Mr. Joseph Hamilton reports

UNIGOLD INC. AND BARRICK GOLD CORPORATION ENTER INTO AN EXPLORATION EARN-IN AGREEMENT ON THE NEITA NORTE CONCESSION, DOMINICAN REPUBLIC

Unigold Inc. has executed a binding term sheet with Barrick Gold Corp. that sets the terms under which the company will allow Barrick to earn into and form a joint venture in respect of the Neita Norte exploration concession in the Dominican Republic.

Joe Hamilton, chairman and chief executive officer of Unigold, commented: "We welcome Barrick as a partner in the Neita Norte area. Barrick brings considerable technical and financial capability to the project. Barrick operates the world-class Pueblo Viejo mine in the Dominican Republic and has installed a significant amount of related infrastructure in the country, holding a commendable record as a good corporate citizen. The agreement creates an opportunity for both companies to benefit from the development of this frontier area. Unigold will continue to be active in the area as we concentrate on the development of the Neita Sur concession and work to convert our significant resources into producing mines."

Terms of the agreement

Unigold will grant Barrick the exclusive option to acquire a 60-per-cent undivided interest in the Neita Norte exploration concession by:

• Incurring not less than $2.5-million (U.S.) of expenditures in respect of the concession within the first three years;
• Incurring a total of not less than $8-million (U.S.) of expenditures in respect of the concession within the first six years and delivering a PEA (preliminary economic assessment);
• Incurring a total of not less than $12-million (U.S.) of expenditures in respect of the concession within the first eight years and delivering a PFS (prefeasibility study);
• Delivering a written notice to Unigold electing to exercise the earn-in right.

Following the earn-in of a 60-per-cent interest, Barrick will have the ability to elect to sole finance and deliver a feasibility study by the end of year 12, which will allow Barrick to increase its ownership in the joint venture to 80 per cent. The joint venture will be subject to standard dilution clauses, which include the criteria that, should any partner own less than 15 per cent of the joint venture, it would be immediately diluted to a 2.5-per-cent net smelter return royalty. Barrick will be the manager and operator of the project.

Unigold and Barrick will work together to finalize a long-form agreement and a shareholder agreement and to create a joint-stock Dominican company to hold the concession permits within the next 60 days. Unigold has received all permissions and permits to conduct exploration over the Neita Norte area. Work will commence as soon as practicable.

The agreement is subject to standard representations and warranties from both parties and is subject to TSX-V approval.

About Neita Norte

The 10,903-hectare Neita Norte exploration concession was granted to Unigold on March 27, 2023. The concession is valid for three years and has two one-year extensions that may be granted. Unigold has held the Neita area under various exploration concessions since 2002. In 2022, Unigold applied to split the area into a northern section (Neita Norte) and a southern area (Neita Sur). Unigold applied to convert the Neita Sur area into an exploitation concession in early 2022. That application is still pending final approval from government authorities.

The Neita Norte concession is dominated by the Tireo formation, which can be traced for 300 kilometres along a northwest-southeast strike and averages 35 kilometres in width. It comprises volcano-sedimentary rocks and lavas from an Upper Cretaceous age volcanic island arc that extends from northwestern Haiti into the Cordillera Central of the Dominican Republic. It is believed that the older rocks of the Tireo formation were thrust from north to south over the younger marine sediments of the southerly Trois Rivieres/Peralta formation.

The Tireo formation is subdivided into upper and lower members. The older Lower Tireo occurs in the eastern part of the concession area and is dominated by volcanic, volcaniclastics and pyroclastics of predominantly andesitic composition. Porphyry copper deposits are known to occur in the Lower Tireo formation in Haiti and likely also occur within the exposures of these rocks in the Dominican Republic. The main branch of the San Jose/Restauracion thrust fault bisects the concession almost in half along a northwest-trending corridor. The younger Upper Tireo member dominates on the western side of the thrust and comprises largely volcanic and volcanoclastics rocks of andesitic to rhyodacitic composition. The Upper Tireo formation is known to host volcanogenic copper-gold massive sulphide mineralization as well as epithermal gold-silver mineralization.

Unigold has identified areas within the Neita Norte concession that host surface expressions of mineralization. Some of these areas have seen limited follow-up drilling in the past 10 years.

About Unigold Inc.

Unigold is a Canadian-based mineral exploration company traded on the TSX Venture Exchange under the symbol UGD, on the OTCQB exchange under the symbol UGDIF and on the Frankfurt Stock Exchange under the symbol UGB1. The multimillion-ounce Candelones gold deposits are within the 100-per-cent-owned Neita Fase II exploration concession, located in Dajabon province in the northwest part of the Dominican Republic. The company delivered a feasibility study for the oxide portion of the Candelones deposit in Q4 2022. The company applied to split the Neita Fase II concession into an exploitation concession and an exploration concession in late February, 2022. The application for the 9,990-hectare Neita Sur concession has moved smoothly through various permitting stages and the company expects that a decision will be given on the application in the third quarter of 2023. The 10,903-hectare Neita Norte exploration concession was awarded to the company in Q2 2023. Unigold has been active in the Dominican Republic since 2002 and remains the most active exploration company in the country. The two concessions together form the largest single exposure of the volcanic rocks of the Cretaceous Tireo formation. This island arc terrain is host to volcanogenic massive sulphide deposits, intermediate-sulphidation and high-sulphidation epithermal systems, and copper-gold porphyry systems. Unigold has identified over 20 areas within the concession areas that host surface expressions of gold systems. Unigold has been concentrating on the Candelones mineralization and is moving to bring these deposits into production.

We seek Safe Harbor.