Mr. Scott Berdahl reports

SNOWLINE GOLD COMPLETES OVERSUBSCRIBED C$16.5 MILLION FINANCING

Snowline Gold Corp. has completed its previously announced bought deal private placement of 2.2 million flow-through common shares of the company at a price of $7.50 per FT share for aggregate gross proceeds of $16.5-million, including $1.5-million from the exercise of the underwriters' option. Each FT share will qualify as a flow-through share (within the meaning of Subsection 66(15) of the Income Tax Act (Canada). Existing shareholder B2Gold Corp. participated in the financing to maintain its 9.9-per-cent interest in the company.

"We are encouraged by the strong support shown for this financing, both from existing shareholders including B2Gold and from a number of new, high-quality institutional shareholders," said Scott Berdahl, chief executive officer and director of Snowline. "Our strengthened treasury allows us to advance exploration on the Rogue project's Valley discovery and on other targets and generative programs across our highly prospective gold portfolio. The funds provide certainty, and they open the door to greater flexibility as we move forward."

The company will use an amount equal to the gross proceeds received by the company from the sale of the FT shares to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures as both terms are defined in the Tax Act related to the company's projects in the Yukon Territory, on or before Dec. 31, 2024, and to renounce all the qualifying expenditures in favour of the subscribers of the FT shares effective Dec. 31, 2023.

The offering was made through a syndicate of underwriters led by Cormark Securities Inc. and including SCP Resource Finance LP. The underwriters received a cash commission equal to 5 per cent of the gross proceeds of the offering (other than on certain orders on which a cash commission of 2.5 per cent was paid).

All securities issued in connection with the offering are subject to a hold period of four months and one day from the closing of the offering, in accordance with applicable Canadian securities laws, expiring on Jan. 7, 2024.

About Snowline Gold Corp.

Snowline Gold is a Yukon Territory-focused gold exploration company with an eight-project portfolio covering greater than 333,000 hectares. The company is exploring its flagship greater-than-94,000-hectare Rogue gold project in the highly prospective yet underexplored Selwyn basin. Snowline's project portfolio sits within the prolific Tintina gold province, host to multiple million-ounce-plus gold mines and deposits, including Kinross's Fort Knox mine, Newmont's Coffee deposit and Victoria Gold's Eagle mine. The company's first-mover land position and extensive database provide a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.

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