Gold Lion Sells Its Black Lake Mineral Property

Vancouver, British Columbia / December 22, 2022 – Gold Lion Resources Inc. (“Gold Lion” orthe “Company”) (CSE: GL) (OTC: GLIOF) (FWB: 2BC) announces that it has signed and closeda share purchase agreement dated December 20, 2022 (the “SPA”) to sell its 100% interest in itswholly-owned subsidiary, 1000173975 Ontario Inc. (“OntarioCo”) to an arm's-length purchaser (the“Transaction”). OntarioCo owns 100% of the Black Lake Mineral Property, located in northernSaskatchewan (the “Property”). The Property presents an opportunity for the mining of battery metals,including Cobalt, Nickel, Copper as well as Gold.

Pursuant to the SPA, the Company will receive an aggregate of $380,000 as consideration for the sale of the Property through the transfer of all the issued and outstanding shares in the capital ofOntarioCo.

About Gold Lion Resources Inc.

Gold Lion Resources Inc. is a mineral exploration company actively involved in the exploration of its precious metal focused portfolio including the Cuteye and Fairview Properties located in Idaho andBritish Columbia. For more information please visit: https://goldlionresources.com/.

ON BEHALF OF THE BOARD OF DIRECTORS

Guy Bourgeois, CEO

T: 902.225.8881

The CSE and Information Service Provider have not reviewed and does not accept responsibility for theaccuracy or adequacy of this release.

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking information and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information in this news release includes statements regarding: assumptions that are subject to significant risks and uncertainties, including assumptions that all conditions to the closing of the Proposed Transaction will be satisfied and that the Proposed Transaction will be completed on the terms set forth in the LOI. The forward-looking information reflects management's current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Such risk factors may include, among others, the risk that required approvals and the satisfaction of material conditions are not obtained in connection with the Proposed Transaction, the risk that the Proposed Transaction is not approved or completed on the terms set out in the LOI or that a definitive agreement will be entered into in connection therewith. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. Factors that could cause actual results or events to differ materially from current expectations include: (i) adverse market conditions; and (ii) other factors beyond the control of the Company. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information. The forward-looking information included in this news release are made as of the date of this news release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which are available at www.sedar.com.

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