GoldON Completes Non-Brokered Financing Flow-Through proceeds will be used for winter exploration drilling at the 100%- owned McDonough Gold Property in Red Lake, Ontario

FOR IMMEDIATE RELEASE

GoldON Completes Non-Brokered Financing

Flow-Through proceeds will be used for winter exploration drilling at the 100%-

owned McDonough Gold Property in Red Lake, Ontario

VICTORIA, BC – December 29, 2022 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON”

or the “Company”) is pleased to announce th e completion of its previously announced non-

brokered private placement financing that raised $529,000 in gross proceeds (the “Offering”).

The Offering consisted of 3,041,668 flow-thr ough units (“FT Units”) and 1,640,000 non-flow-

through units (the “NFT Units”). The FT Units were priced at $0.12 and consist of one flow-

through share and one non-transferable share purcha se warrant that entitle the holder to purchase

one common share of the Compa ny at $0.20 for twelve (12) months from the closing date of the

Offering. The NFT Units were priced at $0.10 and consist of one common share and one non-

transferable share purchase warrant that entitle the holder to purchase one additional common share

of the Company at $0.20 per share for twenty-four (24) months from the closing date of the

Offering.

The Company paid finders’ fees on a portion of the Offering proceeds that included $6,570 in cash,

21,000 finders’ warrants associated with the FT Units and 40,500 finders’ warrants associated with

the NFT Units. Finders’ warrants associated with the FT Units entitle the holder to purchase one

common share of the Company at $0.20 for twelve months from the closing date. Finders’ warrants

associated with the NFT Units entitle the holder to purchase one common share of the Company at

$0.20 for twenty-four months from the closing date. All securities issued pursuant to this Offering

will have a hold period expiring April 30, 2023.

Proceeds of the Offering will be used to fund the Company’s initial drilling program at its 100%-

owned McDonough Gold Property and for general working capital purposes.

As part of the Offering, Anacott Capital Corp. subscribed for 200,000 NFT Units. This investment

results in Anacott Capital Corp. an d its sole shareholder, Michael Romanik, GoldON’s president,

holding approximately 7.4% of the Company’s issued and outstanding shares. The Company relied

on subsections 5.5(b) and 5.7(1)(b) of Multilateral Instrument 61-101 to exempt the Offering from

the requirements for a formal valuation and minority shareholder approval. To the Company’s

knowledge, neither it nor the purchaser have knowledge of any material information concerning the

Company or its securities that has not been generally disclosed.

About GoldON Resources Ltd.

GoldON is an exploration compan y focused on discovery-stage prop erties located in the prolific

gold mining belts of northwestern Ontario, Canada . Our current project portfolio includes seven

properties in the Red Lake Mining District (McDonough, Spri ngpole East, Red Lake North,

Pipestone Bay, Pakwash North, McInnes Lake, and West Madsen) and an eighth property in the

Patricia Mining District (Slate Falls).

For additional information, please visit our website at goldonresources.com; you can download

our latest investor presentation by clicking here and follow us on Twitter at

https://twitter.com/GoldONResources.

ON BEHALF OF THE BOARD

Signed “Michael Romanik”

Michael Romanik, President

GoldON Resources Ltd.

Direct line: (204) 724-0613

Email: [email protected]

179 - 2945 Jacklin Road, Suite 416

Victoria, BC, V9B 6J9

Forward-Looking Statements:

This news release may contain “forwa rd-looking statements” that involve known and unknown risks, uncertainties,

assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be

materially different from any future results, performance or achievements expressed or implied by the forward-looking

statements. Any forward-lo oking statement speaks only as of the date of this news release and, except as may be

required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking

statement, whether as a result of new information, future events, or results or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the

TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.