Mr. Ghislain Morin reports

GOLDFLARE ANNOUNCES THE CLOSING OF TWO PRIVATE PLACEMENTS

Goldflare Exploration Inc. has closed the following two private offerings:

Flow-through private placement of $120,000 offered to eligible investors at a price of $0.03 per unit (one unit is equivalent to flow-through share). The issue totals four million flow-through shares. Finders' fees of $7,200 were incurred for the financing. No insiders participated in the offering.

Common share private placement of $120,000 offered to eligible investors at a price of 2.5 cents per unit (one unit is equivalent to one common share at a price of 2.5 cents plus one warrant allowing the holder to acquire one common share at a price of five cents per share, for a period of 24 months following the closing of the placement). The issue totals 4.8 million common shares. No finders' fees were incurred, and no insiders participated in the offering.

All the securities issued are subject to a minimum holding period of four months plus one day. These offerings are subject to final approval from the TSX Venture Exchange.

The flow-through shares placements proceeds will be used to finance Canadian exploration expenses (CEEs) (within the meaning of the Income Tax Act (Canada)) on Goldflare's Goldfields mining claims, located in Quebec. The company will therefore agree to renounce these exploration expenditures in Canada with an effective date no later than Dec. 31, 2023.

The common shares placements proceeds will be used to finance the company's current operations and working capital needs.