Strategic Investment in Rare Earth Elements and Copper Gold Projects in South and West Australia

VANCOUVER, October 26, 2022 - Norrland Gold Corp. ("Norrland" or "the Company") (TSXV:NORR)(Frankfurt:8VC) is pleased to announce a strategic investment of A$250,000 (C$220,000) has been made into Eversley Resources Pty ("Eversley"), an Australian company, for a 24.3% equity stake. The intention is for the Company to increase its stake as the projects progress. The Company also has the right to nominate a Director to the board. The investment provides Eversley sufficient funding to advance the projects for up to 12 months.

Highlights:

• Early-stage Ionic Clay type REE and IOCG targets in South Australia
• Intrusion-related Cu-Au targets in the Ashburton Basin, Western Australia
• Large district scale tenements (granted and in application)
• Strong technical team with a proven track record

Eversley is led by an experienced management and technical team. The company is advancing a copper, gold, and rare earth elements (REE) exploration portfolio in Tier 1 Australian mineral provinces. The portfolio consists of the North Gawler Project in South Australia and the Ashburton Project in Western Australia.

North Gawler Project (South Australia)

The North Gawler Project (Figure 1) is a large district scale tenement package that covers 2,584 square kilometres (granted and under application) with early-stage Iron Oxide Copper Gold (IOCG) and ionic clay type rare earth elements (REE) exploration opportunities. It is located in the under-explored region of the northern Gawler Craton with major discovery potential. It is 150km NNE of Prominent Hill. Rio Tinto interpreted the basement geology and confirmed district scale IOCG potential. Numerous IOCG targets were identified by Rio Tinto in area of shallow cover during the early 2000'sbut only limited follow-up exploration was completed.

The Jupiter target is ~7km long ovoid felsic pluton with surrounding iron altered magnetic lithologies, including remnant magnetism. The depth to the basement is estimated at 75 to 150 metres. In 1984, BHP drill holes intersected basement schists above 100 metres depth with magnetite±chalcopyrite mineralisation.

The Ganymede target is an ~15x1km, NW-trending magnetic anomalous zone adjacent to Keswick Fault with interpreted Fe metasomatism. The depth to basement is estimated at 50 to 150 metres, (it is very rare to identify shallow IOCG targets in South Australia).

In addition to the IOCG district scale potential is the Victory Ionic Clay REE prospect. Ground spectrometer surveying and regolith grab sampling by Reedy Lagoon Corp Ltd in 2010 identified anomalous Cu-Co-U as well anomalous REE's. Sample descriptions indicate that the highest grade REE samples are associated with kaolinized saprolite at shallow depth below surface (0.1 to 0.5 metres) and indicate the potential for ionic clay type REE at Victory. Proof of concept to establish ionic clay type REE potential can be done inexpensively using grid based hand auger sampling and metallurgical test work.

Ashburton Project (Western Australia)

The project comprises 346 square kilometres under application with intrusive-related copper gold targets in the under-explored Ashburton basin; a Proterozoic mobile belt enveloping the Pilbara Craton (Figure 3). Once tenements are granted the company plans to drill test several compelling co-incident gravity and magnetic anomalies associated with basin scale sounding structures.

Sweden

The company continues to maintain three tenements in Sweden, covering the Vittanträsket and Pingisvaara gold prospects and the Liljendal REE prospect.

Aidan Bishop, Director, commented:

"The entry on the Australian exploration scene via a strategic investment is a significant milestone for Norrland. The Eversley team have a track record of success and coupled with highly prospective projects in a tier 1 Australian mineral province, I am confident that this presents an excellent opportunity to create value for shareholders. I look forward to updating shareholders with exciting news as we progress."

Qualified Person: The scientific and technical data contained in this news release, has been reviewed and approved by Douglas J. Kirwin, who served as the qualified person (QP) under the definition of National Instrument 43-101.

Cautionary Note Regarding Forward-Looking Statements

This news release contains certain statements that may be deemed "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. 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 or realities 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 the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Please visit us at www.norrlandgold.com.

SOURCE: Norrland Gold Corp.