Golden Reign Shareholders Overwhelmingly Approve the Share Issuance to the Shareholders of Marlin Gold Mining Ltd. under Arrangement

Golden Reign Shareholders Overwhelmingly Approve the Share Issuance to the

Shareholders of Marlin Gold Mining Ltd. under Arrangement

Vancouver, British Columbia – October 31, 2018 – Golden Reign Resources Ltd. (“Golden

Reign” or the “Company”) (TSXV:GRR), is pleased to announced that Golden Reign

Shareholders who were eligible to vote on the matter at the Annual and Special Meeting of

Shareholders of the Company held on October 30, 2018 (the “Meeting”) overwhelmingly

approved the issuance of Golden Reign common shares (the “Golden Reign Shares”) in

connection with the Company’s previously announced plan of arrangement (the “Arrangement”)

to acquire 100% of the issued and outstanding common shares of Marlin Gold Mining Ltd.

(“Marlin”).

Of the total number of eligible Golden Reign Shares represented at the meeting (which excluded

the Golden Reign Shares held by Marlin), approximately 99.9% were voted FOR the ordinary

resolution to approve the issuance of Golden Reign Shares in connection with the Arrangement.

Each of Marlin and Sailfish Royalty Corp. (“Sailfish”) also held their respective shareholder

meetings on October 30, 2018, at which eligible shareholders of Marlin voted in favour of the

special resolution approving the Arrangement and eligible shareholders of Sailfish voted in

favour of, among other things, the special resolution approving the entering into of the

previously announced amended and restated gold stream agreement with Golden Reign and

Marlin, which is a condition to completion of the Arrangement.

Marlin intends to seek a final order approving the Arrangement from the Supreme Court of

British Columbia at a hearing to be held on November 1, 2018. In addition to the approval of the

court, the Arrangement is subject to satisfaction of all other terms and conditions to the

Arrangement. It is currently expected that, subject to receipt of all necessary approvals and

satisfaction of all terms and conditions, the Arrangement wi ll close by November 9, 2018, and

upon closing the combined company will be named Mako Mining Corp. and the common shares

of the combined company are expected to commence trading on the TSX Venture Exchange

under the new trading symbol “MKO” within approxi mately two business days following

closing.

Full details of the Arrangement and certain other general matters dealt with at the Meeting, all of

which were also passed by the Company’s shareholders, can be found in the management

information circular of Golden Reign dated September 26, 2018 (the “Circular”). An electronic

copy of the Circular is available under the Company’s profile on SEDAR at www.sedar.com.

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain forward -looking statements or information under applicable

Canadian, U.S. and other securities laws. Such forward- looking information and statements are

often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”,

“plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”,

“should”, “could”, or “might” occur or be achieved and any other similar expressions. Such

forward-looking information includes, but is not limited to, statements with respect to the receipt

of the final order of the Supreme Court of British Columbia approving the Arrangement,

satisfaction of the terms and conditions of the Arrangement and anticipated completion of the

Arrangement. These forward -looking statements are based on a number of assumptions,

including assumptions regarding the ability of the parties to receive, in a timely manner and on

satisfactory terms, the necessary court, stock exchange and regulatory approvals and the ability

of the parties to satisfy in a timely manner, the conditions to the closing of the Arrangement.

Management believes that these assumptions are reasonable; however, some risks include, but

are not limited to, non -completion of the Arrangement, including due to the parties failing to

receive, in a timely manner and on satisfactory terms, the necessary court and stock exchange

approvals or the inability of the parties to satisfy in a timely manner the other conditions to the

closing of the Arrangement. Forward- looking information is subject to known and unknown

risks, uncertainties and other factors that could cause actual results to differ materially from

those contained in the forward- looking information. Some of these risks, uncertainties and other

factors are described under the heading “Risk F actors” in the Circular available

at www.sedar.com. Forward- looking information is based on estimates and opinions of

management at the date the statements are made. Except as required by applicable law, the

Company does not undertake any obligation to update forward- looking information. Readers

should not place undue reliance on forward-looking information.

About Golden Reign

Golden Reign Resources Ltd. is a publicly listed (TSX -V: GRR) mineral exploration company

engaged in exploring the San Albino- Murra Property and the El Jicaro Property, both of which

are located in Nueva Segovia, Nicaragua. The company’s prime objective is to bring its San

Albino Gold Deposit into production quickly and efficiently, building cash fl ow to further

advance a number of its other prospective exploration targets. The Company’s land package

comprises 13,771 hectares (138 km2) of prospective ground for gold and silver mineralization.

Hundreds of historical mines and workings exist within th e Corona de Oro Gold Belt, which is

approximately 3 kilometres wide by 20 kilometres long and is spanned by the company’s land

package. For additional information please visit our website at www.goldenreign.com and

SEDAR www.sedar.com.

For further information: Kevin Bullock, Chief Executive Officer, Golden Reign Resources

Ltd., telephone: (647) 388-1842, e-mail: [email protected].

Neither the 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.