Private Placement News Release

LEOPARD LAKE GOLD ANNOUNCES CLOSE OF $343,000 PRIVATE PLACEMENT

Toronto, Ontario, July 12, 2024: Leopard Lake Gold Corp. (the "Company" or "Leopard Lake") (CSE: LP) is pleased to announce that the Company has received subscriptions for the private placement of 330 units at a price of $1,000 per unit for gross proceeds of $330,000. Each unit consists of 10,000 flow-through common shares ($0.08 per share), 4,000 non-flow through common shares ($0.05 per share) and 14,000 warrants exercisable at $0.12 for 24 months.

The Company has also received subscriptions for $13,000 of non-flow through common share units. Each unit consists of one (1) common share ($0.05 per share) and one (1) warrant, with each warrant being exercisable at $0.12 for 24 months.

This will result in the issue of 3,300,000 common shares for the flow-through and 1,580,000 common shares for the non-flow through portions. Also, 4,880,000 warrants exercisable at $0.12 for 24 months are being issued.

There is a finders fee of 7% in cash and 5% in shares due on the $269,000 raised through a financial institution. This will result in the issue of 192,200 common shares as finders fee shares.

The common shares issued under this private placement, and any shares issued for exercise of warrants prior to the end of the legend period, will bear a legend stating “UNLESS PERMITTED UNDER SHECURITIES LEGISLATION THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE CLOSING DATE.”

About Leopard Lake Gold Corp.

Leopard Lake is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada, including the St. Robert property, which is comprised of 4 mining claims in Beauceville and 102 mining claims in the Riseborough and Marlow Townships in St. Robert Bellarmin, Quebec, and the Stella property located in the Abitibi region of Northwestern Quebec, made up of 52 contiguous mining claims for a total of 2,987 hectares, approximately 65 kilometres east of the town of Val d-Or. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct exploration programs on the Leduc Gold Project near Jellicoe, Ontario, Canada, within the Thunder Bay Mining Division.

On Behalf of Leopard Lake Gold Corp.

Mr. George A. Brown President and CEO

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For further information, please contact:

Mr. George A. Brown Chief Executive Officer and President Suite 1102, 44 Victoria Street Toronto, Ontario M5C 1Y2

Telephone: (905) 467-1109

Forward-Looking Statements:

This news release contains forward-looking statements and forward-looking information (collectively, "forwardlooking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, currency fluctuations, title disputes or claims, environmental issues and liabilities, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on the Company's business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company's continuous disclosure documents. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.