NuLegacy Gold Creates a 2% Gross Overriding Royalty

Preparation for drilling and possible sale/merger

RENO, Nev., May 09, 2023 (GLOBE NEWSWIRE) -- NuLegacy Gold reports it has created a 2% GOR (gross overriding royalty) on its Red Hill Property (the “GOR”) in preparation for a successful 2023 drilling program and the possibility of vending of the property to a producing company.

The GOR has been granted by NuLegacy Gold’s US subsidiary NuLegacy Gold Corporation NV, the holder of the Red Hill Property (“NUG NV”), in favour of NuLegacy Gold, the parent company, thereby allowing NuLegacy Gold’s public shareholders to continue to benefit from any future development and mining of the Red Hill Property upon either the sale of the property or NuLegacy NV. The purchase price of US$6.0 million for the GOR has been satisfied by off-setting US$6.0 million from NUG NV’s outstanding intercompany loan due to NuLegacy Gold, which purchase price is subject to adjustment pending receipt of an independent valuation of the GOR.

Currently the Red Hill Property supports a 3.0% GOR, half of which (1.5%) is held by Metalla Royalty & Streaming Ltd. who purchased it in an arm’s length transaction for approximately US$3.3 million in May 2020 when gold prices were circa US$1,600/ounce.

ON BEHALF OF THE BOARD OF NULEGACY GOLD CORPORATION

Albert J. Matter, Chief Executive Officer & CoFounding Director
Tel: [phone] Email: [e-mail]

For more information about NuLegacy visit: www.nulegacygold.com or www.sedar.com

NuLegacy Gold is focused on confirming potential high-grade Carlin-style gold deposits within its flagship 108 sq. km (42 sq. mile) district scale Red Hill Property in the Cortez gold trend of Nevada. The targets are on trend and adjacent^I to three, multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) which are ranked amongst the world’s thirty largest, lowest cost and politically safest gold mines and are three of Nevada Gold Mines’ most profitable mines.^II

^I 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.
^II Currently structured as an underground mine Goldrush contains P&P: 7.8 M oz @ 7.29 g/t; M&I: 8.5 M oz @ 7.07 g/t (inclusive of P&P); and Inferred: 4.5 M oz @ 6.0 g/t (as of December 31, 2021). Source: Corporate presentation of Nevada Gold Mines – Goldrush Underground dated September 22, 2022.