Mr. Eric Sprott, an investor, reports

ERIC SPROTT ANNOUNCES HOLDINGS IN SKY GOLD CORP.

On July 23, 2020, 2176423 Ontario Ltd. (a corporation which Eric Sprott beneficially owns) purchased a total of 10.5 million units of Sky Gold Corp., on a private placement basis, at a price of 10 cents per unit, for aggregate consideration of $1.05-million. Each unit is composed of one common share and one-half of one share purchase warrant. Each whole warrant entitles the holder thereof to purchase one share at an exercise price of 15 cents per share for a period of 24 months.

Mr. Sprott now beneficially owns and controls 10.5 million shares and 5.25 million share purchase warrants (representing approximately 19.35 per cent of the outstanding shares of Sky Gold on a non-diluted basis and 26.47 per cent on a partially diluted basis assuming exercise of such warrants). Prior to this acquisition, Mr. Sprott did not beneficially own or control any securities of Sky Gold.

Mr. Sprott acquired the units for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Sky Gold, including on the open market or through private acquisitions, or sell securities of Sky Gold, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of 2176423 Ontario's early warning report will appear on Sky Gold's profile on SEDAR and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (200 Bay St., Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ont., M5J 2J1).