NuLegacy Gold provided update on its flagship 108 sq. km Red Hill property in the Cortez gold-trend of Nevada (~ 7 km south-east of Barrick's multi-million-ounce Tier 1 Goldrush gold deposit). Financial plans: NuLegacy, in cooperation with its principals and shareholders, is planning a fall financing for circa CAD 2 million (the "Financing") with 80%+ of the net proceeds allotted towards drilling up to five reverse circulation drill holes at Red Hill, preferably before year-end 2023 (budgeted at USD 1.25 million/CAD 1.75 million).

The balance of net proceeds from the Financing will be used for general corporate and working capital purposes. Full details of the Financing to be determined within the context of the market are expected to be announced within the next several weeks. These five holes have been selected by its newly reconstituted geological exploration/discovery team highlighted below.

New exploration/discovery team: Since the conclusion of the 2020-21 exploration program, the company overhauled its exploration team to maintain NuLegacy's deep knowledge of the property and also to bring in legacy regional and successful expertise. The team now consists of: Dr. Roger Steininger, NuLegacy's Exploration Director, and co-founder, credited with the Pipeline discovery, its Exploration Manager, Mr. Charles Weakly, past Regional Geologist at Barrick Gold Exploration and instrumental in the expansion of Goldstrike, and, its Drill Supervisor, the famed Mr. Willam Mounts, who's had the good fortune to be present at more major gold mine discoveries than any other member of the team, quite possibly more than all of them combined. Examples of some of the more robust reported intercepts include: 9.6 grams/tonne over 5.1 meters (WS19-02), 16.9 grams/tonne over 8.7 meters in the Serena zone (SR18-02C), 11.0 grams/tonne over 12.2 meters, and, 25.2 grams/tonne over 4.6 meters (RHB40 and RHB58 respectively) 2 in the north Iceberg zone as illustrated just below, with 5-foot intervals ­ individual `hits' as high as 40+ grams/tonne.

Proposed drilling program: Pending completion of the Financing, the proposed 5-hole fall 2023 drill program (as illustrated in the listed links to their cross-sections) is approximately 3,000 meters (~10,000 feet) of RC (reverse circulation) holes with average depths of 600 meters (2,000 feet) focused on the Mid-rift, South-West-rift, and South Iceberg target areas at a budgeted cost of USD 1.25 million. Possible outcomes: The global review by the new geo-team has improved NuLegacy's confidence in the continuity of major Carlin-type gold structures between the Pipeline, Cortez Hills mines and Goldrush deposit onto the Red Hill property and thus the potential for a large Carlin-style gold deposit at Red Hill.