Mr. Collin Kettell reports

NEVADA KING ANNOUNCES CLOSING OF BROKERED PORTION OF COMMON SHARE OFFERING, WELCOMES SIX NEW INSTITUTIONAL SHAREHOLDERS

Nevada King Gold Corp. has closed the brokered portion of its previously announced financing for gross proceeds of $5-million (the LIFE offering). The LIFE offering was led by Canaccord Genuity Corp. as lead agent and sole bookrunner, on behalf of a syndicate of agents that included Roth Canada Inc.

Collin Kettell, founder and chief executive officer of Nevada King, commented: "With the closing of this offering, we welcome six new institutions and funds to our growing roster of shareholders. These six orders constitute over 90 per cent of the $5-million LIFE financing, which was priced at market and without a warrant. Achieving this pricing in light of difficult market conditions is a testament to the level of investor confidence in the trajectory of the Atlanta gold mine project discovery. The concurrent $11.25-million non-brokered portion of the financing is being taken almost entirely by existing shareholders, and upon closing, Nevada King will be well financed for an aggressive 2023 exploration season and beyond."

The company is continuing with the non-brokered portion of its financing for additional gross proceeds of $11.25-million. The non-brokered private placement is fully allocated and is expected to close on or about May 26, 2023. The total gross proceeds of the offering, after the completion of the non-brokered private placement, are expected to be $16.25-million.

In connection with the LIFE offering, the company issued 11,111,111 common shares for a purchase price of 45 cents per common share. The common shares issued under the LIFE offering were issued by way of the listed issuer financing exemption (LIFE) under Part 5A of National Instrument 45-106 -- Prospectus Exemptions and are not subject to resale restrictions pursuant to applicable Canadian securities laws or the policies of the TSX Venture Exchange.

In connection with the LIFE offering, the agents received an aggregate cash fee equal to $250,000.

The net proceeds of the offering are intended to be used to advance Nevada King's development- and exploration-stage assets and for other general corporate purposes.

For further information regarding the non-brokered private placement, please see the company's news releases dated May 1, 2023, May 3, 2023, and May 10, 2023. The issuance of the common shares under the non-brokered private placement remains subject to customary conditions, including, but not limited to, the receipt of all necessary approvals, inclusive of the approval of the TSX-V.

About Nevada King Gold Corp.

Nevada King is the third-largest mineral claim holder in the state of Nevada, behind Nevada Gold Mines (Barrick/Newmont) and Kinross Gold. Starting in 2016 the company has staked large project areas hosting significant historical exploration work along the Battle Mountain trend located close to current or former-producing gold mines. These project areas were initially targeted based on their potential for hosting multimillion-ounce gold deposits and were subsequently staked following a detailed geological evaluation. District-scale projects in Nevada King's portfolio include (1) the 100-per-cent-owned Atlanta mine, located 100 kilometres southeast of Ely; (2) the Lewis and Horse Mountain-Mill Creek projects, both located between Nevada Gold Mines' large Phoenix and Pipeline mines; and (3) the Iron Point project, located 35 km east of Winnemucca, Nev. The company is well financed with cash of approximately $10-million after closing of the LIFE offering.

The scientific and technical information in this news release has been reviewed and approved by Calvin R. Herron, PGeo, who is a qualified person as defined by NI 43-101.

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