Mr. Pablo McDonald reports

SOLSTICE ACQUIRES TWO NEW LITHIUM PROJECTS IN THE FRAZER LAKE AREA, NEAR NIPIGON, ONTARIO

Solstice Gold Corp. has established a combined 96-square-kilometre strategic land position for the purpose of lithium pegmatite exploration located in the Frazer Lake area in Northwest Ontario, approximately 85 km northeast of Thunder Bay and 10 km from the town of Nipigon, Ont., which is located on the Trans-Canada Highway. The new acquisitions comprise a southern staked area of 55 square km (261 claims) referred to as the Church Lake project (CLP) and an option to acquire 100 per cent of a further 41 square km (14 claims) located to the northeast.

Key features of CLP:

• The CLP is located approximately five km south of claims controlled by Pegmatite One Lithium (PGA), which host a new LCT (lithium-cesium-tantalum) pegmatite discovery. The CLP lies within the halo of a two-mica granite mapped by the Ontario Geological Survey (OGS) (P3562), which may be the source of LCT pegmatites in the area. The OGS documents numerous tourmaline pegmatites proximal to this intrusive. A small two-mica granite/tourmaline occurrence one km to the west of the CLP boundary is also described.
• The CLP lies at the southern end of a prominent, regional north-south fault which is coincident with several greater-than-95-per-cent Li (lithium) lake sediment anomalies. There are also prominent east-west structures throughout the area along its length.
• Recent prospecting at CLP has led to the discovery of five 12-metre to 30 m wide pegmatites within a one km by 0.5 km area, located close to the main north-south structure noted above. These typically contain quartz, albite and potassium feldspar, along with books of muscovite and garnet. Trace minerals observed include beryl or fluor-apatite and an unidentified black prismatic mineral that registers 300 parts per million to 800 ppm Li using LIBS. Additional work will be required to definitively identify these trace minerals.
• The pegmatites identified at CLP are often visible using satellite photography. Numerous similar responses are present at CLP. There is no record of any exploration over the CLP area.
• Follow-up prospecting, sampling and assaying of these pegmatites are continuing at CLP, and additional work will be carried out based on the results of this work.
• Taken together, the regional geological setting with the Quetico subprovince, limited information to date from PGA and the identification of lithium indicator minerals on CLP claims are interpreted by Solstice to potentially represent a new, extensive area of LCT pegmatites, which may represent the western continuation of the well-known Georgia Lake LCT deposits, located approximately 35 km to the east.

Purdom project:

• The Purdom project lies partially adjacent to, and east of, PGA claims.
• The Purdom project lies approximately 3.5 km east of the OGS-mapped two-mica granite referred to above and is well within the area where fertile pegmatites may be expected to be present.
• Three greater-than-95-per-cent Li lake sediment anomalies lie within the Purdom project. Given the development of similar anomalies in the PGA and CLP areas where LCT pegmatites are newly documented, the Purdom project lake sediment anomalies are positive indications of the potential for pegmatite discoveries.
• There is no recorded historical exploration activity on the Purdom project.
• Examination of satellite materials suggests numerous responses which are similar to those over known pegmatites at CLP.
• Prospecting to commence before the end of the summer.

Pablo McDonald, Solstice chief executive officer, stated: "A possible western extension of the Georgia Lake deposit in this area was identified as part of Solstice's 2023 provincewide review of potential lithium areas. We had been tracking progress in the area and decided to seize the opportunity to stake once we saw positive results confirm its potential. We are very happy with the preliminary results we've seen from our reconnaissance field trip, and we have already mobilized field teams to the area. We will be making use of structural and geochemical data to vector into the areas of highest potential in this area, while doing systematic coverage of the properties."

Purdom option agreement terms

The company announces that it has entered into an option agreement dated Aug. 21, 2023, with 1544230 Ontario Inc. and Gravel Ridge Resources Ltd. (the optionors), to purchase the option to acquire the optionors' 100-per-cent interest in the Purdom project.

In consideration for the grant of the option, Solstice must pay $21,000 in cash within 10 days of the effective date of the option agreement and issue 300,000 common shares to the optionors, as soon as practicable after TSX Venture Exchange approval. To exercise the option, the company must conduct exploration expenditures on the claims comprising the Purdom project and make payments according to the following: (i) a payment of $25,000 cash by the first anniversary of the option agreement; (ii) a payment of $30,000 cash by the second anniversary of the option agreement; (iii) a payment of $34,000 cash by the third anniversary of the option agreement; and a minimum of $30,000 in exploration work within the first anniversary of the option agreement. Upon exercise of the option, the optionors will retain a 1.5-per-cent NSR (net smelter return) on the property. The NSR includes a 0.75-per-cent buyback for $900,000.

No finder's fees are payable in connection with the option agreement. The option agreement remains subject to the approval of the TSX-V.

About Solstice Gold Corp.

Solstice is an exploration company with quality, district-scale gold projects in established mining regions of Canada. Its 197-square-kilometre SLP property is located in the English River subprovince in an area that has recently garnered significant interest for its potential to host rare metals. The 194 square km Red Lake Extension (RLX) and New Frontier projects are located at the northwestern extension of the prolific Red Lake camp in Ontario and approximately 45 km from the Red Lake mine complex owned by Evolution Mining. The 322 square km Atikokan gold project is approximately 23 km from the Hammond Reef gold project owned by Agnico Eagle Mines Ltd. The Qaiqtuq gold project, which covers 886 square km with certain other rights covering an adjacent 683 square km, hosts a 10 square km high-grade gold boulder field, is fully permitted and hosts multiple drill-ready targets. Qaiqtuq is located in Nunavut, only 26 km from Rankin Inlet and approximately seven km from the Meliadine gold mine owned by Agnico Eagle Mines. An extensive gold and battery metal royalty and property portfolio of over 80 assets was purchased in October, 2021. Over $2-million in value and three new royalties have been generated since the acquisition.

Solstice is committed to responsible exploration and development in the communities in which it works. For more details on Solstice Gold, its exploration projects and details on its recently acquired portfolio of projects please see its corporate presentation available at its website.

Solstice's chairman, David Adamson, was a co-awardwinner for the discovery of Battle North Gold Corp.'s Bateman gold deposit and was instrumental in the acquisition of many of the district properties in the Battle North portfolio during his successful 16 years of exploration in the Red Lake.

Sandy Barham, MSc, PGeo, senior geologist, is the qualified person as defined by National Instrument 43-101 standards responsible for reviewing and approving the technical disclosures of this news release.

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