Golden Ridge Announces Increase to Flow-Through Financing and Closes First Tranche

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES

OR FOR DISSEMINATION IN THE UNITED STATES

GOLDEN RIDGE ANNOUNCES INCREASE TO FLOW-THROUGH FINANCING AND CLOSES FIRST TRANCHE

Kelowna, British Columbia – December 22, 2017 - Golden Ridge Resources Ltd. (“Golden Ridge” or the

“Company”) (TSXV: GLDN ) announces further to its press release s dated December 14, 2017 and

December 20, 2017 the Company has further increased the Offering to $1,500,000. The Offering will

now consist of up to 7,500,000 common shares of the Company that qualify as flow -through shares for

purposes of the Income Tax Act (Canada) (“FT Shares”) at issue price of $0.20 per FT Share.

The Company has closed the initial tranche of the Offering effective December 2 2, 2017 by issuing

4,075,000 FT Shares for gross proceeds of $815,000 (“Tranche 1”).

In connection with Tranche 1 the Company paid aggregate finders’ fees of $ 45,000 cash and issued to

finders an aggregate 225,000 warrants at an exercise price of $0.25 (collectively the “Finder Warrants”).

Each Finder Warrant entitles the holder to purchase a common share of the Company at a purchase

price of $0.25 until December 22, 2018.

The shares issued under Tranche 1 and any shares issued on exercise of the Finders Warrants, will be

subject to restrictions on transfer until April 23, 2018.

The Company anticipates closing of the final tranche on or before December 29, 2017.

The proceeds will be used by the Company for exploration activities on it Hank Property loc ated in

British Columbia.

The FT Shares have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities

laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent

registration or any applicable exemption from the registration requirements of the U.S. Securities Act and

applicable U.S. state securities laws.

About Golden Ridge Resources:

Golden Ridge is a TSX -V listed exploration company engaged in acquiring and advancing mineral

properties located in British Columbia. Golden Ridge currently has an option to acquire a 100% interest

in the 1,700 -hectare Hank gold -silver-lead-zinc property located in the Golden Triangle district,

approximately 140 kilometres north of Stewart , British Columbia. Golden Ridge may earn the 100%

interest by performing $1.7M of exploration work by the end of 2018.

For more information please contact:

Golden Ridge Resources Ltd.

Mike Blady

Chief Executive Officer

Tel: (250) 768-1168

Website: www.goldenridgeresources.com

Cautionary Statement Regarding Forward Looking Statements

This release includes cer tain statements that may be deemed to be "forward -looking statements". All

statements in this release, other than statements of historical facts, that address events or developments

that management of the Company expects, are forward-looking statements. Although management believes

the expectations expressed in such forward -looking statements are based on reasonable assumptions, such

statements are not guarantees of future performance, and actual results or developments may differ

materially from those in t he forward-looking statements. The Company undertakes no obligation to update

these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should

change. Factors that could cause actual results to differ materially from those in forward-looking statements,

include market prices, exploration and development successes, continued availability of capital and

financing, and general economic, market or business conditions. Please see the public filings of the Company

at http://www.sedar.com/ for further information.