Highlights

• These are the most important and exciting results observed to date at Kopsa - extremely significant in terms of potential impact on the resource and its continuation at depth.

• Furthest step-out hole NGKOP23034 was drilled 250m south-southwest (“S-SW”) of the 2023 resource outline (see Figure 1) and intersected the main zone mineralization over two wide intervals at depth together spanning over 70 metres (“m”) with an average grade exceeding 1 gram per tonne (“g/t”) gold (“Au”) excluding the copper, which extends the zone to vertical depths exceeding 250m - double the current deposit depth of 125m (see Figure 2).
• Gold mineralization was strongest (in terms of gold grade x width) in the deepest/furthest step-out hole (NGKOP23034), demonstrating increasing gold mineralization with depth in this deep intersection of the main zone. Geological interpretation is that this most recent drilling is possibly getting closer to basal/feeder portions of the tonalite intrusion host, highly prospective for future resource growth potential from additional drilling.
• Although copper assays are pending, chalcopyrite was one of the prominent sulfides in the core and is associated with copper.
• Highlights from 250m S-SW step-out hole NGKOP23034 (copper assays pending) include:
  • 1.17 g/t Au over 34.2m from 208.2m depth (154.7m vertical depth), including:
    • 4.28 g/t over 4.25m from 209.6m (155.8m), and
  • 1.03 g/t Au over 37.75m from 276.15m (205.2m), including:
    • 2.55 g/t over 7.95m from 299.65m (222.7m).
• Highlights from 100m S-SW step-out hole NGKOP23032 (copper assays pending) include:
  • 1.44 g/t Au over 9.75m from 156.25m (116.1m), including:
    • 3.84g/t over 1.3m from 159.7m (118.7m), and
  • 0.62 g/t Au over 50.55m from 179.35m (133.3m), including:
    • 1.00 g/t Au over 24.65m from 183.35m (136.3m), which includes:
      • 3.31 g/t Au over 3.75m from 193.25m (143.6m).
• Highlights from 75m S-SW step-out hole NGKOP23031 (copper assays pending) include:
  • 6.17 g/t Au over 5.25m from 57.15m (41.8m), including:
    • 21g/t Au over 0.85m from 57.15m (41.8m), and
  • 3.61 g/t Au over 1.15m from 91.65m (67.0m), and
  • 1.19 g/t Au over 8.8m from 130.1m (95.1), including:
    • 2.6 g/t Au over 2.4m from 135.7m (99.2m), and
  • 0.69g/t Au over 22.6m from 176m (128.7m), including:
    • 1.19 g/t Au over 6.75m from 186.45m (136.4m).

Mitch Vanderydt, CEO, comments: “This newly discovered depth-extension in step-out hole NGKOP23034 is a game-changer for Northgold and for Kopsa, even without the copper assays which can only improve the results. The success is also a testament to our team’s strong and ever-improving understanding of Kopsa’s geologic structures, and I congratulate them on this major technical feat. I eagerly look forward to seeing the impact this extension has on mineral resource estimates, both in the near-term and especially in the longer term-following additional drilling at depth.”

Additional information on reported drill results and completed 2023 drill program
Collar location information for today’s three reported drill holes are provided in Table 1, with gold assays provided in Table 2. These three drill holes account for 700m of the 2,300m (11 holes) completed as part of the 2023 drill program completed across Kopsa and Kiimala Trend projects. Assays are pending for the remaining eight drill holes, to be announced in the coming weeks to months as they are received from the assay lab and processed.

Today’s three reported drill holes, NGKOP23031, NGKOP23032, and NGKOP23034, were step-out holes drilled roughly 75m, 100m, and 250m S-SW of the 2023 resource outline (see Figure 1), and were aimed at increasingly extending central portions of the main gold and copper mineralized zone to the S-SW and towards depth (see Figure 2).

Drill hole NGKOP23034 intersected main zone mineralization in two intervals (1.17g/t Au over 34.2m and 1.03g/t Au over 37.75m) together spanning 72m along the drill hole.

Drill hole NGKOP23032 intersected main zone mineralization in two intervals (1.44g/t Au over 9.75m and 0.62g/t Au over 50.55m) together spanning 60m along the drill hole.

Drill hole NGKOP23031 intersected main zone mineralization in two intervals (1.19g/t Au over 8.8m and 0.69g/t over 22.6m) together spanning 31m along the drill hole, in addition to multiple shallower gold intersections.

These results, together with unreported copper results, and unreported gold and copper results from the remaining six drill holes completed at Kopsa (which also exhibited varying quantities of visible quartz veining and sulfide mineralization), will be incorporated to an interim resource estimate expected in early 2024, and will provide the basis for a preliminary economic study and additional resource growth drilling to follow.

Table 1: Collar locations of reported drill holes at Kopsa

Table 2: Gold assay results reported from Kopsa

Notes:

1. A lower gold cutoff grade of 0.30 g/t Au was applied
2. Bold intervals are highlighted in the text of the release

Figure 1: Kopsa 2023 resource outline and drill hole locations.

[see attachment for image]

Figure 2: Cross section (60m wide) looking W-NW showing reported gold assay results for drill holes NGKOP23031, NGKOP23032, and NGKOP23034 (excluding copper), relative to the 2023 resource outline and past gold-equivalent results.

[see attachment for image]

Quality assurance and quality control (QA/QC)
Drill core was logged and sampled in a secure core storage facility located in Nivala, Finland. The core samples were sent to ALS Geochemistry laboratory in Outokumpu, Finland, to be cut in half by a diamond saw and for sample preparation. From Outokumpu, the samples were sent to ALS Hub laboratory in Loughrea, Ireland, for PbO fire assay and ICPOES or gravimetric analysis (method code: Au-ICP22 for <10 ppm Au and Au-GRA22 for >10 ppm Au samples). The ALS laboratories are accredited according to ISO/IEC 17025 standard approved by FINAS. Certified reference standards and blanks were included in the sample batches. In two standard assays out of 38, a deviation, low in absolute values (-0.068 ppm - + 0.021 ppm Au) but relatively notable (-29.2% - 9.3%) 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.

Qualified person
The technical information in this press release has been reviewed by Dr Hannu Makkonen from Suomen Malmitutkimus Oy. He has over 40 years of experience in mineral exploration in Finland, he is a European Geologist (EurGeol) and a Competent/Qualified Person as defined by the PERC Reporting Standard 2021, JORC Code, 2012 Edition, and by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Dr. Makkonen owns no shares in Northgold AB, or its wholly-owned subsidiaries, Fennia Gold Oy, Lakeuden Malmi Oy, or Northern Aspect Resources Oy.

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-listed gold exploration and development Company focused on advancing multiple, co-located, resource-stage projects in the Middle Ostrobothnia Gold Belt (MOGB) of Central Finland, including the Kopsa Gold-Copper project, the Kiimala Trend Gold project, and the Hirsikangas Gold project. The Company strives to grow its gold mineral resources, make new gold discoveries, and ultimately extract gold from these under-explored areas in Central 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
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