Golden Tag Closes First Tranche of Previously AnnouncedNon-Brokered Private Placement

Toronto, Ontario, February 8, 2022: Golden Tag Resources Ltd. (“Golden Tag” or the "Company") (TSX.V: GOG) (OTCQB: GTAGF) is pleased to announce the closing of the first tranche (the “First Tranche“) of the non-brokered private placement announced on January 20, 2022 (the “Offering”).  Under the First Tranche, the Company issued 7,166,670 Units, for aggregate gross proceeds of $1,791,667.50.

The Offering

Each Unit consists of one common share (“Common Share”) and one-half of one common share purchase warrant (each, a “Warrant”).  Each whole Warrant issued pursuant to the First Tranche entitles the holder thereof to acquire one Common Share at a price of C$0.40 until February 8, 2024.  The Warrants contain an acceleration provision whereby if the closing price of the Common Shares on the Exchange is $0.70 or more for 10 consecutive trading days the Company will have the right to accelerate the expiry date of the Warrants (the “Acceleration Provision”).

In connection with the First Tranche, the Company paid aggregate cash finder’s fees of $39,800 and issued 140,000 finder’s warrants (each, a “Finder’s Warrant“). Each Finder’s Warrant entitles the holder to purchase one Share at a price of $0.25 for a period of 24 months months following closing of the First Tranche, subject to the Acceleration Provision.

The securities issued and issuable pursuant to the First Tranche of the Offering will be subject to a four month and one day hold period. The Company intends to use the net proceeds of the Offering to fund advancement of the Company’s 100% owned San Diego Project, in Durango Mexico, and for working capital and general corporate purposes.

The Offering remains subject to TSX Venture Exchange (the “TSXV”) final acceptance.