Mr. Brandon Bonifacio reports

NEVGOLD MOBILIZES DRILL TO TEST HISTORICAL LEACH PADS TO ADVANCE THE NEAR-TERM ANTIMONY PRODUCTION SCENARIO AT LIMO BUTTE

Permits have been received and a drill rig is mobilizing to Nevgold Corp.'s Limousine Butte project in Nevada. The drilling will test the historical gold heap leach pads for antimony with the objective of advancing the leach pads to a near-term antimony production scenario. This is one of the only near-term, at-surface antimony production scenarios in the United States with a path to potential antimony metal production by 2027.

Nevgold chief executive officer Brandon Bonifacio comments: "There are very few opportunities like the near-term antimony production potential from the historical gold leach pads at Limo Butte. There is a clear mandate in the United States to find near-term production from a number of critical minerals, and we have one of those opportunities, which we are rapidly advancing. We are in an advantageous position as we have oxide antimony at surface amendable to leaching at a brownfield mine site in the state of Nevada, which is one of the top mining jurisdictions globally with a systematic permitting regime and strong community support. Our focus is to drill the leach pads to advance to a mineral resource estimate by the beginning of Q2 2026, which will define the grade and quantities of contained antimony that we have on the pads. Once an MRE is delivered, we will be able to evaluate the various development scenarios to extract the antimony from the leach pads, with the objective of reaching antimony metal production by 2027. We have the opportunity to be one of the near-term solutions to the United States, building a fully vertically integrated antimony supply chain."

Key highlights:

• Drilling will advance the leach pads to a mineral resource estimate (MRE) by the beginning of Q2 (second quarter) 2026, building on the phase 1 sampling completed (see news release from Jan. 6, 2026):
  • The MRE is a key step in defining the quantities of antimony that could be processed in the near-term from the historical gold leach pads;
  • Drilling will be completed over the coming weeks;
  • Certain areas of the leach pads had phase 1 sampling results of 0.74 per cent antimony (Sb) to 0.81 per cent Sb;
• Metallurgical testwork completed by Nevgold highlights the strong geometallurgical characteristics of the project, with acid leaching the preferred recovery method for antimony:
  • 2025 testwork using acid leaching resulted in antimony recoveries of up to 92 per cent;
  • Acid leaching is being reviewed as the preferred metallurgical process for antimony as there is no reliance on downstream processing at third party smelters; the acid leaching scenario would produce antimony metal at site through a conventional leaching scenario, which has many similarities to solvent extraction-electrowinning (SX/EW) used for oxide copper in the copper industry;
  • Antimony recovery has minimal to no impact on gold recovery; the gold in the historical leach pads could also be recovered in the future after antimony processing is completed;
• Antimony is one of the highest-priority critical minerals due to its strategic importance and military applications; Limo Butte is a brownfield mine site located in the state of Nevada with near-surface, high-grade antimony mineralization:
  • Historical leach pads provide opportunity for near-term antimony production;
  • A larger commercial gold-antimony opportunity could be advanced and developed in parallel to the historical leach pad opportunity, including drilling, metallurgical testwork, and the preparation of an MRE at Resurrection Ridge (including high-grade antimony Bullet zone discovery made in 2025) and Cadillac Valley;
  • A staged project development approach offers various potential development scenarios over the next 12 to 24 months, which may achieve near-term production and cash flow;
• 30 holes completed in the current 2025-2026 drill program with 12 holes pending release.

Limo Butte planned 2026 activities/status update

Nevgold will continue its active exploration program at Limo Butte, including:

• Evaluating the historical geological database with focus on gold and antimony (completed);
• Advancing metallurgical testwork (continuing);
• Continuing to drill test gold-antimony targets (5,000 metres (30 drill holes) completed (a further 20,000 metres are planned in 2026 focused on the Bullet zone and Armory fault discoveries);
• Advancing the crushed and run-of-mine (ROM) leach pads to near-term antimony production (drilling in March, 2026, MRE beginning of Q2 2026, continuing metallurgical testwork);
• Completing initial gold-antimony MRE (in progress).

U.S. Executive Order -- announced March 20, 2025

The company is pleased to report the sweeping Executive Order to strengthen American mineral production and reduce U.S. reliance on foreign nations for its mineral supply. Antimony (Sb) has been identified as an important critical mineral in the United States essential for national security, clean energy and technology applications, yet limited domestic mine supply currently exists.

The Executive Order invokes the use of the Defense Production Act as part of a broad United States government effort to expand domestic minerals production on national security grounds. As it relates to project permitting, the order states that it will "identify priority projects that can be immediately approved or for which permits can be immediately issued, and take all necessary or appropriate actions ... to expedite and issue the relevant permits or approvals." Furthermore, the order includes provisions to accelerate access to private and public capital for domestic projects, including the creation of a "dedicated mineral and mineral production fund for domestic investments" under the Development Finance Corporation (DFC).

This decisive action by the U.S. government highlights the urgent need to expand domestic minerals output to support supply chain security in the United States. This important order will help revitalize domestic mineral production by improving the permitting process and providing financial support to qualifying domestic projects.

Importance of antimony

Antimony is considered a critical mineral by the United States based on the U.S. Geological Survey's 2022 list (USGS (2022)). Critical minerals are metals and non-metals essential to the economy and national security. Antimony is utilized in all manners of military applications, including the manufacturing of armor piercing bullets, night vision goggles, infrared sensors, precision optics, laser sighting, explosive formulations, hardened lead for bullets and shrapnel, ammunition primers, tracer ammunition, nuclear weapons and production, tritium production, flares, military clothing, and communication equipment. Other uses include technology (semiconductors, circuit boards, electric switches, fluorescent lighting, high-quality clear glass and lithium-ion batteries) and clean energy storage.

Globally, approximately 90 per cent of the world's current antimony supply is produced by China, Russia and Tajikistan. Beginning on Sept. 15, 2024, China, which is responsible for nearly half of all global mined antimony output and dominates global refinement and processing, announced that it will restrict antimony exports. In December, 2024, China explicitly restricted antimony exports to the United States citing its dual military and civilian uses, which further exacerbated global supply chain concerns. (A. Lv and T. Munroe (2024)). The U.S. Department of Defense (DOD) has designated antimony as a critical mineral due to its importance in national security and governments are now prioritizing domestic production to mitigate supply chain disruptions. Projects exploring antimony sources in North America play a key role in addressing these challenges.

About Perpetua Resources Corp.

Perpetua has the most advanced domestic gold-antimony project in the United States. Perpetua's project, known as Stibnite, is located in Idaho approximately 130 kilometres northeast of Nevgold's Nutmeg Mountain and Zeus projects. Positive advancements at Stibnite, including technical development and permitting, has led to $75-million (U.S.) in DOD awards, over $1.8-billion in indicative financing from the Export Import Bank of the United States (U.S. EXIM) (see Perpetua Resources' news release from April 8, 2024), and recent strategic investments of $180-million (U.S.) from Agnico-Eagle Mines Ltd. and $75-million (U.S.) from JPMorganChase's $1.5-trillion security and resiliency initiative (see Perpetua Resources' news release from Oct. 27, 2025)

Sampling methodology, quality control and quality assurance (QA/QC)

Nevgold QA/QC protocols are followed on the project, and include insertion of duplicate, blank and standard samples in all drill holes. Drill, surface and pit samples are sent to ISO 17025-certified American Assay Labs in Reno, Nev. A 30-gram gold fire assay and multielemental analysis ICP-OES (inductively coupled plasma optical emission spectroscopy) method were completed.

The pit sampling was conducted by Greg French, CPG, the company's vice-president, exploration, who is Nevgold's qualified person (QP) under National Instrument 43-101. Mr. French also and reviewed and approved the technical information contained in this news release

About Nevgold Corp.

Nevgold is an exploration and development company targeting large-scale mineral systems in the proven districts of Nevada and Idaho. Nevgold owns a 100-per-cent interest in the Limousine Butte and Cedar Wash gold projects in Nevada, and the Nutmeg Mountain gold project and Zeus copper project in Idaho.

We seek Safe Harbor.