Mr. Joseph Grosso reports

GOLDEN ARROW CLOSES 1ST TRANCHE OF THE NON-BROKERED PRIVATE PLACEMENT

Golden Arrow Resources Corp. has closed the first tranche of the non-brokered private placement offering, as announced on Jan. 19, 2024, through the issuance of 16.89 million units at a subscription price of five cents per unit for aggregate gross proceeds to the company of $844,500.

Each unit consists of one common share and one transferrable common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the company at 10 cents per share for three years from the date of issue expiring on Feb. 6, 2027.

Finder's fees of $23,240 are payable in cash on a portion of the private placement to parties at arm's length to the company. In addition, 464,800 non-transferable finder's warrants are issuable. Each finder's warrant entitling a finder to purchase one common share at a price of 10 cents per share for three years from the date of issue, expiring on Feb. 6, 2027.

The company's flagship San Pietro IOCG project in Chile is financed to support a resource delineation program through the recently announced option agreement (see news release dated Jan. 12, 2024). The proceeds of this offering will provide finances for other early-stage exploration work in Argentina, as well as the necessary finances for general working capital.

Certain insiders of the company participated in the private placement for $30,000 in units. Such participation represents a related-party transaction under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions), but the transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of the transaction, nor the consideration paid, exceed 25 per cent of the company's market capitalization.

This offering is subject to regulatory approval and all securities to be issued pursuant to the offering are subject to a four-month hold period under applicable Canadian securities laws expiring on June 6, 2024. The proceeds of the offering will be used for general working capital and exploration on its properties in Argentina.

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.

We seek Safe Harbor.