NuLegacy (TSX-V:NUG) is pleased to announce it has closed as scheduled, the lead order of 10 million units  at a price of C$0.025 per Unit by Crescat Portfolio Management LLC, on behalf of certain managed funds. This closing, together with that of, among others, certain directors, and officers of NuLegacy on November 3, 2023, brings the total Units closed to 40,664,000 Units for C$1,016,000.

As part of Crescat’s subscription, NuLegacy has granted Crescat an equity participation right to maintain its pro-rata ownership interest in the Company for so long as it owns 5% or more of the issued and outstanding common shares of NuLegacy. A final closing of the Company’s previously announced non-brokered private placement of 100,000,000 Units at a price of C$0.025 per Unit for gross proceeds of C$2,500,000 for remaining institutional and individual investors is scheduled for November 27 as drilling has commenced, and the Company seeks to complete the Offering before the receipt of any assay results that could result in an upward re-pricing of the Units under the policies of the TSX Venture Exchange. All securities issued to Crescat pursuant to the second closing are subject to a four month hold period expiring on March 18, 2024.

“We are very grateful for Crescat’s exemplary partnership in NuLegacy’s development,” commented Albert Matter, NuLegacy’s CEO.

About NuLegacy Gold: For the past decade NuLegacy has focused on exploring for high-grade Carlin-style gold deposits on its premier 108 sq. km (42 sq. mile) district scale Red Hill property. The Red Hill is on trend/adjacent^I to three of Nevada Gold Mines’ most profitable multi-million ounce Carlin-type gold mines; the Pipeline, Cortez and Goldrush^II with their massive 50+ million ounces gold endowment. These are three of the world’s thirty largest, lowest cost, highest grade, and politically safest gold mines, producing annually circa 3% of the world’s gold. Seven of NuLegacy’s principals/exploration team members have contributed to/participated in the discovery/expansion of one or more of Nevada’s seven massive Carlin-style gold deposits.

That focus has served the Company well through the extended bear markets in gold from 2010 to 2018 during which time NuLegacy elected not to participate in numerous initiatives proposed to it.

However, with the ‘on-going’ recovery in the price of gold to circa US $2,000 (+/- $200), gold mining has once again become profitable as evidenced by the industry’s highest dividend payout ratios in more than twenty years. NuLegacy’s governance team believes such improved profitability should/could see the gold mining industry prosper significantly over the next five to seven years such that it no longer suits the Company to confine itself solely to exploration, as recently signalled by NuLegacy’s creation of a royalty on its flagship Red Hill property. https://bit.ly/NUGroyalty

Thus, going forward NuLegacy’s focus will include:

1. Making a discovery on our premier flagship Red Hill property with its numerous prospective targets.
2. Establishing the viability of mining-shipping the mineralized material in the Iceberg corridor (North, Serena, and Central zones).
3. Engaging with potential joint venture partners to assist NuLegacy in making that viability determination and financing a positive decision.
4. Establishing a paying royalty portfolio to, at a minimum, cover the annual ongoing cost (~ $425,000) of maintaining NuLegacy’s ownership/control of the prized Red Hill property.
5. And, mindful that we have, in our opinion, the best Carlin-exploration team,
   1. Promoting the Red Hill to companies with the requisite engineering, construction, and production management to develop any future discovery at Red Hill.
   2. Engaging with neighbouring landowners to review potential synergies/opportunities.

^I The similarity and proximity of these deposits in the Cortez Trend including Goldrush are not necessarily indicative of the gold mineralization in NuLegacy’s Red Hill Property.

^II Currently structured as an underground mine Goldrush contains P&P: 7.8 M oz @ 7.29 g/t; M&I: 8.5 M oz @ 7.07 g/t (inclusive of P&P); and Inferred: 4.5 M oz @ 6.0 g/t (as of December 31, 2021). Source: Corporate presentation of Nevada Gold Mines – Goldrush Underground dated September 22, 2022.