Kiboko Gold Inc. reported results from 8 holes (1,092 metres ("m")) drilled as part of its systematic 70-hole (11,269 m) exploration program at its Harricana Gold Project, located 55 km north of Val-d'Or, Quebec. This includes additional results from the Marcotte zone (formerly referred to as Fontana Main) and the first-time reporting of results from the Claverny zone, located a kilometre east of Marcotte. In addition, visible gold was observed in several drillholes for which assays are pending.

Gold mineralization intercepted in 7 of 8 drillholes Select highlights from Table 1 include: Claverny zone: 0.6 g/t Au over 35 m (DDFON22-008); 1.0 g/t Au over 5 m (RCFON22-027); Marcotte zone: 6.1 g/t Au over 1 m (DDFON22-006); 0.6 g/t Au over 8 m (RCFON22-025); Visible gold observed in drill core with assays pending. DDFON23-007 (Marcotte); DDFON23-014 (Hooper Bunkhouse); DDFON23-015 (Hooper Bunkhouse). Assays from 61% of metres drilled in Phase 1 (36 holes over 6,853 m) still to be reported: Assay results from 21 holes drilled (3,796 m) in 2022 and 15 holes (3,057 m) drilled in 2023 have yet to be reported for a total of 36 holes (6,853 m), representing about 61% of the total metres drilled in the Company's Phase 1 Fontana area verification drill program.

Maiden mineral resource targeted for Q3-2023; 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. Subject to the timely completion of assay results from the 2023 drill program, which are expected shortly, the Company is targeting the reporting of a maiden mineral resource for a portion of the Fontana area in Q3-2023. Re-assay program verified preliminary results: Kiboko has completed the priority portion of the Fontana area's re-assay program that commenced in late 2022.

Kiboko has concluded that original samples collected from large diameter HQ-sized core or 5.25-inch RC drilling that are rotary split into nominal 0.5 kg sub-samples for assaying represents the original sample grade with an appropriate level of accuracy. The Company further concludes that the current drilling, sampling, and assay protocol is well suited for the mineralization being explored. As a result, Kiboko does not believe it is warranted to undertake a full campaign to re-sample and assay samples from its own drilling.

Additional details are provided below in the re-assay program discussion section. Drilling expected to verify historical results for use in mineral resource estimation: Today's results continue to align with or exceed management's expectation for its first exploration program at the Fontana area of the Harricana Gold Project. At the Marcotte zone, formerly referred to as Fontana Main, 32 holes have been drilled in the central portion of the zone in the area.

The Company's observations are that the variability in gold grades is coherent with historical data and reflects the natural heterogeneity common to moderate-grade environments that include fine grains of coarse (native) gold. The number of mineralized structures, their continuity and variability in apparent thickness supports Kiboko's view that the Marcotte zone first-order mineralization is primarily associated with a reasonably large anastomosing network of altered igneous rocks containing quartz-carbonate veins and veinlets, and shears, anastomosed within a large, sub-vertical and northwesterly striking shear zone. At this stage in the data compilation and review, the view is consistent with Kiboko's interpretation and exploration model.

Although the first-order mineralization displays reasonable continuity along sub-vertical structures, additional work is required to characterize the structural attitude and determine the significance of second- and third-order mineralized structures within and along this zone. Kiboko's technical team has concluded that this drilling has sufficiently verified the results of historical drilling in the central portion of the Marcotte zone and has demonstrated that the zone remains open to the east. The northern extension of the Marcotte zone was drilled during the 2023 winter program and assays are pending.

Kiboko did not drill the southern extension of the Marcotte zone in its Phase 1 drill program. At the Claverny zone, located 1 km east of Marcotte, the two holes drilled in 2022 provided exciting results, as evidenced by a 35 m interval grading 0.6 g/t Au and a 1 m interval grading 6.1 g/t Au in DDFON22-008, confirming Claverny as an area of interest. Kiboko's technical team is of the view that these results are highly encouraging, given the limited amount of historical drilling in this area.

Considering the lack of historical structural information in this area and to refine the Company's understanding of the geological framework, another hole was drilled in this area as part of the 2023 winter drill program, with assay results pending. Follow-up drilling was also completed in the Hooper Bunkhouse zone. After drill permits were received in late April, the Company drilled two additional holes totalling 399 m (DDFON23-014 and DDFON23-015) to further test its interpretation and exploration model.

While assays are pending, the Company reported that both holes encountered visible gold within the Bunkhouse zone, consistent with its exploration model. Overall, results in the Marcotte zone are generally consistent with the historical dataset that the Company's exploration model is based upon, as 32 of the 34 holes reported to date have intercepted mineralization, representing 94% of the holes drilled. The results are therefore validating Kiboko's exploration model, which will be refined as part of the resource estimation process.

Kiboko's technical team continues to review new drilling information in relation to its current understanding of the geology and mineralization of the area and for reporting purposes.