Vancouver, British Columbia – TheNewswire – December 6, 2022 - Majestic Gold Corp. (“Majestic” or the “Company”) (TSX.V: MJS, FSE: A0BK1D) is pleased to announce that the management nominees listed in the Information Circular for the 2022 Annual General Meeting of Shareholders (the “AGM”) held on December 5, 2022 were elected as Directors of the Company. The shareholders re-elected Stephen Kenwood, Grant Chen, and John Campbell for the upcoming year.

Other resolutions submitted by management to shareholders for consideration were approved as presented, including the approval of the Company’s Stock Option Plan as summarized in the Information Circular (99.71% For; 0.29% Against). Approval of the re-appointment of Dale Matheson Carr-Hilton Labonte LLP, Chartered Professional Accountants, as auditors for the ensuing year, and authorized the Directors to fix their remuneration (100.00% For).

At the AGM, the Company provided a further update on the status of the application for listing of shares of the Company’s subsidiary, Persistence Resources Group Ltd. on the Main Board of The Stock Exchange of Hong Kong Limited (the "HKEX") which was initially announced by the Company’s March 30, 2022 news release. The Company confirms it is still working through the listing application process and is responding to queries from the HKEX and Securities and Futures Commission.

Following the AGM, the Board of Directors re-appointed Stephen Kenwood as President & Chief Executive Office, and James Mackie as Chief Financial Officer & Corporate Secretary.  

About Majestic Gold Corp.

Majestic Gold Corp. is a British Columbia based company engaged in mineral resource exploration, development and extraction. Additional information on the Company and its projects is available under the Company's profile at www.sedar.com and on the Company's website at www.majesticgold.com.

For further information, please contact:

James Mackie, Chief Financial Officer & Corporate Secretary

Telephone: (604) 560-9060

Email: info@majesticgold.com

www.majesticgold.com

FORWARD LOOKING INFORMATION

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of the word, “will” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events, such as completion of the IPO. Actual future results may differ materially.

Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information, including references to the IPO, the ability to successfully complete the IPO, and the disclosure in the Prospectus. Those assumptions and factors are based on information currently available to the Company. The Company cautions the readers that the above list of risk factors is not exhaustive. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws, or as otherwise may be disclosed in this news release. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

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 release.

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