Mr. Jeffrey Wilson reports

BARRICK EXPLORES FOR BOTH HIGH SULPHIDATION EPITHERMAL GOLD AND CONCEALED COPPER-GOLD PORPHYRY STYLE MINERALIZATION AT PRECIPITATE'S PUEBLO GRANDE PROJECT, DOMINICAN REPUBLIC

Barrick Gold Corp. has commenced a ground geophysical and trenching program in advance of a planned second phase of drill testing on Precipitate Gold Corp.'s 100-per-cent-owned Pueblo Grande project, as part of an earn-in agreement whereby Barrick has the right to earn a 70-per-cent interest in Precipitate's Pueblo Grande project located immediately adjacent to Barrick's Pueblo Viejo gold mine in the Dominican Republic.

Barrick has commenced an exploration program including induced polarization (IP) geophysical surveying and trenching on the Lithocap zone (Loma Cuaba) of the Pueblo Grande project, west of the Pueblo Viejo gold mine, in advance of a diamond drill program planned for early 2023. Reinterpretation of existing project data has led to an expanded exploration program targeting both near-surface, high-sulphidation, epithermal Pueblo Viejo-style mineralization and an inferred copper-gold porphyry-style target at depth.

Barrick planned program highlights (Lithocap zone):

• An exploration program focused on near-surface, high-sulphidation epithermal Pueblo Viejo-style gold mineralization along with a possible concealed copper-gold porphyry-style target at depth.
• A deep-penetrating, 2-D pole-dipole IP geophysical surveying composed of three north-south oriented survey lines, at 400-metre spacing, for a planned survey total of nine line kilometres.
• Renewed evaluation of an area located immediately west of the previous Barrick drill testing at the Lithocap zone, by way of reinterpretation of existing project data, particularly magnetic geophysics, various rock-soil geochemical signatures, surface rock-clay alteration studies and critical geological features (rock types and various fault structures).
• Up to 10 hand-dug trenches targeting coinciding areas of prospective geology and high-temperature clay alteration occurrences, which are often associated with high-sulphidation epithermal systems.
• Preparation of an estimated 3,000-metre diamond drill program, anticipated for early 2023.

Jeffrey Wilson, Precipitate's president and chief executive officer, stated: "We are pleased that Barrick has recommenced exploration on the company's Pueblo Grande project, with an exciting two-prong emphasis on both high-sulphidation epithermal-style gold mineralization and deeper concealed copper-gold porphyry-style mineralization. We're particularly encouraged by Barrick's continued focus on the Lithocap zone where Precipitate previously identified multiple prospective targets, some of which were not tested by Barrick's previous drill program. We look forward to receiving, evaluating and reporting Barrick's exploration results as they become available."

In accordance with the earn-in agreement between Precipitate and Barrick, as announced April 14, 2020, Barrick can earn a 70-per-cent interest in Precipitate's Pueblo Grande project by incurring a minimum $10-million (U.S.) in qualifying work expenditures and delivering a qualifying prefeasibility study prior to the sixth anniversary of the entering into of the agreement (see the company's news release dated April 14, 2020, for full earn-in agreement details).

The company's website has additional information and illustrations of recent and historical Motherlode project data.

This news release has been reviewed by Michael Moore, vice-president of Exploration for Precipitate Gold, the qualified person for the technical information in this news release under National Instrument 43-101 standards.

About Precipitate Gold Corp.

Precipitate Gold is a mineral exploration company focused on exploring and advancing its mineral property interests in Newfoundland, Canada, and the Pueblo Viejo mining camp and Tireo gold trend of the Dominican Republic. The company has entered into an earn-in agreement with Barrick Gold, whereby Barrick can earn a 70-per-cent interest in the company's Pueblo Grande project by incurring $10-million (U.S.) within six years and producing a qualifying prefeasibility study. Precipitate is also actively evaluating additional high-impact property acquisitions with the potential to expand the company's portfolio and increase shareholder value, in other favourable jurisdictions.

We seek Safe Harbor.