Mr. Rob Bergmann reports

RELEVANT GOLD CORP CLOSES OVERSUBSCRIBED $3M NON-BROKERED PRIVATE PLACEMENT WITH PARTICIPATION FROM NEW GOLD AND ROB MCEWEN

Relevant Gold Corp. has closed its previously announced non-brokered private placement (see news release dated May 4, 2023). The offering was oversubscribed and a total of 12,292,480 units have been issued at a price of 25 cents for gross proceeds of $3,073,120 and includes participation from New Gold Inc. (TSX: NGD) and a company controlled by Rob McEwen. Each unit consists of one common share of the company and a one-half share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the company at a price of 35 cents per share for a period of 36 months from the date of issue.

In connection with the offering, New Gold increased its share position in the company from approximately 7 per cent to 9.9-per-cent interest. In addition, Mr. McEwen purchased four million units of the offering, equivalent to an approximately 6.4-per-cent interest in the company.

The proceeds from the sale of the private placement will be used to finance exploration activities at the company's Golden Buffalo and Lewiston projects in Wyoming, United States, and for general working capital.

"We are extremely pleased to close this oversubscribed financing at a premium to our share price in a challenging financing environment and we look forward to using the funds immediately to advance our Wyoming gold project," said Rob Bergmann, chief executive officer of Relevant Gold. "We deeply thank our expanding shareholder base for their continued support."

The company paid a total of $29,662.50 finders' fees in connection with the offering. All securities issued in the private placement are subject to a four-month hold period from the closing date under applicable securities laws in Canada.

In connection with the private placement, Robert Bergmann and Brian Lentz, both directors and officers of the company, each purchased a total of 124,200 units. The issuance of units to Mr. Bergmann and Mr. Lentz constitutes a related party transaction as defined under Multilateral Instrument 61-101. The transactions are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued or the consideration paid by such persons exceed 25 per cent of the company's market capitalization.

About Relevant Gold Corp.

Relevant Gold is a North American gold exploration company founded by experienced exploration geologists and operated by a highly respected team with a proven record of significant value creation for shareholders. Relevant Gold is focused on the acquisition, exploration, discovery and development of district-scale gold projects in the state of Wyoming -- one of the most mining-friendly jurisdictions in the United States and globally.

The scientific and technical contents of this release have been approved by Mr. Lentz, CPG No. 11999, chief exploration officer of the company, who is a qualified person as defined by Canadian National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Lentz is not independent of the company.

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