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Dynasty Gold Challenges CORE's Claims on Past China Activity

Apr 2, 2024

Dynasty Gold Corp. refutes allegation made by the Canadian Ombudsperson for Responsible Enterprise (CORE) in a report published on March 26, 2024 concerning mineral activity by the Company, in Xinjiang, China from 2004 to 2008.

The CORE report is full of errors and inaccuracies. Dynasty's exploration in Xinjiang ceased in 2008, and wrote off its investments in the 2008 annual audited financial statements. The human rights allegation did not arise until May 2019, over a decade after Dynasty ended its exploration in Xinjiang. Dynasty has had no presence in China since 2008.

Dynasty never conducted mining at the Hatu mine. It was pre-mining exploration that ended in 2008 which is more than 10 years before any allegation of forced labor was reported.

The case was built on CORE's claim that Dynasty's subsidiary, Terrawest, still owns 99.9999% of a joint-venture company (Terraxin) in Xinjiang. However, CORE did not provide any supporting evidence of their claim except stated that their information came from a "secret source" that cannot be revealed. Based on this false claim of Dynasty controlling a 99.9999% ownership, a case was built against the Company. Dynasty controls no interest whatsoever in China.

Records for joint-venture companies' ownership in China can be found at the Ministry of Commerce, and the joint-venture company (Terraxin) is not listed. This is public information and not a secret.

Despite our repeated explanation of the situation and the timeline of the events, CORE still decided to publish this questionable report that contains numerous untrue and unfounded statements without providing any credible evidence.

Dynasty demands retraction of the report and an apology from CORE.

About Dynasty Gold Corp.

Dynasty Gold Corp. is a Canadian mineral exploration company currently focused on gold exploration in North America with projects located in the Manitou-Stormy Lake greenstone belt in Ontario and in the Midas gold camp in Nevada. The Company is currently advancing its Thundercloud gold resource in northwest Ontario. A NI 43-101 Independent Technical Report, dated September 27, 2021 can be found on the Company's and SEDAR websites. The 100% owned Golden Repeat gold project in the Midas gold camp in Elko County, Nevada, is surrounded by a number of large-scale operating mines.

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