San Lorenzo GOLD Announces Final Closing of Private Placement and Amended Advisory Engagement Agreement

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SAN LORENZO GOLD ANNOUNCES FINAL CLOSING OF PRIVATE PLACEMENT

AND AMENDED ADVISORY ENGAGEMENT AGREEMENT

CALGARY / January 20, 2026 / San Lorenzo Gold Corp. ("San Lorenzo" or the "Corporation") (TSXV: SLG)

is pleased to advise, further to its news releases dated December 11, 15, 19 and 29, 2025, that it has

completed the second and final closing (“Final Closing”) of its previously announced private placement of

units (“Units”) and issued 5,567,193 Units for gross proceeds of $3,451,659.66, bringing the total raised

under the upsized private placement to $5,999,999.78 (the “ Offering”). Each Unit is comprised of one

common share of the Corporation (“ Common Share ”) and one half of a share purchase warrant

(“Warrant”). Each full Warrant entitles the holder to acquire an additional Common Share at a price of

$0.80 for a period of two (2) years from the date of issuance, subject to acceleration (for further details,

please see the Corporation's news release dated December 11, 2025). In connection with the Final Closing,

the Corporation paid cash commissions totaling $179,408.90 and issued 15,862 brokers warrants (“Broker

Warrants”). Each Broker Warrant entitles the holder to acquire a Common Share at a price of $0.80 for a

period of one (1) year from the date of issuance.

The upsized proceeds of the Offering will be used to continue exploration efforts on San Lorenzo’s flagship

Salvadora property as well as for general working capital purposes including the expenses of the Offering.

The Common Shares, Warrants and Broker Warrants are subject to a four-month and one-day hold period,

and the Offering remains subject to the final acceptance of the TSX Venture Exchange (the “Exchange”).

The Corporation also announces that, further to its news release dated December 11, 2025, it will enter

into an amended advisory engagement agreement (“ Agreement”) with Argonaut Corporate Finance

Limited (“Argonaut”) pursuant to which San Lorenzo has granted 1,000,000 stock options (“ Options”) of

the Corporation to Argonaut pursuant to the Corporation's stock option plan. The Options are exercisable

at a price of $0.80 per share for a period of two (2) years and were issued in place of the advisory warrants

previously issuable to Argonaut as part of the compensation payable in connection with the Agreement,

subject to the final acceptance of the Exchange.

About San Lorenzo

San Lorenzo is focused on advancing its flagship Salvadora property located in Chile’s mega-porphyry belt

with a phase 6 drilling program currently underway on 2 of 5 targets identified at Salvadora. Results

obtained from prior phases of drilling - conducted on 4 different targets so far - have convinced

management that several significant gold and copper enriched epithermal and/or porphyry style systems

are contained within the Salvadora property.

For further information, please contact:

Terence (Terry) Walker, VP Exploration

Email: [email protected]

Ph: + 56 9 5179 5902

Or:

Commented [AK1]: Confirmed

Commented [AK2]: Is it really an amended advisory

agreement or just the warrants became options?

2

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Roger Blair or Jeff Wilson, Acuity Advisory Corp.

Email: [email protected]

Ph: +1 604 351 0025 or +1 604 837 5440

Or:

Al Kroontje

Email: [email protected]

Ph: +1 403 607 4009

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 news release.

Cautionary Note Regarding Forward-Looking Information

This news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties,

most of which are beyond the control of San Lorenzo, including statements related to the use of proceeds and approval of the TSX

Venture Exchange to the Offering and the Agreement. All statements included herein other than statements of historical fact are

forward-looking information. Such forward-looking information involves various risks and uncertainties. There can be no

assurance that such information will prove to be accurate, and actual results and future events could differ materially from those

anticipated in such information. Any forward-looking statements are made as of the date of this release and, other than as

required by applicable securities laws, San Lorenzo does not assume any obligation to update or revise them to reflect new events

or circumstances.