Mr. Jeffrey Wilson reports

BARRICK DELINEATES DRILL TARGETS AT NEW IP CHARGEABILITY ANOMALIES IN THE SUR ZONE AT PRECIPITATE'S PUEBLO GRANDE PROJECT, DOMINICAN REPUBLIC

Barrick Gold Corp. has completed a review of induced polarization (IP) geophysical and surface geological and geochemical data for the Pueblo Grande Sur zone, on Precipitate Gold Corp.'s 100-per-cent-owned Pueblo Grande project, located immediately adjacent to the Pueblo Viejo gold mine in the Dominican Republic. Barrick's work is part of an earn-in agreement whereby Barrick has the right to earn a 70-per-cent interest in Precipitate's Pueblo Grande project.

At the Pueblo Grande Sur zone (located immediately east of the Pueblo Viejo gold mine) Barrick has delineated a concealed and untested IP chargeability target at depth, via the combined interpretation of the geophysical response and associated favourable alteration and permeable host rocks. The anomaly is open to the south. Barrick intends to farther delineate the anomaly with an additional IP line to the south to evaluate the possible extension of the chargeability anomaly. A drilling permit application has been submitted for an initial diamond drill program expected to commence in late 2024 (subject to receipt of permits).

Jeffrey Wilson, Precipitate's president and chief executive officer, stated: "We continue to be pleased with Barrick's work in systematically testing multiple prospective, but underexplored regions of Precipitate's expansive Pueblo Grande project. The delineation of these new anomalies at Pueblo Grande Sur evidences the importance of ongoing early staged exploration within the project as a means of generating additional drill-worthy conceptual targets. This new data and subsequent interpretations have provided Barrick's exploration team with prospective untested anomalies that will be the focus of a next phase of drill testing, upon receipt of required drill permits. These new targets add nicely to the existing, and still untested drill targets previously outlined in the Pueblo Grande Norte zone."

In accordance with 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 $10.0-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).

This news release has been reviewed by Michael Moore, vice-president, exploration, of 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.

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