Mr. Dan Denbow reports

SIGNATURE RESOURCES ANNOUNCES THE UPSIZING AND CLOSING OF EQUITY FINANCING AND ADDITION TO ITS BOARD OF DIRECTORS

Signature Resources Ltd. has upsized and completed its non-brokered private placement of flow-through shares and non-flow-through shares for gross proceeds of $696,250, increased from the previously announced offering amount of $600,000. The offering comprised 20,045,455 FT shares at 2.75 cents per share and 5.8 million NFT shares at a price of 2.5 cents. Twenty percent of the offering has been purchased by members of the company's board of directors and management. All securities issued pursuant to this proposed private placement will be subject to the exchange hold period and legend accordingly.

The net proceeds from the offering will be used for resource modelling and related deposit characterization, designing the 2024 drill program, continuing exploration data compilation, and general working capital purposes. It is expected that 20 per cent of the proceeds will be used for general working capital purposes with the remainder spent on exploration and deposit definition activities. Approximately 20 per cent will be paid to consultants for resource modelling and drill program design activities. None of the proceeds will be used for payments to non-arm's-length parties or for investor relations service providers. "This offering is another important step in our plan to deliver shareholder value and demonstrate the potential of the Lingman Lake project. These funds will help us complete the important foundational work that facilitates our efforts to design our 2024 drill program, which will allow us to complete our initial [National Instrument] 43-101 resource. We believe with this work completed and the improving regional infrastructure this [Northwest] Ontario asset will prove to be a very attractive project," said J. Dan Denbow, CFA, interim chief executive officer and director.

With the closing of the offering, Signature is excited to announce that it has added a significant individual investor to its shareholder roll. With the completion of this offering, Jonathan Goodman will own 17 per cent of the outstanding shares of Signature. The company is excited that Jonathan Goodman shares its enthusiasm for the Lingman Lake project. Mr. Goodman has over 40 years experience in the mining industry, and has had the opportunity to review the Lingman Lake project throughout the years and is familiar with its potential.

In preparation for the company's 2024 drill program, one of the first activities is to fold the 1980s exploration work into its new geologic model completed by Watts, Griffis and McOuat Ltd. (WGM) earlier this year. This enhanced geologic model will allow the company to design its 2024 drill program that should most efficiently provide the necessary data that will allow Signature to complete its initial NI 43-101 resource.

Wataynikaneyap power update

The Wataynikaneyap transmission power project continues to make progress in Northwestern Ontario with 99 per cent of the clearing and raking complete, 89 per cent of the structural support installed, and 87 per cent of the power line strung. This power project will be important to supporting several first nations communities in Northwestern Ontario, and should provide the needed power and road infrastructure in the region for potential resource development. In November, the project connected the Sachigo Lake First Nations community which provides power within 45 kilometres of the Lingman Lake deposit.

Addition to the board of directors

The company is also pleased to announce that the board of directors has voted to increase its membership to six and has appointed Matthew Goodman to fill the new position. Matthew Goodman has over 12 years of experience in capital markets and junior mining. Matthew Goodman joined Dundee Corp. in 2013 as a member of Goodman & Company, Investment Counsel, where he was responsible for evaluating strategic resource investment opportunities for Dundee and the Goodman Gold Trust. Matthew Goodman was a founding member of Dundee Private Equity and part of the team that launched the first Canadian special-purpose acquisition company, raising over $100-million in its initial public offering. In September, 2018, Matthew Goodman rejoined Goodman & Company, Investment Counsel, as an associate, and, subsequently, as lead portfolio manager of the CMP and DGRC (Dundee Global Resource Class) funds. Throughout Matthew Goodman's tenure at Dundee, he has been a part of the corporate development team, overseeing Dundee's most significant on-balance-sheet assets. Matthew Goodman's prior background includes in-field mineral exploration and equity capital markets experience. Matthew Goodman is a CFA charterholder and holds an honours bachelor of arts degree, specializing in global economics and microeconomic analysis from York University.

With Matthew Goodman's appointment to the board, he has been granted 350,000 incentive stock options. The options have an exercise price of five cents and expire five years from the grant date. The options vest 25 per cent immediately and 25 per cent annually thereafter until the third anniversary.

About Signature Resources Ltd.

The Lingman Lake gold property consists of 1,300 staked claims, four freehold fully patented claims and 14 mineral rights patented claims totalling approximately 24,761 hectares. The property includes what has historically been referred to as the Lingman Lake gold mine, an underground substructure consisting of a 126.5-metre shaft, and three levels at 46-metre, 84-metre and 122-metre depths. There has been over 28,000 metres of historical drilling done on the property.

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