Mr. Albert Matter reports

NULEGACY GOLD CLOSES 1ST TRANCHE OF PRIVATE PLACEMENT

NuLegacy Gold Corp. has closed $452,000 (45.2 million units) out of the $1-million (100-million-unit) private placement announced Aug. 15, 2024.

Crescat Capital, together with various NuLegacy Gold directors and advisers, are closing on $400,000 (40 million units) of its lead order commitment to purchase 45.2 million units ($452,000) of the total 100 million units, the balance pledged for the next closing of the offering.

Each unit consists of one common share of the company and one transferable warrant to purchase an additional common share for a period of five years at a nominal one exercise price of five cents.

Final closing of the offering is scheduled for Sept. 27, 2024, or such earlier date as the offering has been sold out. The proceeds of the offering shall be used as shown in the attached table and none shall be used for investor relations service fees.

All securities issued in connection with the initial closing are subject to a four-month hold period expiring Dec. 28, 2024.

Certain directors, officers and 10-per-cent shareholders of the issuer (collectively the insiders) have participated in the private placement. The participation of the insiders in the private placement constitutes related party transactions for the purposes of exchange Policy 5.9 (in example, Ontario Multilateral Instrument 61-101 -- Protection of Minority Securityholders in Special Transactions). To this end, the issuer is relying upon the exemptions from the formal valuation and minority shareholder approval requirements in sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101 on the basis that the fair market value of the participation by the insiders in the private placement is less than 25 per cent of the issuer's current market capitalization.

Exploration update: Since the company's last news release of Aug. 15, 2024, NuLegacy has compiled more of the new exploration data and target analysis into a short power point presentation which can be viewed on-line. Additional analysis will be provided as completed.

About NuLegacy Gold Corp.

NuLegacy is focused on exploring for high-grade Carlin-style gold deposits on its premier 108-square-kilometre (42-square-mile) district-scale Red Hill property. The 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-plus-million-ounce gold endowment. These are three of the world's 30 largest, lowest-cost, highest-grade and politically safest gold mines, producing annually approximately 3 per cent of the world's gold.

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.