Mr. Robert Archer reports

NEWRANGE CLOSES SHARES FOR DEBT TRANSACTION

Further to Newrange Gold Corp.'s news release of Jan. 29, the company has received TSX Venture Exchange acceptance of the agreements with certain creditors to accept shares in the company in settlement of their debt. The aggregate number of shares to be issued is 5,767,252 at a price of 3.5 cents per share, for settlement of $201,853.81. All securities issued will be subject to a four-month hold period which will expire on the date that is four months and one day from the effective date of the transaction, that being Feb. 23, 2024.

The issuance of 3,714,286 common shares to directors and officers of the company constitutes a related party transaction as this term is defined in Multilateral Instrument 61-101 -- Protection of Minority Securityholders in Special Transactions. The directors and officers of the company, acting in good faith, determined that the fair market value of the common shares being issued pursuant to the shares for debt transaction and the consideration being paid is reasonable. The company intends to rely 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 nor the debt exceeds 25 per cent of the company's market capitalization.

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.