Mr. Daniel Limpitlaw reports

PASOFINO GOLD PROVIDES RESULTS FOR TRENCHES ON STRIKE FROM TUZON DEPOSIT AT DUGBE GOLD PROJECT

Pasofino Gold Ltd. has identified gold mineralization in trenches at the Dugbe shear zone (DSZ) target which is five kilometres on trend from the 2.4-million-ounce Tuzon deposit at its Dugbe gold project. The trench results support Pasofino's view that there are ample opportunities to add to the existing Dugbe F and Tuzon deposits.

Highlights:

• Channel sample analyses have confirmed gold mineralization in two new trenches at the DSZ target:
  • 10 metres at 0.7 gram per tonne Au in TZTR101;
  • Six metres at 1.6 g/t Au in TZTR102;
  • At Tuzon, grades may be lower in trenched (oxidized) material than in fresh drilling samples and so these results are very encouraging.
• Trench results indicate that a mineralized zone of significant scale is present at the DSZ target. Trenches are 120 and 330 m northeast on strike from previous trench TZTR091 which returned 36 m with an average grade of 0.6 g/t Au.
• The zone is just five km from and on the same trend as the 2.4 Moz (measured and indicated) Tuzon deposit and hosted by the same rock type; the potential for additional new Tuzon-type deposits is clear.
• Of importance is that structural mapping in the trenches indicates that they are at a closure of an antiformal structure similar to Tuzon. At Tuzon the limbs thicken and are refolded below surface -- this is the reason that Tuzon is such a large deposit; the same may be the case at the DSZ target.
• The DSZ target has not been drill tested. Drilling is the logical next step to test the grade and thickness of the DSZ mineralized zone and the antiformal structure.

Daniel Limpitlaw, chief executive officer, commented: "These results confirm that the zone of mineralization at the DSZ target has a surface expression of over 330 m and that it is on strike from Tuzon and hosted by the same rock type which indicates the potential for multiple Tuzon-like deposits in the area. The next step at the DSZ target is drilling. There is potentially significant upside in the ground between the Tuzon orebody and the Sackor prospect."

Sampling procedure and quality assurance and quality control (QAQC)

The trench start (collar) positions were determined using a hand-held GPS and lidar data for elevation. Trenches were dug to three m or to refusal (if bedrock reached). Samples were all two m in length and taken from a horizontal channel cut into the trench floor using a rock-saw. The dip of the mineralized rocks is typically steep hence the use of horizontal sampling. Samples were prepared at Liberia Geochemical Services Inc. in Monrovia and analyzed by SGS in Tarkwa Ghana, a facility compliant to ISO 17025:2005 for the analytical methods used for the samples. All samples were analyzed by fire assay with atomic absorption finish on a sample with 50-gram nominal weight. A certified standard and a blank were inserted and the results of these QA/QC samples are acceptable. All samples were stored and transported to the laboratory securely and accompanied by a company representative until arrival at the laboratory.

Qualified person statement

Scientific or technical information in this disclosure that relates to exploration results was prepared and approved by Andrew Pedley. Mr. Pedley is a consultant of Pasofino Gold's wholly owned subsidiary ARX Resources Ltd. He is a member in good standing with the South African Council for Natural Scientific Professions (SACNASP) and is as a qualified person under National Instrument 43-101.

About the Dugbe gold project

The 2,302 square km Dugbe gold project is in southern Liberia and situated within the southwestern corner of the Birimian supergroup which is host to most West African gold deposits. To date, two deposits have been identified on the project: Dugbe F and Tuzon, discovered by Hummingbird in 2009 and 2011, respectively. The deposits are located within four km of the Dugbe shear zone which is thought to have played a role in large-scale gold mineralization in the area.

A significant amount of exploration in the area was conducted by Hummingbird up until 2012, including 74,497 m of diamond coring. Pasofino drilled an additional 14,584 metres at Tuzon and Dugbe F during 2021. Both deposits have mineral resource estimates dated Nov. 17, 2021, with total measured and indicated of 3.3 Moz with an average grade of 1.37 g/t Au, and 600,000 oz in inferred. Following the completion of the feasibility study in June, 2022, a mineral reserve estimate was declared, based on the open-pit mining of both deposits over a 14-year life of mine. A technical report for the Dugbe gold project was prepared in accordance with National Instrument 43-101 and filed on SEDAR+ and on the company's website.

About Pasofino Gold Ltd.

Pasofino Gold is a Canadian-based mineral exploration company listed on the TSX Venture Exchange (VEIN). Pasofino, through its wholly owned subsidiary, owns a 49-per-cent economic interest (prior to the issuance of the government of Liberia's 10-per-cent carried interest) in the Dugbe gold project. Pasofino has exercised its option to consolidate ownership in the project by converting Hummingbird Resources' 51-per-cent ownership of the project for a 51-per-cent shareholding in Pasofino, such that Pasofino would own 100 per cent of the project (prior to the government of Liberia's 10-per-cent carried interest).

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