Dear Shareholder/Investor:

NVX is at its fiscal year-end for 2024.  While the market for junior explorers remains challenging, the gold price is beginning to move upward, which hopefully portends a strengthening in equities in the near-term.  We anticipate a continued softening of the interest rate which may provide a tailwind for further rises in the gold price and a concomitant lifting of market sentiment.  The Company has maintained its properties through the support of a major shareholder, although this funding has not allowed substantial field activities to be undertaken.  A private placement is contemplated as soon as market conditions will allow that might support one or more drilling programs to advance the Company’s primary projects.

A summary of the primary projects is included here to bring you up to date on the progress we have made this year.  Although funding has not been available at a level necessary to accomplish any drilling, we have been able to move forward with smaller surface sampling programs and updated technical analysis on multiple projects.

Slumber (Au) –

• Substantial Low-Grade Gold System with demonstrable +million-ounce potential and previously announced Exploration Target (43-101)

The Slumber Project is located in northwest Nevada, approximately 70 miles NW of Winnemucca.  30+ holes have been drilled primarily over the past 5 years, in a basin of strongly-oxidized volcanic breccia.  This breccia mineralization is thick and continuous.  Potential is very good to increase grades with closer-spaced drilling, targeting areas of faulting/structural preparation or stratigraphic traps.  The “exploration target” (as defined under NI 43-101) has been estimated to host up to 450k ounces of low-grade gold mineralization.  The magnitude of the “exploration target” is likely understated, since the estimate includes only the areas where drilling exists, but excludes logical extensions of significant “open” mineralization to the north and northeast.  Preliminary metallurgical testing has been done on drill cuttings which confirms +90% cyanide heap-leach recoveries of gold in oxidized ore, observed to depths of 300m.

In summary, Slumber is a significant, shallow, low-grade oxide gold system, similar in nature to the Sleeper Mine, with strong continuity and promising metallurgy. Additional potential exists for the discovery of high-grade (bonanza-style) mineralization within the system. The next phase of work will incorporate 4 - 6 RC drill holes, totaling 1000 meters, at a cost of C$200,000.

See - https://nvgoldcorp.com/news/nv-gold-announces-exploration-target-at-its-slumbe-5050/

Jesse D. Wellman, CPG, an American Institute of Professional Geologists certified Professional Geologist, and is a Qualified Person as defined in the NI 43-101 and has approved the information contained in the letter regarding the Slumber Project;

Triple T (Au) –

• Advanced Gold Exploration with large system confirmed

The project contains a 5km long exposure of gold mineralization with over 50 shallow drill holes to date, of which NVX drilled 40 of these holes. Numerous intersections of quartz veining were encountered yielding values up to 9gpt. The gold mineralization is contained within a thrust fault zone, bounded above and below by resistant limestones.  Drilling to date has been confined primarily to the western edge of the exposure with very promising targets down-dip and along strike.   The property is held under lease from local prospectors, and is situated on the SE flank of the Humboldt Range, approximately 7km SE of the Coeur Rochester Mine. See most recent drilling release:

See - https://nvgoldcorp.com/news/nv-gold-corporation-reports-positive-drill-results-6197/

Numerous promising targets are identified along the range front that can be easily accessed with minimal disturbance.  An initial IP drill program (C$60,000 – 70,000) is suggested to examine bedrock beneath range-front overburden. The next drill program is planned to complete 15-25 shallow RC holes totaling 4,000-8,000 feet (1,200-2,400m) at an all-in cost of C$350-450K (including IP Survey). 

Permitting is fairly straight forward in the near-term.  2023 drilling was executed under a Notice of Intent, which allows up to 5.0 acres of disturbance.  The 2023 work program utilized less than 50% of the disturbance allowed under this permit.  Additional permit(s) can be applied for, providing there is greater than 1.0 miles of separation between the nearest two drill holes in each pattern.  Given the lateral extent of the gold system (3.2 miles), we anticipate that at least 2 NOI’s will be required to complete drilling.  Following the NOI stage (if successful), a Plan of Operations (POO) will be required to do infill drilling on tighter spacing.

SW Pipe (Au) - 

• Pipeline-Style Target 7km SW of Pipeline Pit with strong geochemical signature and modest near-surface gold occurrence

SW Pipe is located proximal to NGM’s Pipeline Mine (+/- 6km) and potentially could be genetically connected.  There is a small layering of low-grade gold mineralization at the surface, probably indicating fluid leakage from depth, along regional-scale faulting. Drilling conditions are somewhat challenging and will require deeper diamond drilling to test.  Surface geochemistry places a bulls-eye, proximal to a strong structural intersection.  Target depth is in the 400-500m range (lower plate?).  The drilling program, as currently envisaged, would include 2-3 moderate-depth core holes, with a budget in the range of C$500-$800K.  A joint venture with a larger firm, or a lease with retained royalty is planned.  Given the address of this target, the potential is large.

See - https://nvgoldcorp.com/news/nv-gold-announces-exploration-target-at-its-sw-pip-5515/

Jesse D. Wellman, CPG, an American Institute of Professional Geologists certified Professional Geologist, and is a Qualified Person as defined in the NI 43-101 and has approved the information contained in the letter regarding the SW Pipe Project.

Oasis (Au-Cu) –

• Gold-Copper Porphyry with drilled gold near-surface and increasing Cu-Mo with depth

The Oasis Project consists of 10, 100% NVX-owned claims in southwestern Nevada located 26 miles southwest of the Goldfield mining district (4 Moz historic gold production).  The project is centered on a porphyry gold-copper system in Walker Lane of western Nevada.  Outcrop exposures exhibit widespread disseminated gold mineralization with Cu-Mo below.  Surface samples yield up to to 6.3 g/t. Previous drilling has confirmed two surface/subsurface gold zones at +0.1 g/t that remain open.  An “exploration target” (NI 43-101) has been estimated to contain up to 225K oz Au @+/- 0.4 gpt.   The mineralization is centered on a multi-phase intrusive complex cutting Lower Paleozoic basement sedimentary rocks and overlying Tertiary andesitic volcanics.  Mineralization is coincident with potassic alteration (hydrothermal biotite-magnetite), sheeted A-type quartz veinlets and elevated Mo (at shallow levels).  Exposed and drilled portions of the system appear to represent outer/upper parts of a porphyry Au-Cu system.  Deepest drilling has tested to only 365m (1,200 feet) below surface. The system remains open and potential for porphyry Au-Cu mineralization is open at depth.

Highlights of drilling completed in 2010 and 2011 (Centerra):

• •  Hole 14: 96.lm of 0.26 g/t Au
  •  Hole 15: 7.6m of 0.80 g/t and 10.7m of 0.63 g/t
  •  Hole 10: 13.7m of 0.49 g/t including 3.0m of 1.06 g/t
  •  Hole 24: 169.2m of 0.22 g/t
  •  Hole 26: 30.5m of 0.40 g/t including 10.7m of 0.91 g/t
  •  Increasing copper with depth accompanied by low-grade gold
  •  Potential for porphyry Au-Cu mineralization below the previous drilling with up 0.5% Cu encountered in deeper intervals.

See-  https://nvgoldcorp.com/news/nv-gold-identifies-drill-targets-at-the-oasis-gold-9411/

8 – 10 RC drill holes, totaling 1500 meters, are suggested as the next phase of drilling at Oasis at a cost of C$300,000 to expand and connect the known zones of gold mineralization.

Jesse D. Wellman, CPG, an American Institute of Professional Geologists certified Professional Geologist, and is a Qualified Person as defined in the NI 43-101 and has approved the information contained in the letter regarding the Oasis Project.

Other Drillable Projects – In addition to Triple T, Slumber, SWP and Oasis, NVX owns several other projects that could easily be advanced to the drill phase.

Data Compilation/AI - In addition to these properties, NV owns a substantial data library, housed in Reno, containing the files of work that was performed in earlier years by Anglo Gold, USMX, Canyon Resources and others.  The library has been digitized and georeferenced and includes drilling, geochemistry, geophysics and mapping.  It is set up for AI analysis.

A storage facility in Reno contains all the “hard” copies if the files and maps. 

Near-Term Value Catalysts – In the next 12-18 months, the Company can expect (with adequate financing) to engage and complete 2-3 highly prospective drill programs.  News-flow should be excellent, with one or two of these programs having strong potential to produce a new discovery or significant enlargement of an existing one.  The company has an accomplished senior geologist that has managed the projects, and a strong Board of Directors.

One-Year Plan - NVX will be seeking a financing of up to C$2.0 million for its one-year plan.  This financing would be adequate to accomplish three drilling programs and one geophysical program.  Total suggested exploration costs are estimated at C$900,000, the balance C$1.1M would be for overhead and contingency. All three drilling programs are considered having an excellent probability of success. 

1. The proposed program at Slumber will consist of 4-6 RC holes to test mercury-vapor anomalies at the margins of open mineralization and to test potential higher grades within the current footprint of the known wide-spaced drilling.  Given the known continuity already confirmed by previous drilling, it is expected that the program can be successful in expanding the current footprint of the target, as well as potentially increasing the average grade.  It may also enhance the targeting of possible bonanza-style mineralization (Sleeper targets) within this large, robust system.
2. The proposed program at Triple T will consist of a moderate-size IP program with the goal of developing a model of the targeting covered zones as it intersects the range-front and the nearby pediment. Drilling of the prospective geology in the next phase is designed to test areas of strong results identified in outcrop sampling (up to 9g Au) along the exposed west flank of the target.  Follow-up drilling may also be performed to test anomalies disclosed by IP work.
3. The proposed program at Oasis initially will consist of 8 - 10 RC holes to expand/connect the known gold zones. Recent analysis has defined specific targets to enlarge the known gold footprint.  Additional drilling could expand the gold system significantly, particularly to the south and west.  If budget allows, deeper drilling in the known areas of elevated copper could open a substantial body of porphyry-style copper mineralization.

Given the lack of substantial funding the past year, we are still pleased with the results of the 2023-4 work.  We have kept our highest-priority projects moving forward, albeit more slowly than we would like.  We were able to provide good progress towards our goal of achieving resource status for our highest-priority projects.

I would like to personally thank you all for your continued support and patience during this prolonged period of uncertainty in the mineral exploration sector. With metal prices, and more specifically the price of gold improving, I remain optimistic for the next bull cycle for explorers and for NV Gold.

Sincerely,

John Watson, Chairman and Interim CEO

For further information, visit the Company’s website at http://www.nvgoldcorp.com or contact:

Freeform Communications at 604.245.0054

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 letter.

This letter contains “forward-looking information” within the meaning of applicable Canadian securities legislation and statements that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company and include, without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things: the potential quantity and grade of mineral resources identified in the Exploration Target and the Company’s current expectations regarding future exploration and development plans. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking information and forward-looking statements contained in this letter are made as of the date of this letter, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.