NuLegacy Closes Second Tranche of PP - Seite 2

That focus has served the Company well through the extended bear markets in gold from 2010 to 2018 during which time NuLegacy elected not to participate in numerous initiatives proposed to it.

However, with the ‘on-going’ recovery in the price of gold to circa US $2,000 (+/- $200), gold mining has once again become profitable as evidenced by the industry’s highest dividend payout ratios in more than twenty years. NuLegacy’s governance team believes such improved profitability should/could see the gold mining industry prosper significantly over the next five to seven years such that it no longer suits the Company to confine itself solely to exploration, as recently signalled by NuLegacy’s creation of a royalty on its flagship Red Hill property. https://bit.ly/NUGroyalty

Thus, going forward NuLegacy’s focus will include:

1. Making a discovery on our premier flagship Red Hill property with its numerous prospective targets.
2. Establishing the viability of mining-shipping the mineralized material in the Iceberg corridor (North, Serena, and Central zones).
3. Engaging with potential joint venture partners to assist NuLegacy in making that viability determination and financing a positive decision.
4. Establishing a paying royalty portfolio to, at a minimum, cover the annual ongoing cost (~ $425,000) of maintaining NuLegacy’s ownership/control of the prized Red Hill property.
5. And, mindful that we have, in our opinion, the best Carlin-exploration team,
   1. Promoting the Red Hill to companies with the requisite engineering, construction, and production management to develop any future discovery at Red Hill.
   2. Engaging with neighbouring landowners to review potential synergies/opportunities.
      

^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.

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.sedarplus.ca