Mr. Donald Penner reports

SITKA GOLD CORP. CLOSES $4 MILLION PRIVATE PLACEMENT

Sitka Gold Corp. has closed its previously announced non-brokered private placement for total gross proceeds of $4-million through the issuance of 22,222,222 units to a single investor, Ana Maria Cox De Gubbins, at a price of 18 cents per unit.

Each Unit is comprised of one common share in the capital of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase an additional Common Share in the capital of the Company at a price of $0.36 for a period of 24 months from the date of issuance.

No finder's fees, commission, bonus, agent's option or other compensation was paid in connection with the Offering.

The Company intends to use the net proceeds of the Offering for exploration work on its mineral properties, including the RC Gold Project in Yukon, and for general working capital.

"The Company is pleased to welcome Ms. Cox as a new, significant shareholder of Sitka Gold," comments Cor Coe, CEO and Director of Sitka, "Ms. Cox's investment in Sitka at a significant premium to market is a strong endorsement of the potential upside present at Sitka's RC Gold project in Yukon's Tombstone Gold Belt as well as Sitka's robust portfolio of other mineral assets in Nevada, Arizona and Nunavut.

Ms. Cox is a significant shareholder of Snowline Gold Corp., which is also focused in the Tombstone Gold Belt, where she is an insider and currently holds over 10% of the issued and outstanding Common shares. With the addition of this investment, Sitka is well funded to continue advancing its portfolio of mineral assets, including RC Gold in Yukon where a diamond drilling program of up to 10,000 metres is currently underway."

Early Warning Disclosure

Ana Maria Cox De Gubbins acquired 22,222,222 Units for aggregate consideration of $4,000,000. Prior to the acquisition, Ms. Cox owned no securities of the Company, representing 0% of the Company's issued and outstanding Common Shares. Following the acquisition, Ms. Cox owns 22,222,222 Common Shares and 11,111,111 Warrants, representing approximately 14.3% of the issued and outstanding Common Shares on a partially diluted basis assuming the exercise of Ms. Cox's Warrants into Common Shares.

The Units were acquired by Ms. Cox for investment purposes. Ms. Cox may acquire additional securities of the Company, including on the open market or through private acquisitions, or sell securities of the Company, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of Ms. Cox's early warning report will appear on the Company's profile on SEDAR+ and may also be obtained by emailing info@sitkagoldcorp.com.

About Sitka Gold Corp.

Sitka Gold Corp. is a well-funded 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% interest in the RC, Barney Ridge, Clear Creek and OGI properties in the Yukon and the Burro Creek Gold property in Arizona. Sitka owns a 100% interest in its Alpha Gold property in Nevada, its Mahtin Gold property in the Yukon and its Coppermine River project in Nunavut.

The Company recently announced an NI 43-101 compliant initial inferred Mineral Resource Estimate of 1,340,000 ounces of gold (1) beginning at surface and grading 0.68 g/t at its RC Gold Project in Yukon (see news release dated January 19, 2023). The inferred mineral resource estimate is comprised of two deposits: the Blackjack deposit containing 900,000 ounces of gold at a grade of 0.83 g/t gold and the Eiger deposit containing 440,000 ounces of gold at a grade of 0.50 g/t gold. A diamond drilling program of up to 10,000 metres is currently underway at RC Gold.

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 towards the high-grade core of this system, which is located on the Cortez Trend just 40 km southeast of the Cortez Mine Complex of Barrick/Newmont. (1) Simpson, R. January 19, 2023. Clear Creek Property, RC Gold Project, NI 43-101 Technical Report, Dawson Mining District, Yukon Territory.

The scientific and technical content of this news release has been reviewed and approved by Cor Coe, P.Geo., Director and CEO of the Company, and a Qualified Person (QP) as defined by National Instrument 43-101.

We seek Safe Harbor.