Mr. Albert Matter reports

NULEGACY CLOSES SECOND TRANCHE OF PP

NuLegacy Gold Corp. has closed, as scheduled, the lead order of 10 million units at a price of 2.5 cents per unit by Crescat Portfolio Management LLC, on behalf of certain managed funds (collectively Crescat). This closing, together with that of, among others, certain directors and officers of NuLegacy, on Nov. 3, 2023, brings the total units closed to 40,664,000 units for $1,016,000.

As part of Crescat's subscription, NuLegacy has granted Crescat an equity participation right to maintain its pro-rata ownership interest in the company for so long as it owns 5 per cent or more of the issued and outstanding common shares of NuLegacy. A final closing of the company's previously announced non-brokered private placement of 100 million units at a price of 2.5 cents per unit for gross proceeds of $2.5-million for remaining institutional and individual investors is scheduled for Nov. 27 as drilling has commenced, and the company seeks to complete the offering before the receipt of any assay results that could result in an upward repricing of the units under the policies of the TSX Venture Exchange. All securities issued to Crescat pursuant to the second closing are subject to a four month hold period expiring on March 18, 2024.

"We are very grateful for Crescat's exemplary partnership in NuLegacy's development," commented Albert Matter, NuLegacy's chief executive officer.

About NuLegacy Gold Corp.

NuLegacy Gold is exploring for high-grade Carlin-style gold deposits on its superbly located 108 square-kilometre (42-square-mile) district-scale Red Hill property. Red Hill is on trend/adjacent to three of Nevada Gold Mines' most profitable multimillion-ounce Carlin-type gold mines; the Pipeline, Cortez and Goldrush with their massive 50-million-plus-ounce gold endowment. These are three of the 30 largest, lowest-cost, highest-grade and politically safest gold mines, producing circa 3 per cent of the world's gold. Each of NuLegacy's seven principals/exploration team members has contributed to the discovery/expansion of one or more of Nevada's seven massive Carlin-style gold deposits.

That focus has served the company well through the extended bear markets in gold from 2010 to 2018 during which time NuLegacy elected not to participate in numerous initiatives proposed to it.

However, with the continuing recovery in the price of gold to circa $2,000 (U.S.) (plus/minus $200), gold mining has once again become profitable as evidenced by the industry's highest dividend payout ratios in more than 20 years. NuLegacy's governance team believes such improved profitability should/could see the gold mining industry prosper significantly over the next five to seven years such that it no longer suits the company to confine itself solely to exploration, as recently signalled by NuLegacy's creation of a royalty on its flagship Red Hill property.

Thus, going forward NuLegacy's focus will include:

• Making a discovery on the company's premier flagship Red Hill property with its numerous prospective targets;
• Establishing the viability of mining-shipping the mineralized material in the Iceberg corridor (North, Serena and Central zones);
• Engaging with potential joint venture partners to assist NuLegacy in making that viability determination and financing a positive decision;
• Establishing a paying royalty portfolio to, at a minimum, cover the annual continuing cost (about $425,000) of maintaining NuLegacy's ownership/control of the prized Red Hill property;
• And, mindful that the company has, in its opinion, the best Carlin-exploration team;
• Promoting the Red Hill to companies with the requisite engineering, construction and production management to develop any future discovery at Red Hill;
• Engaging with neighbouring landowners to review potential synergies/opportunities.

We seek Safe Harbor.