Mr. Cor Coe reports

SITKA GOLD CORP. CLOSES OVERSUBSCRIBED $2.6 MILLION PRIVATE PLACEMENT

Sitka Gold Corp. has closed its previously announced non-brokered private placement for aggregate gross proceeds of approximately $2,602,858 through the issuance of 13,014,289 charity flow-through units at a price of 20 cents per charity FT unit.

Each charity FT unit was issued as part of a charity arrangement and 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 37 cents for a period of 24 months from the date of issuance.

Both Crescat Capital LLC and Dr. Quinton Hennigh personally have subscribed to this financing. Dr. Hennigh is the technical and geologic director of Crescat Capital and is a world-renowned exploration geologist with more than 30 years of experience, including with major gold mining firms Homestake Mining, Newcrest Mining and Newmont Mining.

"Crescat Capital and I are delighted to become new shareholders of Sitka Gold," commented Dr. Hennigh, technical and geologic director of Crescat. "The RC gold project is yet another new discovery of a very large-scale reduced intrusion-related gold system in the prolific Tintina province. I have been watching this story develop over the past couple years, and it was some deeper, higher-grade gold intercepts announced by Sitka earlier this year that were compelling. I think they might have a well-preserved, high-grade system like Snowline's Valley deposit starting to take shape at RC gold. The geochemistry, geology and grades all point in this direction. We look forward to working with the company as they undertake further drilling to test this deeper area as well as other targets across the RC gold project."

Cor Coe, PGeo, director and chief executive officer of Sitka Gold, stated: "Sitka is very pleased to welcome Crescat Capital as a strategic investor and Dr. Quinton Hennigh himself as an investor. Crescat and Dr. Hennigh bring a proven track record of both financial and technical strength that will further enable Sitka to unlock the full potential of its assets and build significant value for shareholders. Given their success in recognizing the potential of Snowline Gold's Valley target early on, among many other notable success stories, this investment and strategic partnership is a substantial endorsement of our RC gold project and we look forward to working closely with Crescat and Dr. Hennigh as we continue to advance this exciting project."

The securities offered pursuant to the offering are subject to a statutory hold period of four months and a day from the date of issuance. No finder's fees were paid on the gross proceeds of the offering.

The offering, as announced in the company's news release dated Dec. 8, 2023, was oversubscribed. The company intends to use the net proceeds of the offering on its exploration and related programs on the company's Yukon gold properties, which expenditures will 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, 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 charity FT units.

About the RC gold project

The RC gold project consists of a 376-square-kilometre contiguous district-scale land package located in the newly road-accessible Clear Creek, Big Creek and Sprague Creek districts in the heart of Yukon's Tombstone gold belt. The project is located approximately 100 kilometres east of Dawson City and is accessed via a secondary gravel road from the Klondike Highway an approximate two-hour drive from Dawson. It is the largest consolidated land package strategically positioned midway between Victoria Gold's Eagle gold mine -- Yukon's newest gold mine which reached commercial production in the summer of 2020 -- and Victoria Gold's Brewery Creek gold mine. The RC gold project land package comprises five underlying properties, namely, the RC, Bee Bop, Mahtin, Clear Creek and Barney Ridge properties.

On Jan. 19, 2023, Sitka Gold announced an initial mineral resource estimate prepared in accordance with National Instrument 43-101 guidelines for the RC gold property of 1.34 million ounces of gold. The road-accessible, pit-constrained mineral resource is classified as inferred and is contained in two near-/on-surface zones: the Blackjack and Eiger deposits.

The initial mineral resource estimate of 1.34 million ounces of gold at the RC gold project comprises two deposits: the Blackjack deposit containing 900,000 ounces of gold at a grade of 0.83 gram per tonne gold and the Eiger deposit containing 440,000 ounces of gold at a grade of 0.50 g/t gold (see news release dated Jan. 19, 2023). Both of these deposits are at/near surface, are potentially open-pit minable and amenable to heap leaching, with initial bottle roll tests indicating that the gold is not refractory and has high gold recoveries of up to 94 per cent with minimal sodium cyanide consumption (see news release July 13, 2022).

The Blackjack and Eiger deposits are in close proximity to highway and power infrastructure, are road accessible year-round, remain open in all directions, and are located within the Clear Creek intrusive complex. The deposits are located with a large, 500-metre-by-five-kilometre intrusion-related gold system that was recently discovered on the property. To date, 54 diamond drill holes have been drilled into this system for a total of approximately 18,877 metres with results of up to 219 metres of 1.34 g/t gold, including 124.8 m of 2.01 g/t gold and 55 m of 3.11 g/t gold in drill hole DDRCCC-23-047 at Blackjack (see news release dated Sept. 26, 2023).

Several high-priority intrusion-related gold targets exist at RC with nine outcropped intrusions identified to date over the 376 square km property; however, Sitka's main focus at the RC gold project has been on the underlying Clear Creek property where a large 500-metre-by-2,000-metre corridor hosting an intrusion-related gold system covering the area over the Blackjack, Saddle and Eiger zones was identified. Additional surface work has extended the gold corridor an additional 3,000 metres east and now encompasses the Josephine intrusion. Prior to the onset of the 2023 winter drilling program, the company had drilled 38 diamond drill holes into this system for a total of approximately 13,000 metres. This drilling culminated in the discovery of the Blackjack and Eiger deposits with an initial inferred mineral resource estimate of 1.34 million gold ounces.

Sitka Gold inherited a wealth of historical and current data from these properties from work spanning the last 40 years. Recent exploration work and the compilation of historical data have defined several mineralized zones with both bulk-tonnage, intrusion-related gold deposit targets and high-grade, vein- and breccia-hosted gold targets. The RC gold project also has a common border with Victoria Gold's Clear Creek property at its western boundary and Florin Resources' Florin gold property at its northern boundary.

Deposit model

Exploration on the property has mainly focused on identifying an intrusion-related gold system (IRGS). The property is part of the Tombstone gold belt which is the prominent host to IRGS deposits within the Tintina gold province in Yukon and Alaska. Notable deposits from the belt include: Fort Knox mine in Alaska with current proven and probable reserves of 230 million tonnes at 0.3 g/t Au (2,471,000 ounces); Eagle gold mine with current measured and indicated resources of 233 million tonnes at a grade of 0.57 g/t Au at the Eagle Main zone (4,303,000 ounces); the Brewery Creek deposit with current indicated mineral resource of 22.2 million tonnes at a gold grade of 1.11 g/t (789,000 ounces); the Florin gold deposit, located adjacent to Sitka's RC gold project, with a current inferred mineral resource of 170.99 million tonnes grading 0.45 g/t (2.47 million ounces); and the AurMac project with an inferred mineral resource of 312.90 million tonnes grading 0.61 gram per tonne gold (6.18 million ounces).

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.

Coming events

Sitka Gold will be attending and/or presenting at the following events:

• AME Roundup: Jan. 22 to 25, 2024;
• Tombstone Gold Belt Breakfast -- Fireside Chat -- Vancouver: Jan. 22, 2024;
• VRIC, Vancouver, B.C.: Jan. 21 to 22, 2024;
• PDAC, Toronto, Ont.: March 3 to 6, 2024;
• Swiss Mining Institute, Zurich, Switzerland: March 20 to 21, 2024.

All events are subject to change.

The scientific and technical content of this news release has been reviewed and approved by Mr. Coe, PGeo, director and CEO of the company, and a qualified person (QP) as defined by National Instrument 43-101.

We seek Safe Harbor.