Mr. Steve Regoci reports

GARIBALDI CLOSES FIRST TRANCHE FOR 2023 NICKEL MOUNTAIN DRILLING

Garibaldi Resources Corp. has closed the first tranche of flow-through units of the non-brokered private placement financing announced on Nov. 29, 2022.

The company sold an aggregate 8,836,666 flow-through units at 30 cents per unit for aggregate gross proceeds of $2,651,000. Each unit comprised one flow-through common share and one-half of one common share purchase warrant. Each whole warrant is exercisable at 45 cents per common share for a period of three years. The first tranche of units includes an aggregate of 800,000 non-flow-through units at 25 cents per unit for aggregate proceeds of $200,000. Each unit comprised one non-flow-through common share and one-half of one common share purchase warrant. Each whole warrant is exercisable at 40 cents per common share for a period of three years.

The proceeds from the flow-through financing will be used to explore Garibaldi's base metal prospects under the new federal government (CMETC) initiative announced in the most recent federal budget. Follow-up drilling will test for mineralization associated with broad ZTEM (Z-axis tipper electromagnetic) low-resistivity anomalies identified by the property-wide Geotech ZTEM survey. Drilling in 2022 intersected sulphide nickel-copper mineralization (assays pending) coincident with newly identified ZTEM anomalies (see news release Sept. 22, 2022). These broad geophysical targets track the Nickel Mountain Gabbroic complex base metal corridor along strike of the 15-kilometre-long NMGC, within the Eskay district of the Golden Triangle in Northwest British Columbia. All proceeds from non-flow-through units will be used for working capital purposes.

The company paid cash finders' fees of $171,060 and issued 578,200 share purchase warrants to finders led by GloRes Securities Inc. in connection with certain subscriptions in the financing. The finders' warrants are exercisable at 45 cents per common share for a period of three years.

All securities issued in connection with the financing are subject to a statutory hold period expiring April 6, 2023.

About Garibaldi Resources Corp.

Garibaldi Resources is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in British Columbia and Mexico.