Unigold Proposes to Extend Warrants

Unigold Inc. (TSXV: UGD,OTC:UGDIF) (OTC Pink: UGDIF) (FSE: UGB1) ("Unigold" or the "Company") announces that the Company intends to extend the expiry dates of a total of 53,433,675 share purchase warrants to March 31, 2026. Each of these warrants entitles the holder thereof to acquire one common share of the Company at a price of $0.30 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 December 31, 2024:

• 12,596,175 warrants, including 375,850 warrants issued to insiders, were issued pursuant to a private placement which closed on August 10, 2021
• 8,750,000 warrants, including 1,850,000 warrants issued to insiders, were issued pursuant to a private placement which closed on September 7, 2022
• 1,150,000 warrants were issued pursuant to a private placement which closed on September 12, 2022
• 6,875,000 warrants were issued pursuant to a private placement which closed on November 1, 2022
• 8,008,750 warrants, including 850,000 warrants issued to insiders, were issued as part of a private placement that closed on May 10, 2023.
• 16,053,750 warrants, including 528,750 warrants issued to insiders, were issued from a private placement that closed on May 16, 2023.

The Company has made an application to the TSX Venture Exchange (the "TSXV") in respect of the Warrant Extensions. The Warrant Extensions are subject to the approval of the TSXV.

A total of 3,797,660 warrants are held by parties who are considered to be "related parties" of the Company. Therefore, the amendment of these warrants constitutes a "related party transaction" as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSXV 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% of the market capitalization of the Company. Upon receipt of the approval of the TSXV of the warrant extensions, a material change report in respect of the warrant extension will be filed by the Company.

Forward-Looking Statements

Certain statements contained in this document, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute forward-looking statements within the meaning of the federal securities laws. The forward-looking statements contained in this document are made as of the date hereof and we assume no obligation to update the forward-looking statements. Where applicable, we claim the protection of the safe harbour for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995. For more information, please visit https://www.unigoldinc.com/profile/forward-looking-statement.

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