Mr. Ken Konkin reports

GOLDSTORM METALS ANNOUNCES CLOSING OF UPSIZED NON-BROKERED PRIVATE PLACEMENT FOR APPROXIMATELY $1.95 MILLION

Goldstorm Metals Corp., further to its news release dated Nov. 28, 2023, due to strong investor demand, has upsized and closed its previously announced non-brokered private placement for gross proceeds of $1,950,080.08 through the issuance of: (i) 461,556 non-flow-through (NFT) units sold at a price of 18 cents per NFT unit; and (ii) 9,335,000 flow-through (FT) units of the company sold at a price of 20 cents per FT unit.

Each NFT unit consists of one common share of the company and one-half of one common share purchase warrant. Each FT unit consists of one common share of the company issued as a flow-through share within the meaning of the Income Tax Act (Canada) and one-half of one warrant. Each warrant entitles the holder to purchase one non-flow-through common share of the company at a price of 35 cents at any time on or before that date that is 24 months after the date of issuance. A total of 4,898,278 warrants were issued under the private placement.

The gross proceeds received from the sale of the FT units are expected to be used for work programs on the company's exploration properties and the net proceeds received from the sale of the NFT units are expected to be used for general working capital purposes.

In connection with the offering, the company issued 529,860 finders' warrants and paid commissions of $105,852 to certain finders. Each finder's warrant entitles the holder to purchase an additional common share of the company at a price of 20 cents for a period of 24 months from the date of issuance.

The offering remains subject to final acceptance from the TSX Venture Exchange. All securities issued pursuant to the offering are subject to a hold period expiring on April 16, 2024, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

Certain insiders of the company purchased an aggregate of 55,556 NFT units under the private placement, constituting, to that extent, a related party transaction as defined under Multilateral Instrument 61-101. The company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities distributed in the private placement nor the consideration received for those securities, insofar as the private placement involves the directors and officers, exceeds 25 per cent of the company's market capitalization.

About Goldstorm Metals Corp.

Goldstorm Metals is a precious and base metals exploration company with a large strategic land position in the Golden Triangle of British Columbia, an area that hosts some of the largest and highest-grade gold deposits in the world. Goldstorm's flagship projects, Crown and Electrum, cover an area that totals approximately 16,469 hectares over six concessions, of which five are contiguous. The Crown project is situated directly south of Seabridge Gold's KSM gold-copper deposits and Newcrest Gold's Brucejack/Valley of the Kings gold mine. Electrum, also located in the Golden Triangle of British Columbia, is situated directly between Newmont Corp.'s Brucejack mine, approximately 20 kilometres to the north, and the past-producing Silbak Premier mine, 20 kilometres to the south.

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