Mr. Donald Penner reports

SITKA GOLD CORP. CLOSES OVERSUBSCRIBED $2.1 MILLION PRIVATE PLACEMENT

Sitka Gold Corp. has closed its previously announced non-brokered private placement for total gross proceeds of $2,105,059.86 through the issuance of 11,694,777 flow-through units at a price of 18 cents per flow-through unit.

Each flow-through unit comprises 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 36 cents for a period of 24 months from the date of issuance.

The offering, as announced in the company's news release dated Nov. 13, 2023, was oversubscribed due to strong investor demand. The company intends to use the net proceeds of the offering for exploration and related programs on the company's Yukon gold properties, which qualify as Canadian exploration expenses as such term is defined in paragraph (f) of the definition of Canadian exploration expense in Subsection 66.1(6) of the Income Tax Act (Canada) and flow-through mining expenditures as defined in Subsection 127(9) of the tax act that will qualify as flow-through mining expenditures, which will be incurred on or before Dec. 31, 2024, and renounced with an effective date no later than Dec. 31, 2023, to the purchasers of flow-through units.

In connection with the offering, the company issued 692,687 finder warrants and paid commissions of $124,683.59 to certain finders. Each finder warrant entitles the holder to purchase an additional common share at a price of 18 cents for a period of 24 months from the date of issuance.

About Sitka Gold Corp.

Sitka Gold is a well-financed 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 inferred mineral resource estimate of 1.34 million ounces of gold beginning at surface and grading 0.68 gram per tonne at its RC gold project in Yukon (see news release dated Jan. 19, 2023). A total of approximately 6,500 metres of additional diamond drilling within 16 drill holes have been completed at RC since the announcement of the mineral resource estimate.

The scientific and technical content of this news release has been reviewed and approved by Cor Coe, PGeo, director and chief executive officer of the company and a qualified person (QP) as defined by NI 43-101.

We seek Safe Harbor.