Golden Arrow Resources Announces US$5 Million Option Agreement to Support Resource Delineation Program at the San Pietro IOCG Project

NGE holds a 100% interest in the Company's San Pietro iron oxide-copper-gold-cobalt project in Chile

Golden Arrow Resources Corporation announced that New Golden Explorations Chile SpA ("NGE"), a wholly-owned subsidiary of the Company, has entered into an option agreement with Sociedad de Servicios Andinos SpA ("SSA"). Under the Option Agreement, NGE has granted SSA the option to subscribe for 333 shares in the capital of NGE, equivalent to approximately 25% of the issued and outstanding Shares upon exercise of the Option, subject to the terms and conditions of the Option Agreement. The Shares are not convertible or otherwise exchangeable for common shares of the Company. SSA is non-arm's length to the Company. No finders' fees are payable for this transaction.

To exercise the Option, SSA must contribute US$5,000,000 (in the equivalent amount of Chilean pesos), as follows:

• US$2,000,000 in cash, through six bimonthly installments of US$333,333 commencing on February 1, 2024, and
• performing drilling services, heavy machinery services, truck rental, as well as any other goods or necessary services for the development of field activities at the San Pietro Project (as described below) with an aggregate value of US$3,000,000 by July 2025.

Joseph Grosso, Chairman, CEO and President of Golden Arrow commented, "We are very pleased with this arrangement with SSA as this deal represents the equivalent of approximately 7 million Canadian dollars of non-dilutive financing for Golden Arrow, in a difficult market. The investment will allow us to complete an aggressive exploration and drilling program to continue evaluating San Pietro's many targets, and in support of our first NI 43-101 mineral resource estimate for the project which we are aiming to complete by the end of year."

San Pietro Project

NGE holds a 100% interest in the Company's San Pietro iron oxide-copper-gold-cobalt project in Chile. The San Pietro Project covers nearly 18,500 hectares, approximately 100 kilometres north of Copiapo. Situated between and adjacent to Capstone Copper's Manto Verde Mine property and Santo Domingo Project, the San Pietro Project is in the centre of a potential new copper-cobalt region within an active, well developed mining district that is home to all the major iron oxide-copper-gold ("IOCG") deposits in Chile. The proximity of the San Pietro Project to other mining projects in the area does not provide any assurances with respect to the prospects at the San Pietro Project.