Mr. Stephen Kenwood reports

MAJESTIC PROVIDES CORPORATE UPDATE

Majestic Gold Corp. completed the China Securities Regulatory Commission filing for an overseas listing on Oct. 20, 2023.

On Feb. 17, 2023, the CSRC promulgated the trial administrative measures of the overseas securities offering and listing by domestic companies and the notice on the administrative filing arrangement concerning the overseas offering and listing by domestic companies and five supporting guidelines, which require indirect overseas offering and listing by the People's Republic of China domestic companies to be subject to the CSRC's filing requirement starting from March 31, 2023. According to the overseas listing trial measures, a PRC domestic company seeking an offering and listing of securities in an overseas market, either directly or indirectly as defined in the overseas listing measures, shall file with the CSRC and report relevant information.

As advised by its PRC legal adviser, the company's subsidiary, Persistence Resources Group Ltd., the ultimate holding company of Yantai Zhongjia Mining Co. Ltd. (a PRC domestic company), is subject to the CSRC filing requirement as its current application for listing of the shares of PRG on the main board of the Stock Exchange of Hong Kong constitutes an indirect overseas offering and listing by a domestic company under the overseas listing trial measures. Accordingly, PRG filed an application with the CSRC in May, 2023, and on Oct. 20, 2023, the CSRC publicly informed PRG that it has confirmed PRG's overseas offering and listing information submitted. Therefore, PRG has completed the necessary CSRC filing for application of listing of shares of PRG on the HKEX, and no further approvals are required from the CSRC.

As at the date of this news release, PRG, together with its sponsor and legal advisers, is awaiting further feedback from the HKEX with regard to its application for listing of shares of PRG on the main board of the HKEX.

About Majestic Gold Corp.

Currently focused on China, Majestic is a British Columbia-based company engaged in commercial gold production at the Songjiagou gold mine in eastern Shandong province, China, with exploration properties located in Australia, China and Canada.

We seek Safe Harbor.