Highlights

Down-dip southwest continuation
Highlighted gold assays from drill hole NGKOP22015 (copper assays are still pending) include:

• 0.67 g/t Au over 17.5m from 48m depth along hole (36.2m vertical depth), including:
  • 1.11 g/t Au over 7.45m from 48m (36.2m vertical), and
• 0.98 g/t Au over 9.7m from 88.7m (66.9m vertical), and
• 0.63 g/t Au over 4.4m from 116m (87.5m vertical), and
• 0.50 g/t Au over 45.8m from 132m (99.6m vertical), including
  • 1.02 g/t Au over 9m from 150m (113.2m vertical).

Down-dip southeast continuation
Highlighted gold assays from drill hole NGKOP22016 (copper assays are still pending) include:

• 16.75 g/t Au over 0.6m from 63.9m (45.2m vertical), and
• 0.75 g/t Au over 20.1m from 121.8m (86.1m vertical), including
  • 4.58 g/t Au over 2.1m from 127.2m (89.9m vertical).

Highlighted gold assays from drill hole NGKOP22018 (copper assays are still pending) include:

• 0.84 g/t Au over 35.1m from 28.9m (20.4m vertical), including
  • 3.22 g/t Au over 3.7m from 49.6m (35.1m vertical).

Low-resistivity anomaly
Highlighted gold assays from drill hole NGKOP22021 (copper assays are still pending) include:

• 0.67 g/t Au over 4.6m from 55.9m (39.5m vertical), and
• 5.88 g/t Au over 0.4m from 70.5m (49.9m vertical).

Highlighted gold assays from drill hole NGKOP22010-deep (copper assays are still pending) include:

• 0.69 g/t Au over 3.65m from 332mm (235.5m vertical), including
  • 1.97 g/t Au over 0.65m from 335m (236.9m vertical).

Further delineation of central zone
Highlighted gold assays from drill hole NGKOP22024 (copper assays are still pending) include:

• 1.48 g/t Au over 56.7m from 11.7m (9.0m vertical), including
  • 2.73 g/t Au over 13.1m from 40.4m (30.9m vertical).

Highlighted gold assays from drill hole NGKOP22025 (copper assays are still pending) include:

• 1.50 g/t Au over 58.55m from 21.35m (16.4m vertical), including
  • 2.55 g/t Au over 26.95m from 21.35m (16.4m vertical), which includes
    • 3.80 g/t Au over 7.6m from 32.6m (25.0m vertical).

Drill hole locations are shown in Table 1 and Figure 1

Gold assay results are shown in Table 2 and Figures 2 through 5.

Today’s announced drill holes NGKOP22015 (see Figure 2) and NGKOP22016 & NGKOP22018 (see Figure 3) targeted westward and eastward extensions to the mineralized down-dip expansion (or continuation) of the main zone that was previously encountered along the south edge of the deposit in previously reported drill holes, NGKOP22006 and NGKOP22010 (see press release dated 10 November 2022), and NGKOP22007, NGKOP22008, and NGKOP22009 (see press release dated 24 November 2022), and NGKOP22014 (see press release dated 21 December 2022). Today’s announced results for NGKOP22015 extend this previously encountered down-dip expansion by roughly 100m to the west, and today’s announced results for NGKOP22016 and NGKOP22016 extend it by up to roughly 150m to the east, together increasing the total drilled length of the down-dip expansion to 500m (along the south edge of the deposit). NGKOP22015 intercepted gold mineralization intermittently in four, moderate-to-broad width intercepts of low-to-moderate grade gold, including a shallower zone that appears parallel to the main zone and graded 0.67 g/t Au over 17.5m from 36.2m vertical depth, and a deeper (down-dip) continuation of main zone which graded 0.50 g/t Au over 45.8m from 99.6m vertical, including 1.02 g/t Au over 9m. NGKOP22016 and NGKOP22018 towards the east encountered more broad, low-grade gold with higher-grade sub-intervals towards depth, including 0.75 g/t Au over 20.1m from 86.1m vertical depth including the deeper sub-interval of 4.58 g/t Au over 2.1m (NGKOP22016), and 0.85 g/t Au over 35.1m from 20.4m vertical depth including the deeper sub-interval 3.22 g/t Au over 3.7m (NGKOP22018). Today’s reported NGKOP22017 (see Figure 3) was drilled just east of NGKOP22016 and NGKOP22018 and did not encounter the targeted intrusion host rock or any significant gold mineralization (only metasedimentary rocks were encountered), marking what appears to be the eastern extents of the deposit. Altogether, the nine drill holes reported to-date that intercepted significant down-dip gold mineralization along the 500m span of the south edge of the deposit, encountered broad intervals (ranging from 20.1m to 112.5m wide along hole) of lower-grade gold (grading between 0.50 and 0.84 g/t Au) beginning from moderately-shallow depths, all including deeper, narrower intervals (ranging from 2.1m to 10.15m wide along hole) of higher-grade gold (grading between 1.02 and 4.58 g/t Au), which together could help expand the southward limits of the resource in the upcoming resource estimate, help in-fill peripheral zones that were previously defined as waste, and help create future opportunities to potentially expand the higher-grade zones at depth through future follow-up drilling.

Today’s announced drill holes NGKOP22021 (see Figures 4 and 5) and the deeper portion of NGKOP22010 (see Figure 5) (gold assays were previously reported for upper portions of NGKOP22010 on 10 November 2022), tested resistivity anomalies identified from an induced polarization (“IP”) geophysical survey completed earlier last year. These resistivity anomalies have been hypothesized to be associated with a more copper-rich, phorphyry-copper style, type of polymetallic mineralization that is more abundant in copper (largely from increased contained chalcopyrite), and less abundant in gold, compared to the existing Kopsa deposit, based on some observations made from the minimal quantity historic drilling completed near these recurring anomalies: namely some historic deeper drilling that extended beneath Kopsa (that collectively, broadly showed increasing Cu/Au ratio with depth) and some historic regional drilling 1km northeast of Kopsa at our Sorola copper (“Cu”) prospect that intercepted primary copper with gold. The resistivity anomaly appears to occur at depth below the Kopsa deposit (near lower portion of drill hole NGKOP22010), and also appears to reoccur as parallels at shallower depths roughly 200m south of Kopsa (near drill hole NGKOP22021) and again roughly 1km northeast of Kopsa near Sorola. For example, historic (copper-rich) drilling at depth beneath Kopsa near deep parts of NGKOP22010 encountered 0.42 g/t Au and 0.31% Cu (0.92 g/t gold-equivalent or “AuEq”) over 6m from 140.3m (drill hole BELKOPDD057), historic (copper-rich) drilling south of Kopsa near NGKOP22021 and the resistivity anomaly encountered 0.71 g/t Au and 0.70% Cu (1.82 g/t AuEq) over 2.6m from 51.25m, historic (copper-rich) drilling north of Kopsa and near the resistivity anomaly encountered 0.31 g/t Au and 0.46% Cu (1.05 g/t AuEq) over 9m, and historic shallower drilling at our Sorola copper prospect intercepted 0.9% Cu and 0.7 g/t Au (2.0 g/t AuEq) over 4m, and 0.4% Cu and 0.3 g/t Au (0.90 g/t AuEq) over 21.1m. Both the depth extension of drill hole NGKOP22010 and drill hole NGKOP22021 encountered only minimally significant gold intercepts (with copper assays pending), including the moderately-shallow, highlighted 0.67 g/t Au over 4.6m and 5.88 g/t over 0.4m (drill hole NGKOP22021) and the deeper 0.77 g/t Au over 3.25m from 235.5m vertical depth, including 1.97 g/t Au over 0.65m (drill hole NGKOP22010). The results of copper assays are awaited to determine the ultimate significance of these, potentially more copper-rich, mineralized intervals.

Today’s announced drill holes NGKOP220024 (see Figure 2) and NGKOP22025 (see Figure 4) (together with previously reported drill holes NGKOP22022 and NGKOP22023 in press release dated 21 December 2022) followed-up on the success of previously reported drill hole NGKOP22001, which targeted confirmation of the inner-core of the central higher-grade zone, and which encountered the best gold intercept to date on the project of 3.90 g/t Au over 98.7m from 4.2m vertical (see press release dated 2 August 2022). Unlike previously reported hole NGKOP22001 (and previously reported NGKOP22022) which was drilled broadly perpendicular to the southwest-dipping main mineralized structure, today’s two reported holes (and previously reported NGKOP22023) were drilled near-parallel to it, to further delineate this higher-grade zone’s variation and extents. And this was successfully achieved with today’s announced highlighted intercepts of moderate-grade gold (ranging from 1.48 to 1.50 g/t Au) over broad intervals (56.7m to 58.55m along hole) from relatively shallow depths (4.5 to 18.9m vertical), across the two holes (NGKOP22024 and NGKOP22025). These two holes will also provide additional important core samples that will be representative of some of the initial mineralized material to be mined at Kopsa, and which will be used for metallurgical and ore sorting test work that is being planned to re-start this year, to confirm and build upon historic data, and to help guide future economic studies.

Mitch Vanderydt, CEO, comments: “We commend our exploration team for not only successfully intercepting significant gold mineralization in 24 of the 25 drill holes completed at our flagship Kopsa project last year which should bode well for the next resource update, but also for identifying new possible future opportunities at depth, including possible extensions of narrower, higher-grade gold shoots extending down from the main zone, as well as possible discoveries of new styles of more copper-rich mineralization.”

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 (25 holes) at the flagship Kopsa project. Including today’s announced five holes, gold assays have now been reported for all 25 drill holes (see also press releases dated 2 August, 23 August, 10 November, 24 November, 21 December 2022, and 16 January 2023). Copper assays are pending on all 25 holes, and are due to be announced in the coming weeks, as they are received from the assay lab and processed. Kopsa 2022 drill results will culminate to an interim updated resource estimate, which is scheduled to be completed during the first and second quarters of 2023, with results due to be released before the end of the second quarter of 2023.

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 for release in the in the coming weeks. Multiple sulfide-bearing zones were observed in portions of the Pirttineva core.

Update on 2023 Exploration Planning
Planning is ongoing for the Company’s fully-funded 3,000m 2023 diamond drilling program that will be aimed at continued resource growth and new discoveries, and will once again incorporate both Kopsa and Kiimala Trend projects. The drill program is set to begin late in the first quarter of 2023, with further details on plans to be announced in the coming weeks, pending the ongoing and incoming assay results, and based on the results of additional Induced Polarization (IP) geophysical surveys that was initiated last month across additional southern portions of Kiimala Trend, and following the recent acquisition of Northern Aspect Resources Oy and its Hirsikangas gold project completed last month (see press release dated 8 February 2023).

Table 1: Collar locations of reported drill holes at Kopsa

*Gold assays for upper portion of drill hole NGKOP22010 were previously reported on 11 Nov. 2022.

Table 2: Gold assay results reported from Kopsa

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
4. *Gold assays for upper portion of drill hole NGKOP22010 were previously reported on 11 Nov. 2022.

Figure 1: Locations of drill holes completed at Kopsa project

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Figure 2: Cross section looking W-NW (using LeapfrogTM software) showing gold assay results for reported drill holes NGKOP22015 and NGKOP22024 (55m wide slice)

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Figure 3: Cross section looking W-NW (using LeapfrogTM software) showing gold assay results for new drill holes NGKOP22016, NGKOP22017, and NGKOP22018 (60m wide slice)

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Figure 4: Cross section looking W-NW (using LeapfrogTM software) showing gold assay results for reported drill holes NGKOP22021 and NGKOP22025 (50m wide slice)

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Figure 5: Cross section looking W-NW (using LeapfrogTM software) showing IP survey results and gold assay results for reported drill holes NGKOP22021 and the lower portion of NGKOP22010 (150m wide slice)

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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 or Lakeuden Malmi Oy.

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 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. No QA/QC issues were noted with the results reported herein and their values allow the public disclosure of the assay results.

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 newly acquired 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
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.