Harvest Gold Corporation provided the following update to its shareholders: During the second half of 2022, Harvest Gold contemplated additional deeper drilling at Emerson to test the interpreted porphyry mineral system indicated by its initial drill program. That drilling would test the down-dip continuation of this system to the west of drill hole EMR22- 019. Market conditions precluded fund raising during 2022 for this additional work.

The Company understands the very high-risk nature of testing deep porphyry targets without significant funding. In order to conserve its operating funds, the Company limited its late 2022 exploration activities to a small soil sampling program on its Jacobite project. Upon receipt of the soil sampling results and before the year end, the Company decided to return the Jacobite project in good standing to the property vendors.

In addition, the Company re-negotiated the terms of the Option Agreements on the Emerson and Goathorn Projects to defer all future cash payments by one year in return for a $5,000 payment on each project by December 31, 2022. The Company confirms that it has made that payment on each project. While considering financing for its 100% owned Emerson and Goathorn projects, the Company is also actively investigating various advanced, financeable opportunities well-positioned for discovery.