• FRA:8NV

CEO Letters

Letter to Shareholders

July 7, 2022

Dear Shareholders, Investors and other Stakeholders:

Please allow me to introduce myself. I am John Seaberg, the new CEO and Director of NV Gold Corporation (“NVX” or the “Company”). I am extremely excited to join the NVX team and work with the Board and Management to take the Company to the next level. I believe we are blessed with a suite of prospective properties and a large land package in Nevada, arguable the best jurisdiction in the world to find gold.

Before moving on, I would like to thank Mr. John Watson for stepping in to take the Interim CEO role for the past 12 months to keep the Company on course. Due to his leadership, NV Gold is well positioned to optimize its strategic land package and properties to create shareholder value. Mr. Watson has graciously agreed to stay on the Board as Executive Chairman and provide his extensive experience and knowledge to the Company as I become more familiar with our assets and our team. I will be working closely with Mr. Watson and the rest of the Board to redefine the Company’s long-term strategy and short-term goals and objectives.

The Company’s foundation remains solid. We currently have 20+ exploration projects in Nevada and one in Switzerland. Additionally, we continue to evaluate additional properties in Nevada and pursue other attractive opportunities with the quest of expanding and upgrading our existing land position. In our opinion, Nevada remains underexplored, and the undiscovered gold endowment remains significant.

We currently have approximately C$1.5 million in the treasury, which is sufficient to complete our 2022 drill program. We will opportunistically look to raise additional funds with a boundary of employing a disciplined capital allocation strategy ensuring that every dollar raised is spent wisely and provides a significant return to our shareholders. With approximately 80 million common shares outstanding, Management and the Board are mindful not to unnecessarily dilute our loyal shareholders.

Our Nevada Exploration Approach:

Much of Nevada has been well-explored over the past 50 years, with the primary focus on the mountain ranges. Good geologic exposure, combined with an increasing understanding of the structure and stratigraphy has led to numerous world-class discoveries. That said, many, if not most of the logical, near surface targets have now been evaluated and drilled, leaving only deeper, more expensive targets to be tested. However, NV Gold believes that the Transitional Pediment may offer even more potential than the historical targets. Located at or near the base of the ranges, these environments may offer enhanced structure (plumbing), that may be combined with the same permissive stratigraphic hosts that have yielded the big producers in the region. This is our primary focus. This concept gives a junior firm such as NVX a more level playing field where experience and creative techniques can additional win the day. We continue to believe the discovery potential in Nevada, arguable one of the pre-eminent gold provinces on Earth, is strong. We have a large land package in Nevada and intend to take full advantage of these assets. In addition to continuing our field work on our existing portfolio, we will look more strategically to add scale through strategic partnerships. This could include additional joint ventures, strategic investors or even mergers. Nevada is ripe with high quality junior exploration and development companies. NVX is blessed with a committed, high quality technical team with decades of experience that understand Nevada’s geology very well and a strong balance sheet.

The Company’s near-term focus remains on our highest priority active targets, including Slumber, Discovery Bay and Sandy. Continuation of cost-efficient project generation and working in close relationship with local prospecting stakeholders will be another important foundation of the Company’s strategy. The current work plans will include additional geophysical studies, geochemical sampling and mapping and as much drilling as possible given the financial constraints and the high demand for drill rigs in Nevada. It is an extremely tight market and we continue to build strategic relationships with a variety of drilling companies to secure the resources needed to explore our properties.

In summary, the next twelve months will be pivotal for NVX. We have a highly experienced staff, tremendous leadership and guidance from our Board, a large, diverse portfolio of properties and a healthy balance sheet. I am excited to join such a well-established company with tremendous potential. I know it won’t be easy but enhancing shareholder value never is. I am confident in our management team, our portfolio of properties and our highly-experienced Board of Directors. We possess all the tools to be successful. You can count on this team to work tirelessly to take NVX to the next level.

I want to take this opportunity to thank our employees, investors, Board of Directors and key stakeholders for their support and interest in NVX. It should be an exciting twelve months for the company. Let the journey begin!

John Seaberg
Chief Executive Officer
NV Gold Corporation