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24 May, 2024

Northgold AB has published its Annual Report 2023

Stockholm, 24 May 2024. Northgold AB (Nasdaq First North Growth Market: “NG”, “Northgold” or the “Company”) today published its 2023 Annual Report. The Annual Report is available in Swedish and English, both attached to this release as a pdf file. The Annual Report is also available on the Company's website at https://northgoldab.com/financial-reports/.

The auditor’s report, which is attached to the annual report for 2023, deviates from what is common as a remark is stated by the auditor relating to a significant uncertainty regarding the going concern, as presented below.

Significant uncertainty regarding the going concern assumption
Without prejudice to my opinion above, I would like to draw attention to the statement in the Directors' Report that the company is dependent on further capital injections in 2024 to ensure its continued operation. The board is negotiating with external stakeholders for a long-term solution to strengthen the company's liquidity and equity. It is the board's assessment that there are good opportunities for continued financing. The above indicates that there is a material uncertainty, which may cast significant doubt on the company's ability to continue as a going concern.

Northgolds comment to the Auditor´s Report
The comment from the auditor is based on the fact that Northgold is a growth company and is financed through external capital. During 2024, the operations are being financed by using directed issues and warrants. In light of the above and negotiations with potential external partners – the Board of Directors believes that the prospects are very good to continue to develop the business.

Further information
Seppo Tuovinen, CEO of Northgold AB
Website: www.northgoldab.com
Follow us: www.linkedin.com/company/northgold
About Northgold
Northgold is a Swedish-listed gold exploration and development Company focused on advancing multiple, co-located, resource-stage projects in the Middle Ostrobothnia Gold Belt (MOGB) of Central Finland, including the Kopsa Gold-Copper project, the Kiimala Trend Gold project, and the Hirsikangas Gold project. The Company strives to grow its gold mineral resources, make new gold discoveries, and ultimately extract gold from these under-explored areas in Central Finland. Augment Partners AB, tel. +46 8-604 22 55 info@augment.se, is acting as the Company's Certified Adviser.

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