Mr. Jeffrey Wilson reports

BARRICK'S DRILLING IDENTIFIES FAVOURABLE HIGH SULPHIDATION TYPE ALTERATION, PLANS SECOND DRILL RIG AT PRECIPITATE'S PUEBLO GRANDE PROJECT, DOMINICAN REPUBLIC; STOCK OPTIONS GRANTED

Barrick Gold Corp. has provided an exploration update on the phase II diamond drilling program and continued advancement of additional targets within Precipitate Gold Corp.'s 100-per-cent-owned Pueblo Grande project. Barrick's exploration is part of an earn-in agreement, whereby Barrick has the right to earn a 70-per-cent interest in the project.

Pueblo Grande Norte zone -- Barrick's diamond drill program update

• Barrick completed four diamond drill holes totalling approximately 1,200 metres at the project's Pueblo Grande Norte zone, located immediately west of Barrick's Pueblo Viejo mining pits.
• Three of the four holes encountered encouraging permeable volcanic lithologies affected by high-sulphidation-type alteration with several events of strong sulphide disseminations, similar to observations at the neighbouring Pueblo Viejo mine.
• Final multielement laboratory analytical results are pending, but significant gold and silver values are not anticipated from these initial holes. However, the favourable high-sulphidation-type alteration encountered in these recently completed holes warrants follow-up geophysics and diamond drilling with a second rig and supports the zone's potential to host gold mineralization.
• Barrick plans to conduct a detailed ground magnetic survey and a follow-up drilling program within the zone as part of the planned drilling program at Pueblo Grande Norte.

Pueblo Grande Sur zone -- Barrick's new target delineation and continuing exploration

• Exploration to date has identified two early-stage targets of coincident soil anomalies and geophysical anomalies (induced polarization chargeability).
• Barrick has conducted various phases of geological surface mapping, systematic grid soil sampling and reconnaissance-scale IP ground geophysics.
• Barrick's exploration work for 2024 will delineate and refine drill-worthy targets in this emerging area of the project, with Pueblo Grande Sur diamond drill testing permits expected during 2024.
• The Pueblo Grande Sur zone is located several kilometres to the southeast of Barrick's Pueblo Viejo mining pits.

Jeffrey Wilson, Precipitate's president and chief executive officer, stated: "We are pleased to report that Barrick's drill program within the Pueblo Grande Norte zone has yielded positive results, justifying the addition of a second drill rig for ongoing drill testing within this area of the project. Three of the four initial drill holes intersecting compelling high-sulphidation-type alteration with multiepisode sulphide mineralization, similar to that noted in the Pueblo Veijo mine, is an excellent start toward identifying gold enriched horizons within our project. Barrick's decision to conduct further geophysics and add a second drill rig at Pueblo Grande Norte speaks to the technical significance of these early holes and evidences the zone's ongoing potential for discovery. We are equally pleased to see Barrick's continued propertywide exploration work has identified two early-stage target areas within the Pueblo Grande Sur zone, east of Barrick's Pueblo Viejo mine. To the end of 2023, Barrick has spent an approximately $5-million (U.S.) on Pueblo Grande exploration, which speaks to Barrick's ongoing commitment to systematically explore and advance the project. We look forward to pending assay results and ongoing updates as Barrick's work continues."

In accordance with the earn-in agreement between Precipitate and Barrick, as announced April 14, 2020, Barrick can earn a 70-per-cent interest in Precipitate's Pueblo Grande project by incurring a minimum $10-million (U.S.) in qualifying work expenditures and delivering a qualifying prefeasibility study prior to the sixth anniversary of the entering into of the agreement (see the company's news release dated April 14, 2020, for full earn-in agreement details).

Grant of stock options

In addition, the company has granted stock options to certain of its directors, officers and consultants to purchase up to 2,570,000 common shares. Each option is exercisable to acquire one common share of Precipitate at a price of nine cents until Feb. 14, 2029. The options will vest in accordance with the company's stock option plan and are subject to TSX Venture Exchange acceptance.

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 the Tireo gold trend of the Dominican Republic. The company has entered into an earn-in agreement with Barrick Gold, 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.

We seek Safe Harbor.