Japan Gold Corp. provided an update on the 2023 work programs completed on both the Company's Barrick Alliance projects and its own 100% owned projects across its Hokkaido, Honshu and Kyushu project portfolio, and outline work programs for 2024. Barrick Alliance Projects Southern Kyushu The Mizobe Project was the most active of the Barrick Alliance projects during 2023, with seven drill holes completed comprised of three initial framework drill holes in Q2|23 and four follow-up drill holes in Q4|23, totaling 2,416.2 meters of drill core.

Drilling has defined an extensive and largely concealed alteration system, significant mineralization encountered in drilling includes intersections up to 144 metres in down-hole length (refer to the Company's news release dated November 16, 2023). The four drill holes completed in Q4|23 were designed to further refine the understanding of controls on high- grade mineralization. Assay results for these holes are expected in Q1|24 .

Intersections from the initial framework program included the following long mineralized interval: MZDD23-003: 144 m & 0.7 g/t Au & 2.1 Ag, including 16.0 m & 2.8 g/t Au & 4.5 g/t Ag from 47.0 m Including: 68.25 m @ 0.9 g/t Au & 2.1 g/t Ag from 122.75 m; 16.0 m @ 2.8 g/t Au & 4.5 g/t Ag; and, 10.0 m @ 4.3 g/t Au & 6.6 g/t Ag (previously released interval) The 2024 work program will include a ground magnetic survey, detailed structural interpretation and a revised geological model to vector toward high-grade mineralization. Honshu Togi Project - On January 1, 2024, Japan experienced an earthquake, measuring 7.6 magnitude, on the Noto Peninsula in the Ishikawa Prefecture, the location of the Togi Project. As the epicentre was very shallow, large tremors were observed in many places with property damage, loss of life and a tsunami warning.

Japan Gold's Chairman and CEO John Proust said "Our thoughts are with the people in Japan affected by the Noto Peninsula earthquake on January 1. In Q2|23, mapping was completed at the Togi Project confirming the potential for concealed targets along a four-kilometer normal fault zone NE of the Mori vein workings. Eight line kilometers of CSAMT geophysics completed over the target in November have highlighted resistivity and conductivity features interpreted as normal faults associated with the low sulfidation systems emplacement. The 2024 work program includes ground magnetics to further refine drill-ready targets.

A potential drill program in 2024 is subject to the results and permitting. Aibetsu Project - During August and September 24.5 kilometers of access lines were cleared across a large five-by-four-kilometer multi-catchment stream-sediment anomaly defined by strong gold and pathfinder elements. Grid mapping, 16.3-line kilometers of CSAMT geophysics, and 539 soil samples were collected across the area.

There is an ongoing interpretation of the results, aiming to confirm the geological model and target potential. Subject to these results, a drill program may follow. Hakuryu Project - Detailed mapping was completed over the project in 2023.

The Hakuryu Project is located at the southern end of the 18-kilometer-long Konomai gold field. The northern and central parts of the Konomai vein field were developed and mined by Sumitomo Metal Mining Co. Ltd. between 1915-1973 producing 2.35 Moz of gold at an average grade of 6.4 g/t1.

Most of the veins exploited by SMM were exposed at or near boiling zone levels, the most notable vein from the Konomai vein field is the Konomai No. 5 vein which produced 1.17 Moz of gold from a 2-km-long vein that was up to 50 metres wide and 560 metres deep1. Work programs planned for 2024 include ground magnetics to assist in the delineation of the vein structure extensions.

Japan Gold 100% Owned Projects Ikutahara Project - North Hokkaido Showa and Ikutahara Prospects: There were 11 line-kilometres of CSAMT geophysics completed in Q3|23 extending the CSAMT geophysics grid coverage from the Kitano-o prospect south by 2.5 kilometers. The CSAMT survey has identified strong resistivity features beneath coincident broad high-grade gold in soil anomalies. The CSAMT resistivity anomalies potentially represent silicification in the underlying strata, an ideal host rock for quartz vein development.

Additional prospect scale geophysics is planned to further refine drill targets at the Showa and Ikutahara prospects in 2024. Ryuo Prospect: A revision of the 3D geological model has identified new structural targets along the prospective rhyolite dome margin. At a larger district scale, anomalies identified by the 2022 expanded .

soil grid were ground-checked, identifying zones of strong silicification potentially overlying new mineralized vein structures. Programs planned for 2024 will include ground-checking new structural targets at the Ryuo prospect, and soil grid extensions to fully define open-ended district-scale alteration anomalies. Saroma and Jomon Corridor Prospects: Reconnaissance mapping completed in Q2|23 confirmed alteration and locally high-grade quartz vein float, up to 54 g/t Au, along the nine-km Saroma Jomon corridor.

Follow-up soil sampling has identified four distinct areas of interest along the corridor defined by gold and pathfinder anomalies. Additional prospect scale geophysics is planned to further refine drill targets along the Saroma-Jomon corridor in 2024.