Mr. Matthew Lennox-King reports

CONTACT GOLD RECEIVES APPROVAL FOR EXPANDED PLAN OF OPERATIONS PERMIT FOR THE GREEN SPRINGS GOLD PROJECT, NEVADA

Contact Gold Corp. has received a key permit amendment for the Green Springs gold project, which will allow the company to ramp up drilling across additional areas of the property that were not covered under the original plan of operations. The 2023 program was carried out as part of a four year, US$ 10 million earn-in at Green Springs by a wholly-owned subsidiary of Centerra Gold Inc. ("Centerra") (TSX: CG; NYSE: CGAU). Contact Gold is the project operator at Green Springs.

The Record of Decision from the U.S. Forest Service Humboldt-Toiyabe National Forest on the expanded Plan of Operations (the "Supplement") will allow Contact Gold to drill additional high priority drill targets developed by the Company that lie outside the boundary of the original Plan of Operations. The key drill targets that can now be drilled include the large-scale Whiskey and Foxtrot targets in the east of the Green Springs property, as well as the southern extension of the Green Springs Mine Trend, south of the high-grade Echo Zone.

The Supplement supports exploration activities including drill pad and road construction of up to 150 acres within an expanded project area of 3,333 acres. This is a substantial increase from 75 acres of permitted exploration disturbance within the 801-acre project area under the original Plan of Operations.

"The approval of the expanded Plan of Operations will allow the Contact Gold team to continue implementing our exploration strategy across Green Springs. Since 2019 we've made key gold discoveries at X-Ray and Tango and look forward to replicating that success in the newly permitted areas," commented Matthew Lennox-King, President & CEO of Contact Gold. "The 2023 drill program at Green Springs returned excellent results, especially at the high grade X-Ray Zone, with thick intercepts of high grade oxide gold, and an increase in strike length to over 200 metres. The team is busy planning the 2024 program to build on this year's success."

Green Springs - New and Expanded POO Boundaries and Target Areas

A total of 4,028 metres of RC drilling in 29 drill holes were completed in this year's program. Drill results from the X-Ray Zone significantly added to the footprint and strike length of the zone, with the strike length now over 200 metres. X-Ray remains wide open for expansion, especially to the south, west, and northeast, with further growth to be targeted in 2024.

Drill Highlights from the 2023 Program:

X-Ray Zone:

1.14 g/t Au over 27.43 metres , from a depth of 16.76 metres, in drill hole GS23-06 - oxide

Including: 1.73 g/t Au over 10.67 metres - oxide

1.97 g/t Au over 35.05 metres , from a depth of 16.76 metres, in drill hole GS23-07 - oxide

Including: 5.06 g/t Au over 10.67 metres - oxide

Including: 6.96 g/t Au over 4.57 metres - oxide

1.90 g/t Au over 25.91 metres, from a depth of 89.92 metres, in drill hole GS23-10 - oxide

Including: 2.50 g/t Au over 18.29 metres - oxide

1.41 g/t Au over 12.19 metres , from a depth of 85.34 metres, in drill hole GS23-11 - oxide

Including: 2.45 g/t Au over 4.57 metres - oxide

1.67 g/t Au over 10.67 metres , from a depth of 85.34 metres, in drill hole GS23-12 - oxide

Including: 2.03 g/t Au over 7.62 metres - oxide

Qualified Person and technical disclosure

The scientific and technical information contained in this news release has been reviewed and approved by Vance Spalding, CPG, VP Exploration, Contact Gold, who is a "qualified person" within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101").

Green Springs is strategically located 7 km immediately east of the Gold Rock project operated by Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) and 20 km southeast of their Pan Mine.

In December 2022 the Company entered into an earn-in agreement with a wholly-owned subsidiary of Centerra providing Centerra the option to acquire a 70% interest in Green Springs for cumulative earn-in exploration expenditures of US$ 10,000,000 and aggregate cash payments to the Company of US$ 1,000,000. For further details on the earn -in with Centerra, and an overview of the planned program for 2023 please see Contact Gold news release dated December 9, 2022 .

Green Springs is an early-stage exploration property and does not contain any mineral resource estimates as defined by NI 43-101. There has been insufficient exploration to define a mineral resource estimate at Green Springs. Additional information about Green Springs is summarized in the NI 43-101 Technical Report entitled, "NI 43-101 Technical Report for the Green Springs Project, White Pine County, Nevada, USA" prepared for Contact Gold, with an effective date of June 12, 2020, and dated August 5, 2020, by John J. Read, C.P.G; an independent consultant and qualified person under NI 43-101, and can be viewed under Contact Gold's issuer profile on SEDAR at www.sedar.com .

About Contact Gold Corp.

Contact Gold is an exploration company focused on making district scale gold discoveries in Nevada. Contact Gold's extensive land holdings are on the prolific Carlin and Cortez gold trends which host numerous gold deposits and mines. Contact Gold's land position comprises approximately 117 km 2 of target rich mineral tenure hosting numerous known gold occurrences, ranging from early- to advanced-exploration and current gold resources.

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