FOR Dissemination IN the United States - Nulegacy Provides Private Placement and Exploration Program Update

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PRESS RELEASE

By regulatory requirement,

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR

FOR DISSEMINATION IN THE UNITED STATES

- NULEGACY PROVIDES PRIVATE PLACEMENT

AND EXPLORATION PROGRAM UPDATE -

For Immediate Release October 16, 2023

Reno, NV – We are pleased to report that insiders and principals of NuLegacy have subscribed

for/committed to 44.23 million units (C $1 .1 million or 44 %) of the Company’s non -brokered private

placement of 100 million units at a price of C $ 0.025 (two and one-half cents) per unit for gross proceeds

of C$2,500,000, announced on September 12th, 2023 (the “Offering”). The initial closing of the Offering

is scheduled for the last week of October 2023.

Our marketing will now focus on accredited investors, close friends and business associates with the final

closing expected on or before November 14th, 2023.

Fall drilling program: We are starting this fall’s planned drilling program of five holes with “great

expectations” that one of them will return a “discovery” intercept. Ms. Nancy Richter, our exploration team

leader, expressed her view as,

“With this configuration of holes, we should either hit a good intercept or be close enough that the

alteration and geochemical analysis1 will vector us in the right direction.”

Drill Targeting the “Sweet Spot’ - the Midrift

To enlarge map, click https://bit.ly/2023drillplanmap

1 Usually takes ~25 days after receipt of gold assays for complete geochemical analysis.

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Field update: Under the supervision of our Exploration Manager, Mr. Charles Weakly, o ur logistics

contractor (Legarza Exploration for road building, maintenance, etc.) started preparations as scheduled on

October 10th, and our driller, Envirotech, will mobilize onto the property on or about the week of Oct. 30th,

2023; thus we expect the initial couple of holes to be ready for assaying (following logging and assay

preparation) in mid-November just after closing the Offering.

Online presentations of NuLegacy’s prospects: https://nulegacygold.com/investors/events/

The participation in the Offering by certain insiders and principals will be exempt ed from the formal

valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 – Protection

of Minority Security Holders in Special Transactions (“MI 61 -101”) pursuant to sections 5.5(a) and

5.7(1)(a) thereof based on the fact that neither the fair market value of the units subscribed for by each such

insiders and principals , nor the consideration for the units to be paid by same, will exceed 25% of the

Company’s market capitalization.

About NuLegacy Gold: NuLegacy Gold’s focus is discovering a high-grade Carlin-style gold deposit on

its flagship 108 sq. km (42 sq. mile) district scale Red Hill Property in the Cortez gold trend of Nevada

directly on trend and adjacent I to three, multi -million ounce Carlin-type gold deposits (Pipeline, Cortez

Hills and Goldrush) that are ranked amongst the world’s thirty largest, lowest cost, hi ghest grade and

politically safest gold mines and are three of Nevada Gold Mines’ most profitable mines.II

ON BEHALF OF THE BOARD OF NULEGACY GOLD CORPORATION

Albert J. Matter, Chief Executive Officer & Cofounding Director

Tel: +1 (604) 639-3640; Email: [email protected]

For more information about NuLegacy visit: www.nulegacygold.com or www.sedarplus.ca

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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of

any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of

the securities in the United States of America. The securities have not been and will not be registered under the United

States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold

within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933

Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration

requirements is available.

Dr. Roger Steininger, a Director of NuLegacy, is a Certified Professional Geologist (CPG 7417) and the qualified

person as defined by NI 43-101, Standards of Disclosure for Mineral Projects, responsible for approving the scientific

and technical information contained in this news release.

Cautionary Statement on Forward-Looking Information: This news release contains forward-looking information

and statements under applicable securities laws, which information and/or statements relate to future events or future

performance (including, but not limited to, the Offering, the total subscriptions and commitments received to date

including the participation by insiders and principals, the proposed closing dates and final size of the Offering; the

prospective nature of and proposed 2023 fall drill program at Red Hill including the priority drill targets and the

estimated timing, costs and potential results thereof including our expectation of a ‘discovery’ intercept and reflect

management’s current expectations and beliefs based on assumptions made by and information currently available

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to the Company. Readers are cautioned that such forward -looking information and statements are neither promises

nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those

expected including, but not limited to, market conditions, availability of financing, actual results of exploration

activities and drilling, unanticipated geological, stratigraphic and structural formations, misinterpretation or

incorrect analysis of projected geological structures, alterations and mineralization, environmental risks, operating

risks, accidents, labor issues, delays in obtaining governmental approvals and permits, inability to secure drilling

equipment and/or contractors on a timely basis or at all , delays in receipt of assay results from third party

laboratories, inflation, future prices for gold, changes in personnel and other risks in the mining industry. There are

no assurances that the Company will successfully complete the Offering to raise sufficient funds to conduct the

proposed 2023 fall drill program, in whole or in part. Furthermore, there are no known mineral resources or reserves

in the Red Hill Property, any proposed exploration programs are exploratory searches for bodies of ore and the

presence of gold resources on properties adjacent or near the Red Hill Property including the Goldrush deposit is not

necessarily indicative of the gold mineralization on the Red Hill Property. There is also uncertainty about the

continued spread and severity of COVID -19, the ongoing war s in Ukraine and Gaza , elevated inflation and high

interest rates and the impact they will have on the NuLegacy’s operations, personnel, supply chains, ability to raise

capital, access properties or procure exploration equipment, supplies, contractors, and other personnel on a timely

basis or at all and economic activity in general. All the forward-looking information and statements made in this news

release are qualified by these cautionary statements and those in our continuous disclosure filings available on

SEDAR+ at www.sedarplus.ca. The forward-looking information and statements in this news release are made as of

the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or

circumstances save as required by applicable law. Accordingly, readers should not place undue reliance on forward-

looking information and statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this

release.