Kiboko Gold Inc. reported preliminary results from 26 holes (over 3,349 m) drilled as part of an ongoing systematic 11,000-metre (“m”) /67-hole verification program at the Fontana area of its Harricana Gold Project. Assay results are pending from 29 holes (4,866 m) drilled in 2022 along the Main Fontana trend and from the Bunkhouse area that shall be reported after they are received and processed. To date, 2 holes (totalling 540 m of drilling) have been completed as part of the Company's ongoing 12-hole /2,800 m winter diamond drilling program.

The winter drilling is primarily focussed on the Bunkhouse area and its projected intersection with the Main Fontana trend. In addition to intercepting several exciting high-grade intervals, many lower grade intervals were intersected in this first batch of assay results. At this early stage in Kiboko's systematic exploration approach, these zones will be evaluated further to determine both their geological significance and potential gold content.

Some examples of zones of interest include: 0.9 g/t Au over 8 m (DDFON22-003); 0.8 g/t Au over 4 m (RCFON22-021); 0.6 g/t Au over 4 m (RCFON22-019); 1.6 g/t Au over 3 m (RCFON22-011); 1.5 g/t Au over 3 m (DDFON22-007); 0.6 g/t Au over 3 m (DDFON22-007); 0.6 g/t Au over 3 m (RCFON22-019). In coarse gold environments, like Harricana, the assaying of small sub-samples obtained from the original sample drilled, including a 0.5-kilogram (“kg”) photon assay, can result in a Poisson distribution and a statistical underestimation of the grade of the original sample. Further investigation is necessary, including the study of gold grain size distribution, gold content, and representative sub-sample sizes for assaying is necessary.

Therefore, the assay results reported in this press release should be considered preliminary while Company completes additional test work. Consistent with the Phase 1 program recommended in the Harricana Technical Report, the Company has initiated a re-assay program in order to gain a deeper understanding of the distribution of gold mineralization and minimize the effects of sub-sampling bias. The re-assay program will analyze larger aggregate sample sizes (nominally 2 kg) on a priority basis.

The results reported in this release align with management's expectations for the first pass of assaying and reflect the natural heterogeneity typically observed in early exploration results from moderate grade environments that are dominated by fine grains of coarse (native) gold. With the winter drill program now underway, Kiboko's technical team can now focus on conducting a thorough review of new drilling information in relation to its current understanding of the geology and mineralization of the area, as well as assay results from 79,565 m of historical drilling data from the Fontana area of the Project. While the evaluation of the new drilling data has only just commenced, which only reflects the first batch of assays, management is of the view that these initial preliminary results are highly encouraging.

These results do not deviate significantly from the current exploration model, as most holes drilled have intercepted mineralization and confirmed gold mineralization from near surface down to the vertical depth of the current drill program (up to 165 m). The Company believes that the areas targeted in the Phase 1 exploration program have the potential to support a near-surface, pit-constrained mineral resource estimate. The Company continues to target reporting a maiden mineral resource for a portion of the Fontana area of the Harricana Project in the second quarter of 2023, subject to the timely receipt of final assay results.

The Phase 1 program is intended to verify a significant portion of the 79,565 m of historical Fontana area drilling, characterize gold mineralization in the wall rock surrounding the main vein systems, and partially validate the Fontana area Exploration Targets. The near surface Exploration Targets for the Fontana area of the Project total 13.6 million to 23.1 million tonnes at a range of grades of 3.0 to 3.4 grams of gold per tonne (“g/t Au”). Orientated HQ-size drill core was delivered directly from the drill site to Kiboko's field office in Amos, Québec where it was systematically logged, photographed, and sampled on 1 m intervals by a geologist.

Core was cut in half lengthwise along a pre-determined line, with one half (same half, consistently), bagged, securely sealed, labelled, and submitted for analysis. The other half of the core was stored securely at Kiboko's core logging facility as a witness sample. For each metre of RC drilling, the sample stream of RC chips was split into three samples.

Two nominal 5 kg samples were collected for analysis and the remnant nominal 25 kg was bagged for future use if required. The samples were collected directly from the RC drill rig's cyclone where they were bagged and labeled. Both 5 kg samples were delivered by Kiboko personnel to Kiboko's field office in Amos, Québec for processing.

One of the 5 kg samples was submitted to the laboratory for analysis and the other was stored securely as a witness sample until the results of the first stream of samples was received. At site, a small sub-sample of RC chips were collected from the remnant 25 kg, washed, and placed in chip trays, and then delivered by Kiboko personnel to the field office in Amos where they were systematically logged by a geologist. In addition to the laboratory's QA/QC practices, Kiboko personnel inserted certified reference materials (standards) and blank samples at regular intervals into the sample stream to monitor laboratory performance.

Duplicates have been inserted at the laboratory, and selected intervals are in the process of being analyzed as field duplicates. Bagged samples were collected in larger bags by Kiboko personnel to ensure appropriate chain of custody until the samples were delivered to the laboratory. Samples were delivered by either courier or Kiboko personnel on pallets with numbered security tags to ensure appropriate chain of custody during transport.to MSALABS' (MSA) secure facility in Val-d'Or, Québec for processing and analysis.

The entire half-drill core sample was crushed to approximately 70% passing 2 millimetres. RC chips required no crushing. Sub-samples were rotary split to fill a 350 ml sealed plastic jar for PhotonAssay containing approximately 0.5 kg of sample material.

MSA operates numerous laboratories worldwide and maintains ISO-17025 accreditation for many metal determination methods. Accreditation of the PhotonAssay method at MSA's Val D'Or laboratory is in progress.