Mr. Keith Anderson reports

GOLDEN SPIKE COMPLETES GREGORY RIVER PROPERTY OPTION AGREEMENT

Golden Spike Resources Corp. has completed the exercise of its option and now owns a 100-per-cent interest in the Gregory River property located in Newfoundland, Canada.

Further to its news releases issued on Sept. 20, 2022, and July 21, 2022, as a result of its acquisition of Golden Horizon Exploration Corp., it has assumed Golden Horizon's interest in a mineral property option agreement dated Oct. 14, 2021, as amended, between Golden Horizon as optionee and certain optionors of the property. Pursuant to the option agreement, the optionors have granted the optionee the option to acquire a 100-per-cent interest in the mineral property claims known as the Gregory River property located in Newfoundland and Labrador, subject to a 2-per-cent net smelter royalty.

Pursuant to the option agreement, the company has paid the final cash payment of $45,000 and issued 1.5 million common shares at a deemed price of 20 cents per share to the optionors, and has fully exercised its option to acquire a 100-per-cent interest in and to the property.

The subsequent consideration shares will be subject to a four-month statutory resale restriction in accordance with applicable securities laws.

The property is subject to a 2-per-cent net smelter returns (NSR) royalty interest of the optionors, calculated in accordance with the option agreement. At any time following the completion of the option exercise, the company will have the right to purchase one-half of the NSR from the optionors for $1.5-million, leaving the optionors with a 1-per-cent NSR. A copy of the option agreement is available on SEDAR under the company's profile.

"We are very pleased to have completed the option exercise and acquire a 100-per-cent interest in its Gregory River property located in a very prospective mineral belt in Newfoundland," stated Keith Anderson, Golden Spike chief executive officer.

Gregory River property

The property is composed of 137 claims under 17 mineral licences, covering 3,425 hectares, or approximately 8,463 acres, and is located on the western portion of the island of Newfoundland, approximately 14 kilometres south of the community of Trout River and 40 km northwest of Corner Brook.

The property is centred over an approximately 11-kilometre-long stretch of the Gregory River volcanogenic massive sulphide (VMS) belt, a north-northeast-trending corridor of very prospective ground for precious and base metal mineralization. In addition, the property hosts a cluster of high-grade copper-gold vein structures that occur just east of the VMS belt.

Intermittent exploration has taken place over the property since the 1920s and has resulted in the discovery of numerous high-grade copper and gold prospects and occurrences. The property has not seen any significant activity since 2008 and still remains largely underexplored.

Qualified person

The scientific and technical information in this news release has been reviewed and approved for disclosure by Robert Cinits, PGeo, a director of the company and a qualified person within the meaning of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Golden Spike Resources Corp.

Golden Spike Resources is a Canadian mineral exploration company focused on identifying, acquiring and unlocking value in mineral opportunities in Canada and other low-risk jurisdictions. The company currently holds the rights to acquire 100-per-cent interest in the 3,425-hectare Gregory River property in Newfoundland, strategically centred over an approximate 11-kilometre-long stretch of the Gregory River VMS belt, a north-northeast-trending corridor of very prospective ground with potential to host Cyprus-type polymetallic VMS deposits. In addition, the property hosts a cluster of historically explored, high-grade, copper plus or minus gold vein structures.

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