Golden Tag Resources Ltd. provided the following update regarding its proposed acquisition of the La Parrilla Silver Mine Complex (La Parrilla) in Durango, Mexico (the "Transaction") from First Majestic Silver Corp. ("First Majestic") pursuant to an asset purchase agreement entered into between First Majestic, First Majestic Plata, S.A. DE C.V., and Golden Tag, dated December 7, 2022 (the "Asset Purchase Agreement") and as previously announced in the Company's news release dated December 7, 2022. The Transaction is proceeding as previously announced in the company's news releases dated May 30 and April 14, 2023, and is expected to close in August.

Completion of the Transaction remains subject to a number of conditions including, but not limited to the approval by the Golden Tag shareholders of the creation of a new Control Person (as such term is defined under the policies of the TSXV), and receipt of all applicable regulatory approvals, including that of the TSXV. On May 25, 2023 the Company received approval from Mexico's antitrust agency, the Comision Federal de Competencia Economica ("COFECE") for the acquisition of La Parrilla. Financing.

As disclosed on May 30, 2023, Golden Tag and First Majestic amended the Asset Purchase Agreement to reduce Golden Tag's minimum required financing to $7.2 million from $9 million. As previously announced, Golden Tag has closed on two tranches of its non-brokered private placement financing of subscription receipts for aggregate gross proceeds of $6.9 million. The Company has received further subscription commitments, which when combined with the first two tranches, total in excess of $7.2 million.