Mr. John Sclodnick reports

NEVADA KING ANNOUNCES FULLY FUNDED 20,000M, PHASE 4 EXPLORATION PROGRAM DESIGNED TO ADVANCE MULTIPLE REGIONAL TARGETS IDENTIFIED IN PHASE 3

Nevada King Gold Corp. has launched its fully financed phase 4 regional exploration program at its 100-per-cent-owned 130-square-kilometre Atlanta gold mine project in eastern Nevada. Phase 4 follows the successful completion of Nevada King's 30,000-metre phase 3 drilling program, which achieved its objective of identifying new regional oxide mineralization outside of the Atlanta resource zone (ARZ) and building a pipeline of potential satellite deposit targets at various levels of advancement.

Phase 4 will consist of an initial 20,000 metres of drilling and is designed to rapidly advance the most prospective of these new targets, led by Silver Park East, while continuing systematic reconnaissance and follow-up drilling across the broader land package.

Phase 4 highlights:

• 5,000 metres allocated to Silver Park East to tighten spacing across the current 450-metre-by-300-metre mineralized footprint and test a 270-metre gap to the southeast; initial Silver Park East drilling will infill and target structural intersections to evaluate potential resource conversion.
• 15,000 metres allocated to advancing Atlanta South, Atlanta North and Western Rim, with the metreage allocated to each target to be determined by drill results;
• There are currently two reverse circulation (RC) drills on site located at Silver Park East and Atlanta South; drill sequencing will then see a rig move to Atlanta North, followed by Western Rim;
• The company will also apply for its fifth modification to its plan of operations, expanding it to the west to allow for better access to drill the new Western Rim target area;
• Phase 4 is designed to continue Nevada King's systematic process of: (1) identifying new near-surface oxide zones; (2) testing structural controls and vectoring toward higher-grade domains; and (3) advancing successful targets into infill and resource definition drilling.

John Sclodnick, chief executive officer of Nevada King, stated: "Phase 3 drilling has demonstrated tremendous exploration upside across our 130-square-kilometre Atlanta land package, the vast majority of which lies hidden beneath postmineral cover. Importantly, we've discovered a new mineralized zone at Silver Park East, two kilometres from the existing resource, where phase 4 drilling will aim to define the overall scale of this potential satellite oxide deposit. This is a major milestone that validates both the strength of the mineral system and the effectiveness of our targeting approach.

"Just as significant, we continue to systematically add high-priority targets, including Western Rim, to maintain a strong pipeline of prospective discoveries. With 1.1 million ounces already defined, Atlanta stands out as one of the rare and potentially large-scale gold systems in the U.S. that sits on the cusp of critical mass. Phase 4 is laser focused on pushing us over that threshold, and Silver Park East represents the most immediate opportunity to grow the resource."

Justin Daley, vice-president, exploration, of Nevada King, stated: "Phase 3 provided critical geological and structural data from across the broader caldera system, validating our regional targeting models outside the main Atlanta resource zone. Our systematic, data-driven approach will significantly advance our pipeline of high-priority targets and phase 4 is specifically designed to vector toward higher-grade domains, to fast-track resource conversion and unlock the full, district-scale potential of the Atlanta land package."

Silver Park East

Located approximately two kilometres west of the Atlanta resource zone, Silver Park East (SPE) represents the most advanced target emerging from phase 3. Mineralization is hosted along the same unconformity and within the same intrusive host rocks as the ARZ, with geological, geochemical and structural evidence indicating a shared mineralizing system. Phase 4 drilling at SPE will further define the existing 450-metre-by-300-metre mineralized zone, test crosscutting structures for potential higher grades, evaluate continuity sufficient for a potential inferred resource, and expand drilling to the south and east, where additional mineralization has been identified.

Atlanta South

Approximately two kilometres south of the ARZ, drilling at Atlanta South targets the West Atlanta fault corridor. Mineralization intercepted in phase 3 is hosted within Pogonip limestone, a key host for Carlin-type gold in Nevada, and is associated with the highest arsenic values measured on the property to date, further evidence for this new deposit type at Atlanta. Phase 4 drilling aims to refine vectors toward stronger mineralization using the expanded geologic and geochemical data set gained through phase 3.

Atlanta North

Atlanta North extends roughly four kilometres north from the ARZ along the West Atlanta fault, a crucial pathway for gold mineralization, and remains in early exploration. A Nevada King drill hole grading 0.28 gram per tonne over 36.6 metres has created an approximately three-kilometre gap to a historical hole that returned 0.88 gram per tonne gold over 10.7 metres. Phase 4 drilling will test this gap for additional near-surface oxide mineralization.

Western Rim

Western Rim represents a large-scale, early-stage opportunity characterized by multidirectional quartz veins hosting gold-silver-arsenic-molybdenum mineralization traced over approximately 2.5 kilometres, with individual veins extending up to one kilometre. Rock-chip sampling has returned grades up to 20.8 grams per tonne gold. The company will complete additional geophysical surveys in advance of drilling and is applying for a plan of operations modification to expand access to the Western Rim target area.

Advanced targeting and AI (artificial intelligence) integration

Nevada King continues to advance targeting using multiple layers of geoscientific data, including CSAMT (controlled-source audio-frequency magnetotelluric), drone magnetics, gravity, hyperspectral, geochemistry and rock sampling. These data sets have recently been integrated through machine-learning analysis, generating an internally ranked pipeline of early-stage targets, which have been independently reviewed by the field team. Phase 4 drilling will prioritize the highest-ranked areas identified through this process.

Webinar

Join Mr. Sclodnick for additional context on a live webinar on Monday, Dec. 15, 2025, at 12 p.m. ET/9 a.m. PT. Please register on-line and reserve your spot.

Quality assurance/quality control protocols

All RC (reverse circulation) samples from the Atlanta project are split at the drill site and placed in cloth and plastic bags utilizing a nominal two-kilogram sample weight. CRF standards, blanks and duplicates are inserted into the sample stream on site on a one-in-20-sample basis, meaning all three inserts are included in each 20-sample group. Samples are shipped by a local contractor in large sample shipping crates directly to American Assay Lab in Reno, Nev., with full custody being maintained at all times. At American Assay Lab, samples were weighted then crushed to 75 per cent passing two millimetres and pulverized to 85 per cent passing 75 microns to produce a 300-gram pulverized split. Prepared samples are initially run using a four-acid-plus-boric-acid digestion process and conventional multielement ICP-OES analysis. Gold assays are initially run using 30-gram samples by lead fire assay with an OES finish to a 0.003-part-per-million detection limit, with samples greater than 10 parts per million finished gravimetrically. Every sample is also run through a cyanide leach for gold with an ICP-OES finish. The QA/QC procedure involves regular submission of certified analytical standards and property-specific duplicates.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Nevada King's vice-president, exploration, Justin Daley, PGeo, a non-independent qualified person as defined by National Instrument 43-101.

About Nevada King Gold Corp.

Nevada King is focused on advancing and growing its 100-per-cent-owned, past-producing, 130-square-kilometre Atlanta gold mine project located along the Battle Mountain trend in southeastern Nevada. The project hosts an NI 43-101-compliant pit-constrained oxide resource of 1.02 million ounces gold in the measured and indicated category (27.7 million tonnes at 1.14 grams per tonne) plus an inferred resource of 99,000 ounces gold (3.6 million tonnes at 0.84 gram per tonne). See the NI 43-101 technical report titled "Technical Report and Estimate of Gold and Silver Mineral Resources for the Atlanta Project, Lincoln County, Nevada, USA," with an effective date of Sept. 6, 2024, and a report date of July 18, 2025, as prepared by Respec (formerly Mine Development Associates) and filed under the company's profile on SEDAR+.

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