Mr. Gordon Aldcorn reports

SAN LORENZO ANNOUNCES PROPOSED PRIVATE PLACEMENT

San Lorenzo Gold Corp. plans to complete a non-brokered private placement of up to 8,333,333 units of the company at a price of 12 cents per unit, for aggregate gross proceeds of up to $1-million. There is no minimum offering. Each unit will comprise one common share of the company and one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one common share for 18 cents for a period of 18 months from the date of closing of the offering. San Lorenzo may pay a cash commission or finder's fee to qualified non-related parties of up to 8 per cent of the gross proceeds of the offering (up to $80,000) payable in cash together with the issuance of broker warrants representing 8 per cent of the common shares issued in connection with the offering. Each broker warrant will entitle the holder thereof to purchase one common share for 12 cents for a period of 18 months following closing of the offering. The proceeds of the offering will be used for working capital purposes including the costs associated with commencing the next phase of drilling at Salvadora.

The offering is being offered to all of the existing shareholders of the company who are permitted to subscribe pursuant to the existing shareholder exemption. The company set Aug. 24, 2023, as the record date for determining existing shareholders entitled to subscribe for units pursuant to the existing shareholder exemption and anticipates that the offering may close in tranches with the final closing to occur on or about Sept. 8, 2023. The existing securityholder exemption limits a shareholder to a maximum investment of $15,000 in a 12-month period unless the shareholder has obtained advice regarding the suitability of the investment and, if the shareholder is resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as an investment dealer in the jurisdiction. If the company receives subscriptions from investors relying on the existing shareholder exemption exceeding the maximum amount of the offering, the company intends to adjust the subscriptions received on a pro rata basis. Any existing shareholders interested in participating in the offering should contact the company. It is expected that certain directors and officers of the company will participate in the offering.

As the company is also relying on the exemption for sales to purchasers advised by investment dealers, it confirms that there is no material fact or material change about the company which has not been generally disclosed. In addition to offering the units pursuant to the existing shareholder exemption and the exemption for sales to purchasers advised by investment dealers, the units are also being offered pursuant to other available prospectus exemptions, including sales to accredited investors. Units will be allocated on a first-come, first-served basis.

Completion of the offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange. The common shares and warrants issued under the offering will be subject to a four-month-and-a-day hold period from the date of the closing of the offering.

About San Lorenzo Gold Corp.

San Lorenzo Gold is involved in the exploration and advancement of mineral properties. The company currently has three 100-per-cent-owned properties in Chile: Salvadora, Nancagua and Punta Alta.

We seek Safe Harbor.