Barrick Increases Expenditure by 120% to US$22.0M in Amended Earn-In Agreement for Precipitate's Pueblo Grande Project

Pursuant to the Amendment, Precipitate and Barrick have agreed to, among other things, increase and extend the Earn-In's total required work expenditures from the original US$10.0 million to US$22.0 million, representing an increase in expenditures of 120%.

Since entering into the Earn-In in April of 2020, Barrick has satisfied work expenditure requirements up to the fourth anniversary, having incurred total work expenditures of greater than US$5.0 million to date. Barrick must now expend an additional US$17.0 million before completing the Earn-In.

Under the Amendment, the schedule for the remaining work expenditure requirements and the deadline for delivery of a pre-feasibility study (the "PFS") have changed such that in order to earn a 70% interest in the Project, Barrick now must:

• Incur a total minimum of US$22.0 million in qualifying work expenditures as follows:

• US$7.0 million in aggregate before the fifth anniversary (April 14, 2025);

• US$10.0 million in aggregate before the sixth anniversary (April 14, 2026);

• US$13.0 million in aggregate before the seventh anniversary (April 14, 2027);

• US$16.0 million in aggregate before the eighth anniversary (April 14, 2028);

• US$19.0 million in aggregate before the ninth anniversary (April 14, 2029); and

• US$22.0 million in aggregate and delivery of a qualifying PFS before the tenth anniversary (April 14, 2030).

• In addition, pursuant to the Amendment:

• Barrick will pay Precipitate US$50,000 as consideration for the Amendment;

• Barrick must not, directly or indirectly, without the prior written consent of Precipitate, offer, sell or grant any option, warrant or other right to purchase any of its Precipitate shares for a period of 12 months from execution of the Amendment; and

• Barrick will reimburse Precipitate for certain limited legal costs.

Except as amended and modified by the Amendment, the Earn-In Agreement will remain in full force and effect, and the Amendment will be incorporated therein.

Jeffrey Wilson, Precipitate's President and CEO stated, "We're pleased to see Barrick increase its work expenditure commitment while maintaining the requisite delivery of a pre-feasibility study to earn a 70% interest in Precipitate's Pueblo Grande project. Barrick's willingness to increase the work expenditures by 120% from US$10.0 million to US$22.0 million, which is approximately $30 million Canadian, evidences Barrick's interest in continued exploration, specifically at the two current priority drill target areas, Pueblo Grande Norte and Pueblo Grande Sur. We look forward to the subsequent receipt of updates and results as Barrick's exploration programs advance."

Full Earn-In Agreement details can be found on the Company's website (www.precipitategold.com) or within the Company's news release dated April 14, 2020.

About the Pueblo Grande Project:

The Pueblo Grande Project in located in the Sanchez Ramirez province of the Dominican Republic and is owned 100% by Precipitate Gold Corp. The project is subject to an Earn-In Agreement with Barrick Gold Corporation, whereby Barrick has an exclusive right to earn a 70% interest in the project by meeting certain earn-in requirements. Pueblo Grande is contiguous to the Pueblo Viejo mine operated by Barrick and surrounds the Pueblo Viejo mine site on the west, north and east sides, covering about 7,105.73 contiguous hectares.

About Precipitate Gold:

Precipitate Gold Corp. is a mineral exploration company focused on exploring and advancing its mineral property interests in the Pueblo Viejo Mining Camp and Tireo Gold Trend of the Dominican Republic. The Company has entered into an Earn-In Agreement with Barrick Gold Corporation, whereby Barrick can earn a 70% interest in the Company's Pueblo Grande Project by incurring US$22.0M within ten years and producing a qualifying Pre-feasibility Study. Precipitate is also actively evaluating additional high-impact property acquisitions with the potential to expand the Company's portfolio and increase shareholder value, in other favourable jurisdictions.

Additional information can be viewed at the Company's website www.precipitategold.com.

On Behalf of the Board of Directors of Precipitate Gold Corp.,

"Jeffrey Wilson"

President & CEO

For further information, please contact:

Tel: 604-558-0335 Toll Free: 855-558-0335 investor@precipitategold.com

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

This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Precipitate Gold Corp.'s ("Precipitate" or the "Company") current beliefs and is based on information currently available to Company and on assumptions it believes are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Precipitate to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the exploration concessions may not be granted on terms acceptable to the Company, or at all; general business, economic, competitive, political and social uncertainties; the concessions acquired by the Company may not have attributes similar to those of surrounding properties; delay or failure to receive governmental or regulatory approvals; changes in legislation, including environmental legislation affecting mining; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Precipitate has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Precipitate does not undertake to update any forward-looking information, except in accordance with applicable securities laws.