Mr. Mike Sieb reports

GETCHELL GOLD CORP. ANNOUNCES WARRANT EXTENSION, DEBT SETTLEMENT, GRANT OF RSUs, AND CANCELLATION OF OPTIONS

Getchell Gold Corp. proposes to extend the expiry dates of an aggregate of 5,202,250 outstanding share purchase warrants, as described below.

The company issued 3,011,250 warrants with an exercise price of 50 cents pursuant to a private placement of units that closed on May 14, 2021. The original exercise price of the 2021 warrants was 65 cents, and the exercise price was previously repriced to 50 cents. The original expiry date of the 2021 warrants was May 14, 2023, and the expiry date of the 2021 warrants was previously extended to May 14, 2024, and subsequently extended to May 14, 2025. The company proposes to extend the expiry date of the 2021 warrants by an additional 12 months, such that 2021 warrants will expire on May 14, 2026. All other terms of the 2021 warrants remain unchanged.

The company issued an aggregate of 2,191,000 warrants with an exercise price of 60 cents pursuant to a private placement of units that closed on May 30, 2022. The original expiry date of the 2022 warrants was May 30, 2024, and the expiry date of the 2022 warrants was previously extended to May 30, 2025. The company proposes to extend the expiry date of the 2022 warrants by an additional 12 months, such that 2022 warrants will expire on May 30, 2026. All other terms of the 2022 warrants remain unchanged.

Warrantholders are advised that replacement warrant certificates will not be issued and that the original warrant certificate must be presented to the company in order to effect the exercise of the warrants.

Debt settlement

Additionally, the company announces that it intends to settle approximately $4,373 in debt owed to a director by issuing 18,222 common shares of the company at a deemed price of 24 cents per share. The debt settlement shares will be subject to a four-month hold period in accordance with applicable Canadian securities laws and the policies of the Canadian Securities Exchange.

As the debt settlement shares will be issued to a director, the debt settlement will constitute a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). The debt settlement is exempt from the formal valuation requirements and minority shareholder approval requirements of MI 61-101 pursuant to Section 5.5(a) and Section 5.7(1)(a) as the value of the common shares issued in the debt settlement will not exceed 25 per cent of the company's market capitalization.

Grant of restricted share units and options cancellation

The company has also granted an aggregate of 1,375,000 restricted share units (RSUs) pursuant to its omnibus equity incentive compensation plan to certain directors and a consultant of the company. The RSUs will vest one year after the date of grant. Further, the company announces that it has, with the consent of the applicable holders, cancelled an aggregate of 2.49 million stock options held by certain officers of the company comprising 200,000 options granted on May 26, 2021, 1.4 million options granted on Dec. 8, 2021, and 890,000 options granted on July 12, 2022.

About Getchell Gold Corp.

The company is a Nevada-focused gold and copper exploration company trading on the Canadian Securities Exchange, OTCQB and Frankfurt Stock Exchange. Getchell Gold is primarily directing its efforts on its most advanced-stage asset, Fondaway Canyon, a past gold producer with a large mineral resource estimate and a robust preliminary economic assessment. Complementing Getchell's asset portfolio is Dixie Comstock, a past gold producer with a historic resource, and the high-grade Star (copper-gold-silver) projects.

We seek Safe Harbor.