Highlights

Highlighted gold assays from drill hole NGKOP22007 (copper assays are still pending) include:

• 0.55 g/t Au over 112.5m from 53.5m depth along hole (37.8m vertical depth), including:
  • 0.87 g/t Au over 33.3m from 122.7m (93.8m vertical), which includes
    • 2.24 g/t Au over 10.15m from 155.85mm (110.2m vertical).

Highlighted gold assays from drill hole NGKOP22008 (copper assays are still pending) include:

• 0.64 g/t Au over 112.5m from 54.2m (38.3m vertical), including
  • 1.34 g/t Au over 3.4m from 69.6m (49.2m vertical), and including
  • 3.63 g/t Au over 9.4m from 132.7m (93.8m vertical), which includes
    • 12.51 g/t Au over 1.8m from 140.3m (99.2m vertical).

Highlighted gold assays from drill hole NGKOP22009 (copper assays are still pending) include:

• 0.52 g/t over 83.8m from 105.85m (74.8m vertical), including
  • 2.07 g/t Au over 2.6m from 164.5m (116.3m vertical), and including
  • 1.05 g/t Au over 10.2m from 179.45m (126.9m vertical).

Drill hole locations are shown in Table 1 and Figure 1.

Gold assay results are shown in Table 2 and Figures 2.

These three drill holes were drilled southeast of the Kopsa resource outline and outside the extents of historic drilling. All three holes successfully intercepted a down-dip continuation (or expansion) of the main mineralized zone with the goal of growing resources. This down-dip expansion was also observed roughly 100m to the west along the edge of the deposit in previously reported drill hole NGKOP22010 and roughly 200m to the west in previously reported drill hole NGKOP22006, which collectively encountered broad intervals of low-grade gold from moderately shallow depths, including more discrete high-grade intervals at depth (see press release dated 10 November 2022).

Today’s announced three drill holes also similarly encountered broad intervals (83.3-112.5m wide along hole) of low-grade gold mineralization (0.52-0.64 g/t Au) from moderately-shallow depths (37.8-74.8m vertical), which similarly also included more discrete intervals (2.6-10.15m wide along hole) of higher-grade gold (2.07-3.63 g/t Au) at greater depths (from 93.8-116.3m vertical), that similarly require additional follow-up drilling to better understand their long-term potential.

One of the more attractive higher-grade sub-intervals is the highlighted 12.51 g/t Au over 1.8m from vertical depth of 99.2m in drill hole NGKOP22008, which stands out as one of the better, deeper intercepts to date at Kopsa based on its combined high-grade gold and moderate-width. Other top ranked high-grade intercepts at depth on the project to date based on solid combinations of grade and width include this highlighted intercept’s broader, containing interval of 3.63 g/t Au over 9.4m from 93.8m vertical in drill Hole NGKOP22008, and the previously reported 7.1 g/t Au over 3.2m from 106.4m vertical in drill hole NGKOP22005 which was also drilled from just south of the deposit (see press release dated 10 November 2022). These deeper, high-grade intercepts are situated near the bottom of the open pit resource, where historic drilling was scarcer. The only historic, deep, intercept that appears to compare to these (excluding those historic intercepts that were drilled near-parallel to the preferred orientation of the quartz veins) is found in historic drill hole KD003 which was drilled from roughly 200m south of the existing deposit (see Figure 1 for drill hole collar location), and which intercepted 6.81 g/t Au (7.21 g/t gold-equivalent including copper) over 3.1m from 111.4m vertical.

Mitch Vanderydt, CEO, comments: “We are encouraged to see that the targeted southeast down-dip expansion already extends for some 200m and we look forward to seeing the impact this has on resource estimation calculations early next year. And the solid combinations of grade and width we are continuing to encounter near the bottom of the Kopsa open pit resource continue to create more meaningful potential for underground mining in the longer term, after open pit mining has ceased, which we will continue to assess including as part of future drill programs.”

Kopsa Historic Resource Estimate
Kopsa hosts a historic resource estimated at 16.3 million tonnes (“Mt”) at 0.81 g/t Au and 0.16% copper (“Cu”) for 423,600 ounces (“oz”) Au, or 554,600 oz gold equivalent (“AuEq”) at 1.06 g/t AuEq, the majority of which falls in the Measured and Indicated (“M&I”) category in accordance with Canada’s National Instrument (“NI”) 43-101 standards. See Northgold’s Independent Geologists Report (“IGR”) on the Company’s website for more information.

Update on the Completed 2022 DD Program
The completed 2022 DD program included 4,241 m at the flagship Kopsa project. Today’s announced results represent gold assays for three drill holes. Gold assays were previously reported for seven other drill holes (see press releases dated 2 August, 23 August, and 10 November 2022) and are pending on the remaining 15 drill holes (in addition to the deeper portion of hole NGKOP22010). Copper assays are pending on all 25 holes. Additional assay results from Kopsa are due to be announced in the coming weeks, as they are received from the assay lab.

The DD program also included another five DD holes totalling 695 m at Pirttineva (totalling 4,936m drilled company-wide during 2022), a previously un-drilled prospect at our Kiimala Trend project that looked promising based on a recently completed Induced Polarization (IP) geophysical survey and outcrop samples (see press release dated 12 September 2022), with assays pending and due to be announced in the coming weeks, as they are received from the assay lab. Multiple sulfide-bearing zones were observed in portions of the Pirttineva core.

Table 1: Collar locations of reported drill holes at Kopsa

Table 2: Gold assay results from Kospa

1. A lower gold cutoff grade of 0.5 g/t Au was applied
2. Bold intervals are highlighted in the text of the release
3. True widths are estimated to be 50-80% of the reported core length intervals

Figure 1: Locations of drill holes completed at Kopsa project

[see attachment for image]

Figure 2: Cross section looking W-NW (using LeapfrogTM software) showing gold assay results for new drill holes NGKOP22007, NGKOP22008, and NGKOP22009 (75m wide slice)

[see attachment for image]

Quality assurance and quality control (QA/QC)
Drill core was logged, sampled and cut in half by a diamond saw in a secure core storage facility located in Pyhäsalmi Mine site, Finland. The core samples were sent to Eurofins Mineral Testing laboratory in Oulu, Finland, for sample preparation. From Oulu, the samples were sent to Eurofins Mineral Testing laboratory in Sodankylä for PbO fire assay and ICPOES analysis (method code: 705P). Certified reference standards and blanks were included in the sample batches. In two standard assays out of 29 a deviation, low in absolute values (+ 0.024 - 0.033 g/t Au) but relatively notable (10.3 - 14.2%) was observed. Otherwise no QA/QC issues were noted with the results reported herein and their values allow the public disclosure of the assay results. Eurofins Mineral Testing Finland is accredited according to ISO/IEC 17025 by FINAS.

For additional information, please contact the CEO:
“Mitch Vanderydt”
Mitchell J. Vanderydt, P.Eng, MBA
Email: ir@northgoldab.com
Website: www.northgoldab.com
Follow us: www.linkedin.com/company/northgold

About Northgold
Northgold is a Swedish gold exploration and development Company with multiple resource-stage projects in the Middle Ostrobothnia Gold Belt (MOGB) of Central Finland, including the Kopsa Gold-Copper project and the Kiimala Trend Gold project. The Company strives to find and ultimately extract gold from under-prospected areas in Finland. Visit www.northgoldab.com for more information.
Augment Partners AB, tel. +46 8-604 22 55 info@augment.se, is acting as the Company's Certified Adviser.

Forward-looking statements
This announcement may contain certain forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “expect”, “anticipate”, “intends”, “estimate”, “will”, “may”, “continue”, “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies, and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this communication speak only as at its date and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm or release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.

The information, estimates, and forward-looking statements contained in this announcement are valid only as of the date of this announcement and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or publish any adjustments regarding any forward-looking statements to reflect events that occur or circumstances that arise regarding the content of this notice.