Mr. Joseph Grosso reports

GOLDEN ARROW ANNOUNCES US$5 MILLION OPTION AGREEMENT TO SUPPORT RESOURCE DELINEATION PROGRAM AT THE SAN PIETRO IOCG PROJECT

Golden Arrow Resources Corp.'s subsidiary, New Golden Explorations Chile SpA (NGE), has entered into an option agreement (fully executed Jan. 9, 2024) with Sociedad de Servicios Andinos SpA (SSA). Under the option agreement, NGE has granted SSA the option to subscribe for 333 shares in the capital of NGE, equivalent to approximately 25 per cent of the issued and outstanding shares upon exercise of the option, subject to the terms and conditions of the option agreement. The shares are not convertible or otherwise exchangeable for common shares of the company. SSA is non-arm's-length to the company. No finder's fees are payable for this transaction.

To exercise the option, SSA must contribute $5-million (U.S.) (in the equivalent amount of Chilean pesos), as follows:

1. $2-million (U.S.) in cash, through six bimonthly instalments of $333,333 (U.S.) commencing on Feb. 1, 2024; and
2. Performing drilling services, heavy machinery services, truck rental, as well as any other goods or necessary services for the development of field activities at the San Pietro project (as described below) with an aggregate value of $3-million (U.S.) by July, 2025.

Joseph Grosso, chairman, chief executive officer and president of Golden Arrow, commented: "We are very pleased with this arrangement with SSA, as this deal represents the equivalent of approximately $7-million of non-dilutive financing for Golden Arrow, in a difficult market. The investment will allow us to complete an aggressive exploration and drilling program to continue evaluating San Pietro's many targets, and in support of our first NI [National Instrument] 43-101 mineral resource estimate for the project which we are aiming to complete by the end of year."

San Pietro project

NGE holds a 100-per-cent interest in the company's San Pietro iron oxide-copper-gold-cobalt project in Chile. The San Pietro project covers nearly 18,500 hectares, approximately 100 kilometres north of Copiapo. Situated between and adjacent to Capstone Copper's Manto Verde mine property and Santo Domingo project, the San Pietro project is in the centre of a potential new copper-cobalt region within an active, well-developed mining district that is home to all the major iron oxide-copper-gold (IOCG) deposits in Chile. The proximity of the San Pietro project to other mining projects in the area does not provide any assurances with respect to the prospects at the San Pietro project.

The San Pietro project hosts multiple targets with strong IOCG plus cobalt mineralization. In 2023, the company completed approximately 4,000 metres of diamond drilling in 13 holes to add to the database of approximately 34,000 metres of historic drilling at San Pietro. All targets tested reported strongly mineralized intervals as reported in company news releases on June 13, June 27 and July 12. With completion of this arrangement with SSA, the company is fine-tuning its geological modelling to finalize the drill spacing and program required to support an NI 43-101 mineral resource estimate at San Pietro. The full 2024 exploration and resource delineation drilling program will be announced in the coming weeks.

About Golden Arrow Resources Corp.

Golden Arrow Resources is a mining exploration company with a successful record of creating value by making precious and base metal discoveries and advancing them into exceptional deposits.

Golden Arrow is actively exploring its flagship property, the advanced San Pietro iron oxide-copper-gold-cobalt project in Chile, and a portfolio that includes nearly 125,000 hectares of prospective properties in Argentina.

The company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.

We seek Safe Harbor.