What you need to know: • We visited Nevada King’s Atlanta Gold Project in Nevada on April 16th. • The visit put the scale of the land package in perspective, which is easily accessible and in the top-ranked jurisdiction. • We were equally impressed by the NKG team that is advancing exploration efforts across priority targets, with a notable cash position to execute following the Centerra Gold investment. • For additional context, we initiated research coverage on NKG in November (read the full report here). On April 16th, we visited Nevada King Gold’s (NKG:TSXV, NKGFF:OTC) Atlanta Gold Mine Project located ~264km northeast of Las Vegas, Nevada. The visit reinforced the scale and extent of promising targets across the ~130km2 project area, which we were able to experience over a one-day round-trip visit from Las Vegas, given the accessibility of the Project. Nevada King is more than funded to test these priority targets, and we left confident in the entire NKG team’s ability to execute. We are maintaining our BUY rating and target price of C$0.40/share on Nevada King Gold. Site Visit Highlights • We travelled to the site from Las Vegas, which is a ~3.5 to 4-hour drive along a paved highway and well-maintained gravel road, highlighting Atlanta’s prime location for a mining project with excellent infrastructure. • We toured the historic Atlanta pit anchoring the current high-grade 1.12Moz oxide resource (1.11 g/t Au). • In addition, we were able to see priority target areas (Atlanta North, Atlanta South, Silver Park, Western Rim), which reinforced the scale of the opportunity being tested. • We met with the Nevada King team, from senior management to site geologists, who were well-aligned on NKG’s objectives, bringing extensive experience to the Project. • NKG is achieving an impressively low cost of drilling, and the recent financing of $16.3M, which included Centerra Gold (see our note here), positions NKG with ample funds to prove out the Property without diluting investors.