Mr. Collin Kettell reports

NEVADA KING ANNOUNCES CLOSING OF OVERSUBSCRIBED NON-BROKERED PRIVATE PLACEMENT

Nevada King Gold Corp. has closed its previously announced non-brokered private placement financing with the issuance of an aggregate of 28,396,857 common shares of the company at a price of 35 cents per share, thereby raising total gross proceeds of $9,938,899.95.

Highlights:

• The non-brokered private placement was fully allocated to insiders, existing shareholders and a new strategic shareholder of the company:
  • Company founder and chief executive officer Collin Kettell participated for $2-million.
  • Two significant shareholders of the company subscribed for $4.2-million and $1,356,400, respectively.
  • A new strategic shareholder to the company participated for $2-million.
• Proceeds of the non-brokered private placement will be used to advance the company's Atlanta gold mine project and for working capital purposes of Nevada King.

All securities issued pursuant to the non-brokered private placement are subject to a statutory hold period under applicable Canadian securities laws expiring July 23, 2024, being the date that is four months and one day from the date of closing of the non-brokered private placement. The non-brokered private placement remains subject to final acceptance by the TSX Venture Exchange.

No finders' fees were applicable to the non-brokered private placement and the proceeds will be used to advance the company's Atlanta gold mine project and for working capital purposes of Nevada King.

Related party participation in the non-brokered private placement

Certain insiders of the company participated in the non-brokered private placement acquiring an aggregate of 18,364,286 shares. The participation by insiders in the non-brokered private placement constitutes a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the common shares purchased by insiders, nor the consideration for the common shares paid by such insiders, exceeds 25 per cent of the company's market capitalization. The company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the non-brokered private placement, which the company deems reasonable in the circumstances in order to complete the non-brokered private placement in an expeditious manner. The non-brokered private placement was unanimously approved by the company's board of directors.

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 Atlanta mine is a historical gold-silver producer with a National Instrument 43-101-compliant pit-constrained resource of 460,000 ounces (oz) gold (Au) in the measured and indicated category (11.0 million tonnes at 1.3 grams per tonne (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+.

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.

Please see the company's website.

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