Barrick Explores for Both High Sulphidation Epithermal Gold and Concealed Copper-Gold Porphyry Style Mineralization at Precipitate's Pueblo Grande Project

Barrick has commenced an exploration program including induced polarization ("IP") geophysical surveying and trenching on the Lithocap Zone (Loma Cuaba) of the Pueblo Grande project, west of the Pueblo Viejo gold mine, in advance of a diamond drill program planned for early 2023. Re-interpretation of existing project data has led to an expanded exploration program targeting both near surface high sulphidation epithermal "Pueblo Viejo style" mineralization and an inferred copper-gold porphyry style target at depth. See accompanying map figure for details.

Barrick Planned Program Highlights (Lithocap Zone):

• An exploration program focused on near surface high sulphidation epithermal Pueblo Viejo style gold mineralization along with a possible concealed copper-gold porphyry style target at depth.

• A deep penetrating, 2D pole-dipole IP geophysical surveying comprised of three (3) north-south oriented survey lines, at 400 metre spacing, for a planned survey total of nine (9) line kilometers.

• Renewed evaluation of an area located immediately west of the previous Barrick drill testing at the Lithocap Zone, by way of re-interpretation of existing Project data, particularly magnetic geophysics, various rock-soil geochemical signatures, surface rock-clay alteration studies, and critical geological features (rock types and various fault structures).

• Up to ten hand-dug trenches targeting coinciding areas of prospective geology and high temperature clay alteration occurrences, which are often associated with high sulphidation epithermal systems.

• Preparation of an estimated 3,000 metre diamond drill program, anticipated for early 2023.

Jeffrey Wilson, Precipitate's President and CEO stated, "We are pleased that Barrick has recommenced exploration on the Company's Pueblo Grande Project, with an exciting two prong emphasis on both high sulphidation epithermal style gold mineralization and deeper concealed copper-gold porphyry style mineralization. We're particularly encouraged by Barrick's continued focus on the Lithocap Zone where Precipitate previously identified multiple prospective targets, some of which were not tested by Barrick's previous drill program. We look forward to receiving, evaluating, and reporting Barrick's exploration results as they become available."

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Figure 1: Priority Exploration Area and Barrick's Planned IP Geophysical Survey at Precipitate's Lithocap Zone

In accordance with Earn-in Agreement between Precipitate and Barrick as announced April 14, 2020, Barrick can earn a 70% interest in Precipitate's Pueblo Grande project by incurring a minimum US$10.0 million in qualifying Work Expenditures and delivering a qualifying pre-feasibility study prior to the sixth anniversary of the entering into of the Agreement (see the Company's news release dated April 14, 2020 for full Earn-In Agreement details).

The Company's website has additional information and illustrations of recent and historical Motherlode project data.

For reference: g/t = grams per tonne, Au = gold, m = metres

This news release has been reviewed by Michael Moore, Vice President, Exploration of Precipitate Gold Corp., the Qualified Person for the technical information in this news release under NI 43-101 standards.

About Precipitate Gold:

Precipitate Gold Corp. is a mineral exploration company focused on exploring and advancing its mineral property interests in Newfoundland Canada and 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$10M within six 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.