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 North West, South Africa. KalPlats is a palladium-rich project located approximately 350 kilometres west of Johannesburg in the North West 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. The owners control the prospecting rights for KalPlats located in the magisterial district of Vryburg in North West, 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 March 31, 2024.

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.

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

Completion of the transaction is subject to a number of conditions, including exchange acceptance. The transaction cannot close until the required approvals are obtained and the outstanding conditions are satisfied. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the company should be considered highly speculative.

We seek Safe Harbor.