Completion of US$33 million financing

Fully funds PFS and permitting at Mule Canyon Gold Mine

Toronto, Canada – September 01, 2026: Central Nevada Gold Corp. (“Central Nevada Gold” or the “Company”) is pleased to announce the completion of a US$33 million financing led by a fund managed by Orion Mine Finance Management LP (“Orion”). The financing brings the total capital raised by the Company to approximately US$44 million since incorporation in October 2025, and is expected to fully fund the drilling, pre-feasibility study (“PFS”) and permitting program underway at the Mule Canyon Gold Mine (“Mule Canyon”) in Nevada.

Fraser Buchan, Executive Director, commented:

“With the acquisition of Mule Canyon complete and the Company well capitalized, we are advancing project development with the goal of delivering a production decision in early 2028. Our priority is to systematically de-risk the project and establish a clear path back to commercial production, targeting more than 100,000 ounces of gold per year.”

Orion, a leading global metals and mining investment firm, invested US$25 million through a combination of equity and a prepaid gold and silver production stream entitling Orion to 1.5% of gold production and 4.80% of silver production from Mule Canyon, subject to adjustment in accordance with the stream agreement. The Company also raised US$8 million via a private placement with strategic shareholders.

The PFS will evaluate the key technical and economic elements of a restart of operations at Mule Canyon and is expected to closely align with the project's previously permitted configuration — which included an on-site processing facility and tailings storage facility. The Company expects to release an updated mineral resource estimate prepared in accordance with both National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and S-K 1300 in September 2026.

Central Nevada Gold is evaluating a public listing on a North American stock exchange to broaden access to capital markets as the Company advances Mule Canyon toward a production decision and pursues its longer-term strategy of building a multi-asset precious metals producer in Nevada.

-ENDS-

Contact

Central Nevada Gold
info@centralnevadagold.com
+1 775 447 6350

Simon Griffiths, CEO

Tavistock Communications
(Financial PR)
centralnevadagold@tavistock.co.uk
+44 20 7920 3150

Charles Vivian
Adam Baynes

About Mule Canyon

Mule Canyon is a past-producing open-pit gold mine located in north-central Nevada, approximately 10 kilometers southeast of Battle Mountain and five kilometers south of Interstate 80.

The Mule Canyon gold system was discovered by Goldfields Corporation, with the discovery drill hole returning an intercept of 41.1 metres grading 24.8 g/t gold. The project has an extensive technical database comprising 2,149 drill holes totaling more than 335,000 metres, together with historical mine plans, production records, metallurgical testwork and environmental data.

Mule Canyon operated as an open-pit gold mine for five years, producing 500,000 ounces of gold at a historical head grade of 3.8 g/t. Historical metallurgical recoveries averaged 94%. Central Nevada Gold is evaluating the restart of Mule Canyon as a conventional open-pit mining operation.

About Central Nevada Gold Corp.

Central Nevada Gold is a Canadian company established to acquire and develop the wholly-owned Mule Canyon Gold Mine, a past producing, high-grade, open-pit brownfield asset with a history of commercial-scale production, in the State of Nevada. Mule Canyon is strategically located ten kilometers southeast of Battle Mountain and five kilometers south of the Interstate 80 corridor.

Central Nevada Gold’s mission is to build a profitable, multi-asset precious metals producer delivering sustainable long-term returns for stakeholders. The Company is built on a foundation of technical rigor, a commitment to safe and responsible operations and the stewardship of investor capital.

For further information, please visit the Company’s website at www.centralnevadagold.com.

Qualified person

Mr. Matthew Hastings, Principal at SRK (USA), is the Principal Independent Advisor, Geology for the Company and is a “qualified person” as defined by NI 43-101. Mr. Hastings has reviewed and approved the technical information disclosed in this news release.

Forward-looking information

This news release contains "forward-looking information". The forward-looking information herein is made as of the date of this news release only and the Company does not assume any obligation to update or revise it except as required by applicable law. All information included herein that addresses events or developments that the Company expects to occur in the future is forward-looking information. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this news release includes, but is not limited to, Company’s plans, prospects, business strategies and strategic vision and aspirations and their achievement and timing, including information regarding potential commercial production timelines and amount of gold to be produced per year, the ability of the Company to put its properties into production, the acquisition of additional assets, any timeline for a production decision, any plans to publicly list its common shares on a stock exchange and the sufficiency of permits to permit a production decision. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Forward-looking information is based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking information is subject to various known and unknown risks and uncertainties that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to: the requirement for regulatory approvals; the impact of general business and economic conditions; the geology, grade and continuity of mineral deposits; the ability to obtain and maintain permits; the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability of financing; the inherent uncertainty of estimates. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and, accordingly, readers should not place undue reliance on forward-looking information.