Mr. Albert Matter reports

NULEGACY PROVIDES UPDATE

NuLegacy Gold Corp. has provided an update on its flagship 108-square-kilometre Red Hill property in the Cortez gold trend of Nevada (approximately seven kilometres southeast of Barrick Gold Exploration Inc.'s multimillion-ounce Tier 1 Goldrush gold deposit).

Financial plans: NuLegacy, in co-operation with its principals and shareholders, is planning a fall financing for circa $2-million with greater than 80 per cent of the net proceeds allotted toward drilling up to five reverse circulation drill holes at Red Hill, preferably before year-end 2023 (budgeted at $1.25-million (U.S.)/$1.75-million (Canadian)). The balance of net proceeds from the financing will be used for general corporate and working capital purposes. Full details of the financing to be determined within the context of the market are expected to be announced within the next several weeks.

These five holes have been selected by its newly reconstituted geological exploration/discovery team highlighted below.

New exploration/discovery team: Since the conclusion of the 2020/2021 exploration program, it has overhauled its exploration team to maintain NuLegacy's deep knowledge of the property and also to bring in legacy regional and successful expertise. The team now consists of:

• Dr. Roger Steininger, NuLegacy's exploration director and co-founder, credited with the Pipeline discovery;
• Its exploration manager, Charles Weakly, past regional geologist at Barrick Gold Exploration and instrumental in the expansion of Goldstrike;
• Its drill supervisor, the famed Willam Mounts, who has had the good fortune to be present at more major gold mine discoveries than any other member of the team, quite possibly more than all of them combined.

The company has complemented that group by engaging three former members of Barrick's senior leadership team, who were intimately involved with the discovery of both the Goldrush and Fourmile deposits, considered to be analogous to NuLegacy's Red Hill property -- just seven kilometres directly across the Horse Creek Canyon Valley and on trend with Red Hill.

Joining with former colleague Charles Weakly to complete the task of making a discovery at Red Hill are:

• Nancy Richter, former U.S. exploration manager, Barrick Gold Exploration -- see news release dated Feb. 22, 2023;
• Michael Penick, whose last position at Barrick was manager, global mine site exploration -- see news release dated March 21, 2023;
• The legendary Robert Leonardson, BSGE, MSG, Michigan Tech, and geological adviser at Barrick's Goldstrike and Cortez mines -- see news release dated April 11, 2023.

Refreshed targeting: The new team undertook a thorough review of NuLegacy's 13-year exploration history at Red Hill, and the conclusions support its proposition that "the Cortez trend (an on echelon cluster of three of the world's 30 largest gold deposits) is a continuous periodic north-northwest-trending deposition of favourable gold mineralized slope facies/carbonate host rocks in steep-dipping faults, which can be traced from the Pipeline mine through the Cortez mine and Goldrush deposit onto the NuLegacy's Red Hill property."

• The gold mineralization found to date at Red Hill is localized at the intersections of high- and low-angle faults and associated with the metamorphically altered halo around an intrusive and local-to-moderate-scale folding, similar to the Goldrush/Fourmile deposit area.
• The highest-priority drill targets are likely in the Mid-rift and associated South Iceberg zones (proposed phase 1 drill sites) as interpreted by vectoring from proximal drilling data and geophysical and chemical survey results.

Several recommended additional analyses are nearing completion and are corroborating the initial selection of targets.

Following his reassessment of the 2021/2022 drill programs, Mr. Weakly remained confident that the Mid-rift and South Iceberg were the places to explore. At that point, the company decided to get some external advice ... and who better to have than a subset of the people who had been involved in the discovery of the analogue for the Red Hill -- the Goldrush itself: Ms. Richter, Mr. Penick and Mr. Leonardson?

Their detailed review of the data (supported by subsequent fieldwork) indicates that the first hole in the Mid-rift hit a gap in the Wenban5 (Dw5).

Examples of some of the more robust reported intercepts include:

• 9.6 grams per tonne over 5.1 metres (WS19-02);
• 16.9 grams per tonne over 8.7 metres in the Serena zone (SR18-02C);
• 11.0 grams per tonne over 12.2 metres;
• 25.2 grams per tonne over 4.6 metres (RHB40 and RHB58, respectively) in the North Iceberg zone, with five-foot intervals -- individual hits as high as 40-plus grams per tonne;
• Furthermore, and very importantly, the dream team's review highlighted a Cretaceous diorite intrusive associated with metamorphic alteration, with dike zones known to occur along the Iceberg corridor and the Mid-rift target area, as inferred from surface mapping of metamorphic alteration to the east of the Iceberg fault; such an intrusive is often associated with the highest grades in Carlin-type systems as is the case at the northern end of Goldrush in the Fourmile deposit, just 10 kilometres or so to the northwest of NuLegacy's Red Hill/Mid-rift zone;
• Four of the five planned drill targets are focused proximally to or above these larger intrusive bodies, where the other positive targeting elements intersect.

Proposed drilling program: Pending completion of the financing, the proposed five-hole fall 2023 drill program is approximately 3,000 metres (approximately 10,000 feet) of reverse circulation holes with average depths of 600 metres (2,000 feet) focused on the Mid-rift, South-West-rift and South Iceberg target areas at a budgeted cost of $1.25-million (U.S.).

Possible outcomes: The global review by the new geoteam has improved NuLegacy's confidence in the continuity of major Carlin-type gold structures between the Pipeline, Cortez Hills mines and Goldrush deposit onto the Red Hill property and thus the potential for a large Carlin-style gold deposit at Red Hill.

If it is successful, after a 13-year pursuit, in discovering a Carlin-style gold deposit at Red Hill like its neighbours to the northeast, it will seek to:

• Raise further funds to begin delineation drilling with a view to optimizing its values;
• Encourage those Nevada-based producers which have expressed some interest to take over and expend the considerable funds it will take to fully explore and develop such a deposit.

About NuLegacy Gold Corp.

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

Dr. Roger Steininger, a director of NuLegacy, is a certified professional geologist (CPG 7417) and the qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects), responsible for approving the scientific and technical information contained in this news release.

We seek Safe Harbor.