Company to be reserved for issuance under options granted pursuant to the Plan.

NEWS RELEASE

Trading Symbol: GVR (TSX.V)

Vancouver, British Columbia, January 5, 2023. Grosvenor Resource Corporation (TSX.V: GVR) (“Grosvenor” or

“the Company”) announces that its amended share option plan (the “Plan”) was approved by shareholders at

the Company’s annual general meeting (the “AGM”) held today. The Plan is a ‘rolling’ plan under the policies of

the TSX Venture Exchange and allows for a maximum of 10% of the issued an d outstanding shares of the

Company to be reserved for issuance under options granted pursuant to the Plan.

Terms of the Plan are summarized in the Company’s Information Circular dated December 1, 2022, as filed on

SEDAR and a copy of the Plan is available upon request.

Shareholder approval was also obtained for the other matters presented at the AGM, specifically the re -

appointment of KPMG LLP as auditors and the election of directors.

On behalf of the Board of Directors,

Tyler Friesen, CPA, CA

Director & Chief Financial Officer

604-685-6851

Email: [email protected]

Neither the TSX Venture Exchange (the “TSXV”) nor its Regulation Services Provider (as that term is defined in the policies

of the TSXV) has reviewed, nor do they accept responsibility for the adequacy or accuracy of, this release.