Mr. Rob Solinger reports

KESTREL GOLD - COMPLETES ACQUISITION OF 100% INTEREST IN THE QCM PROPERTY AND BERNARD KREFT ANNOUNCES ACQUISITION OF COMMON SHARES

Kestrel Gold Inc. has expedited the remaining cash payment and common share issuances necessary for Kestrel to fully exercise the QCM property option agreement, see Kestrel's Dec. 15, 2020, news release. With the closing of this transaction, Kestrel has earned a 100-per-cent interest in the QCM property from Bernard Kreft.

Rob Solinger, president and chief executive officer of Kestrel, states: "We are pleased to have completed this transaction which will allow Kestrel greater leeway in the advancement of the QCM property. Positive results from previous reverse circulation drilling by the corporation at QCM, see Kestrel's April 23, 2022, and Oct. 26, 2022, news releases, combined with continued strength in the price of gold, gave Kestrel the confidence to accelerate the cash payment and common share issuances to earn a 100-per-cent interest in QCM."

Details of the transaction include a cash payment of $100,000 and the issuance of 2.5 million Kestrel common shares at a price of three cents per share for aggregate consideration of $75,000 to Mr. Kreft. Prior to the completion of the transaction, Mr. Kreft beneficially owned and controlled, an aggregate of 10.26 million common shares, and 350,000 stock options representing 9.99 per cent of the corporation's issued and outstanding common shares on an undiluted basis, and approximately 10.30 per cent of the corporation's issued and outstanding common shares on a partially diluted basis. Following the completion of the transaction, Mr. Kreft beneficially owns and controls, an aggregate of 12.76 million common shares and 350,000 stock options, representing approximately 12.14 per cent of the corporation's issued and outstanding common shares on an undiluted basis, and approximately 12.43 per cent of the corporation's issued and outstanding common shares on a partially diluted basis.

The common shares were acquired by Mr. Kreft pursuant to the QCM property option agreement between Kestel and Mr. Kreft. Mr. Kreft has a long-term view of the investment and may acquire additional securities of the corporation either on the open market, through private acquisitions, or sell the shares on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

The common shares were acquired pursuant to Section 2.13 of National Instrument 45-106 -- Prospectus and Registration Exemptions.

A copy of the early warning report will be filed by Mr. Kreft and may be obtained from the corporation's SEDAR+ profile.

About Kestrel Gold Inc.

Kestrel Gold is an exploration company headquartered in Western Canada and focused on the Canadian Cordillera. It is earning a 100-per-cent interest in the QCM property, which is an orogenic gold target located in the Manson-Germanson placer district, and the Fireweed property, located in the Babine Lake area, an advanced-stage silver-rich polymetallic epithermal target. Kestrel also owns a 100-per-cent interest in the KSD property, which is an orogenic gold target located in the Yukon portion of the Tintina gold belt. Kestrel is listed on the TSX Venture Exchange under the symbol KGC.

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