What you need to know: • Nevada King Gold is a leading gold explorer, focused on the exploration and development of its flagship Atlanta Project in Nevada. • The Atlanta Project hosts a 1.12Moz resource at an average grade of 1.11 g/t Au, of which 91% is in the Measured and Indicated category. • Atlanta is aggressively exploring for new resources while progressing towards a PEA. As a rare >1 g/t oxide resource in Nevada, we see substantial value yet to be priced into the stock. • We value NKG at C$0.40/share based on 0.2x NAV. Nevada King Gold Corp. (NKG:TSXV, NKGFF:OTC) is a precious metals exploration and development company focused on the advancement of its Atlanta Project in Nevada. Following extensive drill programs since 2020, NKG increased Atlanta’s high-grade oxide gold resource to 1.12Moz in June. The Company is now conducting drill programs on numerous satellite targets expected to expand Atlanta’s resource as the project advances. To catch readers’ attention, NKG has reported some of the best highlight drill intercepts in Nevada, having intersected 11.6 g/t Au over 108m and 6.6 g/t Au over 82m, highlighting a high-grade core to the deposit. NKG is poised to outperform as it continues exploring while advancing Atlanta towards an inaugural PEA in 2026. We are initiating coverage on Nevada King Gold Corp. with a BUY rating and target price of C$0.40/share. Investment Thesis Summary >1 g/t Oxide Gold Deposits are a Rarity. The Atlanta Project’s million-ounce deposit is highlighted by a high grade of 1.14 g/t (M&I), making it one of the few oxide deposits in the U.S. surpassing 1.0 g/t Au. With further exploration success from its ongoing Phase 3 and fully funded Phase 4 programs, we see a significant opportunity for NKG to establish a large resource base on the Atlanta property from the numerous promising targets. Our estimates for the >1 g/t oxide gold project depict a low-capex and highly profitable gold operation that compares favourably to peers. Past-Producing Property in a Tier-1 District. Nevada is regarded as one of the top mining jurisdictions globally, evidenced by major mining players continuing to enter the region through recent M&A, which we expect to de-risk development. Combined with the current push in the U.S. to expedite permitting and the Atlanta resource being on private ground, we see a clear path for advancement. The property also has extensive infrastructure already in place to support future development, ultimately reducing costs to bring Atlanta into production. Motivated Leadership. Management and insiders own ~38% of NKG and are largely underwater following the pull-back in June. In our view, this well aligns the team to execute and provides new investors with an attractive entry point. Additionally, NKG’s April 2025 financing ($11.5M) brought in a new large institution (Franklin Templeton) at ~5%, providing further notable backing to the story. Significantly Undervalued. NKG trades at 0.07x our NAV estimate for the project vs. U.S. gold developer peers at 0.14x. Further, several recent precedent transactions of oxide gold deposits in Nevada highlight additional upside potential for Atlanta in a takeout scenario. We are anticipating a sizable re-rating with further resource growth to demonstrate the scale of Atlanta.