Mr. Joseph Grosso reports

GOLDEN ARROW PROVIDES UPDATE ON OPTION AGREEMENT AT THE SAN PIETRO IOCG PROJECT

Golden Arrow Resources Corp. has provided an update on the status of the option granted to Sociedad de Servicios Andinos SpA (SSA) in respect to the San Pietro project located in Chile. As previously announced on Jan. 12, 2024, New Golden Explorations Chile SpA (NGE), a wholly owned subsidiary of the company, 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 an option agreement. SSA is an arm's-length party to the company.

The company received conditional approval of the transaction from the TSX Venture Exchange on Jan. 18, 2024. As of today, NGE has received a total of $616,817 (U.S.) in cash option payments from SSA. In addition to the cash option payments, SSA is responsible for performing drilling services at the San Pietro project, as described in the initial press release. To that end, SSA has procured a new diamond drilling rig, as well as other associated equipment and personnel to support the upcoming drill program. The Golden Arrow and SSA teams are at the project making final preparations to commence the new drilling campaign.

Completing the option exercise remains subject to the final approval of the TSX-V and SSA performing the remainder of its obligations under the option agreement, as more particularly described in the initial press release.

Qualified person

Brian McEwen, PGeol, vice-president of exploration and development to the company, is a qualified person as defined in National Instrument 43-101, and has reviewed and approved the technical contents of the news release.

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.

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