Battle North Gold Delivers Feasibility Study Results of 50% After-Tax IRR, C$305 Million After-Tax NPV5% and C$419 Million Free Cash Flow for the Bateman Gold Project

TORONTO, Oct. 21, 2020 - Battle North Gold Corp. (TSX: BNAU) (OTCQX: BNAUF) ("Battle North" or the "Company") announces a positive Feasibility Study¹ for the shovel-ready Bateman Gold Project (the "Project"). All references to dollars herein are in Canadian dollars ("$") unless otherwise specified. Numbers in tables and diagrams may not add due to rounding.

Bateman Gold Project Feasibility Study Highlights:

Table 1: Economic analysis summary (estimates)

Table 2: LOM plan summary (Base Case estimates)

Table 3: LOM Capital and Operating Costs Summary (Base Case estimates)

Key Takeaways from the Feasibility Study:

• The Feasibility Study LOM of an estimated 8.2 years is 2 years longer than the 2019 PEA¹⁰ Conceptual LOM.
• Pre-CP ramp-up period of an estimated 21 months to Commercial Production and anticipated Initial Production commencing an estimated 7 months after construction start, are comparable to the 2019 PEA¹⁰ ramp-up timelines.
• Initial Capital (Pre-CP) of an estimated $109.3 million (inclusive of 10% contingency) and Sustaining Capital (CP) of an estimated $27.0 million per CP year are comparable to the 2019 PEA¹⁰ Initial Capital ($101.2 million) and Sustaining Capital ($30.0 million/CP year) estimates, respectively.
• Early operating cash flow estimate of $34.2 million during the forecast Pre-CP period and application of the Company's tax loss pools over the LOM plan help drive the estimated after-tax IRR, after-tax NPV_5%, LOM FCF and lower the Projected Funding Requirement.
• The Feasibility Study benefits from more than $770 million in sunk capital including a fully-operational state-of-the-art 1,800 tpd mill, a 730-metre deep shaft and hoisting facility, an existing tailings management facility ("TMF"), and more than 14,000 metres ("m") of developed mine workings.
• Excess mill capacity enables the potential to process incremental tonnes from the F2 Gold Deposit along strike and at depth, and at the emerging McFinley and Pen Zone targets.

Management Presentation Conference Call and Webcast Details:

• The Company will be hosting a conference call and webcast to discuss the Feasibility Study today, October 21, 2020 at 8:30 am ET. For North America, please dial toll free: +1 888-390-0605. International: +1 416-764-8609. For the webcast, please visit the following WEBCAST LINK.

CEO Comment

Battle North President and CEO George Ogilvie, P.Eng., stated, "I am very pleased to deliver the maiden Feasibility Study for our shovel-ready Bateman Gold Project, which demonstrates the Project's robust commercial viability as an operating mine in the prestigious Red Lake Gold Mining camp. At a US$1,525/oz gold price assumption, the Feasibility Study estimates LOM Free Cash Flow generation at $419 million, a 50.3% after-tax IRR, a $305 million after-tax NPV_5%, C1 Cash Costs and AISC of US$613/oz and US$865/oz, respectively, during the Commercial Production period. There are few stand-alone projects in the world that are as substantially de-risked, with significant infrastructure, with a short timeline to Initial Production, in a safe jurisdiction, as the Bateman Gold Project. The Feasibility Study reflects a purposeful focus on rigor and prudence as the foundation for the prospective construction and operation of the Project. We believe the Feasibility Study is a well-designed, comprehensive plan assembled under the direction of a management team and consultants with successful and extensive underground mine operations experience."

"I am proud of the Battle North team and the work that has been completed over the last several years to get the Project to this stage. Subject to Board review and approval, we will be tasked with initiating construction and bringing the Project to Commercial Production. We have commenced the development planning for the Bateman Gold Project, including a full risk assessment. We have strategies in place to mitigate ramp-up risks including targeting capital development of at least 9 months ahead of the mine plan, infill drilling the F2 Gold Deposit to 10 m drill centres, creating ramp access to increase shaft capacity, and installing an ammonia reactor in the wastewater treatment plant before operating the mill. Most importantly, we have an operating team with extensive experience in building, operating and turning around underground mines; the collective operating experience of the Battle North team will be a significant factor in ultimately achieving a successful ramp-up to Commercial Production."

"We currently have $55 million of cash on our balance sheet that is dedicated to fund the development capital of the Project. We are also in advanced discussions with lenders to secure a debt facility to fund the remaining development capital and achieve a fully-funded Project."

"Battle North is now well-positioned for near-term and long-term success: the Bateman Gold Project is poised for prospective development to Commercial Production, the Company is on track to deliver NI 43-101 Mineral Resource estimates at the McFinley and Pen Zones within the next six months, and we have commenced a regional exploration program of our Red Lake Properties. We are very pleased to have reached this important milestone for our shareholders, our employees, the community of Red Lake, and all of our other stakeholders."

Underground Development: The Key to Successful Mining

The Project benefits from more than 14,000 m of extensive developed mine workings and related site infrastructure. The Project has an operational shaft down to 730 m below the surface, with loading pockets located at the 337 m and 685 m Levels. Most of the existing underground development, including lateral development, a partially completed ramp system, waste/ore passes, and ventilation raises, are located between 122 m and 305 m Levels.

The Feasibility Study contemplates an estimated 36,657 m of underground waste development (28,123 m lateral, 6,839 m ramp, and 1,695 m vertical) throughout the LOM plan. The increase in underground development metres compared to the 2019 PEA¹⁰ is attributed to higher estimated ore tonnes in the Feasibility Study LOM mine plan and additional lateral development to access the stopes as a result of additional engineering. The Feasibility Study contemplates an estimated 8,562 m of underground waste development, including raises for ventilation and a ramp to surface, for the 21-month Pre-CP period. The Pre-CP underground development metres are anticipated to provide access to an estimated 40 to 50 working stopes and up to 9 months of development flexibility ahead of mining, before Commercial Production is forecast to be declared. The Feasibility Study contemplates the use of contractors during the Pre-CP development with a transition to an owner-operated team during CP. The Feasibility Study assumes peak development rates of 24 m (or ~6 rounds) per day, with an average of 18.2 m (~5 rounds) per day LOM. Please see Diagram 1 for LOM underground development plan contemplated by the Feasibility Study.

Mining and Stope Information: A Robust Bulk Mining Operation

The Feasibility Study contemplates mining 403 stopes comprising more than an estimated 3.5 million tonnes of ore over the estimated LOM. Based on a US$1,375/oz gold price assumption, the stope shapes were designed using a blended 3.41 g/t Au mining cut-off grade (including Cut-and-Fill ("C&F") Talc stopes, where a 5.0 g/t Au mining cut-off grade was applied). The Company and its consultants identified an additional 100 stopes that fall below the 3.41 g/t Au mining cut-off grade assumed in the Feasibility Study (and are therefore not included) which could potentially be included in a future LOM plan with further engineering, infill diamond drilling, and utilizing a lower mining cut-off grade (based on a higher gold price assumption). The Feasibility Study reflects extensive geo-mechanical and geo-technical analysis towards the stope design and underground development planning, resulting in smaller average stopes sizes that require additional underground development metres when compared to the 2019 PEA¹⁰.

Four mining methods are contemplated by the Feasibility Study: Sub-Level Longhole (bulk mining, 64% LOM tonnes), Uppers (bulk mining, 16% LOM tonnes), Mass Blasting Raise Mining ("MBRM") (bulk mining, 13% tonnes) and C&F (selective mining, 7% tonnes). Table 7 provides additional detail on these mining methods as contemplated by the LOM plan in the Feasibility Study. The amenability of Sub-Level Longhole and Uppers mining methods was demonstrated during the test trial mining program in 2018¹¹. An opportunity for the Project is the potential to expand the use of MBRM due to its minimal use of sub-level development and the ability to mine narrow widths (down to 1.2 m).

The Feasibility Study contemplates that mined ore will be mucked from the stope draw point, transported to Level re-mucks where it will be loaded into trucks for haulage to surface or to the 610 m Level truck dump/grizzly prior to being skipped to surface and stockpiled. Prior to mill processing, the stockpiled ore would be sent to the primary surface crusher and crushed to a size minimum size of 150 mm (or 6-inch minus), the optimal feed for the Semi-Autogenous mill ("SAG").

The Feasibility Study estimates total LOM payable gold production of 602,987 oz over a period of 8.2 years, of which 47,829 ounces of production is estimated during the 21-month Pre-CP ramp-up period. Annual production during CP averages an estimated 79,308 oz per year over the 7-year CP period. Please see Diagram 2 for the LOM production profile under the Feasibility Study.

Mill Processing and TMF: Benefiting from Substantial Surface Infrastructure

The Project has an operational mill processing facility at site. The main components of the Project mill are a SAG grinding unit, Knelson gravity concentrators, a ball mill, and the carbon-in-leach circuit. The Project mill has an estimated top-end capacity throughput of 1,800 tpd at the current configuration with minor upgrades. Prospective further capital upgrades (primarily installing an additional ball mill) could potentially expand mill capacity up to an estimated 2,500 tpd. During the 2018 bulk sample processing program¹¹, the existing Project mill achieved an average throughput of 1,540 tpd (based on a 22-hour mill availability) and gold recoveries of 95.1% (43.2% from gravity); the Feasibility Study assumes similar mill recovery estimates.

The Feasibility Study contemplates a 21-month ramp-up period to Commercial Production⁴, which commences in Year 1 of the LOM financial model in the Feasibility Study (See Table 8 for LOM financial model). The LOM plan in the Feasibility Study forecasts commencement of stockpiling ore shortly after the start of construction, with processing of stockpiles forecast to commence after 7 months of the Pre-CP period (i.e., in Year -2 stub year). The Feasibility Study assumes an application to amend the Project permits to a higher throughput rate of 1,800 tpd during the Pre-CP period in order to be able to operate above 1,250 tpd from Year 2 of CP.

The Project currently has an existing TMF and operating water treatment plant. The Feasibility Study includes the expansion of the TMF and addition of an ammonia treatment unit to the current water treatment plant.

Capital and Operating Costs Estimates

Please see Table 3 for a summary of the Feasibility Study capital and operating costs estimates. Please see Table 4 for more details on the Initial and Sustaining Capital estimates in the Feasibility Study.

Capital Costs

The Feasibility Study estimates total LOM capital expenditures are to be $298.1 million, comprised as follows:

• Initial Capital (Pre-CP) - $109.3 million: Initial Capital represents expenditures during the 21-month ramp-up to CP, including a 10% contingency⁶. The Feasibility Study applies estimated contractor rates during the Pre-CP period with a transition to estimated owner-operator rates when Commercial Production is achieved.
• Sustaining Capital (CP) - $188.8 million, or $27.0 million per year of CP: Sustaining Capital represents expenditures incurred from the declaration of Commercial Production to the end of the estimated LOM, inclusive of estimated closure costs and net of salvage value estimates.

Table 4: LOM Capital Costs estimates

The largest component of the LOM capital costs estimated in Feasibility Study are underground development expenditures. Including indirect costs, the Feasibility Study estimates that the average cost per underground development metre ranges between $5,000 to $6,000 per metre for lateral and ramp development. The Feasibility Study assumes equipment lease financing of the mining fleet throughout the LOM plan. The estimated increase in the Initial Capital "Surface and mill" segment compared to the 2019 PEA¹⁰ can be explained by the contemplated expansion of the TMF. The increase in the Initial and Sustaining Capital "Underground development and infrastructure" segment compared to the 2019 PEA¹⁰ is explained by the increase in estimated ore tonnes in the LOM plan and contemplated increase in underground development metres as a result of the geo-mechanical and geo-technical analysis.

Operating Costs

The Feasibility Study's operating costs estimates during CP contemplate predominantly owner-operated rates. The largest component of operating costs is labour, which accounts for approximately 50-60% of the total costs. The predominant deployment of productive bulk mining methods in the LOM plan has translated into CP operating cash costs of $139 per tonne or US$613 per ounce, respectively. Please see Table 3 for a summary of the Feasibility Study's operating costs estimates and Table 7 for the estimated cost per tonne of each mining method contemplated in its LOM plan.

Tax Loss Pools, Royalties, and Other Production Taxes

The Company currently has approximately $704 million of tax-deductible pools, tax losses, and tax credits ("tax loss pools") available for deduction during CP. In the Feasibility Study, application of these tax loss pools is estimated to result in the payment of no income taxes against the estimated LOM net income generated by the Project under Base Case assumptions (see Table 6) and improve estimated LOM FCF by approximately $132 million. The Feasibility Study estimates that Battle North would have $407 million of unused federal and provincial tax loss pools at the end of the LOM Base Case economic assumptions. In the current gold price environment, it is projected that the $704 million of tax loss pools will be depleted during LOM plan.

The mineral claims that comprise the Project's F2 Gold Deposit are subject to a 3% NSR (2.0% NSR payable to Franco-Nevada; 1.0% NSR payable to Royal Gold). Other production costs include estimated LOM community payments.

Feasibility Study Mineral Reserve and Mineral Resource Estimates

The Mineral Reserve and Mineral Resource estimate for the Project in the Feasibility Study is based on a 3.41g/t Au mining cut-off grade (except for C&F stopes, which are based a 5.0 g/t Au). See Table 5 for further details.

Table 5: Feasibility Study Mineral Reserve and Mineral Resource Estimate

The Feasibility Study Mineral Reserve and Mineral Resource estimate is entirely within the F2 Gold Deposit of the Project. The high-titanium basalt units ("High-Ti Basalt Units") represent the main host rock for gold mineralization, followed by the Felsic Intrusive Units. A small proportion of mining contemplated by the Feasibility Study is planned in the Ultramafic/Ultramafic Talc Units. The near-vertical orientation of the deposit and strong competency of the High-Ti Basalt Units are expected to mitigate external dilution, as was previously demonstrated by during the 2018 test trial mining program¹¹. The F2 Gold Deposit remains open at depth and along strike.

Economics, Cash Flow Model and Valuation Sensitivities

The Feasibility Study demonstrates robust after-tax IRR and NPV_5% estimates of 50.3% and $305.0 million, respectively, and LOM FCF (net of Initial Capital) of $418.5 million, using a Base Case gold price assumption of US$1,525/oz LOM. At US$1,900/oz, which is close to current spot prices, after-tax IRR, NPV_5% and LOM FCF (net of Initial Capital) estimates increase significantly to 86.4%, $531.4 million, and $698.3 million, respectively. Please see Table 8 for the Feasibility Study LOM financial model. Please see Diagram 3 for an illustrative chart of the Feasibility Study's estimates of Annual and Cumulative LOM FCF at US$1,525/oz and US$1,900/oz gold prices, respectively.

Sensitivities of the Feasibility Study estimates for Project after-tax IRR and NPV_5% are provided for gold price and CAD/USD exchange rate estimates in Table 6 below. Other such sensitivities under different scenarios for LOM grade, throughput, capital and operating costs are provided in Diagram 4.

Table 6: Gold Price and CAD/USD Exchange Rate Sensitivities - After-Tax IRR (%) and NPV_5% ($millions)

Implementation Plan: Mitigating Risks During Ramp-Up to CP

A construction decision on the Project remains subject to ongoing review and, ultimately, approval by the Company's Board of Directors. However, in the interim, Battle North will be working to develop an implementation plan for development of the Project as contemplated by the Feasibility Study. The Company understands that bringing development-stage projects to Commercial Production entails numerous risks and, therefore, will also be focused on mitigating such associated risks and potential issues including those related to the construction of an underground mine and ramp-up to Commercial Production. Some of these risk mitigation factors and strategies are outlined below:

• Grade control and mine plan execution:
• • In 2018, the Company successfully test mined (utilizing sublevel longhole and uppers mining methods) and processed more than 35,000 tonnes of bulk sample material at the Project¹¹, demonstrating a positive reconciliation with respect to grade, tonnes, and ounces, respectively, compared to block model estimates, providing confidence in the geological interpretation and Mineral Resource estimation.
  • The July 2020 Measured and Indicated Mineral Resource estimates¹² were drilled, on average, at 8 m and 19 m centres, respectively, and formed the basis for the Feasibility Study Mineral Reserve and Mineral Resource estimates. The Feasibility Study contemplates additional stope definition drilling on 10 m centres to define correspondingly more accurate stope grade estimates prior to mining.
  • Implementing systems to reduce ore re-handling and comingling with waste, and incentivizing mine crews to meet grade targets rather than tonnage targets.
  • Underground waste development during Pre-CP of an estimated 8,562 m period is anticipated to provide up to 9 months of stope development ahead of the mining and access to an estimated 40-50 additional stopes.
  • Reasonable unplanned and backfill dilution averaging 16.6% and mining recovery of 95%. These estimates are supported by actual test mining of the deposit that achieved 8.7% unplanned external dilution during the 2018 test trial mining program¹¹.
• Capital expenditures and scheduling:
• • Substantial and fully-operational existing infrastructure reduces construction risk and scheduling complexities, shifting primary focus to other areas of construction and development.
  • Majority of the estimated Initial and Sustaining Capital is underground development, where there is extensive and recent experience in managing ground conditions, development crews and costs.
  • Connection of the underground ramp to surface would create a second means of access to the underground to transport personnel and equipment, and allow the existing shaft to focus on moving ore and waste.
  • Activate Battle North's existing worker camp to host workforce ramp-up and contractor requirements.
  • Gradual 21-month ramp-up to Commercial Production, with potential to increase daily development rates with additional mining crews.
• Mill recovery rates and managing TMF ammonia levels:
• • The Project's existing state-of-the-art 1,800 tpd mill achieved 95% recovery (43% from gravity) during the 2018 bulk sample processing program¹¹ and has processed more than 100,000 tonnes of material since 2015.
  • An ammonia reactor is anticipated to be installed at the Project's wastewater treatment plant to treat ammonia in the effluent early on during the construction period prior to operating the mill.
• COVID-Related Measures:
• • The Project has already implemented a comprehensive risk management plan which includes the following measures:
  • • Continuing to practice social distancing and supplying employees with additional PPE, sanitizers, and cleaners.
    • Conducting temperature checks prior to site entry and implementing a rapid COVID testing protocol is in the works.
    • Pre-screening measures before visiting site and crew segregations within the camp.
    • For additional safety measures already in place, please review the Company's March 23, 2020 news release available on the its website www.battlenorthgold.com or under the Company's profile on SEDAR www.sedar.com.
• Management and Project Team Experience:
• • The Battle North team has significant construction, operating and turnaround experience in challenging underground mines around the world including the Witwatersrand basin in South Africa, Northern Ontario mining camps (Sudbury, Timmins, Kirkland Lake, and Red Lake), Northern Manitoba, Val d'Or mining camp in Quebec, Northern New Brunswick, Northern Saskatchewan, and in Newfoundland.

Optimization Opportunities

Battle North has identified the following opportunities to enhance the Feasibility Study, which the Company will evaluate in due course:

• Conduct a cost/benefit analysis of a lower mining cut-off grade with a higher gold price assumption, which could potentially add profitable stopes into the LOM plan.
• Infill and step-out drilling of Inferred Mineral Resource estimates and Explore Target areas¹³ including the McFinley and Pen Zones, as potential sources of future incremental mill feed.
• Analyze the expanded use of MBRM to lower mining costs.
• Expanding the contemplated fleet of electric and/or battery operated underground mobile equipment (e.g. haul trucks) to reduce long-term emissions and ventilation requirements.
• Hiring additional mining crews to expedite the advancement of the underground development and, in turn, timeline to Commercial Production.

The Path Forward

• File an updated Technical Report for the Project reflecting the Feasibility Study on www.sedar.com within 45 days of this news release.
• Secure financing to address the currently unfunded Projected Funding Requirement.
• Construction decision.
• Staff and mobilize the Battle North EPCM team.
• Deliver Mineral Resource Estimates at McFinley and Pen Zones in Q4/20 and Q1/21, respectively.

Conference Call and Webcast

The Company's senior management team will host a conference call today, October 21, 2020 at 8:30 am ET (5:30 am PT) for Q&A with respect to the Feasibility Study.

Live conference call and webcast details:

• For the webcast, please visit the WEBCAST LINK.
• North American Participants (toll free number): +1 888-390-0605
• International: +1 416-764-8609

Replay of the conference call and webcast:

• North American Participants (toll free number): +1 888-390-0541 (code: 402688 #)
• International: +1 416-764-8677 (code: 402688 #)
• A video recording of the conference call and webcast will be posted on the Battle North YouTube Channel (link) and the Company's website at www.battlenorthgold.com between 24-48 hours following the call.

Supplementary presentation materials from the conference call and materials presented during an upcoming site visit will be uploaded on the Battle North website www.battlenorthgold.com in the "Presentations" section.

Permitting, Consultation, Closure and Rehabilitation

The Company will qualify for the material permits required for an average production rate of 1,250 tpd upon the successful implementation of an ammonia treatment upgrade to the Project's water treatment system and the installation of sceptic field bed systems throughout the site. At a future juncture, Battle North will evaluate the permit amendments required for the increased projected production rate. The Company believes the increased production rate envisaged in the Feasibility Study will not materially increase the surface area of the Project site, which could potentially simplify the permit amendment and associated consultation processes.

Rehabilitation measures have been designed using a precautionary approach targeting the long-term physical and environmental stability of the site in accordance with applicable legislation and the associated First Nations' consultation process. The rehabilitation measures are intended to return the site to a productive land use that will not require long-term care and maintenance. The Feasibility Study estimates the end of LOM rehabilitation costs to be $7.7 million, offset by an estimated salvage value of material site assets at closure of $7.6 million.

The Company is continuing consultations with the impacted First Nations communities, and local municipalities. Battle North currently has Exploration Agreements in place with those First Nations communities and expects to commence IBA discussions soon.

Consultants and Technical Report

The Feasibility Study was conducted by T. Maunula & Associates Consulting Inc. ("TMAC" or "Consultants"), a consulting practice independent of the Company. Since 2017, TMAC has worked closely with Battle North on its Mineral Resource estimation and its 2019 PEA¹⁰. The Company plans to file an updated technical report for the Project reflecting the Feasibility Study, prepared in accordance with National Instrument 43-101 of the Canadian Securities Administrators ("Technical Report"), on www.sedar.com within 45 days.

Qualified Persons and Quality Assurance and Quality Control (QA/QC)

The content of this news release (other than tax matters) has been read, verified and approved by Michael Willett, P.Eng., Director of Projects and Isaac Oduro, P.Geo., Manager of Technical Services for Battle North, as well as Andrew Mackenzie, P.Eng. and Tim Maunula, P.Geo. for TMAC, both of whom are independent from the Company. All are Qualified Persons as defined by NI 43-101.

Underground drilling was conducted by Boart Longyear Drilling of Haileybury, Ontario and was supervised by the Battle North exploration team. All assays reported are uncut unless otherwise stated. All samples reported herein were performed by SGS Mineral Services of Red Lake, Ontario. All NQ core assays reported were obtained by fire assay with AA-finish or using gravimetric finish for values over 10.0 g/t Au.

Intercepts cited do not necessarily represent true widths, unless otherwise noted, however drilling is generally intersecting interpreted mineralized zones at angles between -30^o and +30^o. True width determinations are estimated at 65-80% of the core length intervals for the 305 m Level drilling, and estimated at 75-95% of the core length for the 610 and 685 m Level drilling. Battle North's quality control checks include insertion of blanks, standards and duplicates to ensure laboratory accuracy and precision.

About Battle North Gold
Battle North Gold is a Canadian gold mine developer led by an accomplished management team with successful underground gold mine operations, finance, and capital markets experience. Battle North owns the significantly de-risked and shovel-ready Bateman Gold Project, located in the renowned Red Lake gold district in Ontario, Canada and controls the strategic and second largest exploration ground in the district. Battle North also owns a large gold exploration land package on the Long Canyon gold trend near the Nevada-Utah border in the United States. Battle North's shares are listed on the Toronto Stock Exchange (BNAU) and the OTCQX markets (BNAUF). For more information, please visit our website at www.battlenorthgold.com.

Battle North Gold Corp.
George Ogilvie, P.Eng.
President, CEO, and Director

Table 7: Mining methods contemplated for the Feasibility Study LOM Plan (Base Case estimates)

Cautionary Statement regarding Forward-Looking Statements and Other Matters

All statements, other than statements of historical fact, contained or incorporated by reference in this news release constitute "forward-looking statements" and "forward looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "advancement", "amenability", "anticipated", "assumption", "believe", "confidence", "conceptual", "contemplates", "contingency", "demonstrates", "de-risked", "drive", "emerging", "enhance", "envisaged", "estimate", "evaluate", "expected", "exploration", "factor", "feasibility", "focus", "forecast", "forward", "future", "illustrative", "initial", "intended", "interim", "internal rate of return" (or "IRR"), "interpretation", "in the works", "life of mine" (or "LOM"), "long-term", "may", "measures", "metric", "milestone", "mitigate", "mobilize", "model", "near-term", "net present value" (or "NPV"), "ongoing", "on track", "opportunity", "optimization", "path", "PEA", "plan", "positioned", "possible", "potential", "precautionary", "preliminary", "profile", "program", "project", "projected", "prospective", "risk", "sensitivities", "shovel-ready", "strategies", "study", "subject to", "target", "tasked", "timeline", "towards", "trend", "uncertainties", "understanding", "upgrade", "viability" and "will", or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, could, may, should, will or would (or not) be achieved, demonstrate, occur, provide, result or support in the future. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect. Forward-looking statements include statements regarding Mineral Reserve and Mineral Resource estimates (including those in the Feasibility Study presented in this news release) and other mineralization including Explore Targets and the McFinley and Pen Zones (including any future Mineral Resource estimates therefor or incremental mill feed therefrom); mine plans and life; timing of the delivery and details of the updated Technical Report; the results of the Feasibility Study (including any financial and/or economic metrics and results, such as return on capital (including internal rate of return or IRR), payback period, NPV, free cash flow (FCF), cut-off grade, production and mill head grade profile, gold production (payable or otherwise), capital and operating costs, life of mine (or LOM), estimated tonnes and grade, mineable inventory, underground development, plans (including any risk assessment or risk management plan or implementation plan for development of the Project as contemplated by the Feasibility Study or otherwise), timelines (including pre-Commercial Production and Commercial Production periods), additional permitting; Project Funding Requirement (including funding thereof and potential debt financing therefor), closure costs, net salvage value and other results of the Feasibility Study (all of which are estimates only) and impact thereon of existing infrastructure and planned and historical activities (including implications of the 2018 test trial mining and bulk sampling), future infill and step-out drilling of the F2 Gold Deposit and exploration drilling at Explore Targets, the McFinley and Pen Zones and Red Lake Properties (including incremental tonnes or mill feed therefrom or other impacts thereof), optimization and expansion opportunities (including mill capacity), risk mitigation factors and strategies; geological and structural modelling (including understanding of deposit geology including openness along strike and at depth); future gold price and USD/CAD exchange (or FX) rates; Project feasibility and viability; future mining; and health, safety and security measures or protections, and other protocols, implemented by the Company's (or in the works) in response to COVID-19, and the Company's ability to respond in the future to that situation, including the implementation any new such or other measures or protections and the impact thereof.

Forward-looking statements are based on assumptions, estimates, expectations and opinions, which are considered reasonable and represent best judgment based on available facts, as of the date such statements are made. If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements. The assumptions, estimates, expectations and opinions referenced, contained or incorporated by reference in this news release which may prove to be incorrect include those set forth herein, and in the Company's Management's Discussion and Analysis for the fiscal year-ended December 31, 2019 ("2019 MD&A") and quarters ended March 31 and June 30, 2020 (together, the "2020 MD&A"), including the accompanying financial statements, and the July 2020 Technical Report, all available under the Company's profile at www.sedar.com and on its website at www.battlenorthgold.com, as well as: (1) permitting, exploration and development at the Project being consistent with the Company's current expectations including, without limitation, the maintenance of existing permits, licenses and other approvals and the timely receipt of other permits, licenses and other approvals necessary from time to time; (2) political and legal developments being consistent with its current expectations; (3) the completion of evaluations and studies on the timelines currently expected (notwithstanding the risks, uncertainties, contingencies and other factors described below including COVID-19) and the results being consistent with the Company's current expectations; (4) the exchange rate between the Canadian dollar and the U.S. dollar being approximately consistent with current expectations; (5) price assumptions for gold; (6) prices for diesel, natural gas, electricity and other key supplies being approximately consistent with current levels; (7) the accuracy of the Mineral Reserve and Mineral Resource estimates in the Feasibility Study (including but not limited to ore tonnage and ore grade estimates) and the Company's internal models; (8) labour and materials costs being consistent with the Company's current expectations; (9) continuing amenable relations with key stakeholders including the local communities; and (10) the Company's ability to meet current and future debt obligations or to complete future financings to raise additional capital as and when needed including to fund estimated Project Funding Requirement.

Forward-looking statements are inherently subject to known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results, performance or achievements of Battle North to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties, contingencies and other factors include, among others: gold price fluctuations; possible variations in mineralization, grade or recovery or throughput rates; uncertainty of Mineral Resource estimates; inability to realize exploration potential, mineral grades and mineral recovery estimates; actual results of exploration activities including their impact; delays in completion of exploration and other drilling or plans, and any evaluations and studies, including the ongoing Feasibility Study for the Project, for any reason including insufficient capital and other risks, uncertainties, contingencies and factors identified herein; labour issues at the Company or third parties, such as government and regulatory agencies, suppliers and service providers, including labour shortages and/or work curtailments or stoppages as may result from COVID-19; conclusions of economic, geological or structural evaluations and models including those reflected in Mineral Reserve and Mineral Resource estimates in the Feasibility Study or included in the July 2020 Technical Report, and any other evaluations and studies for the Project; changes in Project parameters as plans continue to be refined; failure of equipment or processes to operate as anticipated; accidents and other risks of the mining industry; delays and other risks related to operations; the ability to obtain and maintain permits and other regulatory approvals (as well as the timing and terms thereof) and to comply with such permits, approvals and other applicable regulatory requirements; the ability of Battle North to comply with its obligations under material agreements including its current loan facility and other financing agreements; the availability of financing for the Project as contemplated by the Feasibility Study (including the Project Funding Requirement) and other proposed programs and working capital requirements on reasonable terms and in a timely manner; the ability to meet, repay, or refinance, or replace, or renegotiate current and future debt obligations on reasonable terms and in a timely manner including the current loan facility and closure and reclamation surety bond; the ability of third-party service providers and other suppliers to deliver on reasonable terms and in a timely manner (including those working on or contemplated within the ongoing Feasibility Study for the Project); risks associated with the ability to retain key executives and key operating personnel; cost of environmental expenditures and potential environmental liabilities; relations with local communities including First Nations; failure of plant, equipment or processes to operate as anticipated; cost of supplies; market conditions and general business, economic, competitive, political and social conditions; our ability to generate sufficient cash flow from operations or obtain adequate financing to fund our capital expenditures and working capital needs and meet our other obligations; the volatility of our stock price, and the ability of our common stock to remain listed and traded on the TSX; epidemics, pandemics and other public health crises, including COVID-19 or similar such viruses; and the "Risk Factors" in the Company's annual information form dated March 27, 2020 (the "2020 AIF") as well as the risks, uncertainties, contingencies and other factors identified in the July 2020 Technical Report and the 2019 MD&A and the 2020 MD&A (including the accompanying financial statements), all of which are available under the Company's profile at www.sedar.com and on its website at www.battlenorthgold.com. The foregoing list of risks, uncertainties, contingencies and other factors is not exhaustive; readers should consult the more complete discussion of the Company's business, financial condition and prospects that is provided in the 2020 AIF.

The forward-looking statements referenced or contained herein are expressly qualified by these Cautionary Statements as well as the Cautionary Statements in the 2019 MD&A, the 2020 MD&A, the 2020 AIF and the July 2020 Technical Report. Forward-looking statements contained herein are made as of the date of this news release (or as otherwise expressly specified) and Battle North disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable laws.

Cautionary Statement regarding Mineral Reserve and Mineral Resource Estimates

Until mineral deposits are actually mined and processed, Mineral Reserves and Mineral Resources must be considered as estimates only. Mineral Resource estimates that are not Mineral Reserves do not have demonstrated economic viability. The estimation of Mineral Reserves and Mineral Resources is inherently uncertain, involves subjective judgement about many relevant factors and may be materially affected by, among other things, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties, contingencies and other factors described in the foregoing Cautionary Statements, as well as those described in the 2019 MD&A and 2020 MD&A (and accompanying financial statements), the 2020 AIF and the July 2020 Technical Report. The quantity and grade of reported "Inferred" Mineral Resource estimates are uncertain in nature and there has been insufficient exploration to define "Inferred" Mineral Resource estimates as an "Indicated" or "Measured" Mineral Resource and it is uncertain if further exploration will result in upgrading "Inferred" Mineral Resource estimates to an "Indicated" or "Measured" Mineral Resource category. The accuracy of any Mineral Reserve and Mineral Resource estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral reserve and Mineral Resource estimates may have to be re-estimated based on, among other things: (i) fluctuations in mineral prices; (ii) results of drilling, and development; (iii) results of test stoping and other testing; (iv) metallurgical testing and other studies; (v) results of geological and structural modeling including stope design; (vi) proposed mining operations, including dilution; (vii) the evaluation of mine plans subsequent to the date of any estimates; and (viii) the possible failure to receive required permits, licenses and other approvals. It cannot be assumed that all or any part of a "inferred", "Indicated" or "Measured" Mineral Resource estimate will ever be upgraded to a higher category. The Mineral Reserve and Mineral Resources estimates referenced in this news release were reported using Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves (the "CIM Standards") in accordance with National Instrument 43-101 of the Canadian Securities Administrators ("NI 43-101").

Cautionary Statement to U.S. Readers

This news release uses the terms "Mineral Reserve", "Proven Mineral Reserve", "Probable Mineral Reserve", "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" as defined in the CIM Standards (collectively, the "CIM Definitions") in accordance with NI 43-101. While these terms are recognized and required by the Canadian Securities Administrators in accordance with Canadian securities laws, they are not recognized by the United States Securities and Exchange Commission (the "SEC") and differ materially from the definitions in the SEC Industry Guide 7 under the United States Securities Act of 1933, as amended. Under SEC Industry Guide 7, a "final" or "bankable" feasibility study is required to report "Reserves", the three-year historical average price is used in any "Reserve" or cash flow analysis to designate "Reserves" and the primary environmental analysis or report must be filed with the appropriate governmental authority. In addition, the terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" as defined in NI 43-101 are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be upgraded to SEC Industry Guide 7 "Reserves". The estimation of "Measured Mineral Resources" and "Indicated Mineral Resources" involves greater uncertainty as to their existence and economic and legal feasibility than the estimation of SEC industry Guide 7 "Reserves". Under SEC Industry Guide 7, mineralization may not be classified as a "Reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the Reserve determination is made. The estimation of "Inferred Mineral Resources" involves far greater uncertainty as to their existence and economic and legal viability than the estimation of other categories of "Mineral Resources". Under NI 43-101, estimates of "Inferred Mineral Resources" may not form the basis of feasibility studies, pre-feasibility studies or other economic studies, except in prescribed cases, such as in a preliminary economic assessment (or PEA) under certain circumstances. The SEC normally only permits issuers to report mineralization that does not constitute "Reserves" as in-place tonnage and grade without reference to unit measures. It cannot be assumed that any part or all of a "Inferred Mineral Resource", "Measured Mineral Resource" or "Indicated Mineral Resource" estimate exists or is economically or legally mineable.

The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the United States Securities Exchange Act of 1934. These amendments became effective February 25, 2019 (the "SEC Modernization Rules") and, on January 1, 2021, will replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7, which will be rescinded from and after such date. However, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101.

The SEC Modernization Rules include the adoption of terms describing "mineral reserves" and "mineral resources" that are "substantially similar" to the corresponding terms under NI 43-101. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources". In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be "substantially similar" to the corresponding CIM Definitions. U.S. investors are cautioned that while the above terms are "substantially similar" to CIM Definitions, there are differences between the definitions ascribed to such terms under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance that any "Mineral Reserve" or "Mineral Resource" estimate that the Company may report as "Proven Mineral Reserves", "Probable Mineral Reserves", "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources" under NI 43-101 would be the same had the Company prepared such estimates under the standards adopted under the SEC Modernization Rules.

For the above reasons, the "Mineral Reserve" and "Mineral Resource" estimates and related information in this news release may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release

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SOURCE Battle North Gold Corp.