Mr. Cal Herron reports

NEVADA KING PROVIDES UPDATE ON ITS 60,000M DRILL PROGRAM AT ATLANTA, MOBILIZES TWO ADDITIONAL DRILL RIGS

Nevada King Gold Corp. has provided an update on its phase II resource expansion and definition drilling program at its 5,166-hectare (51.6-square-kilometre), 100-per-cent-owned Atlanta gold mine project, located in the prolific Battle Mountain trend 264 km northeast of Las Vegas, Nev.

Highlights:

• Two additional reverse circulation (RC) rigs have been mobilized to Atlanta and are now in operation, bringing the overall rig count at site to three.
• Since inception of the phase I Atlanta drill program in June, 2021, followed by the phase II program starting in June, 2022, Nevada King has completed 272 RC holes totalling 39,253 metres and 17 core holes totalling 1,398 m, for a total of 40,651 m drilled. To date Nevada King has reported assays from 208 holes covering 27,278 m with results pending from 81 drill holes totalling 13,373 m.
• The company is currently utilizing one rig to define deeper mineralization within the West Atlanta graben, while a second rig is targeting shallower mineralization along the Atlanta mine fault zone (AMFZ), both in the pit and connecting into the North Extension target. A third rig is active on the East Ridge target, testing a highly prospective, never-before-drilled, large area (1,200 m by 150 m) directly adjacent to the resource zone.

Cal Herron, exploration manager of Nevada King, commented: "The increase from one drill rig to three will significantly increase the rate of adding to and upgrading our existing resource. Two of the drills are tracked machines that can negotiate more difficult areas to access, which will better enable us to advance our exploratory drilling outward in all directions from the existing resource area. Aside from the East Ridge target, other immediate priorities include:

• "Infill and stepout drilling within the 150 m wide by 500 m long West Atlanta graben, where current, mineralized vertical drill intercepts range from 40 m to 180 m with Au grades ranging from 0.5 to two g/t [grams per tonne]. The target is open to the north and south, and scattered historical holes indicate additional potential to the west.
• "Expanding the North Extension target westward and eastward and extending it to the main resource zone 200 m southward.
• "Expanding the AMFZ southward to the South Extension target.
• "Infill drilling along the AMFZ to expand several zones of high-grade mineralization and to define fault contacts. This structural definition drilling is particularly important for constructing a new, more accurate resource model.

"Our drill results early this year focused our attention on the West Atlanta graben target and revealed potential for significantly expanding Atlanta's resource. Now, with two additional RC drill rigs in operation, we have the ability to more rapidly infill around recent intercepts and step out to test for further potential resource expansion. Starting with the 2021 phase I program, our drilling at Atlanta has yielded multiple new discovery areas resulting in a continual increase in tonnage potential. As well, our drilling indicates higher Au/Ag grades compared to previous exploration efforts. The company was fortunate in that previous explorers had left large gaps in the overall drill hole distribution pattern either through adherence to an overly simplistic geologic model or simply due to bad luck. This allowed us to concentrate our resources and attention on areas that had historically shown some promise but for a variety of reasons were not followed up on."

Qualified person

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

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 km 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 $20-million as of June, 2023.

The Atlanta mine is a historical gold-silver producer with an NI 43-101 compliant pit-constrained resource of 460,000 ounces Au in the measured and indicated category (11 million tonnes at 1.3 g/t) plus an inferred resource of 142,000 oz Au (5.3 million tonnes at 0.83 g/t). See the NI 43-101 technical report on resources titled "Atlanta Property, Lincoln County, NV" with an effective date of Oct. 6, 2020, and a report date of Dec. 22, 2020, as prepared by Gustavson Associates and filed under the company's profile on SEDAR.

We seek Safe Harbor.