Mr. Andrew Rees reports

ENGINEER GOLD ANNOUNCES EFFECTIVE DATE FOR SHARE CONSOLIDATION

Engineer Gold Mines Ltd., further to its news release of May 24, 2023, and subject to the final approval of the TSX Venture Exchange, will effect the consolidation of its common shares on the basis of one new share for every four old shares on or about Wednesday, May 31, 2023.

The shares of the company will begin trading on a consolidated basis at the opening of trading on or about Wednesday, May 31, 2023. The new ISIN (International Securities Identification Numbering) of the company is CA29286E2024 and the Cusip is 29286E202.

About Engineer Gold Mines Ltd.

Among the company's holdings is the historic Engineer gold mine, a narrow-vein past-producing underground gold mine with an inferred mineral resource of 41,000 tonnes grading 19.0 grams per tonne gold for 25,000 ounces contained gold. The resource uses a cut-off grade of five g/t Au and assumes a one-metre minimum mining width, which is similar to historical mining. It includes all material inside the mineralized shoots and is based on the payability (stope) limits. Within this resource is a higher-grade core of 14,000 t grading 52.5 g/t gold (25 g/t gold cut-off) containing 23,600 oz contained gold. The resource grade was reconciled to a bulk tonnage sample, which contained 175 tonnes at 23.9 g/t Au, which is 16 per cent higher than the resource grade of 20.6 g/t Au for the Engineer portion of the resource. This is considered acceptable for a nuggety gold deposit and exemplifies the potential conservatism of the 2018 resource. This resource estimate was initially calculated by Snowden Mining Industry Consultants Ltd. in 2011 and restated in the 2018 National Instrument 43-101 technical report. Note that this resource estimate predates the 2019 CIM (Canadian Institute of Mining, Metallurgy and Petroleum) guidelines for NI 43-101 reporting. The company has done no further work to confirm this historical resource.