Nevada Sunrise Gold Corp. Closes Final Tranche of $400,000 Private Placement

VANCOUVER, Feb. 26, 2021 - Nevada Sunrise Gold Corp. ("Nevada Sunrise" or the "Company") (TSXV: NEV) announced today that it has closed the second and final tranche of its non-brokered private placement as announced on February 1, 2021 and February 12, 2021 of 4,000,000 units (the "Units") at a price of $0.10 per Unit for gross proceeds of $400,000 (the "Offering"). Each Unit consists of one common share of the Company (a "Share") and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to purchase an additional common share (a "Warrant Share") at an exercise price of $0.16 per Warrant Share for a period expiring two years following the closing dates of the Offering.

Nevada Sunrise placed 2,922,000 Units in the first tranche and 1,078,000 Units in the second tranche of the Offering. In connection with closing the Offering, the Company paid finder's fees of 7% cash totaling $9,170 and issued 91,700 finder's warrants (each a "Finder's Warrant") representing 7% of the Units placed by the finders. Each Finder's Warrant will entitle the holder thereof to purchase one common share in Nevada Sunrise at a price of $0.16 per common share, exercisable for a period expiring two years following the closing date of the Offering.

All securities issued in the first and second tranches of the Offering are subject to a four-month hold period, with the first tranche hold period expiring on June 13, 2021, and the second tranche hold period expiring on June 27, 2021, during which time the securities may not be traded. The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available. Closing of the Offering is subject to final acceptance of the TSX Venture Exchange.

Proceeds from the Offering will be used to fund exploration of the Company's precious metals, copper and lithium properties in Nevada, and for general working capital.

About Nevada Sunrise

Nevada Sunrise is a junior mineral exploration company with a strong technical team based in Vancouver, BC, Canada, that holds interests in gold, copper, cobalt and lithium exploration projects located in the State of Nevada, USA.

The Company's key gold asset is a 20% interest in a joint venture with New Placer Dome Gold Corp. (TSXV: NGLD) at the Kinsley Mountain Gold Project ("Kinsley Mountain") near Wendover where an extensive drilling program concluded in late November 2020.

Kinsley Mountain is a Carlin-style gold project hosting a National Instrument 43-101 ("N.I. 43-101") compliant gold resource consisting of 418,000 indicated ounces of gold grading 2.63 grams/tonne ("g/t") gold (4.95 million tonnes), and 117,000 inferred ounces of gold averaging 1.51 g/t gold (2.44 million tonnes), at cut-off grades ranging from 0.2 to 2.0 g/t gold¹.

Nevada Sunrise has right to earn a 100% interest in the Coronado VMS Project, located approximately 48 kilometers (30 miles) southeast of Winnemucca. The Company owns a 15% interest in the historic Lovelock Cobalt Mine and the Treasure Box copper property, each located approximately 150 kilometers (100 miles) east of Reno, with Global Energy Metals Corp. (TSXV: GEMC) holding an 85% participating interest. Nevada Sunrise owns 100% interests in the Jackson Wash and Gemini lithium projects, both of which are located in Esmeralda County. The Company owns Nevada water right Permit 44411, located within the Clayton Valley basin near Silver Peak, Nevada, and water right Permit 86863 in the Lida Valley basin.

Website: http://www.nevadasunrise.ca

FORWARD LOOKING STATEMENTS

This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and include disclosure of anticipated exploration activities. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Such factors include, among others, risks related to the interpretation and actual results of historical exploration at its mineral exploration properties, reliance on technical information provided by third parties on any of our exploration properties, including access to historical information on its properties, current exploration and development activities; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labor disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration, as well as those factors discussed in the section entitled "Risk Factors" in the Company's Management Discussion and Analysis for the Year Ended September 30, 2020, which is available under Company's SEDAR profile at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release. The Securities of Nevada Sunrise Gold Corp. have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to the account or benefit of any U.S. person.

/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES/

SOURCE Nevada Sunrise Gold Corp.



Contact
Warren Stanyer, President and Chief Executive Officer; Telephone: (604) 428-8028, Facsimile: (604) 684-9365; email: warrenstanyer@nevadasunrise.ca