Mr. Peter Tallman reports

KLONDIKE GOLD CLOSES FIRST TRANCHE RAISING $1,023,450

Klondike Gold Corp., further to its news releases of Nov. 27, 2023, and Dec. 14, 2023, has closed the first tranche of its non-brokered private placement financing, raising $1,023,450.12, of which $699,450 is flow-through funds.

In closing the first tranche, the company issued 7,771,668 flow-through units at a price of nine cents per flow-though unit, with each flow-through unit comprising one common share, which is a flow-through share for Canadian income tax purposes, and one share purchase warrant. The company further issued 4.05 million non-flow-through units at a price of eight cents per unit, with each unit comprising one common share and one share purchase warrant.

A total of 11,821,668 share purchase warrants issued in connection with the first tranche are exercisable at a price of 18 cents per share until Dec. 18, 2025.

The company also paid an aggregate of cash finders' fees $39,630 and issued 446,333 finders' warrants, of which Eventus Capital Corp. was paid $34,500 and was issued 383,333 finder's warrants, and Haywood Securities Inc. was paid $5,130 and was issued 63,000 finder's warrants. Each finder's warrant entitles the holder thereof to purchase one common share of the company at a price of 18 cents per finder's warrant share until Dec. 18, 2025.

All securities issued in connection with the first tranche are subject to a four-month-and-one-day statutory hold period expiring on April 19, 2024, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

One insider of the company participated in the first tranche and acquired an aggregate of 1.05 million units. The purchases by this insider constitute related party transactions within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The issuances are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as they are distributions of securities for cash and the fair market value of the units issued to, and the consideration paid by, the insider did not exceed 25 per cent of the company's market capitalization. No new insiders were created, nor any change of control occurred, as a result of closing the first tranche of the private placement.

The company intends to use the proceeds from the financing to continue exploration and development of the company's Yukon properties, as well as for general working capital.

About Klondike Gold Corp.

Klondike Gold is a Vancouver-based gold exploration company advancing its 100-per-cent-owned Klondike district gold project, located at Dawson City, Yukon, one of the top mining jurisdictions in the world. The Klondike district gold project targets gold associated with district-scale orogenic faults along the 55-kilometre length of the famous Klondike goldfields placer district. Multikilometre gold mineralization has been identified at both the Lone Star zone and Stander zone, among other targets. The company has identified an initial mineral resource of 469,000 indicated and 112,000 inferred gold ounces, a milestone first for the Klondike district. The company is focused on exploration and development of its 586-square-kilometre property accessible by scheduled airline and government-maintained roads located on the outskirts of Dawson City, Yukon, within the Tr'ondek Hwech'in First Nation traditional territory.

We seek Safe Harbor.