SIG:CC - Sitka Gold Corp. Closes Oversubscribed $4.69 Million Private Placement With Participation by Sprott Asset Management LP

(TheNewswire)

VANCOUVER, CANADA – TheNewswire - June 8, 2022: Sitka Gold Corp. (“Sitka”or the “Company”) (CSE:SIG) (FSE:1RF) (OTCQB:SITKF) ispleased to announce that it has closed its previouslyannounced non-brokered private placement for total gross proceeds ofapproximately $4,686,560 (the “ Offering ”) through the issuance of20,489,177 flow-through units (the “ FT Units ”) at aprice of $0.17 per FT Unit and 8,595,716  non-flow-through units (the“ NFT Units ”) at a price of $0.14 per NFT Unit.

Each NFT Unit is comprised of one common share (a“ Common Share ”) in the capital of the Company and one-half of one CommonShare purchase warrant (each whole warrant, a “ Warrant ”). EachWarrant entitles the holder to purchase an additional Common Share ata price of $0.23 for a period of 24 months from the date of issuance.Each FT Unit is comprised of one flow-through common share in thecapital of the Company and one-half of one Warrant.

The Offering consisted of a lead order of $2 millionfrom funds managed by Sprott Asset Management LP (“ Sprott ”). Sprott isa global asset manager that provides clients with access todifferentiated precious metals and real assets investment strategies,and has partnered with natural resource companies to help meet theircapital needs through brokerage and resource lendingactivities.

The Offering, as announced in the Company’s newsreleases dated May 24, 2022 and May 26, 2022, was oversubscribed byapproximately $4 36,560 . The Company intends touse the net proceeds of the Offering for exploration work on its Yukongold properties and for general working capital.

“The impressive investor demand in response to thisfinancing, during what is considered to be quite difficult marketconditions, is a testament to the upside potential Sitka Goldcurrently provides,” commented Cor Coe, CEO and director of Sitka.“With the significant boost this financing brings to our treasury,we are well positioned to materially advance our ongoing projects. Themain focus this year will be on aggressive development of our newBlackjack Zone gold discovery at the RC Gold Project in the Yukon,where we are currently conducting a planned 10,000 metre diamond drillprogram with the goal of advancing this exceptional discovery towardan initial resource estimate. We are very pleased to welcome newshareholders to Sitka and would like to thank everyone whoparticipated in the financing. These are exciting times for Sitka andwe look forward to a very active year as we continue our push tounlock value from our portfolio of attractive mineralassets.”

In connection with the Offering, the Company issued1,560,645 finder’s warrants (the “ Finder’s Warrants ”) and paid commissions of $254,130.60 to certain finders.Each Finder’s Warrant is subject to the same terms and conditions asthe Warrants.

Canaccord Genuity Corp. acted as financial advisor tothe Company in connection with the Offering. In consideration for suchservices, the Company has agreed to issue to Canaccord Genuity Corp.an aggregate of 108,696 Shares (the “ Advisory Shares ”)at an issue price of $0.23 per Advisory Share.

Certain insiders of the Company purchased an aggregateof 11,975,000 FT Units under the Offering, constituting, to thatextent, a “related party transaction” as defined underMultilateral Instrument 61-101 (“ MI 61-101 ”). TheCompany has relied on the exemptions from the formal valuation andminority shareholder approval requirements of MI 61-101 , as neither the fair market value ofthe securities distributed in the Offering nor the considerationreceived for those securities, in so far as the Offering involves theinsiders, exceeds 25% of the Company’s market capitalization.

About Sitka Gold Corp.

Sitka Gold Corp. is a well-funded mineral exploration companyheadquartered in Canada. The Company is managed by a team ofexperienced industry professionals and is focused on exploring foreconomically viable mineral deposits with its primary emphasis ongold, silver and copper mineral properties of merit. Sitka currentlyhas an option to acquire a 100% interest in the RC, Barney Ridge,Clear Creek and OGI properties in the Yukon and the Burro Creek Goldproperty in Arizona. Sitka owns a 100% interest in its Alpha Goldproperty in Nevada, its Mahtin Gold property in the Yukon and itsCoppermine River project in Nunavut.

Sitka is currently conducting a planned 10,000 metre diamond drillprogram at its RC Gold Project in the Yukon where the last holedrilled in 2021 (Hole 21) resulted in the discovery of a new gold zone(the Blackjack zone) and returned 220.1 metres averaging 1.17 g/t gold from surface including 50.5 metres of 2.08 g/t gold (see news release dated February 17, 2022). A drill rig and contractorhas also been secured to complete up to 5,000 feet of drilling itsAlpha Gold Property in Nevada where drilling is anticipated to beginin Q2 of 2022.

Upcoming Events

Sitka Gold will be attending the following events:

• ?? PDAC 2022 - Toronto, Ontario: June 13 th - 15 th , 2022

  • ?? Booth #2346

• ?? Invest Yukon Conference, Dawson City,Yukon: June 21 st - 23 rd , 2022

The scientific and technical content of this news release has beenreviewed and approved by Cor Coe, P.Geo., Director and CEO of theCompany, and a Qualified Person (QP) as defined by National Instrument43-101.

ON BEHALF OF THE BOARD OF DIRECTORS OF

SITKA GOLD CORP.

“ DonaldPenner ”

President and Director

For more information contact:

Donald Penner

President & Director

778-212-1950

dpenner@sitkagoldcorp.com

or

Cor Coe

CEO & Director

604-817-4753

ccoe@sitkagoldcorp.com

Cautionary and Forward-LookingStatements

Neither the CanadianSecurities Exchange nor its Regulation Services Provider (as that termis defined in the policies of the Canadian Securities Exchange)accepts responsibility for the adequacy or accuracy of thisrelease.

This release includes certainstatements and information that may constitute forward-lookinginformation within the meaning of applicable Canadian securities laws.Forward-looking statements relate to future events or futureperformance and reflect the expectations or beliefs of management ofthe Company regarding future events. Generally, forward-lookingstatements and information can be identified by the use offorward-looking terminology such as “intends” or“anticipates”, or variations of such words and phrases or statements that certainactions, events or results “may”, “could”, “should”,“would” or “occur”. This information and these statements,referred to herein as "forward ? looking statements", are not historical facts, are made as ofthe date of this news release and include without limitation,statements regarding discussions of future plans, estimates andforecasts and statements as to management's expectations andintentions with respect to, among other things, the use of theproceeds raised under the Offering and the anticipated workprogram.

In making the forward-lookingstatements in this news release, the Company has applied severalmaterial assumptions, including without limitation, that the Companywill complete the anticipated work program and use the proceeds of theOffering as currently anticipated.

These forward ? looking statements involve numerous risks and uncertainties andactual results might differ materially from results suggested in anyforward-looking statements. These risks and uncertainties include,among other things, market uncertainty, the results of the anticipatedwork program and that the Company will not use the proceeds of theOffering as currently anticipated.

Although management of the Companyhas attempted to identify important factors that could cause actualresults to differ materially from those contained in forward-lookingstatements or forward-looking information, there may be other factorsthat cause results not to be as anticipated, estimated or intended.There can be no assurance that such statements will prove to beaccurate, as actual results and future events could differ materiallyfrom those anticipated in such statements. Accordingly, readers shouldnot place undue reliance on forward-looking statements andforward-looking information. Readers are cautioned that reliance onsuch information may not be appropriate for other purposes. TheCompany does not undertake to update any forward-looking statement,forward-looking information or financial out-look that areincorporated by reference herein, except in accordance with applicablesecurities laws. We seek safe harbor.

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