Big Ridge Gold Corp. (TSX-V: BRAU) (OTCQB: ALVLF) is pleased to announce that it has closed a non-brokered private placement of 42,000,000 common share units of the Company at $0.125 per share for aggregate gross proceeds to the Company of $5,250,000.

Each Unit consists of one common share and one half of one common share purchase warrant. Each whole Warrant is exercisable into one common share of the Company at a price of $0.20 per common share and expires on November 25, 2027.

In connection with the Offering, the Company paid a total of $175,00 in cash compensation and issued a total of 1,400,000 non-transferable finders warrants to PowerOne Capital Markets Limited as a finders fee. Each finder warrant is exercisable until November 25, 2027, into a finder unit at an exercise price of $0.125 per finder unit, with each finder unit comprised of one common share of the Company and one-half of one common share purchase warrant, with each such whole warrant exercisable until November 25, 2027, into one common share of the Company at a price of $0.20 per share.

The Company intends to use the net proceeds of the Offering to fund the purchase of the remaining 20% of the Hope Brook Gold Project it does not currently own and for general working capital purposes.

Michael Bandrowski, President & CEO of the Company, commented: “Big Ridge is pleased to receive continued support from existing shareholders, including strong participation from Mr. Michael Gentile, PowerOne Capital Group, and other supportive shareholders. We look forward to closing the purchase of the remaining 20% of the Hope Brook Gold Project and continuing to advance Hope Brook toward production.”

The securities issued pursuant to the Offering are subject to a four month hold period expiring November 26, 2025.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.

Qualified Person

Paul Robinson, P. Geo., V.P. Exploration for Big Ridge, and a Qualified Person within the meaning of NI 43-101, Standards of Disclosure for Mineral Projects, has reviewed and approved the technical information contained in this news release.

About Hope Brook

The Hope Brook Gold Project is an advanced stage, high-grade gold project that produced 752,162 ounces of gold from 1987 – 1997. Initial production consisted of an open pit before moving to underground mining. Hope Brook operated using both heap leach (1987 -1990) and conventional cyanidation milling methods (1989-1997) with a later inclusion of flotation concentration to recover copper (1991). Government records indicate that gold recoveries from milling ranged between a low of 78.8% in 1987 and a high of 85.9% in 1989. Government and company annual reports indicate that gold recoveries ranged between a low of 82.1% in 1994 and a high of 89.83% in 1996 following a change of ownership. Copper flotation produced a concentrate at approximately 22% Cu and 34.3 g/t Au for shipment in 1992.

Hope Brook hosts an Indicated gold resource totalling 16,190,000 tonnes grading 2.32 grams per tonne gold for 1.2 million ounces and Inferred resources totalling 2,215,000 tonnes grading 3.25 grams per tonne gold for 231,000 ounces based on a 0.4 and 2.0 gram per tonne cut-off grades for open pit and underground resources respectively using a long-term gold price of US$1,750 (see 43-101 Compliant Mineral Resource Estimate Update for the Hope Brook Gold Project, Newfoundland and Labrador, Canada April 6, 2023).

The Hope Brook gold deposit is a high-sulfidation epithermal gold deposit hosted in the Proterozoic aged Whittle Hill Sandstone and is intruded by a Late Proterozoic quartz-feldspar porphyry sill-dike complex of the Roti Intrusive Suite. The deposit is located adjacent to and within an extensive advanced argillic alteration envelope which includes pyrophyllite, kaolinite, andalusite, and alunite. The principal gold mineralization occurs in a buff-colored massive, vuggy silicic alteration with an associated, less developed grey silicic alteration with pyrite, chalcopyrite and lesser bornite accessory minerals. Gold mineralization is also found with pyrite in units of advanced argillic alteration adjacent to or near silicic alteration horizons. The altered and mineralized zone is cut by mafic dykes whose contacts are often mineralized. All the altered and mineralized sequences and the intruded dykes have been folded.

Hope Brook is located 85 kilometers east of Port aux Basques, Newfoundland. The project has well maintained infrastructure on site, including an operational 28-person camp, an 1,100-meter airstrip, ice-free docking facility and importantly, connection to the provincial electrical power grid via an on-site substation.

About Big Ridge Gold Corp.

Big Ridge Gold Corp. is an exploration and development company managed by a disciplined and experienced team of officers and directors. The Company is committed to the development of advanced stage mining projects using industry best practices combined with strong social license from our local communities. Big Ridge owns an 80% interest in the Hope Brook Gold Project, located in Newfoundland and Labrador. Big Ridge also owns a 100% interest in the highly prospective Oxford Gold Project located in Manitoba and the Destiny Gold Project in Quebec.

Acknowledgement

Big Ridge acknowledges and appreciates the Newfoundland and Labrador Ministry of Natural Resources’ financial support of the Company’s 2023 exploration programs through the Junior Exploration Assistance (JEA) Program.