Mr. Albert Matter reports

NULEGACY GOLD CREATES A 2% GROSS OVERRIDING ROYALTY

NuLegacy Gold Corp. has created a 2-per-cent GOR (gross overriding royalty) on its Red Hill property (the GOR) in preparation for a successful 2023 drilling program and the possibility of vending of the property to a producing company.

The GOR has been granted by NuLegacy Gold's United States subsidiary NuLegacy Gold Corp. NV, the holder of the Red Hill property (NUG NV), in favour of NuLegacy Gold, the parent company, thereby allowing NuLegacy Gold's public shareholders to continue to benefit from any future development and mining of the Red Hill property upon either the sale of the property or NuLegacy NV. The purchase price of $6.0-million (U.S.) for the GOR has been satisfied by offsetting $6.0-million (U.S.) from NUG NV's outstanding intercompany loan due to NuLegacy Gold, which purchase price is subject to adjustment pending receipt of an independent valuation of the GOR.

Currently the Red Hill property supports a 3.0-per-cent GOR, half of which (1.5 per cent) is held by Metalla Royalty & Streaming Ltd. who purchased it in an arm's-length transaction for approximately $3.3-million (U.S.) in May, 2020, when gold prices were circa $1,600 (U.S.)/ounce.

About NuLegacy Gold Corp.

NuLegacy Gold is focused on discovering high-grade Carlin-style gold deposits within its flagship 108 square km (42 square mile) district-scale Red Hill property in the Cortez gold trend of Nevada. The targets on the Red Hill property are on trend and adjacent to three multimillion-ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) which are ranked amongst the world's 30 largest, lowest-cost and politically safest gold mines and are three of Nevada Gold Mines' most profitable mines.

We seek Safe Harbor.