Mr. Robert Archer reports

NEWRANGE GOLD INCREASES SIZE OF BRIDGE FINANCING

Newrange Gold Corp., further to the company's news release of March 6, 2023, has increased the size of the bridge financing associated with the proposed reverse takeover (RTO) with Australian Securities Exchange-listed Mithril Resources Ltd.

As the company consolidated its shares on the basis of one new for every six old common shares on April 6, the placement will consist of 4,905,112 units at a price of nine cents per unit for gross proceeds of $441,460. Each unit will consist of one common share in the capital of the company and one share purchase warrant with each warrant being convertible into an additional share at an exercise price of 12 cents for a period of 36 months from the date of issuance.

Cash finder's fees or commissions in the amount of $12,383 will be paid on the financings and the company will issue 137,589 share purchase finders units exercisable at nine cents per finders unit. Each finders unit entitles the holder thereof to purchase one common share and one share purchase warrant at an exercise price of 12 cents for a three-year period. The placement is now anticipated to close on or about April 28, 2023.

The net proceeds raised from the bridge financing will be used to pay for the expenses related to the RTO and for working capital purposes. Pursuant to the RTO, the securities issued under the bridge financing will be subject to the proposed second consolidation of 2:1.

About Newrange Gold Corp.

Newrange is currently focused on district-scale exploration for precious metals in the prolific Red Lake district of Northwestern Ontario. The past-producing, high-grade Argosy gold mine is open to depth, while the adjacent North Birch project offers additional blue-sky potential.

We seek Safe Harbor.