Glacier Lake Provides Update ON Acquisition of Kalahari Palladium-Platinum Project

GLACIER LAKE PROVIDES UPDATE

ON ACQUISITION OF KALAHARI PALLADIUM-PLATINUM PROJECT

Vancouver, British Columbia – July 28, 2023 – Glacier Lake Resources Inc. (TSXV: GLI) (the

“Company”) is pleased to announce that it is continuing to work towards satisfaction of the

remaining conditions to completion of its proposed acquisition (the “Transaction”) of the Kalahari

Palladium-Platinum Project (“KalPlats”) located in the Magisterial District of Vryburg in North

West South Africa. KalPlats is a palladium-rich project located approximately 350 kilometres west

of Johannesburg in the North West Province of South Africa.

In connection with the Transaction, the Company previously entered into a definitive share

purchase agreement, dated November 15, 2021, with African Thunder Platinum Limited and

Fanosi Holdings (Pty) Ltd., pursuant to which the Company proposes to acquire a controlling

interest in Stella Platinum (Pty) Ltd. and Greenstone Platinum (Pty) Ltd. (collectively, the

“Owners”). The Owners control the prospecting rights for KalPlats located in the Magisterial

District of Vryburg in North West South Africa.

Completion of the Transaction remains subject to a number of conditions, which include the

Company completing a financing of at least Cdn$15,000,000 (the “Concurrent Financing”) and

receipt of any required regulatory approvals, including the approval of the TSX Venture Exchange

(the “Exchange”). In order to ensure sufficient time to satisfy the remaining conditions, the

Owners have agreed to further extend the outside date for completion of the Transaction through

until September 30, 2023.

The Transaction cannot be completed until these conditions have been satisfied, and there can

be no assurance that the Transaction will be completed in a timely fashion, or at all. The Company

has not yet determined the final terms for the Concurrent Financing and will issue a further news

release with information regarding the Concurrent Financing as soon as it becomes available.

For further information concerning the Transaction, readers are encouraged to review the news

release issued by the Company on November 17, 2021.

For additional information please feel free to contact:

Gordon Friesen, Director

Glacier Lake Resources Inc.

Tel: 604-889-1241

Email: [email protected]

Completion of the Transaction is subject to a number of conditions, including Exchange acceptance. The Transaction

cannot close until the required approvals are obtained, and the outstanding conditions are satisfied. There can be no

assurance that the Transaction will be completed as proposed or at all.

Investors are cautioned that any information released or received with respect to the Transaction may not be accurate

or complete and should not be relied upon. Trading in the securities of the Company should be considered highly

speculative.

The Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor

disapproved the contents of this press release. Neither the Exchange nor its Regulation Services Provider (as that term

is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information

Information set forth in this document may include forward-looking statements. While these statements reflect

management's current plans, projections and intents, by their nature, forward-looking statements are subject to

numerous risks and uncertainties, some of which are beyond the control of the Company. Readers are cautioned that

the assumptions used in the preparation of such information, although considered reasonable at the time of preparation,

may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements.

There is no assurance the transactions noted above will be completed on the terms as contemplated, or at all. The

Company’s actual results, programs, activities and financial position could differ materially from those expressed in or

implied by these forward-looking statements.