Mr. Thomas Kennedy reports

KLONDIKE SILVER CLOSES FIRST TRANCHE

Further to Klondike Silver Corp.'s June 6, 2023, and July 20, 2023, news releases announcing a non-brokered private placement and an extension, the exchange has granted a further extension to Sept. 20, 2023. A first tranche is closing, raising gross proceeds of $150,000 through the issuance of three million units at a price of five cents per unit. Each unit will consist of one common share and one share purchase warrant, with each warrant exercisable for a period of three years from the closing at a price of five cents per share. All units are subject to a four-month hold period from the date of issuance. Commissions may be paid on a portion of the funds raised. The offering is subject to TSX Venture Exchange final acceptance.

Private placement participation is available to all investors subject to current prospectus exemptions, which include the accredited investor exemption and the existing shareholder exemption. Subscribers purchasing units under the existing shareholder exemption must be a shareholder of the company on or before June 5, 2023 (record date), and at the date of issuance and participation is limited to $15,000.

The net proceeds will be used for advancing the Sandon silver/zinc/lead project, located 138 kilometres north of the Trail, B.C., smelter, and for general working capital.

About Klondike Silver Corp.

Klondike's Silvana silver/zinc/lead project is located in southeastern British Columbia.

Klondike's 114-square-kilometre claim block is 138 kilometres north of the Trail, B.C., smelter.

Klondike Silver is exploring from underground, along the nine-kilometre Main lode. The Main lode is the most prolific mineralized structure in the Slocan mining camp.

There are 13 past-producing mines that are situated along the Main lode, which have produced 886,000 kilograms of silver, 95 million kilograms of zinc and 117 million kilograms lead so far (source: British Columbia Minfile).

There are 67 past-producing mines that are situated in Klondike Silver's 114-square-kilometre claim block (source: British Columbia Minfile).

We seek Safe Harbor.