Mr. Joseph Hamilton reports

TSX-V APPROVES WARRANT EXTENSION, UNIGOLD GRANTS PERFORMANCE OPTIONS

The TSX Venture Exchange has approved the expiry date extension 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:

• It issued 16,629,167 warrants, including 193,060 warrants issued to insiders, pursuant to a private placement which closed on June 24, 2020.
• It issued 12,596,175 warrants, including 375,850 warrants issued to insiders, pursuant to a private placement which closed on Aug. 10, 2021.
• It issued 8.75 million warrants, including 1.85 million warrants issued to insiders, pursuant to a private placement which closed on Sept. 7, 2022.
• It issued 1.15 million warrants pursuant to a private placement which closed on Sept. 12, 2022.
• It issued 6,875,000 warrants pursuant to a private placement which closed on Nov. 1, 2022.

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 TSX Venture Exchange 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 per cent of the market capitalization of the company. Upon receipt of the approval of the TSX-V of the warrant extensions, a material change report in respect of the warrant extension will be filed by the company.

Unigold also announces that the board of directors has approved the grant of incentive stock options to directors, officers, employees and consultants of the company, allowing for the acquisition of an aggregate of up to 5.7 million common shares of the company with an exercise price of 15 cents per share and an expiry date of Dec. 11, 2028. The grants of options were issued pursuant and subject to the terms and conditions of the company's stock incentive plan and TSX Venture Exchange policies.

We seek Safe Harbor.