Mr. Cal Herron reports

NEVADA KING INTERCEPTS 1.58 G/T AU OVER 114.3M, INCLUDING 3.61 G/T OVER 24.4M, EXTENDS HIGH-GRADE MINERALIZATION FURTHER WESTWARD AT ATLANTA

Nevada King Gold Corp. has released assay results from two vertical reverse circulation (RC) holes recently completed at its Atlanta gold mine project, located 264 kilometres northeast of Las Vegas, Nev., in the prolific Battle Mountain trend. The two holes reported today are plotted below in plan and along an updated Section 22-6N(3), initially released on Jan. 6, 2023, updated on March 20, 2023, and again on July 20, 2023.

Highlights:

• Today's intervals are the westernmost holes drilled by Nevada King at Atlanta to date and have successfully identified high-grade gold mineralization in the western extents of the West Atlanta graben (WAG) close to the West Atlanta fault No. 2 (WAF2).
• An interval of 1.58 grams per tonne gold over 114.3 metres, including 3.61 g/t Au over 24.4 m, in AT23WS-39 is appreciably higher grade than surrounding holes, injecting high-grade into the surrounding thick blanket of gold mineralization. This is similar to previously released 3.39 g/t Au over 100.6 m in AT23HG-30 (July 20, 2023), located 125 m to the east of AT23WS-39 and also plotted on Section 22-6N(3).
• Together, these holes illustrate the effectiveness of Nevada King's drill targeting based on its new geological model, which outlines a series of high-angle faults that divide the mineralized zone into fault-bounded blocks or domains, in turn creating numerous fluid pathways each capable of localizing high-grade gold mineralization throughout the Atlanta deposit. This is a significant departure from the historical Atlanta model, which envisioned a single 45-degree vein structure with no fault offsets or high-grade feeders other than the 45-degree vein zone itself.

Calvin Herron, exploration manager of Nevada King, stated: "These new results continue to expand WAG mineralization westward with increasing gold grades and thicknesses. Referring to figure 3, there are seven historical Kinross holes drilled in the WAG along Section 22-6N(3) that average 0.89 g/t Au with an average intercept thickness of 65 m. The same section length now includes 10 holes drilled by Nevada King with an average grade of 1.39 g/t Au and an average intercept thickness of 121 m, representing a 56-per-cent increase in grade and an 86-per-cent increase in thickness. High-grade intercepts like 114.3 m at 1.58 g/t Au in AT23WS-39 and 100.6 m at 3.39 g/t Au in AT23HG-30 are important as they strongly influence this 10-hole average. We believe that intercepting these higher-grade zones or feeders concentrated along the high-angle faults is the key to realizing the full potential of the Atlanta deposit, and this same pattern is playing out along other section lines to the north and south as they are progressively filled in with new holes. Table 4 below summarizes averaged drill hole intercepts for the company's holes and for historical holes that were included in the Gustavson 2020 resource model along Section22-6N(3). This provides an interesting comparison of gold-silver grades and thicknesses within the WAG."

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 claim holder in the state of Nevada, behind Nevada Gold Mines (Barrick/Newmont) and Kinross Gold. Starting in 2016, the company staked large project areas hosting significant historical exploration work along the Battle Mountain trend located close to currently producing or past-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: (i) the 100-per-cent-owned Atlanta mine, located 100 kilometres southeast of Ely; (ii) the Lewis and Horse Mountain-Mill Creek projects, both located between Nevada Gold Mines' large Phoenix and Pipeline mines; and (iii) the Iron Point project, located 35 km east of Winnemucca, Nev.

We seek Safe Harbor.