nevgold's qualified person (QP) under National Instrument 43-101.

Technical information contained in this news release has been reviewed and approved by Greg French, CPG, the company's vice-president, exploration, who is Nevgold's qualified person (QP) under National Instrument 43-101 and responsible for technical matters of this release.

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 and Zeus copper project in Idaho.

We seek Safe Harbor.