Mr. Albert Matter reports

NULEGACY GOLD TERMINATES PRIVATE PLACEMENT

On account of the pending Oct. 7 annual and special general meeting (the AGSM) to authorize a recapitalization of NuLegacy Gold Corp.'s issued common shares it has terminated the company's current 100-million-unit non-brokered private placement announced on Aug. 15 and Aug. 28, 2024. In total, the company issued 45.2 million units at a price of one cent per unit for gross proceeds of $452,000, of which 40 million units were purchased by Crescat Portfolio Management LLC together with various directors and officers of the company, for a total of $400,000.

Each unit consisted of one common share and one warrant to purchase an additional common share at a nominal preconsolidated exercise price of five cents per share. The net proceeds of the offering have been used/allocated to pay the annual BLM (Bureau of Land Management) and county filing fees to maintain the company's district-scale Red Hill property in the Cortez gold trend of Nevada in good standing and for general and administrative expenses.

At the upcoming AGM, the company is seeking shareholder approval for the reverse split/consolidation of the company's issued common shares on a one-new-share-for-25-old-share basis as announced on Aug. 15, 2024. If the consolidation is approved by the shareholders and the TSX Venture Exchange, the company intends to apply to the TSX-V to have the postconsolidation warrant exercise price amended to an exercise price of 50 cents per share (the price amendment), or effectively two cents per share on a preconsolidation basis. As a condition for acceptance of the price amendment, the TSX-V will require that if, for any 10 consecutive trading days during the unexpired term of the warrants (the premium trading days), the closing price of the company's postconsolidation shares as traded on the TSX-V exceeds the new exercise price by 25 per cent or more (in example, 62.5 cents or more), then the warrants shall have a reduced exercise period of 30 days which will begin no more than seven calendar days after the 10th premium trading day. In conjunction with the consolidation and subject to acceptance of the TSX-V, the company intends to change its name to Preservation Gold Corp.

All securities issued in connection with the offering are subject to a four-month hold period expiring Dec. 28, 2024. In addition, the company relied upon the exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 contained in sections 5.5(a) and 5.7(1)(a) thereof for the units issued to Crescat and various directors and officers of the company under the offering on the basis that the fair market value of the consideration for such units did not exceed 25 per cent of the company's market capitalization.

The company intends to reassess potential financing options following completion of the consolidation and name change.

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 (1) three of Nevada Gold Mines' most profitable multimillion-ounce Carlin-type gold mines, the Pipeline Cortez and Goldrush (2), with their massive 50-million-plus-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.

(1) The similarity and proximity of these deposits in the Cortez trend, including Goldrush, are not necessarily indicative of the gold mineralization in NuLegacy's Red Hill property.

(2) Currently structured as an underground mine, Goldrush contains P&P (proved and probable): 7.8 million ounces (oz) at 7.29 grams per tonne (g/t); M&I (measured and indicated): 8.5 million oz at 7.07 g/t (inclusive of P&P); and inferred: 4.5 million oz at 6.0 g/t (as of Dec. 31, 2021). Source: corporate presentation of Nevada Gold Mines, Goldrush underground, dated Sept. 22, 2022.

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.