Mr. Daniel Limpitlaw reports

HUMMINGBIRD TO DEDICATE FUNDS TO THE DUGBE GOLD PROJECT

Pasofino Gold Ltd. has noted an announcement made on Dec. 21, 2023, by its majority shareholder Hummingbird Resources PLC.

In the announcement, HB PLC updated the market on its own proposed share placement, which HB PLC advised is expected to close on Jan. 10, 2024. Pasofino noted, in particular, the following statement made by HB PLC.

"Approximately $2-million of the proceeds will be dedicated to progressing the Dugbe gold project in Liberia, bringing this highly valuable asset closer to production. The funds will be used to optimize the 2022 definitive feasibility study through fiscal 2024 and further progress the project. Hummingbird and Pasofino Gold Ltd. have identified several opportunities to maximize the value of Dugbe and reduce the overall project [capital expenditure] profile, including the optimization of power usage, improvements to the metallurgical recovery rates and additional exploration activities."

Daniel Limpitlaw commented: "The dedication of these funds to the Dugbe gold project by Hummingbird Resources enables us to progress with the development of the project and the maximization of its value. We are currently evaluating a new drill program to extend the Tuzon mineralization along with possible additional exploration targets previously identified. Furthermore, we also have identified a number of opportunities to optimize the feasibility study, which was completed during COVID with challenges incurred during that time."

HB PLC's commitment is subject to HB PLC receiving all required regulatory, shareholder and other approvals, and is subject to Pasofino and HB PLC agreeing on the commercial terms, with HB PLC and Pasofino obtaining all necessary approvals, including the approval of the TSX Venture Exchange.

About the Dugbe gold project

The 2,302-square-kilometre 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 Dugbe gold project: Dugbe F and Tuzon, discovered by Hummingbird entities in 2009 and 2011, respectively. The deposits are located within four kilometres of the Dugbe shear zone, which is thought to have played a role in large-scale gold mineralization in the area.

About Pasofino Gold Ltd.

Pasofino is a Canadian-based mineral exploration company listed on the TSX Venture Exchange (VEIN).

Pasofino, through its wholly owned subsidiary, owns 100 per cent of the Dugbe gold project (prior to the issuance of the government of Liberia's 10-per-cent carried interest).

We seek Safe Harbor.