Goldstorm Metals Announces $1.5 Million Private Placement Financing

Vancouver, November 28, 2023 - Goldstorm Metals Corp. (TSXV: GSTM) (FSE: B2U) ("Goldstorm" or the "Company") announces that it intends to complete a non-brokered private placement of securities to raise total gross proceeds of up to $1.5 million (the "Offering"). The Offering will be comprised of a combination of: (i) non-flow-through units (the "NFT Units") to be sold at a price of $0.18 per NFT Unit; and (ii) flow-through units of the Company (each, a "FT Unit") to be sold at a price of $0.20 per FT Unit.

Each NFT Unit will consist of one non-flow-through common share of the Company (each, a "NFT Share") and one half (½) of one common share purchase warrant (each whole warrant, a "Warrant"). Each FT Unit will consist of one common share of the Company to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada), (each, a "FT Share") and one half (½) of one Warrant. Each Warrant will entitle the holder to purchase one non-flow-through common share of the Company (each, a "Warrant Share") at a price of $0.35 at any time on or before that date which is 24 months after the closing date of the Offering. The exact number of NFT Units and FT Units sold will be determined at closing.

The gross proceeds received from the sale of the FT Units is expected to be used for work programs on the Company's exploration properties and the net proceeds received from the sale of the NFT Units is expected to be used for general working capital purposes.

In connection with the Offering, the Company may pay certain finders a fee comprised of cash, finder's warrants, or both, based on the proceeds raised from the sale of securities to purchasers introduced to the Company by such finders.

All securities to be issued pursuant to the above referenced Offering will be subject to a statutory four-month hold period. The Offering is subject to regulatory approval, including the approval of the TSXV.

About Goldstorm Metals

Goldstorm Metals Corp. is a precious and base metals exploration company with a large strategic land position in the Golden Triangle of British Columbia, an area that hosts some of the largest and highest-grade gold deposits in the world. Goldstorm's flagship projects Crown and Electrum cover an area that totals approximately 16,469 hectares over 6 concessions, of which 5 are contiguous. The Crown Project is situated directly south of Seabridge Gold's KSM gold-copper deposits and Newmont Corporation's Brucejack/Valley of the Kings gold mine. Electrum, also located in the Golden Triangle of BC, is situated directly between Newmont Corporation's Brucejack Mine, approximately 20 kilometers to the north, and the past producing Silbak Premier mine, 20 kilometers to the south.

ON BEHALF OF THE BOARD OF DIRECTORS OF
Goldstorm Metals Corp.

"Ken Konkin"

Ken Konkin
President and Chief Executive Officer

For further information, please visit the Company's website at https://goldstormmetals.com/or contact:

Chris Curran
Head of Corporate Development and Communications
Phone: (604) 559 8092
E-Mail: chris.curran@goldstormmetals.com

or

Carsten Ringler
Head of Investor Relations and Communications
Phone: +49 151 55362000
E-Mail: carsten.ringler@goldstormmetals.com

Neither 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.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially.

All statements including, without limitation, statements relating to the ability to complete the Offering on the proposed terms or at all, anticipated use of proceeds from the Offering and receipt of regulatory approvals with respect to the Offering as well as any other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that the Company will be able to complete the Offering on the terms as anticipated by management, that the Company will use the proceeds of the Offering as anticipated, and that the Company will receive regulatory approval with respect to the Offering. Important factors that could cause actual results to differ materially from the Company's plans or expectations including that Company will not be able to complete the Offering on the terms as anticipated by management or at all, that the Company will not use the proceeds of the Offering as anticipated, that the Company will not receive regulatory approval with respect to the Offering and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. There can be no assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that is incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/189002