Mr. Brian Morrison reports

K9 GOLD SIGNS AGREEMENT TO ADD 3300 HA TO THE JB LITHIUM PROJECT, N. QUEBEC.

K9 Gold Corp. has entered into a definitive share exchange agreement to acquire 1415322 B.C. Ltd. from the shareholders of 141 B.C. in exchange for an aggregate of three million common shares in the capital of the company issued to the shareholders on a pro-rata basis. On closing of the transaction, the company will add 64 claims (3,304 hectares) to its JB lithium project in the James Bay region of Northern Quebec. This will bring the total project holdings to 5,418 hectares in 105 claims. An aggressive summer exploration is now planned and is fully financed.

The Lac Joubert-Tilly (LJ-T) property is located approximately 60 km due east of the previously announced Riviere Salomon (RS) property on the JB Li project. The LJ-T property is located approximately 400 km east-southeast of Radisson, Que., and is immediately adjacent to Winsome Resources recently announced Tilly project (Winsome company release April 19, 2023). Other projects in the area include Allkem's James Bay lithium project, which recently received federal approval for development, Patriot Battery Metals Corvette project located 50 km to the west and Winsome Resources Lithium Adina project located approximately 40 km to the west. The LJ-T property is underlain by a package of Archaean rocks that is similar to the geological setting of the Corvette and Adina projects, and includes outcrops of Tilly pegmatites, a known host of lithium in the James Bay region.

About JB lithium project

The JB lithium project is located in the La Grande subprovince of the Archaean Superior province in Quebec, and comprises two units, the Riviere Salomon property (see company release Nov. 15, 2022, for property details) and the newly acquired Lac Joubert-Tilly property.

Lac Joubert-Tilly (LJ-T) property

The LJ-T property is underlain mainly by the Archean Joubert suite and the Salomon River formation. Where the Joubert suite occurs on the property, it consists of a package of foliated, banded or gneissic biotite-tonalite and granodiorite. The Salomon River formation in the area consists mainly of paragneisses that have undergone moderate partial melting, with 10 per cent or more mobilisate.

Within the property boundaries, the Salomon River formation has been intruded by at least five zones of Tilly pegmatites which comprise pegmatitic granite with biotite-muscovite-tourmaline-magnetite-garnet assemblages. These pegmatites are a significant lithium target for other explorers in this area. They are in close proximity to the Joubert suite tonalites which are believed to be the source of lithium in regional discoveries. A 2015 Quebec government geological mapping program located at least six outcrops of pegmatitic granite, consistent with the Tilly pegmatites. In addition, one outcrop of an ultramafic intrusive returned an assay of 77 ppm Li, along with 0.10 per cent Ni and 0.30 per cent Cr.

Riviere Salomon (RS) property

The Trieste formation, which hosts lithium mineralization on the adjacent Adina property, transects the RS property. Within the property boundaries, this Meso-Archaean age formation is mainly an ensemble of mylonites and banded amphibolites derived from basalt, which have been intruded by various intermediate rocks. A significant band of tonalite, part of the Meso-Archaean age Kamusaawach intrusion, cuts through the centre of the property. Also cutting through the claims is a band of the Neo-Archaean Richardie suite, an intrusive biotite-magnetite-hornblende granodiorite. The northern portion of the property is underlain by the Neo-Archaean Sauvolles pluton, which is mainly of granitic composition. There is also a prominent Paleoproterozoic-age mafic dike (Senneterre dike system) cutting through the north of the property with a NE-SW (northeast-southwest) orientation.

During a regional mapping program in 2013 by government geologists, one outcrop was collected sample from the property, reported in the Quebec government's on-line geological database, SIGEOM, an returned a value of 65 parts per million Li.

K9 has recently completed a helicopter-borne magnetometer and VLF survey on this property. Results will be reported on completion of data interpretation.

Lac Joubert-Tilly acquisition terms

Pursuant to the agreement, the company will acquire from the shareholders of 141 B.C. all of the issued and outstanding common shares in the capital of 141 B.C., in exchange for three million company shares, issued to the shareholders on a pro-rata basis. Following the closing of the transaction, 141 B.C. will be a wholly owned subsidiary of the company.

141 B.C. is a party to an option agreement whereby, pursuant to the terms of the option agreement, 141 B.C. may acquire a 100-per-cent interest in the property upon the completion of certain expenditures and cash payments.

The transaction is subject to the review and approval of the TSX Venture Exchange. The company anticipates closing the transaction shortly after the approval of the TSX-V.

About K9 Gold Corp.

K9 Gold has assembled a highly experienced and dynamic team to explore its Stony Lake gold project in central Newfoundland. The project has been acquired from District Copper Corp. by an option agreement, whereby K9 can earn up to a 100-per-cent interest in the project (see the company's news release dated July 30, 2020). The company also owns a 100-per-cent interest in the Desert Eagle vanadium-uranium project, located in the historic Henry Mountains mining district in southeast Utah. The area has seen extensive historic vanadium and uranium mining and is close to Anfield Energy Inc.'s Shootaring Canyon mill.

To ensure a safe workplace environment that protects the health and safety of employees and contractors, K9 Gold follows all federally and provincially mandated and recommended guidelines regarding COVID-19.

Chris M. Healey, PGeo, chief geologist and a director of K9 Gold, is the qualified person under National Instrument 43-101 guidelines who is responsible for the technical content of this release and consents to its release.

We seek Safe Harbor.