NevGold Corp. (TSX-V:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is pleased to announce further metallurgical testwork results on the residual tailings material from the positive Phase II antimony testwork included in the November 5, 2025 News Release. The residual tailings material from the antimony leaching proc ess had remaining gold mineralization, and went through a second sequential stage of leaching testwork focused on gold. The positive sequential antimony and gold leaching results highlight the exceptional geo-metallurgical characteristics of the oxide antimony-gold Limousine Butte Project in Nevada, one of the world’s prolific mining jurisdictions. As the Company has stated in previous News Releases, and has now confirmed with testwork results, the antimony recovery process with conventional leaching methods has minimal to no impact on gold recoveries. 

The Company is also pleased to announce the identification of additional antimony mineralization at surface in the historical pre-strip waste dump situated adjacent to the past-producing Golden Butte pit (see Figure 1, 2, 3). Phase I sampling has been completed with a ssays pending. The identified antimony mineralization in the pre-strip waste dump is another potential source of at-surface antimony material at the Project.

NevGold CEO, Brandon Bonifacio, comments: “The results from our Phase II antimony and gold metallurgical testwork shows that leaching in sequence on antimony and gold works favorably as we have envisioned and guided to over the past 12 months. This is a key step in optimizing the metallurgical flowsheet to recover antimony and gold at Limo Butte. Since we have oxide antimony-gold mineralization, with two distinct, separate mineralizing events that initially deposited gold and then antimony, we are able to achieve high recoveries on both minerals with a simple, sequential leaching flowsheet. Most global antimony projects a re sulphide and produce an antimony concentrate, which adds significant complexities to the operation, cost structure, recovery of minerals, and concentrate marketing. We are fortunate that Limo Butte has a large, near-surface footprint of oxide antimony-gold mineralization which is amenable to leaching, and we have the opportunity to produce both antimony and gold metal at the project site. Limo Butte continues to distinguish itself from other antimony projects globally with its unique geo-metallurgical characteristics and simple, leach processing flowsheet.”

Bonifacio continues: “It is also encouraging that we have identified another potential source of at-surface antimony in the historical pre-strip waste dump from the past-producing gold m ine which did not have a focus on antimony. This would be additional antimony material at surface further to the historical leach pads. We have also completed the drill program on the historical leach pads, and the Mineral Resource Estimate is on track for Q2-2026.”

Key Highlights

• Average gold recovery greater than 93% from the Phase II gold cyanide shake leach tests on the residual tailings from the antimony leaching stage (results in Table 2):

• • Sample 102751 B achieved 93% to 97% gold recovery
  • Sample 102750 B achieved 82% to 99% gold recovery
  • Sample 102749 B achieved 94% to 97% gold recovery
  • Sample 102752 B achieved 93% to 98% gold recovery
  • Sample 101178 B achieved 95% to >9 9% gold recovery
  • Sample 101179 B achieved 82% to 94% gold recovery

• Based on testwork results, leaching is the preferred metallurgical process for both antimony and gold

• • Antimony recovery has minimal to no impact on the gold recovery in a potential combined antimony-gold mine scenario

• Further to the historical gold leach pads, NevGold has identified more visible antimony mineralization at surface (see Figure 1, 2, 3) in the historical pre-strip gold waste dump

• • Phase 1 sampling of historical waste dumps completed with assays pending

• Sonic drill program on historical gold leach pads is completed (~35 holes)

• • MRE on historical leach pads is track ing to early Q2-2026
  • MRE on historical leach pads is key step in the development of near-term antimony production scenario at the Project

Limo Butte Planned 2026 Activities / Status Update
NevGold will continue its active exploration program at Limo Butte including:

• Evaluating the historical geological database with focus on gold and antimony (completed);

• Advancing metallurgical testwork (ongoing);

• Continuing to drill test gold-antimony targets (5,000 meters (30 drillholes) completed, a further 20,000 meters is planned in 2026 focused on the Bullet Zone and Armory Fault discoveries);

• Advancing the Crushed and Run of Mine (“ROM”) leach pads to near-term antimony production (Drilling March-2026, MRE beginning of Q2-2026, ongoing metallurgical testwork);

• Completing initial gold-antimony Mineral Resource Estimate (MRE) (in progress).

• Advancing state and federal permitting, prioritizing the near-term antimony processing of the historical gold leach pads that do not require mining (in progress).

Summary of Antimony and Gold Metallurgical Testwork Program

The antimony-gold zones at Limousine Butte are typically associated with silicification and the formation of jasperoid breccias within the Pilot Shale unit, which is the primary host rock for Carlin-type gold-antimony mineralization in the area.

Composite samples of 20-kilogram were sent to the Kappes, Cassiday & Associates laboratory (KCA) in Reno, Nevada, for initial antimony recovery metallurgical test work. The core samples were composed o f material from the Resurrection Ridge and Cadilac Valley target areas ranging from 64 meters to 377 meters deep. The surface outcrop sample was taken from several outcrops in the historically mined Golden Butte pit, and the nearby Nevada Antimony Mine prospect. Both the surface and core samples contained antimony oxide with minor antimony sulphide minerals. Head assays for the composite samples are summarized in Table 1.

Following the leach testing for antimony, the residual tailings were utilized for cyanide shake tests for gold extraction. Cyanide shake tests were conducted using portions of the pulverized tails material. These test results provide indications of cyanide soluble metal extractions from pulverized material.

Table 1 – Head Assay of test material characteristics from Limo Butte.

Metallurgical Testwork Results – Summary

Table 2 – Summary of Phase II metallurgical testwork including acid leach tests (addition of H2SO4/HCL) for antimony, and cyanide shake leach tests for gold.

 Figure 1 – Drone picture at Limo Butte looking north with newly defined antimony mineralization at surface in historical pre-strip waste dump, historical Crushed and Run-of-Mine leach pads, Golden Butte pit, and Resurrection Ridge target. T

Figure 2 – Drone picture at Limo Butte looking northeast with newly defined antimony mineralization at surface in historical pre-strip waste dump adjacent to the historically mined Golden Butte pit.

Figure 3 – Picture looking at the waste dump, with an example of identified antimony mineralization in pre-strip waste dump material. Rock hammer for scale. 

Figure 4 – Limousine Butte Land Holdings and District Exploration Activity 

Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance:

NevGold QA/QC protocols are followed on the Project and include insertion of duplicate, blank and standard samples in all drill holes. A 30g gold fire assay and multi-elemental analysis ICP-OES method was completed by ISO 17025 certified American Assay Labs, Reno.

The metallurgical work was carried out by Kappes, Cassiday and Associates based in Reno, Nevada. Head assays were ground to 80% passing 0.075mm and analyzed by standard 30g gold fire assay and multi-elemental analysis ICP-OES methods. Antimony leach test samples were milled to 80% passing 0.045mm. The acid leach tests were leached at 80^oC for 8 hours. Gold cyanide shake leach tests were conducted using portions of the pulverized tails material after the antimony leaching.

The Company’s Qualified Person, Greg French, Vice President, Exploration has completed a review of the historical data in this press release. The historic data collection chain of custody procedures and analytical results by previous operators appear adequate and were completed to industry standard practices. For the Newmont and US Gold data a 30g gold fire assay and multi-elemental analysis ICP-OES method MS-41 was completed by ISO 17025 certified ALS Chemex, Reno or Elko Nevada.

Technical information contained in this news release has been reviewed and approved by Greg French, CPG, the Company’s Vice President, Exploration, who is NevGold’s Qualified Person under National Instrument 43-101 and responsible for technical matters of this release.

About the Company

NevGold is an exploration and development company targeting large-scale mineral systems in the proven districts of Nevada and Idaho. NevGold owns a 100% interest in the Limousine Butte and Cedar Wash gold projects in Nevada, and the Nutmeg Mountain gold project and Zeus copper project in Idaho.