Mr. Gordon Leask reports

HIGHWAY 50 GOLD COMPLETES FLOW-THROUGH FINANCING AND NON-FLOW-THROUGH FINANCING

Highway 50 Gold Corp. has closed its previously announced non-brokered private placement and raised gross proceeds to the company of $250,000 by the issuance of 1,666,665 common shares of the company issued on a flow-through basis under the Income Tax Act (Canada) at a purchase price of 15 cents per FT share. The proceeds of the FT offering will be used to deepen two holes at the company's Monroe property located in southwestern British Columbia. The FT offering is subject to the final acceptance of the TSX Venture Exchange.

The Company is also pleased to announce that it has today closed its previously announced non-brokered private placement and raised gross proceeds to the Company of $374,785.05 (an increase of $74,785.05 previously announced) (the "Non-FT Offering") by the issuance of 2,498,567 units (each, a "Unit") of the Company (an increase of 498,567 Units previously announced) at a purchase price of $0.15 per Unit. Each Unit consists of one non-flow-through common share of the Company and one non-flow-through common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder to purchase one non-flow-through common share (a "Share") of the Company at a purchase price of $0.20 per Share for a period of two years from the closing date of the Non-FT Offering. The proceeds of the Non-FT Offering will be used for claim maintenance and general working capital purposes. The Non-FT Offering is subject to the final acceptance of the Exchange.

The securities issued pursuant to the Offerings will be subject to a four-month hold period in accordance with applicable securities laws and the rules of the Exchange expiring on September 17, 2023. In connection with the Offerings, Haywood Securities Inc. was paid a cash finder's fee totalling $37,434.95 and was issued an aggregate of 249,566 finder's warrants, having the same terms as the Warrants.

Certain related parties of the Company participated in the Offerings as set out below. The participation in the Offerings by these related parties constitute related party transactions pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is exempt from the requirements to obtain formal valuations and minority shareholder approval in connection with the participation of the aforementioned related parties in the Offerings in reliance of the exemptions contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101. The Offerings were unanimously approved by the disinterested members of the board of directors of the Company.

Mr. Gordon Leask subscribed for 33,333 FT Shares pursuant to the FT Offering and 50,000 NFT Units through Eagle Putt Ventures Inc., a company controlled by Mr. Gordon Leask, pursuant to the NFT Offering. Mr. Gordon Leask is the President, Chief Executive Officer and director of the Issuer and a related party to the Company within the meaning of MI 61-101. Mr. Gordon Leask now beneficially owns, or exercises control or direction over, 6,072,090 Common Shares or approximately 13.27% of the issued and outstanding Common Shares (or approximately 14.96% per cent of the issued and outstanding common shares of the Company on a partially diluted basis including all convertible securities of the Company owned or controlled by Mr. Gordon Leask).

Mr. John Leask subscribed for 50,000 NFT Units pursuant to the NFT Offering. Mr. John Leask is a director of the Company and a related party to the Company within the meaning of MI 61-101. Mr. John Leask now beneficially owns, or exercises control or direction over, 4,411,330 Common Shares or approximately 9.64% of the issued and outstanding Common Shares (or approximately 11.25% of the issued and outstanding common shares of the Company on a partially diluted basis including all convertible securities of the Company owned or controlled by Mr. John Leask).

About Highway 50 Gold Corp.

Highway 50 Gold Corp. is a mineral exploration stage company led by a team of experienced explorers and mine finders. The Company is executing an exploration plan refined over 35 years of experience in Nevada. The exploration focus on its projects are a result of what management believes to be breakthroughs in the understanding of north-central Nevada's crustal architecture and a new geological understanding on the Monroe property in British Columbia.

We seek Safe Harbor.