Mr. David Patterson reports

SNOWY OWL CLOSES FIRST TRANCHE OF SUBSCRIPTION RECEIPT FINANCING

Snowy Owl Gold Corp. has completed the first closing of its previously announced (please see news release of Nov. 15, 2023) private placement by issuing an aggregate of 5.8 million subscription receipts at an issue price of five cents per subscription receipt for aggregate gross proceeds of $290,000.

The proceeds of the Offering are being held in escrow pursuant to the terms of a subscription receipt agreement dated November 27, 2023 among the Company, EMD Financial Inc. and Endeavor Trust Corporation (the "Subscription Receipt Agreement") and subject to the exceptions described therein, each Subscription Receipt shall entitle the holder thereof to receive, upon automatic exchange in accordance with the terms of the Subscription Receipt Agreement, without payment of additional consideration or further act or formality on the part of the holder thereof, one common share in the capital of the Company (each, an "Underlying Share") and one common share purchase warrant of the Company (each, an "Underlying Warrant") upon the satisfaction or waiver (to the extent such waiver is permitted) of certain escrow release conditions, namely: (a) the consummation of the Proposed Transaction with Bluecorp Capital Corp. (doing business as "Boba Mint"); and (b) the common shares of the Resulting Issuer being conditionally approved for listing on the CSE and the completion, satisfaction or waiver of all conditions precedent to such listing, other than the release of the gross proceeds from the Offering. Each Underlying Warrant will entitle the holder to acquire one additional common share of the Company at an exercise price of $0.05 per share for a period of thirty-six (36) months from the closing date.

In the event that: (i) the escrow agent does not receive the release notice by the 120th day following the closing date of the Offering (the "Termination Date"), or (ii) if prior to the Termination Date, the Company advises the subscribers or announces to the public that it does not intend to satisfy the escrow release conditions under the Subscription Receipt Agreement, the escrow agent will return to each holder of Subscription Receipts an amount equal to their aggregate subscription price plus a pro rata portion of any interest and other income earned on the escrowed proceeds, if any, less applicable withholding taxes, if any, and the corresponding Subscription Receipts will be null and void and of no further effect.

In connection with the closing of this first closing of the Offering, and following the satisfaction of the escrow release conditions, the Company will remit finder's fees to the registered dealers that assisted with the Offering, including EMD Financial Inc., consisting of (i) an aggregate cash fee of $29,000, (ii) an aggregate of 290,000 finder warrants entitling the holders thereof to purchase up to 290,000 common shares, at an exercise price of $0.05, for a period of thirty-six (36) months from the closing date and (iii) an aggregate of 290,000 common shares, at an issue price of $0.05.

The subscription receipts were issued to Canadian resident accredited investors. The net proceeds from the Offering with be used to fund the business of the Boba Mint as the "Resulting Issuer" of the Proposed Transaction.

The Proposed Transaction cannot close until the required approvals are obtained and the outstanding conditions satisfied. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.

The Company and Boba Mint will continue to update shareholders on the progress of the Proposed Transaction, including the closing of any future tranches of the Offering.

Update on Boba

Boba's first game, Tanjea - Race to Riches, has continued its steady growth with over 50,000 downloads to date now. The developers have added a new game mode to their endless style flying game and are beginning to explore other hyper-casual game mechanics that can be added to this first title. "Candy crush is the most profitable mobile game of all time to the best of my knowledge. The market already knows this match 3 game mechanic does very well, as noted by Toon Blast which has over 12 million Daily Active Users and uses the same hyper-casual in play game mechanic. I think a match 3 style game where the Tanjea tokens that players collect are hosted on a blockchain could see a lot of success and we want to explore that further." said Michael Zon, proposed CEO of Boba and the Resulting Issuer of the Proposed Transaction.

About Snowy Owl Gold Corp.

Snowy Owl Gold Corp. is a mineral exploration company focused on acquiring, exploring, and developing gold projects in Quebec, Canada. Additional information on Snowy Owl Gold Corp. is available at http://www.snowyowlgold.com.

We seek Safe Harbor.