Mr. Kevin Keough reports

EVERGOLD ANNOUNCES PRIVATE PLACEMENT OF UP TO C$1,500,000, TO SUPPORT FIRST-EVER DRILLING OF HIGH POTENTIAL DEM PORPHYRY COPPER-GOLD-SILVER PROSPECT, BC

Evergold Corp. intends to complete a non-brokered private placement financing for aggregate gross proceeds of up to $1.5-million through the issuance of a combination of flow-through units (FT units) at a price of six cents per FT unit and hard-dollar units of the company (HD units) at a price 5.5 cents per HD unit. It is expected that the majority of the gross proceeds from the sale of the FT units will be used to support first-ever drilling of the newly optioned DEM property (see news release Aug. 2, 2023), which hosts a large-scale copper-gold-silver porphyry target defined by multiple supporting data sets. Further details on the DEM prospect may be found on the company's website and in a National Instrument 43-101 technical report entitled "Technical Report on the DEM Property," dated Aug. 30, 2023, posted thereon and on the company's issuer profile on SEDAR+.

In connection with the offering, the company has entered into a fiscal advisory agreement with Canaccord Genuity Corp. Subject to the approval of the TSX Venture Exchange, the company shall compensate Canaccord in the amount of $25,000, payable in hard-dollar units of the company to be issued at 5.5 cents per unit with the same terms as the offering. In addition, finder's fees in cash or securities, or a combination of both, may be payable by Evergold in connection with the offering, subject to the rules of the TSX-V.

Financing details

Each FT unit will comprise one common share of the company qualifying as a flow-through share as defined in Subsection 66(15) of the Income Tax Act (Canada), and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional common share of the company at an exercise price of eight cents per warrant share for a period of 24 months following the closing of the offering. Each HD unit will comprise one common share of the company, and one warrant.

The gross proceeds from the issuance of the FT units will be used for Canadian exploration expenses on the company's mineral properties and will qualify either as flow-through critical mineral mining expenditures or flow-through mining expenditures, each as defined in Subsection 127(9) of the Income Tax Act (Canada). The company intends to renounce the qualifying expenditures to subscribers of FT units for the fiscal year ended Dec. 31, 2023, and to incur the qualifying expenditures on or before Dec. 31, 2024. The net proceeds from the issuance of HD units will be primarily used for exploration activities at the company's properties, as well as for general working capital purposes.

The option agreement to acquire the DEM property remains subject to receipt of all necessary regulatory and other approvals, including the final approval of the TSX-V and the approval of disinterested shareholders of the company, a vote in regard to which is scheduled for Oct. 10, 2023. In the event such approvals are not obtained, the company expects to redirect the gross proceeds of the FT units to incur qualifying expenditures on its other mineral properties.

It is expected that the offering will close on or about Sept. 27, 2023, or such other date or dates that the company may determine, subject to the receipt of all required regulatory approvals, including the acceptance of the TSX-V. All securities issued in connection with the offering will be subject to a hold period of four months and one day from the closing date, in accordance with applicable Canadian securities laws.

Charles J. Greig, PGeo, a qualified person as defined by NI 43-101, has reviewed and approved the technical information in this news release.

About Evergold Corp.

Evergold is a TSX-V-listed mineral exploration company with projects in British Columbia and Nevada. The Evergold team has a record of success in the junior mining space, most recently the establishment of GT Gold Corp. in 2016 and the discovery of the Saddle South epithermal vein and Saddle North porphyry copper-gold deposits near Iskut, B.C., sold to Newmont in 2021 for a fully diluted value of $456-million, representing a 1,136-per-cent (12.4 times) return on exploration outlays of $36.9-million.

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