Northgold

Stockholm, 7 December 2023. Northgold AB (Nasdaq First North Growth Market: “NG”, or “Northgold” or the “Company”) announces positive gold and copper assay results from the final six drill holes completed as part of 2023 resource extension drilling at its flagship Kopsa gold and copper project in central Finland, all of which encountered significant gold and copper mineralization outside of the previously defined resource envelope.

Highlights

• These results build on the success and resource growth potential of the previously announced strong results that had doubled the depth of known mineralization in central portions of the Kopsa deposit (see press release dated 2 November 2023).
• Four of the drill holes are located southwest (“SW”) of the deposit near its west end (see Figure 1), and intersected broad gold-copper mineralization up to 125 metres (“m”) away from the existing resource envelope, and up to 50m below it (see Figure 2).
• The two other drill holes are located south-southeast (“S-SE”) of the deposit, just east of the previously announced strong results, and intersected broad gold-copper mineralization up to 75m away from the existing resource envelope, that confirmed and broadened main zone mineralization, including in previously undrilled zones within the pit shell (see Figure 3).
• Kopsa 2023 drilling totalled 1,993m, of which 896m were within highlighted mineralized intervals being incorporated into an updated resource estimate that is already underway, and also point to additional resource growth potential (see Figure 4).
• Highlights from S-SE expansion hole NGKOP23029 include:
  • 1.54 g/t grams per tonne (”g/t”) gold-equivalent (“AuEq”) over 4m, including 0.97 g/t gold (“Au”) and 0.38% copper (“Cu”) from 5.4m downhole depth (3.8m vertical depth),
  • 1.40 g/t AuEq over 33.1m (1.05 g/t Au and 0.23% Cu) from 38.35m (27.1m),
  • 0.98 g/t AuEq over 20.5m (0.84 g/t Au and 0.09% Cu) from 83.8m (59.3m),
  • 0.91 g/t AuEq over 105.2m (0.77 g/t Au, 0.10% Cu) from 112.6m (79.6m), including:
    • 13.06 g/t AuEq over 3.4m (12.88 g/t Au and 0.12% Cu) from 135.7m (96m).
• Highlights from S-SE expansion hole NGKOP23030 include:
  • 1.04 g/t AuEq over 7.7m (0.91 g/t Au and 0.09% Cu) from 72m (50.9m),
  • 0.79 g/t AuEq over 120.4m (0.58 g/t Au and 0.14% Cu) from 102.4m (72.4m).
• Highlights from SW expansion hole NGKOP23026 include:
  • 0.53 g/t AuEq over 29.9m (0.35 g/t Au and 0.12% Cu) from 15.1m (11m).
    • 0.87 g/t AuEq over 13.05m (0.60 g/t Au and 0.18% Cu) from 18.55m (13.6m),
  • 0.58 g/t AuEq over 23.6m (0.44 g/t Au and 0.10% Cu) from 102.8m (75.2m).
• Highlights from SW expansion hole NGKOP23027 include:
  • 0.67 g/t AuEq over 46.05m (0.48 g/t Au and 0.13% Cu) from 38.1m (27.9m),
  • 0.49 g/t AuEq over 14.9m (0.34 g/t Au and 0.10% Cu) from 139.8m (102.2m).
• Highlights from SW expansion hole NGKOP23028 include:
  • 0.46 g/t AuEq over 130.3m (0.34 g/t Au and 0.08% Cu) from 36.9m (27m), including:
    • 1.33 g/t AuEq over 24.35m (1.06 g/t Au and 0.18% Cu) from 74.75m (54.7m).
• Highlights from SW expansion hole NGKOP23033 include:
  • 0.49 g/t AuEq over 53.9m (0.33 g/t Au and 0.11% Cu) from 13.9m (10.2m), including:
    • 1.12 g/t AuEq over 12.9m (0.81 g/t Au and 0.21% Cu) from 17.7m (12.9m),
  • 0.34 g/t AuEq over 137.2m (0.26 g/t Au and 0.05% Cu) from 82.6m (60.4m), including:
    • 0.59 g/t AuEq over 48.8m (0.45 g/t Au and 0.09% Cu) from 82.6m (60.4m).

Mitch Vanderydt, CEO, comments: “We are delighted to follow the previously announced strong drill results from deeper, south-central portions of the deposit, with today’s announced continued success on either side. This is particularly important, because in order to expand the central portions of the deposit to the south and towards depth, the southern limits of the expanded resource pit shell would naturally grow to also encompass today’s newly reported southeastern and southwestern mineralized zones, and this should bode well for helping to maintain Kopsa’s low strip ratio as it grows.”

Additional information on reported drill results and the completed 2023 exploration program
Collar location information for today’s six reported drill holes are provided in Table 1, with gold and copper assays provided in Table 2. These six drill holes account for 1157m of the 1,993m (9 holes) completed at Kopsa this year. An updated Kopsa resource estimate is currently being prepared to include these results, and will be announced early next year.

Assays are still pending for two additional core drilling holes completed this year at Kiimala Trend project, to be announced in the coming weeks to months as they are received from the assay lab and processed, along with the results of earlier-stage exploration work also completed this year, including ionic leach (“IL”) soil sampling, base-of-till/top-of-rock drilling, boulder sampling, and geophysical surveys, which were completed across all three of our project areas (Kopsa, Kiimala Trend, and Hirsikangas) in our under-explored, central Finland land package, whose tenement areas (exploration permit and permit application areas) cover a combined 135 km2.

Figure 1: Kopsa drill hole locations and 2023 resource outline

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Figure 2: Cross section (70m wide) looking W-NW showing reported gold and copper assay results for drill holes NGKOP23026, NGKOP23027, NGKOP23028, and NGKOP23033, relative to the 2023 resource outline and past gold-equivalent results.

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Figure 3: Cross section (100m wide) looking W-NW showing reported gold and copper assay results for drill holes NGKOP23029 and NGKOP23030, relative to the 2023 resource outline and past gold-equivalent results.

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Figure 4: Kopsa gold-equivalent metal factors (gold-equivalent grade*intercept thickness) for drill intersections exceeding 1.5 g/t AuEq, in plan view, long section, and cross section

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Table 1: Collar locations of reported drill holes at Kopsa

Table 2: Gold and copper assay results reported from Kopsa

[see attachment for assay table]

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), for four-acid digestion and leach, and ICPOES/ICPMS analysis (method code: ME-MS61). 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 one standard assay out of 47 fire assays, a deviation, low in absolute values (-0.029 ppm Au) but relatively notable (-12.3%) was observed, and in one standard assay out of 47 multi-element assays, a deviation, low in absolute values (+228 ppm Cu) but relatively notable (+8.4%) 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
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.