MAS Gold Corp. announced an updated Mineral Resource Estimate for the North Lake Gold Deposit ("North Lake"). North Lake is one of the gold exploration projects the Company is focused on advancing, located in the prospective La Ronge Gold Belt of northeastern Saskatchewan.

At a marginal grade cut-off of 0.40 grams per tonne gold ("g/t Au"), the North Lake Gold Deposit is estimated to contain an Indicated Mineral Resource of 13.8 M t grading 0.88 g/t Au, for 389,000 contained oz of gold ("oz Au"), and an Inferred Mineral Resource of 3.6 M t grading 0.82 g/t Au for 95,000 contained oz of gold. David Thomas, P. Geo., of DKT Geosolutions Inc. is the Qualified Person ("QP", as defined by National Instrument 43-101) for the North Lake Mineral Resource Estimate update that has an effective date of October 1, 2022. The 2023 update was able to upgrade 79% of the estimated tonnes and 81% of the in-situ gold to the Indicated category as well as increase the average estimated grade by 2.4%.

The 2021 estimate totalled 18.1 Mt at 0.85 g/t Au for 495,000 oz Au, in the Inferred category. The estimate follows MAS Gold's 2022, winter drilling program at North Lake (34 holes: 4,088.5 m), the results of which were reported in MAS Gold's news releases dated April 26, 2022; May 16, 2022; and August 09, 2022. The upgrade in the classification of the Mineral Resource is an important outcome of the 2022 drilling program that resulted from a tighter drill spacing and twinning of historical drill holes.

This allowed for a greater confidence in the near surface Mineral Resource. The North Lake Mineral Resources are constrained within an optimized pit shell with an overall average slope angle of 50°. A long-term gold price of USD 1,600/oz was used, along with a metallurgical recovery of 88%.

The gold recovery rate is the same as the value used for the 2021 Mineral Resource Estimate and based on test work performed by Blue Coast Research of Parksville, B.C., on behalf of MAS Gold. A marginal grade cut-off of 0.43 g/t Au was estimated, based on a total process and G&A operating cost of USD 19.50/t of mined mineralized material. For purposes of estimation, a marginal grade cut- off of 0.40 g/t Au was applied.

The contained gold ounces are in-situ. All figures have been rounded, as such the summations within the tables may not agree. Mineral Resources which are not Mineral Reserves, do not have demonstrated economic viability.

The estimate of Mineral Resources may be materially affected by: metal prices and exchange rate assumptions; changes in local interpretations of mineralization geometry and continuity; changes to grade capping, density and domain assignments; changes to geotechnical, mining and metallurgical recovery assumptions; ability to maintain environmental and other regulatory permits; and ability to maintain the social license to operate. The estimate of Mineral Resources may be materially affected by environmental permitting, legal title, taxation, socio-political, marketing, or other relevant issues. Mineral Resources are classified according to Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards (2014) and CIM Best Practices (2019).

The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and can not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. As part of the estimation process, QP Thomas concluded that the drillhole spacings and historical QA/QC protocols are sufficient to support Mineral Resources in the Inferred and Indicated categories.