Mr. Gordon Friesen reports

GLACIER LAKE PROVIDES UPDATE ON ACQUISITION OF KALAHARI PALLADIUM-PLATINUM PROJECT

Glacier Lake Resources Inc. is continuing to work toward satisfaction of the remaining conditions to completion of its proposed acquisition of the Kalahari palladium-platinum project (KalPlats) located in the Magisterial district of Vryburg in northwest South Africa. KalPlats is a palladium-rich project located approximately 350 kilometres west of Johannesburg in the northwest province of South Africa.

In connection with the transaction, the company previously entered into a definitive share purchase agreement, dated Nov. 15, 2021, with African Thunder Platinum Ltd. and Fanosi Holdings Pty. Ltd., pursuant to which the company proposes to acquire a controlling interest in Stella Platinum Pty. Ltd. and Greenstone Platinum Pty. Ltd. (collectively, the owners). The owners control the prospecting rights for KalPlats located in the Magisterial district of Vryburg in northwest South Africa.

Completion of the transaction remains subject to a number of conditions, which include the company completing a financing of at least $15-million and receipt of any required regulatory approvals, including the approval of the TSX Venture Exchange. In order to ensure sufficient time to satisfy the remaining conditions, the owners have agreed to further extend the outside date for completion of the transaction through until Sept. 30, 2023.

The transaction cannot be completed until these conditions have been satisfied, and there can be no assurance that the transaction will be completed in a timely fashion, or at all. The company has not yet determined the final terms for the concurrent financing and will issue a further news release with information regarding the concurrent financing as soon as it becomes available.

For further information concerning the transaction, readers are encouraged to review the news release issued by the company on Nov. 17, 2021.

We seek Safe Harbor.