Mr. Gordon Neal reports

WHITEHORSE GOLD CLOSES PRIVATE PLACEMENT

Whitehorse Gold Corp. has closed its previously announced non-brokered private placement, whereby the company issued a total of 12,807,500 units at a price of 40 cents for gross proceeds of $5,123,000 for the entire private placement that was announced on Nov. 4, 2022.

Whitehorse Gold intends to use the net proceeds of the private placement for working capital requirements and other general corporate purposes.

All securities issued in connection with the private placement are subject to a statutory hold period of four months and one day. The company paid a finder's fee in respect of those purchasers introduced to the company by certain eligible persons. Each finder received a cash payment of up to 6 per cent of the gross proceeds received by the company from purchasers introduced to the company by the finder. An aggregate finder's fee of $108,720 was paid to the three finders Leede Jones Gable Inc., Haywood Securities Inc. and Zhu Xiao Wen. The private placement remains subject to final approval of the TSX Venture Exchange.

As insiders of the company (including Silvercorp) participated in the private placement, any such subscriptions are considered to be related-party transactions within the meaning of TSX-V Policy 5.9 (Protection of Minority Security Holders in Special Transactions), which incorporates Multilateral Instrument 61-101 (Protection of Minority Securityholders in Special Transactions). The company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(a) of MI 61-101 in respect of such insider participation.

About Whitehorse Gold Corp.

Whitehorse Gold is a mineral exploration and development company focusing on tin projects in Bolivia and a gold project near Whitehorse, Yukon, Canada. The company has recently signed agreements to acquire an up-to-100-per-cent interest in the Porvenir project and the SF tin project, which are 70 kilometres southeast of Oruro, Bolivia. The company's 100-per-cent-owned Skukum gold project is approximately 84 kilometres south of Whitehorse by road. An independent mineral resource estimate update was completed in October, 2022. Skukum hosts an indicated mineral resource of 418,000 ounces gold equivalent and an inferred mineral resource of 517,000 oz AuEq at respective average grades of 8.2 and 5.3 grams per tonne AuEq. From 1986 to 1988, the project produced approximately 80,000 ounces of gold.

We seek Safe Harbor.