Mr. John Sclodnick reports

NEVADA KING ANNOUNCES $16 MILLION FINANCING INCLUDING A $10M STRATEGIC INVESTMENT BY CENTERRA GOLD INC.

Nevada King Gold Corp. intends to complete a non-brokered private placement of common shares of the company, which is fully subscribed, for total gross proceeds of approximately $16-million. In connection with the financing, the company has entered into a subscription agreement with Centerra Gold Inc. pursuant to which Centerra will acquire 9.9 per cent of the issued and outstanding common shares at a price of 21 cents per common share, matching the 20-day VWAP (volume-weighted average price) of the common shares on the TSX Venture Exchange, for anticipated gross proceeds of approximately $10-million. Both the chairman of Nevada King, Collin Kettell, and the largest shareholder, Michael Parker, intend to participate in the financing to maintain their pro rata ownership positions in the common shares, for anticipated gross proceeds of approximately $6-million.

John Sclodnick, chief executive officer of Nevada King, commented: "This strategic investment from Centerra culminates a lengthy period of due diligence and is a strong endorsement for both the quality and growth potential of the Atlanta gold mine project, as well as for Nevada King's exploration team. With the bolstered treasury, the company is now in a position to advance our ambitious exploration program at Atlanta to truly define the district-scale potential of one of the highest-grade, open-pit, oxide gold projects in Nevada, a top mining jurisdiction in the world. We're excited to welcome Centerra as a new shareholder, a highly reputable and technically strong intermediate gold producer with assets in Nevada and the Great Basin area."

The company intends to use the net proceeds from the financing to continue regional and reconnaissance exploration across the Atlanta gold mine project property especially high-priority targets of Silver Park, Atlanta South, Atlanta North and Western Rim, as well as for general working capital purposes.

In connection with the strategic investment, Nevada King and Centerra intend to enter into a customary investor rights agreement at closing, pursuant to which, subject to certain conditions, including certain ownership thresholds, Centerra will be granted financing participation rights and information rights, among other customary terms.

The financing is expected to close in the second quarter of 2026, as the company and Centerra may agree, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the acceptance of the TSX Venture Exchange.

The common shares to be issued under the financing will be offered pursuant to prospectus exemptions under National Instrument 45-106 -- Prospectus Exemptions to purchasers resident in Canada and in other jurisdictions outside of Canada in accordance with applicable laws. The common shares will be subject to a four-month hold period in Canada.

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 southeast Nevada. The project hosts a National Instrument 43-101-compliant pit-constrained oxide resource of 1.02 million ounces Au in the measured and indicated category (27.7 million tonnes at 1.14 grams per tonne) plus an inferred resource of 99,000 oz Au (3.6 million tonnes at 0.84 g/t) based on $2,200 (U.S.)/oz Au and $25 (U.S.)/oz Ag.

Qualified person

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

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