Mr. Frank Basa reports

GRANADA GOLD MINE AMENDS WARRANTS

Granada Gold Mine Inc. is proposing to amend the terms of 2,727,273 share purchase warrant by amending the exercise price from 15 cents per share to six cents per share and extending the term of the warrants by one year so that the warrants will now expire on Dec. 21, 2024.

In accordance with the policies of the TSX Venture Exchange, the terms of the warrants will be further amended to include an accelerated expiry clause such that the exercise period of the warrants will be reduced to 30 days if, for any 10 consecutive trading days during the unexpired term of the warrants, the closing price of the company's shares is 7.5 cents or more. All other terms of the warrants remain the same.

The 2,272,723 warrants were issued pursuant to a non-brokered private placement that closed on Dec. 21, 2021, whereby 5,454,546 flow-through units were issued. Each unit consisted of one common share and one-half of one warrant exercisable at 15 cents per share and expiring on Dec. 21, 2023.

The amendment is subject to the acceptance by the exchange and the consent of the holders of the warrants.

About Granada Gold Mine Inc.

Granada Gold Mine continues to develop and explore its 100-per-cent-owned Granada gold property near Rouyn-Noranda, Que., which is adjacent to the prolific Cadillac Break. The company owns 14.73 square kilometres of land in a combination of mining leases and claims. The company is currently undergoing a large drill program with 30,000 metres out of 120,000 metres complete. The drills are currently paused to provide the technical team with the necessary time to evaluate and assimilate existing data.

The Granada shear zone and the South shear zone contain, based on historical detailed mapping, as well as from current and historical drilling, up to 22 mineralized structures trending east-west over 5-1/2 kilometres. Three of these structures were mined historically from four shafts and three open pits. Historical underground grades were eight grams per tonne to 10 g/t gold from two shafts down to 236 m and 498 m with open-pit grades from 3.5 to five grams per tonne gold.

Mineral resource estimate

On Aug. 20, 2022, the company released an updated National Instrument 43-101 technical report supporting the resource estimate update for the Granada gold project (please see July 6, 2022, news release) reporting that the Granada deposit contains an updated mineral resource at a base-case cut-off grade of 0.55 gram per tonne gold for pit-constrained mineral resources within a conceptual pit shell and at a base-case cut-off grade of 2.5 g/t for underground mineral resources within reasonably minable volumes, 543,000 ounces of gold (8.22 million tonnes at an average grade of 2.05 g/t Au) in the measured and indicated category, and 456,000 ounces of gold (3.01 million tonnes at an average grade of 4.71 g/t Au) in the inferred category.

Please see the attached table for full details. Report reference: Granada gold project mineral resource estimate update, Rouyn-Noranda, Que., Canada, written by Yann Camus, PEng, and Maxime Dupere, BSc, PGeo, SGS Canada Inc., dated Aug. 20, 2022, and with an effective date of June 23, 2022.

The property includes the former Granada gold underground mine, which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930s from two shafts before a fire destroyed the surface buildings. In the 1990s, Granada extracted a bulk sample (pit No. 1) of 87,311 tonnes grading 5.17 g/t Au. It also extracted a bulk sample (pit No. 2) of 22,095 tonnes grading 3.46 g/t Au.

We seek Safe Harbor.