The Board of directors of Sassy Resources Corporation (CNSX:SASY) agreed to spin-off an unknown stake in Gander Gold Corporation on October 15, 2021. Pursuant to terms, the planned dividend distribution of 8,833,333 Gander shares would represent a ratio of one (1) Gander share for every 5.3816 Sassy shares owned by a Sassy shareholder as of the record date of February 1, 2022, or alternatively 0.1858 Gander shares for every one (1) Sassy share owned as of the record date. The final spinout ratio is subject to any changes to the Sassy share structure between the date of this announcement and the final record date for the dividend distribution, along with the approval of Gander's imminent application to list on a Canadian stock exchange. Sassy is in the final stages of preparing the application to list Gander on a Canadian stock exchange. Upon listing, Gander is expected to have 71,395,556 Gander Shares issued and outstanding, with nil share purchase warrants outstanding. Following execution and completion of the Spinout, Sassy will maintain ownership of 35,330,556 Gander Shares, representing approximately 49.5% ownership of Gander. Eric Sprott will beneficially own 10,666,667 Gander Shares, representing approximately 15% ownership. As on March 4, 2022, spinout of Gander Gold Corporation has been approved for listing by the British Columbia Securities Commission and the Canadian Securities Exchange. The common shares of Gander Gold are expected to commence trading on Tuesday, March 8, 2022 under the symbol "GAND". Gander Gold will have 73,193,721 Gander Shares issued and outstanding when it commences trading on March 8, 2022, of which only 21,830,368 will be free trading due to Gander Gold's share structure along with regulatory escrow requirements for insider individuals and entities and 4-month holds placed on recent annual share issuances made pursuant to Gander's four option agreements in Newfoundland.

Sassy Gold Corp. (CNSX:SASY) completed the spin-off of a 5.84% stake in Gander Gold Corporation (CNSX:GAND) for CAD 3.3 million on September 8, 2022.