Mr. Robert Archer reports

NEWRANGE AND MITHRIL RESOURCES SIGN MUTUAL TERMINATION FOR BUSINESS COMBINATION

The previously announced transaction (see Newrange Gold Corp.'s news release of May 25, 2023) whereby Newrange would acquire 100 per cent of the issued share capital of Australian Securities Exchange listed Mithril Resources Ltd. in a friendly business combination has been terminated by mutual agreement.

No break fee is payable by either party under these circumstances.

Robert Archer, president and chief executive officer of Newrange, commented: "Despite overwhelming shareholder support (greater-than-99-per-cent approval for both companies) and unanimous approval from both boards, the continuing bear market for junior mining equities has prevented the completion of the concurrent financing of $3.6-million prior to the second court hearing on Nov. 22, which is a condition precedent of the scheme implementation deed and the reverse takeover.

"While we are deeply disappointed in this outcome, the companies remain in contact should there be a future opportunity to propose an alternative transaction. Consequently, Newrange will update shareholders at the earliest opportunity as things develop."

Simultaneously, Newrange's board of directors will decide on the implementation of the proposed name change and 1:2 share consolidation, both of which are subject to final TSX-V approval.

About Newrange Gold Corp.

Newrange is an exploration company listed on the TSX-V with a focus on district-scale exploration for precious metals in the prolific Red Lake district of Northwestern Ontario, Canada. The past-producing high-grade Argosy gold mine is open to depth while the adjacent North Birch project offers additional discovery potential.

We seek Safe Harbor.