NEVADA KING ANNOUNCES FULLY FUNDED 20,000M, PHASE 4 EXPLORATION PROGRAM DESIGNED TO ADVANCE MULTIPLE REGIONAL TARGETS IDENTIFIED IN PHASE 3

Rhea-AI Summary

Nevada King (OTCQB: NKGFF) announced a fully funded 20,000m Phase 4 exploration program at its 100% owned 130 km2 Atlanta Gold Mine Project in eastern Nevada on December 11, 2025.

Phase 4 allocates 5,000m to Silver Park East to tighten spacing across a current 450m by 300m mineralized footprint and test a 270m gap, with the remaining 15,000m to advance Atlanta South, Atlanta North and Western Rim. The program follows a 30,000m Phase 3 that built a pipeline of satellite targets and sits alongside an existing 1.1 million ounce defined endowment at Atlanta.

Work includes additional geophysics, AI-integrated targeting, two RC rigs on site, QA/QC protocols, and a Plan of Operations modification application to access Western Rim.

Positive

• Fully funded 20,000m Phase 4 drilling program
• 5,000m dedicated to Silver Park East infill and gap testing
• 1.1 million oz already defined at the Atlanta land package
• Two RC rigs currently active on site to accelerate drilling

Negative

• Several priority targets (Atlanta North, Western Rim) remain early-stage and unconverted to resources
• Western Rim requires Plan of Operations modification before full drill access

Key Figures

Phase 4 drilling 20,000m Initial metreage in Phase 4 exploration program

Phase 3 drilling 30,000m Completed Phase 3 program preceding Phase 4

Project size 130 km² Atlanta Gold Mine Project land package

Silver Park East allocation 5,000m Phase 4 drilling dedicated to Silver Park East

Silver Park East footprint 450m x 300m Current mineralized footprint to be tightened in Phase 4

Gap to test 270m Unfilled gap southeast of Silver Park East footprint

Other targets allocation 15,000m Phase 4 drilling for Atlanta South, North, Western Rim

Defined resource 1.1 million ounces Existing oxide gold resource at Atlanta project

Market Reality Check

$0.1360 Last Close

Volume Volume 342,237 is 54% above the 20-day average of 221,555 (relative volume 1.54). high

Technical Shares at $0.10 trade below the 200-day MA of $0.13 and sit 58.33% under the 52-week high of $0.24.

Peers on Argus

NKGFF was up 2.88% pre-news with mixed peers: TCVNF and PMMCF gained 6.1% and 6.64%, while ESKYF and QZMRF fell 2.6% and 1.94%. Scanner data did not flag a broad sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 03	Asset acquisition	Positive	-1.2%	Completed purchase of Silver Park patented claims near Atlanta Resource Zone.
Nov 14	Investor relations	Positive	-1.0%	Engaged marketing and IR firm for six-month awareness campaign.
Nov 10	Drill results	Positive	+9.9%	Phase III drilling extended Silver Park East mineralization with notable intercepts.
Nov 03	Management change	Positive	-4.4%	Appointed Justin Daley as VP Exploration and granted stock options.
Oct 21	Drill program start	Positive	-7.8%	Began drilling Western Rim target within Phase III regional program.

Pattern Detected

Operational and exploration updates often saw divergent price reactions, with several positive-sounding milestones followed by negative next-day moves.

Recent Company History

Over the last few months, Nevada King reported several project and corporate milestones at Atlanta. On Oct 21, Phase III drilling began at the Western Rim target, followed by a Phase III update on Jan 8 and BLM approval for 47 additional drill sites on Feb 6. The Phase III program was increased to 30,000m on Apr 14. More recently, the company appointed a new VP Exploration on Nov 3, extended mineralization at Silver Park East on Nov 10, engaged an IR firm on Nov 14, and completed the Silver Park claims purchase on Dec 3. Today’s Phase 4 launch builds directly on this Phase 3 work.

Market Pulse Summary

The stock surged +20.0% in the session following this news. A strong positive reaction aligns with Nevada King’s continued de-risking and expansion of the Atlanta project, moving from a completed 30,000m Phase 3 program into a fully funded 20,000m Phase 4 campaign. Historically, exploration and technical updates produced mixed follow-through, with several prior positives followed by next-day declines, so traders could have reassessed results as details emerged or initial enthusiasm faded.

Key Terms

reverse circulation technical

"There are currently two reverse circulation ("RC") drills on site"

Reverse circulation is a drilling method used in mineral exploration where rock fragments are lifted to the surface inside an inner tube while drilling, keeping samples cleaner and faster than conventional techniques. Investors care because it provides quicker, more reliable samples for estimating how much mineral or ore might be present, reduces exploration costs and drilling time, and therefore can speed up or improve the quality of resource assessments that drive project value.

hyperspectral technical

"including CSAMT, drone magnetics, gravity, hyperspectral, geochemistry"

Hyperspectral describes imaging or sensing that captures light across hundreds of very narrow color bands, producing detailed “spectral fingerprints” that reveal material composition or subtle conditions ordinary cameras miss—like seeing many more colors than the human eye to tell apart similar objects. For investors, hyperspectral technology can signal companies with advanced analytics or unique data products used in agriculture, mining, defense, environmental monitoring and manufacturing, potentially enabling higher-value services, new revenue streams and competitive differentiation.

machine learning technical

"These datasets have recently been integrated through machine learning analysis"

Machine learning is a set of computer programs that learn patterns from large amounts of data and improve their predictions or decisions over time, like a recipe that gets better each time it’s adjusted based on taste tests. For investors it matters because these systems can speed up analysis, spot trends or risks humans might miss, automate routine work, and potentially create competitive advantages or cost savings that affect a company’s performance.

cyanide leach technical

"Every sample is also run through a cyanide leach for gold"

A cyanide leach is a mining process that uses a dilute cyanide solution to dissolve and separate gold and silver from crushed rock, much like using soapy water to pull grease away from a pan. It matters to investors because it determines how much metal a mine can economically recover, influences operating costs and capital needs, and creates environmental and regulatory risks that can affect a project’s value and the company’s liability and permitting prospects.

icp-oes technical

"multi-element ICP-OES analysis... with an ICP-OES finish"

An ICP-OES is a laboratory technique that measures the amounts of metals and other elements in liquids and solids by turning a sample into a hot, glowing gas and reading the light it gives off — like using a prism to read elemental “fingerprints.” Investors care because those readings determine compliance with safety and environmental rules, verify mineral content in mining reports, and confirm ingredient purity in manufacturing, any of which can affect a company’s costs, legal risk and reported resources.

fire assay technical

"run using 30-gram samples by lead fire assay with an OES finish"

Fire assay is a laboratory process used to accurately measure the amount of precious metals, like gold or silver, in a sample of ore or material. It involves heating the sample intensely to separate the metals from other substances, much like melting and purifying metal to determine its purity. This method is important to investors because it provides precise data on the metal content, helping to assess the value of mining operations or mineral deposits.

national instrument 43-101 regulatory

"a non-independent Qualified Person as defined by National Instrument 43-101"

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

AI-generated analysis. Not financial advice.

VANCOUVER, BC, Dec. 11, 2025 /PRNewswire/ - Nevada King Gold Corp. (TSXV: NKG) (OTCQB: NKGFF) ("Nevada King" or the "Company") is pleased to announce the launch of its fully-funded Phase 4 regional exploration program at its 100% owned 130km² Atlanta Gold Mine Project in eastern Nevada. Phase 4 follows the successful completion of Nevada King's 30,000m Phase 3 drilling program, which achieved its objective of identifying new regional oxide mineralization outside of the Atlanta Resource Zone ("ARZ") and building a pipeline of potential satellite deposit targets at various levels of advancement.

Phase 4 will consist of an initial 20,000m of drilling and is designed to rapidly advance the most prospective of these new targets, led by Silver Park East, while continuing systematic reconnaissance and follow-up drilling across the broader land package.

Phase 4 Highlights:

• 5,000m allocated to Silver Park East to tighten spacing across the current 450m by 300m mineralized footprint and test a 270m gap to the southeast. Initial Silver Park East drilling will infill and target structural intersections to evaluate potential resource conversion.
• 15,000m allocated to advancing Atlanta South, Atlanta North, and Western Rim with the metreage allocated to each target to be determined by drill results (see Figure 1).
• There are currently two reverse circulation ("RC") drills on site located at Silver Park East and Atlanta South (see Figure 2). Drill sequencing will then see a rig move to Atlanta North, followed by Western Rim.
• The Company will also apply for its 5^th modification to its Plan of Operations, expanding it to the west to allow for better access to drill the new Western Rim target area.
• Phase 4 is designed to continue Nevada King's systematic process of: 1. Identifying new near-surface oxide zones; 2. Testing structural controls and vectoring toward higher grade domains; and 3. Advancing successful targets into infill and resource definition drilling.

John Sclodnick, CEO of Nevada King, stated: "Phase 3 drilling has demonstrated tremendous exploration upside across our 130 km² Atlanta land package, the vast majority of which lies hidden beneath post-mineral cover. Importantly, we've discovered a new mineralized zone at Silver Park East, 2 km from the existing resource, where Phase 4 drilling will aim to define the overall scale of this potential satellite oxide deposit. This is a major milestone that validates both the strength of the mineral system and the effectiveness of our targeting approach.

"Just as significant, we continue to systematically add high-priority targets, including Western Rim, to maintain a strong pipeline of prospective discoveries. With 1.1 million ounces already defined, Atlanta stands out as one of the rare and potentially large-scale gold systems in the U.S. that sits on the cusp of critical mass. Phase 4 is laser-focused on pushing us over that threshold, and Silver Park East represents the most immediate opportunity to grow the resource."

Justin Daley, VP Exploration of Nevada King, stated "Phase 3 provided critical geological and structural data from across the broader caldera system, validating our regional targeting models outside the main Atlanta Resource Zone. Our systematic, data-driven approach, will significantly advance our pipeline of high-priority targets and Phase 4 is specifically designed to vector toward higher-grade domains, to fast-track resource conversion, and unlock the full, district-scale potential of the Atlanta land package."

Silver Park East
Located approximately 2km west of the Atlanta Resource Zone, Silver Park East ("SPE") represents the most advanced target emerging from Phase 3. Mineralization is hosted along the same unconformity and within the same intrusive host rocks as the ARZ, with geological, geochemical, and structural evidence indicating a shared mineralizing system. Phase 4 drilling at SPE will further define the existing 450m x 300m mineralized zone, test cross-cutting structures for potential higher grades, evaluate continuity sufficient for a potential inferred resource, and expand drilling to the south and east where additional mineralization has been identified.

Atlanta South
Approximately 2km south of the ARZ, drilling at Atlanta South targets the West Atlanta Fault corridor. Mineralization intercepted in Phase 3 is hosted within Pogonip Limestone, a key host for Carlin-type gold in Nevada, and is associated with the highest arsenic values measured on the property to date, further evidence for this new deposit type at Atlanta. Phase 4 drilling aims to refine vectors toward stronger mineralization using the expanded geologic and geochemical dataset gained through Phase 3.

Atlanta North
Atlanta North extends roughly 4km north from the ARZ along the West Atlanta Fault, a crucial pathway for gold mineralization, and remains in early exploration. A Nevada King drill hole grading 0.28g/t over 36.6m has created a ~3km gap to a historical hole that returned 0.88g/t Au over 10.7m. Phase 4 drilling will test this gap for additional near-surface oxide mineralization.

Western Rim
Western Rim represents a large-scale early-stage opportunity characterized by multidirectional quartz veins hosting Au–Ag–As–Mo mineralization traced over approximately 2.5km, with individual veins extending up to 1km. Rock chip sampling has returned grades up to 20.8 g/t Au. The Company will complete additional geophysical surveys in advance of drilling and is applying for a Plan of Operations modification to expand access to the Western Rim target area.

Advanced Targeting and AI Integration
Nevada King continues to advance targeting using multiple layers of geoscientific data including CSAMT, drone magnetics, gravity, hyperspectral, geochemistry, and rock sampling. These datasets have recently been integrated through machine learning analysis, generating an internally ranked pipeline of early-stage targets which have been independently reviewed by the field team. Phase 4 drilling will prioritize the highest-ranked areas identified through this process.

Webinar
Join CEO John Sclodnick for additional context on a live webinar on Monday December 15^th at 12pm ET/ 9am PT. Click here to register and reserve your spot.

QA/QC Protocols

All RC samples from the Atlanta Project are split at the drill site and placed in cloth and plastic bags utilizing a nominal 2kg sample weight. CRF standards, blanks, and duplicates are inserted into the sample stream on-site on a one-in-twenty sample basis, meaning all three inserts are included in each 20-sample group. Samples are shipped by a local contractor in large sample shipping crates directly to American Assay Lab in Reno, Nevada, with full custody being maintained at all times. At American Assay Lab, samples were weighted then crushed to 75% passing 2mm and pulverized to 85% passing 75 microns to produce a 300g pulverized split. Prepared samples are initially run using a four acid + boric acid digestion process and conventional multi-element ICP-OES analysis. Gold assays are initially run using 30-gram samples by lead fire assay with an OES finish to a 0.003 ppm detection limit, with samples greater than 10 ppm finished gravimetrically. Every sample is also run through a cyanide leach for gold with an ICP-OES finish. The QA/QC procedure involves regular submission of Certified Analytical Standards and property-specific duplicates.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Nevada King VP Exploration, Justin Daley, P.Geo., a non-independent Qualified Person as defined by National Instrument 43-101 ("NI 43-101").

About Nevada King Gold Corp.

Nevada King is focused on advancing and growing its 100% owned, past producing, 130km² Atlanta Gold Mine project located along the Battle Mountain trend in southeast Nevada. The project hosts an NI 43-101 compliant pit-constrained oxide resource of 1,020koz Au in the measured and indicated category (27.7M tonnes at 1.14 g/t) plus an inferred resource of 99koz Au (3.6M tonnes at 0.84 g/t). See the NI 43-101 Technical Report titled "Technical Report and Estimate of Gold and Silver Mineral Resources for the Atlanta Project, Lincoln County, Nevada, USA" with an effective date of September 6, 2024, and a report date of July 18, 2025, as prepared by RESPEC (formerly Mine Development Associates) and filed under the Company's profile on SEDAR+ www.sedarplus.ca.

NI 43-101 Mineral Resources at the Atlanta Mine by RESPEC 2025

	Tonnes	Au g/t	Au oz	Ag g/t	Ag oz	AuEq g/t	AuEq oz
Measured	3,430,100	1.55	170,800	16.96	1,870,200	1.65	182,000
Indicated	24,280,200	1.09	848,800	8.73	6,817,200	1.14	887,700
M&I	27,710,300	1.14	1,019,600	9.75	8,687,400	1.20	1,069,700
Inferred	3,638,400	0.84	98,500	2.56	299,500	0.85	99,800

Please see the Company's website at www.nevadaking.ca.

For more information, contact John Sclodnick at john@nevadaking.ca.

The Company's telephone number is (845) 535-1486.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements Regarding Forward Looking Information

This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operations and activities of Nevada King, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Nevada King, are inherently subject to significant business, economic, technical, geologic, environmental, regulatory, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete proposed exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Nevada King does not assume any obligation to update forward-looking statements should beliefs, opinions, projections, or other factors, change, except as required by applicable securities laws.

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SOURCE Nevada King Gold Corp.

FAQ

What is Nevada King (NKGFF) drilling in Phase 4 announced December 11, 2025?

Nevada King plans a 20,000m Phase 4 program with 5,000m at Silver Park East and 15,000m allocated to Atlanta South, Atlanta North and Western Rim.

How much drilling is Nevada King allocating to Silver Park East (NKGFF) and why?

The company allocated 5,000m to Silver Park East to tighten spacing across a 450m x 300m zone and test a 270m southeast gap for potential resource conversion.

What is the current defined resource size at the Atlanta project (NKGFF)?

Atlanta has an existing defined endowment of approximately 1.1 million ounces of gold.

When will Nevada King (NKGFF) present more detail about Phase 4?

CEO John Sclodnick will host a live webinar on December 15, 2025 at 12pm ET / 9am PT for additional context.

Does Nevada King (NKGFF) have drills on site for Phase 4?

Yes, there are currently two reverse circulation (RC) drills on site, operating at Silver Park East and Atlanta South.

What QA/QC procedures will Nevada King (NKGFF) use for Phase 4 samples?

RC samples are split at site with standards, blanks, and duplicates inserted one-in-twenty; assays run at American Assay Lab with fire assay and cyanide leach checks.

Will Nevada King (NKGFF) need permitting changes to drill Western Rim?

The company is applying for a Plan of Operations modification to expand access westward for the Western Rim target.