Mr. Cal Herron reports

NEVADA KING PROVIDES UPDATE ON ITS 60,000M DRILL PROGRAM AT ATLANTA

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 kilometres northeast of Las Vegas, Nev.

Highlights:

• From inception of the phase I (5,550 metres (m)) Atlanta program in June, 2021, followed by the continuing phase II program starting June, 2022, Nevada King has completed 320 reverse circulation (RC) holes totalling 50,145 m and 17 core holes totalling 1,398 m for a total of 51,543 m drilled.
• The three RC rigs currently operating at Atlanta have been largely focused on completing drilling within the Atlanta mine fault zone (AMFZ) and the west Atlanta graben (WAG). One of the drills is now being utilized for testing geochemical and geophysical targets elsewhere within the Atlanta district, looking for additional deposits.
• To date, Nevada King has reported assays from 221 holes covering 31,104 metres, with results pending from 116 drill holes totalling 20,439 metres.

Cal Herron, exploration manager of Nevada King, stated: "With the addition of two track-mounted RC drills this past May, the company rapidly expanded drill production along the AMFZ and WAG. Over the past four months our knowledge regarding geometry of the structural controls over high-grade mineralization has increased dramatically, which has enabled us to consistently track higher-grade (more than 1.5 grams per tonne (g/t) gold (Au)) and thicker (more than 50 m) mineralized zones within a very large, subhorizontal lower-grade (0.20 to 1.5 g/t Au) gold-silver horizon occurring west of the AMFZ, which also encompasses the WAG. This horizon currently measures 850 m long north-south by 325 m wide and remains open to the west and south. As our drilling program heads towards winter, we will continue to define the higher-grade Au-Ag values in the WAG and firmly merge it into the AMFZ, thereby forming a cohesive zone that should figure prominently in a future resource model."

Qualified person

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 national Instrument 43-101.

About Nevada King Gold Corp.

Nevada King is the third-largest mineral claimholder 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 kilometres east of Winnemucca, Nev.

The company is well financed with cash of approximately $17-million as of August, 2023.

The Atlanta mine is a historical gold-silver producer with a National Instrument 43-101-compliant pit-constrained resource of 460,000 ounces (oz) Au in the measured and indicated category (11.0 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.