Mr. Donald Penner reports

SITKA GOLD CORP. CLOSES OVERSUBSCRIBED $1.52 MILLION PRIVATE PLACEMENT

Sitka Gold Corp. has closed its previously announced non-brokered private placement for total gross proceeds of $1,520,090.77 through the issuance of 13,819,007 flow-through units at a price of 11 cents per FT unit.

Each FT unit consists of one flow-through common share in the capital of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase an additional common share in the capital of the company at a price of 15 cents for a period of 24 months from the date of issuance.

The offering, as announced in the company's news release dated July 14, 2023, was oversubscribed. The company intends to use the net proceeds of the offering for exploration work on its RC gold project in Yukon.

Canaccord Genuity Corp. acted as financial advisor to the company in connection with the offering. In consideration for such services, the company agreed to issue to Canaccord Genuity an aggregate of 166,600 shares at an issue price of 15 cents per advisory share.

Certain directors, officers and insiders of the company purchased an aggregate of 1,981,000 FT units under the offering, constituting, to that extent, a related party transaction as defined under Multilateral Instrument 61-101. The company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities distributed in the offering nor the consideration received for those securities, in so far as the offering involves the directors and officers, exceeds 25 per cent of the company's market capitalization.

In connection with the offering, the company issued 342,223 finders' warrants and paid commissions of $40,614.60 to certain finders. Each finder's warrant is subject to the same terms and conditions as the warrants.

About Sitka Gold Corp.

Sitka Gold is a mineral exploration company headquartered in Canada. The company is managed by a team of experienced industry professionals and is focused on exploring for economically viable mineral deposits, with its primary emphasis on gold, silver and copper mineral properties of merit. Sitka currently has an option to acquire a 100-per-cent interest in the RC, Barney Ridge, Clear Creek and OGI properties in Yukon, and the Burro Creek gold property in Arizona. Sitka owns a 100-per-cent interest in its Alpha gold property in Nevada, its Mahtin gold property in Yukon and its Coppermine River project in Nunavut.

The company recently announced a National Instrument 43-101-compliant initial mineral resource estimate of 1.34 million ounces of gold beginning at surface and grading 0.68 gram per tonne (g/t) at its RC gold project in Yukon (see news release dated Jan. 19, 2023). A resource expansion diamond drilling program is currently under way.

The company is also planning additional drilling at its Alpha gold property in Nevada, where a new Carlin-type gold system was recently discovered. The company is focused on vectoring toward the high-grade core of this system, which is located on the Cortez trend, just 40 kilometres southeast of the Cortez mine complex of Barrick/Newmont.

We seek Safe Harbor.