Nevada King Gold Corp. reported results from an extensive Phase I metallurgical testing program at the Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend, 264km northeast of Las Vegas, Nevada. The objective of the Phase I program was to test the various mineralized host rocks at Atlanta for gold and silver extraction, using conventional flowsheet unit operations to guide in selecting a process flowsheet suitable for the commercial extraction of gold and silver from the project.

Results of the Phase I test work support strong recoveries utilizing conventional Nevada oxide processing methods for the representative mineralization types present at Atlanta. Bulk Sample and Phase 1 metallurgical test work at Atlanta has been supervised by Gary Simmons (MMSA QP Number: 01013QP), formerly the Director of Metallurgy and Technology for Newmont Mining Corp. Mr. Simmons has supervised and managed numerous Carlin-style metallurgical testing programs in the Great Basin with characteristics similar to those found at Atlanta.

Test Results Summary: Atlanta mineralized resources have been characterized into two major resource categories for gold and silver processing: 1. Silicified breccias (mineralized material in and below the main Atlanta unconformity) and Volcanics (mineralized material above the main Atlanta unconformity). A breakout of the materials tested above and below the Atlanta unconformity and the laboratory metallurgy gold extraction test results are summarized in Table 1. A full range of rock types at Atlanta have been tested and test results clearly show the significant metallurgical difference between the silicified breccias and the volcanics. A similar table summarizing silver extractions for Atlanta can be found in Table 2. Silicified breccias, below the unconformity, are hard and abrasive rocks and have a high degree of sensitivity to process feed particle size.

Victory Metals Inc. (Nevada King Gold Corp.) NI 43-101 Technical Report on the Atlanta Project dated December 22, 2020, reported historic Atlanta mill recoveries, for the years 1979-85 at 81% for Au and 42% for Ag, at operating ball mill grind P80 = 120µm (microns). Silicified breccias are amenable to High Pressure Grinding Roll (HPGR) comminution, where high-grade would report to a mill and lower-grade to heap leaching. The determination between higher-grade and lower-grade material will be dependent upon future economic analysis.

Of significant note is that as the silica breccia gold grade decreases (<1.7 ppm Au), gold extraction increases at coarser P80 particle size, as shown in Table 1. Thus, reinforcing the benefit of milling higher grade and HPGR crush-heap leaching of the lower grade resources. Volcanics, above the unconformity, are relatively insensitive to process feed particle size and can be characterized as equal or similar to central Nevada commercial heap leach operations. Volcanics are amenable to conventional milling, conventional crush heap leaching and/or ROM heap leaching.

Gold extraction from fine milling at a 200 mesh grind (P80=75µm) show a weighted average: 91.7% extraction in the volcanics 87.5 % extraction in the low-grade silica breccias 85.9% extraction in the high-grade silica breccias Gold extraction from conventional crushing (P80=12.5 mm) show a weighted average: 87.1% extraction from volcanics 62.1% extraction from low-grade silica breccias 37.0% extraction from high grade silica breccias Gold extraction from HPGR crushed composites show a weighted average: 81.9% extraction from volcanics (only four of the nine volcanic composites were tested using HPGR as the remaining five composites contained elevated levels fines and are not suitable for HPGR processing) 71.4% extraction from low-grade silica breccias (<1.7 ppm Au) 50.4% extraction from high-grade silica breccias.