Mr. Matthew Lennox-King reports

CONTACT GOLD RECEIVES USD $175,000 ANNIVERSARY PAYMENT FOR GREEN SPRINGS FROM CENTERRA GOLD

A subsidiary of Centerra Gold Inc. has paid the $175,000 (U.S.) anniversary payment due in connection with Centerra's continued participation in the earn-in on Contact Gold Corp.'s Green Springs oxide gold project.

Located on Nevada's Cortez Trend, the Green Springs project is subject to a four-year, US$10 million earn-in (the "Earn-in") whereby Centerra can, upon satisfaction of certain expenditure and funding conditions, acquire a 70% interest in Green Springs.

Contact Gold is the project manager at Green Springs, with exploration led by Contact Gold's Vice President of Exploration, Vance Spalding.

Contact Gold will remain the 100% owner of Green Springs until the completion of all Earn-in requirements.

The Company and Centerra are working to finalize and approve the program and budget for 2024 at Green Springs.

Earn In Terms

Pursuant to the Earn-in, Centerra has an option to acquire a 70% interest in Green Springs for cumulative exploration expenditures of US$10,000,000 and aggregate cash payments to the Company of US$1,000,000 as follows:

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Upon satisfaction of the US$10,000,00 exploration expenditure commitment and payment to Contact Gold of the aggregate US$1,000,000 cash payments, the parties will form a joint venture to hold and operate the property, and each party shall proportionately fund or dilute future activities at Green Springs. Should Contact Gold's interest be diluted to less than 10%, then that interest will convert to a 1.5% Net Smelter Returns Royalty interest.

For further details on the Earn -in with Centerra see Contact Gold news release dated December 9, 2022 .

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.

Green Springs is an early-stage exploration property and does not contain any mineral resource estimates as defined by NI 43-101 due to insufficient exploration to date. 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 117.4 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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