Mr. Albert Matter reports

NULEGACY PROVIDES PRIVATE PLACEMENT AND EXPLORATION PROGRAM UPDATE

Insiders and principals of NuLegacy Gold Corp. have subscribed for/committed to 44.23 million units ($1.1-million or 44.23 per cent) of the company's non-brokered private placement of 100 million units at a price of 2.5 cents per unit for gross proceeds of $2.5-million, announced on Sept. 12, 2023. The initial closing of the offering is scheduled for the last week of October, 2023.

The company's marketing will now focus on accredited investors, close friends and business associates with the final closing expected on or before Nov. 14, 2023.

Fall drilling program: The company is starting this fall's planned drilling program of five holes with "great expectations" that one of them will return a "discovery" intercept. Nancy Richter, the company's exploration team leader, expressed her view as, "With this configuration of holes, we should either hit a good intercept or be close enough that the alteration and geochemical analysis (1) will vector us in the right direction."

Drill targeting the "sweet spot" -- the Midrift

Field update: Under the supervision of the company's exploration manager, Charles Weakly, the company's logistics contractor (Legarza Exploration for road building, maintenance et cetera) started preparations as scheduled on Oct. 10, and the company's driller, Envirotech, will mobilize onto the property on or about the week of Oct. 30, 2023; thus the company expects the initial couple of holes to be ready for assaying (following logging and assay preparation) in mid-November just after closing the offering.

The participation in the offering by certain insiders and principals will be exempted from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions pursuant to sections 5.5(a) and 5.7(1)(a) thereof based on the fact that neither the fair market value of the units subscribed for by each such insiders and principals, nor the consideration for the units to be paid by same, will exceed 25 per cent of the company's market capitalization.

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.

(1) Usually takes about 25 days after receipt of gold assays for complete geochemical analysis.

We seek Safe Harbor.