Mr. Jeffrey Wilson reports

PRECIPITATE TERMINATES OPTION TO ACQUIRE MOTHERLODE PROJECT, NEWFOUNDLAND

Precipitate Gold Corp. has elected to terminate the two underlying property option agreements granting Precipitate the exclusive right to earn a 100-per-cent interest in a combined 6,100 hectares of mineral exploration licences making up a substantial portion of the Motherlode project located within the Burin Peninsula of southern Newfoundland, Canada.

In the fall 2022 the company conducted a diamond drill program comprising 2,716 metres of drilling in 12 drill holes. Highlight core sampling results included intercepts yielding 12.1 metres of one gram per tonne gold (hole ML22-03), including three m of 2.2 g/t Au and 4.5 m of 0.94 g/t Au (hole ML22-04), including 3.5 m of 1.07 g/t Au. These results supported a reinterpretation of the Motherlode zone's gold mineralization model type from the originally postulated orogenic gold model to a low-sulphide replacement-style model. Upon further evaluation of the data, management has determined the project no longer meets the company's threshold for ongoing expenditures.

Precipitate maintains its 100-per-cent interest in an adjoining 6,250 hectares of mineral exploration licences acquired by direct staking and execution of a purchase agreement. These claims are not part of the underlying option agreements and remain in good standing without any immediate work requirements. The company has no exploration plans for this ground and does not expect to carry out any further work in the area.

Precipitate continues to actively evaluate and review additional properties for possible acquisition.

This news release has been reviewed by Michael Moore, vice-president, exploration, of Precipitate Gold, the qualified person for the technical information in this news release under National Instrument 43-101 standards.

About Precipitate Gold Corp.

Precipitate Gold is a mineral exploration company focused on exploring and advancing its mineral property interests in the Pueblo Viejo mining camp and Tireo gold trend of the Dominican Republic. The company has entered into an earn-in agreement with Barrick Gold Corp., whereby Barrick can earn a 70-per-cent interest in the company's Pueblo Grande project by incurring $10-million (U.S.) within six years and producing a qualifying prefeasibility study. Precipitate is also actively evaluating additional high-impact property acquisitions with the potential to expand the company's portfolio and increase shareholder value, in other favourable jurisdictions.

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