PALISADES GOLDCORP LTD. REPORTS FEBRUARY 28, 2023 UNAUDITED NET ASSET VALUE

VANCOUVER, BC, March 1, 2023 /CNW/ - Palisades Goldcorp Ltd. (TSXV: PALI) ("Palisades" or the "Company") is pleased to report February 28, 2023 unaudited net asset value per share[1] ("NAV") of $4.77 and after-tax unaudited NAV of $3.67.

Unaudited NAV is calculated by taking the fair market value of the shares and the in the money value of warrants held by the Company, divided by the number of shares issued and outstanding on February 28, 2023. The after-tax unaudited NAV is calculated by subtracting the cost of the shares and warrants held from their fair market value and applying the Company's tax rate of 27% then dividing the result by the number of shares issued and outstanding on February 28, 2023.

Use of Non-GAAP Financial Measures

This press release contains references to NAV or "net asset value per share" which is a non-GAAP financial measure. NAV is calculated as the fair value of total assets less the fair value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. The Company believes that the measure provides information useful to its shareholders in understanding the Company's performance and may assist in the evaluation of the Company's business relative to that of its peers. This data is furnished to provide additional information and does not have any standardized meaning prescribed by GAAP. Accordingly, it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP, is not necessarily indicative of other metrics presented in accordance with GAAP and might not be comparable to similar measures presented by other companies where similar terminology is used. Existing NAV of the Company is not necessarily predictive of the Company's future performance or the NAV of the Company as at any future date and should not be construed as a more meaningful indicator of the Company's current performance as compared to the most directly comparable GAAP financial measures included in the Company's financial statements, being the Company's total assets and total assets less total liabilities, each as determined in accordance with GAAP. As of September 30, 2022, the Company had unaudited total assets of $296,952537 or $6.02 per share and unaudited total assets less unaudited total liabilities of $227,665,503 or $4.61 per share. Unaudited total liabilities include unaudited deferred tax liability of $69,120,368 relating to differences between accounting carrying value and tax value.

About Palisades Goldcorp Ltd.

Palisades Goldcorp Ltd. is a resource investment company focused on junior companies in the resource and mining sector. The Company seeks to acquire equity participation in pre-initial public offering and early stage public resource companies with undeveloped or undervalued high quality projects. The Company focuses on companies that are in need of financial resources to realize their full potential, are undervalued in capital markets and/or operate in jurisdictions with low to moderate local political risk. The Company expects to continue to make investments, pursuant to its dual investment strategy, to achieve broad sector exposure with upside in the event of appreciation in mineral commodities prices, while also providing the potential to realize appreciation in net asset values as a result of discoveries by issuers in which the Company holds larger positions. The Company is listed on the TSX Venture Exchange under the stock symbol "PALI". Palisades holds a diverse portfolio of securities and derivatives, among which it holds a 26.67% interest in New Found Gold Corp. (TSX-V: NFG).

On behalf of the Board of Directors

"Collin Kettell"
Collin Kettell
Chief Executive Officer and Director
Email: [email protected]
Phone: [phone]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements:

This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws including, without limitation, statements with respect to the future disclosure of NAV by the Company and the approximate timing thereof. All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur including, without limitation, risks relating to the timing and content of future public disclosures by the Company or related to the fact that the term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies and may not be indicative of NAV for any future periods. Although the Company believes that the expectations reflected in the forward-looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the Company's actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

The reader is urged to refer to the Company's continuous disclosure documents publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.

¹ Net asset value is a non-GAAP financial measure; please see information under the heading "Use of Non-GAAP Financial Measures".

SOURCE Palisades Goldcorp Ltd.