Mr. Jeffrey Wilson reports

BARRICK COMMENCES FIELD WORK WITHIN LITHOCAP ZONE OF PRECIPITATE'S PUEBLO GRANDE PROJECT, DOMINICAN REPUBLIC

Barrick Gold Corp. has begun exploration and fieldwork at Precipitate Gold Corp.'s 100-per-cent-owned Pueblo Grande project, located immediately adjacent to Barrick's world-class Pueblo Viejo gold-silver mine in the Dominican Republic.

Barrick advises it has commenced review and validation of the extensive database of field and desktop analytics, including historic drilling results and existing geochemical and geophysical data from work conducted by Precipitate and prior operators. Barrick's initial work will concentrate on the project's Lithocap zone, which is located immediately west of Barrick's Pueblo Viejo mining pits and was the primary focus of Precipitate's exploration work prior to execution of the earn-in agreement.

Barrick's planned Lithocap zone fieldwork for the first and second quarter of the earn in is expected to consist of:

• Selective surface geochemical sampling;
• Systematic rock-clay alteration surveying through portable spectral mineral analyzers;
• Geological mapping;
• An initial 2,500 metres of exploration drilling.

Jeffrey Wilson, president and chief executive officer, stated: "We are pleased with the commencement of work by Barrick on our Pueblo Grande project. The timely start-up of exploration initiatives closely following the easing of certain in-country COVID-related restrictions speaks to Barrick's commitment to promptly initiate meaningful programs to explore and advance the project as efficiently and systematically as possible. We're specifically encouraged by Barrick's initial focus within the Lithocap zone where Precipitate had previously identified multiple prospective targets. Barrick's unique and extensive experience with the style of high-sulphidation mineralization being targeted offers Precipitate shareholders leverage to critical exploration expertise. The earn-in agreement's requirement for Barrick to incur a minimum $2-million (U.S.) in exploration before the second anniversary and Barrick's intent to conduct a 2,500-metre drill program within the first two quarters of the agreement term suggests the potential for important near-term exploration updates and results as Barrick's work advances. We look forward to reporting any additional updates as they become available."

In accordance with the earn-in agreement between Precipitate and Barrick as announced on 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).

This news release has been reviewed by Michael Moore, professional geoscientist, 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 the Pueblo Viejo mining camp and Tireo gold trend of the Dominican Republic. The company is actively exploring its 100-per-cent-owned Ponton and Juan de Herrera projects.

We seek Safe Harbor.