Kelowna, British Columbia – TheNewswire - June 16, 2022 - Golden Ridge Resources Ltd. (“Golden Ridge” or “the Company”) (TSXV:GLDN) announces further to its news release of June 10, 2022 it has received consent from the TSX Venture Exchange to extend the expiry date of 6,984,167 outstanding share purchase warrants that were issued pursuant to a private placement completed in July 2020 (the “2020 Warrants”). As previously announced the 2020 Warrants were to expire July 24, 2022. The new expiry date for the 2020 Warrants is July 24, 2023 (the “New Expiry Date”). Each 2020 Warrant entitles the holder to purchase one common share (a "Common Share") in the capital of the Company at a price of $0.25 per Common Share until the New Expiry Date.

The 2020 Warrants do not include 205,559 warrants that were issued to finders or agents which shall expire on July 24, 2022.

Certain of the 2020 Warrants are held by parties who are considered to be related parties of the company. Therefore, the amendment of the related party warrants constitutes a related party transaction as contemplated by Multilateral Instrument 61-101 -- Protection of Minority Shareholders in Special Transactions, and TSX-V 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 because neither the fair market value of the related party warrants nor the fair market value of the consideration paid for the related party warrants exceeds 25% of the market capitalization of the Company. 

Holders of warrants will not receive an amended warrant certificate, and will be required to submit their original warrant certificate in order to exercise warrants.

About Golden Ridge Resources:

Golden Ridge is a TSX-V listed exploration company engaged in acquiring and advancing mineral properties located in Newfoundland and British Columbia.  Golden Ridge is currently focused on exploration and development of its portfolio of exploration assets in Newfoundland.  The Company owns a 100% interest in the 1,700-hectare Hank copper-gold-silver-lead-zinc property and the 3,000-hectare Hickman copper-gold property located in the Golden Triangle district, approximately 140 kilometres north of Stewart, British Columbia and has a portfolio of exploration projects in Newfoundland.

Golden Ridge Resources Ltd.

Mike Blady

Chief Executive Officer

Tel: (250) 717-3151

Website: www.goldenridgeresources.com

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including: that the Company's financial condition and development plans do not change as a result of unforeseen events, that the Company obtains required regulatory approvals, that the Company continues to maintain a good relationship with the local project communities. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, which could result in delays, or cessation in planned work, that the Company's financial condition and development plans change, delays in regulatory approval, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company's expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company's Management’s Discussion and Analysis reports filed under the Company's profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.