Mr. Joseph Hamilton reports

UNIGOLD PROPOSES TO EXTEND WARRANTS

Unigold Inc. intends to extend the expiry dates of a total of 46,000,342 share purchase warrants to June 28, 2024. Each warrant entitles the holder thereof to acquire one common share of the company at a price of 30 cents per common share, and all other terms of the warrants, including exercise price, will remain the same. The warrants were issued pursuant to the following private placements, and all are set to expire on Dec. 29, 2023:

• 16,629,167 warrants, including 193,060 warrants issued to insiders, were issued pursuant to a private placement which closed on June 24, 2020
• 12,596,175 warrants, including 375,850 warrants issued to insiders, were issued pursuant to a private placement which closed on August 10, 2021
• 8,750,000 warrants, including 1,850,000 warrants issued to insiders, were issued pursuant to a private placement which closed on September 7, 2022
• 1,150,000 warrants were issued pursuant to a private placement which closed on September 12, 2022
• 6,875,000 warrants were issued pursuant to a private placement which closed on November 1, 2022

The Company has made an application to the TSX Venture Exchange (the "TSXV") in respect of the Warrant Extensions. The Warrant Extensions are subject to the approval of the TSXV.

A total of 2,418,910 Warrants are held by parties who are considered to be "related parties" of the Company. Therefore, the amendment of Warrants constitutes a "related party transaction" as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSXV Policy 5.9 - Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the Warrants held by insiders does not exceed 25% of the market capitalization of the Company. Upon receipt of the approval of the TSXV of the Warrant Extensions, a material change report in respect of the Warrant Extension will be filed by the Company.

We seek Safe Harbor.