Ms. Ivy Chong reports

DYNASTY GOLD DRILLS 163.5 M OF 1.0 G/T INCLUDING 63 M OF 2.1 G/T GOLD AT THUNDERCLOUD

Dynasty Gold Corp. has released final drill results from the phase 1, 2023 drill program at its Thundercloud property in the Archean Manitou-Stormy Lakes greenstone belt, 47 kilometres southeast of Dryden in Northwestern Ontario.

Drill hole DP23-10 intersected a broad zone of 163.5 metres of one gram per tonne at 33 metres from the surface, including higher-grade subzone of 63 metres at 2.1 g/t and high-grade intervals of 22.5 metres of 4.5 g/t, 7.5 metres of 8.8 g/t and three metres of 11.2 g/t together with subintervals of 1.5 metres each of 20.3 g/t and 28.3 g/t. This hole demonstrates wide-spread near-surface mineralization in the Pelham zone with multiple higher-grade intervals. The 10 holes reported for 2023 phase 1 drilling together with historical holes indicate an open-pit minable body of gold mineralization at Thundercloud. The two test holes drilled in the previously untested areas of West Pelham also returned mineralization at 21.7 and 45 metres from the surface.

The Pelham zone hosts a historic National Instrument 43-101 open-pit inferred resource of 182,000 ounces of gold at an average grade of 1.37 grams per tonne (see press release of Jan. 4, 2022). Following last year's impressive drill results, this year's drilling continued to intersect near-surface broad- and high-grade gold mineralization. The company plans to conduct metallurgical testing in the coming months on core from both the 2022 and the 2023 phase 1 drilling to obtain information on potential ore recoveries.

Ivy Chong, the president and chief executive officer, stated: "We are pleased with phase 1 drill results. It indicates a strong potential for achieving an economic open-pit minable resource in the making. The reported 10 holes in phase 1 drilling have intersected a total of 741.6 metres of mineralization with average grades ranging from one g/t to 3.28 g/t. Hole DP23-10 demonstrated once again our success in expanding the near-surface mineralization in the Pelham zone. Over 90 per cent of the property is yet to be drilled, the potential to add tonnage and improve on grades are enormous in an area where there is excellent infrastructure to support mine development. The company is awaiting assay results of five holes drilled in October, 2023, from our phase 2 drilling program, and will report these results as soon as they are available."

Discussion of drilling results:

• The Pelham deposit is an Archean, orogenic, hydrothermal gold deposit that occurs within a regionally defined east-west-trending deformation zone, is open at depth, and may be subject to repetition parallel to and along other untested structural trends.
• Gold mineralization occurs as blebs and stringers of quartz and sulphides with some coarser veins, in metasomatically altered, silicified, locally sheared, fine- to medium-grained, Archean, bimodal, mafic volcanics. The gold is primarily associated with disseminated to laminated to semi-massive bands of pyrite and lesser pyrrhotite, quartz, carbonates, chlorite and secondary biotite.
• Hole DP23-10 was collared and drilled from the west toward the east, in the central part of the Pelham zone, approximately 220 metres southwest from the discovery hole DP22-03 that assayed 73.5 metres of 8.42 grams per tonne. Hole DP23-10 intersected a broad zone of mineralization that assayed 163.5 metres of one g/t at 33 metres from the surface, including a higher-grade subzone of 63 metres of 2.1 g/t, and also including high-grade intervals of 22.5 metres of 4.5 g/t and 7.5 metres of 8.8 g/t, respectively.
• Hole DP23-W01 was drilled from east to west and hole DP23-W03 was drilled from east to southwest in the untested West Pelham area. Hole DP23-W01 intersected 12 metres of 0.8 g/t from 45 metres from the surface. Hole DP23-W03 intersected 11.8 metres of 0.6 g/t from 21.7 metres from the surface. The core from these holes will be studied for follow-up in the next drill program.

Quality assurance and quality control

Drilling completed at the Thundercloud property was with NQWL-sized diamond drill core. All drill holes were logged, photographed and sample intervals were selected by geologists on the property, mostly as 1.5-metre samples. The drill core was then cut with a diamond saw, along lines marked by geologists. Bagged samples were sealed with zip ties and transported to ALS Global Geochemistry Laboratory in Winnipeg, Man., and to Actlab Activation Laboratories Ltd. in Dryden, Ont., for fire assay. ALS's ME-ICP61 33-element package was used for the geochemical analyses. Oreas standards and blanks were inserted into the sample stream to check on the comparative accuracy of the gold assays received. AA-23 gold fire assays and the four-acid dissolution geochemical analyses were conducted on the samples at the ALS Global Geochemistry Laboratory in Vancouver, B.C., and all gold values higher than 10 grams per tonne were reassayed by using Au-GRA21 gravimetric fire assays.

The technical information in this release has been reviewed by James Rogers, PGeo, an independent consultant and a qualified person as defined by National Instrument 43-101.

About Dynasty Gold Corp.

Dynasty Gold is a Canadian mineral exploration company currently focused on gold exploration in North America with projects located in the Manitou-Stormy Lake greenstone belt in Ontario and in the Midas gold camp in Nevada. The company is currently advancing its Thundercloud gold resource in Northwestern Ontario. A National Instrument 43-101 independent technical report, dated Sept. 27, 2021, can be found on the company's website and SEDAR+. The 100-per-cent-owned Golden Repeat gold project in the Midas gold camp in Elko county, Nevada, is surrounded by a number of large-scale operating mines.

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