Mr. Robert Valliant reports

NEWORIGIN ANNOUNCES CANCELLATION OF NORTH ABITIBI BACK-IN OPTION AND TERMINATION OF NON-BROKERED PRIVATE PLACEMENT

A back-in right option held by Vista Gold Corp. of Englewood, Colo., covering Neworigin Gold Corp.'s North Abitibi property has been converted to a net smelter return (NSR) royalty. Eliminating the encumbrance of a back-in option will allow Neworigin more flexibility in advancing exploration activities at North Abitibi.

North Abitibi is a 50-square-kilometre gold and base metal property 100 per cent owned by Neworigin, located in the Abitibi greenstone belt of Northeastern Ontario. It covers an eight-kilometre-long segment of the productive Casa Berardi trend, 40 kilometres west of the six-million-ounce Casa Berardi gold mine. Neworigin has spent over $1.7-million on geological, geophysical, geochemical and drilling programs at the North Abitibi property. This work has resulted in the partial delineation of prospective gold occurrences and new exploration targets. Vista held a back-in option to acquire a 51-per-cent interest in the property upon Neworigin incurring aggregate expenditures of $2-million on the property. Vista and Neworigin recently entered into an amending agreement whereby the expenditure requirement was changed to $1.7-million. Upon notification by Neworigin of meeting the expenditure requirement, Vista has notified Neworigin that it will not exercise the back-in option. Vista has been granted a 3-per-cent NSR royalty on the property with Neworigin having the right to repurchase 1 per cent of the royalty for $1-million.

Robert Valliant, chairman of Neworigin, commented: "The back-in option at North Abitibi was seen as a hindrance to advancing exploration and development by investors and possible joint venture partners. The agreement by Vista to revert to an NSR royalty opens new possibilities to advance the project. I would like to thank Vista for its co-operation and look forward to new ventures at the property."

Neworigin also announces that the non-brokered private placement financing, first announced on Jan. 17, 2024, and extended to close on or before May 3, 2024, will be terminated. Current market conditions proved restrictive to closing the financing at an acceptable level.

The company intends to pursue alternative financing arrangements and will keep shareholders informed of its progress. In addition, Neworigin has elected to sell its equity position in O3 Mining Inc., where proceeds from the sale will be used for general working capital purposes.

About Neworigin Gold Corp.

Neworigin Gold is a Canadian exploration company focused on drill discovery at its gold projects in the Canadian Shield. Neworigin's management and board have extensive experience in the delineation and development of gold deposits. Neworigin Gold trades on the TSX Venture Exchange under the ticker NEWO.

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