Ms. Cherie Leeden reports

GOLD BULL'S CEO ANNUAL ADDRESS

Two thousand twenty-four has proven to be a transformational year for Gold Bull Resources Corp. Although the gold price remains strong, the sentiment amongst the junior resource sector has remained weak, which in turn makes access to capital dilutive. For this reason, during the year, Gold Bull concentrated on conducting due diligence on numerous companies for potential merger or acquisition. Gold Bull focused on evaluating companies capable of generating cash flow; cash which is intended to finance the advancement of Gold Bull's Sandman asset, located in Nevada, into near-term production.

On Dec. 10, we announced that Borealis Mining Company and Gold Bull have entered into a definitive agreement whereby Borealis will acquire all of the shares of Gold Bull. A Gold Bull shareholder meeting to approve this transaction will be held in February, 2025. The Gold Bull board is unanimously in favour of approving this transaction.

The transaction delivers Gold Bull shareholders a significant premium with an acquisition price of approximately 60 cents per Gold Bull share or a ratio of 0.93 Borealis share for each Gold Bull share, based on a 20-day volume weighted average price (VWAP).

The Borealis mine and Sandman projects are synergistic in that the Borealis ADR (adsorption recovery carbon plant) facility can be used to process loaded carbon from the Sandman project as was proposed in the Sandman 2023 PEA (preliminary economic assessment) by an external facility. Other benefits to Gold Bull shareholders include:

• Immediate and significant upside for Gold Bull shareholders with an acquisition price of approximately 60 cents per Gold Bull share representing a significant premium to Gold Bull's recent VWAP.
• Meaningful ownership in the strategically combined entities providing continued exposure to Sandman and Big Balds projects as well as to Borealis's fully permitted Borealis mine including its ADR plant, also located in Northern Nevada.
• The Borealis mine infrastructure replacement cost is higher than the current market cap of Borealis.
• Increased trading liquidity, capital markets presence and enhanced combined value proposition.
• Near-term revenue generation from the Borealis mine may limit future shareholder dilution.
• Combined entity creates increased financing options to advance Sandman near term into production organically.

We are convinced that combining forces with Borealis will unlock significant value for all shareholders, as Borealis has committed to advance the Sandman project through to feasibility study with the aim of getting Sandman into production as soon as possible to feed its ADR facility. The intended outcome is to build the combined entity into a mid-tier gold producer with a Nevada focus.

Sandman project, Nevada

The 2023 Sandman preliminary economic assessment (PEA or scoping study) investigated the viability of a small-scale start-up operation (proposed mine) at Sandman, focusing on the existing gold resources.

The PEA considered a conventional heap leach mining operation targeting 38,000 ounces of gold produced per annum over a nine-year operation. Given the nature of the Sandman deposits (outcropping), a 2.2 Mtpa (million tonne per annum) production rate and very low strip ratio of 2.2:1 extracts an average gold grade of 0.73 gram per tonne Au (majority oxide). The economics using a gold price of $1,800 per ounce for this scenario is robust, with an 81-per-cent internal rate of return (posttax) and NPV (net present value) of $121-million (U.S.), with only a 1.3-year payback period (posttax). The capital required to build the above mine is modest at an initial preproduction capital of $31.5-million (U.S.) and phase 2 capital of $19.7-million (U.S.), paid by phase 1 mining revenues (non dilutive). Total LOM (life of mine) capital is $51.3-million (U.S.), for an all-in sustaining cost of $1,337 (U.S.) per ounce of gold (posttax).

Sandman's economics is most sensitive to the gold price. In our PEA we used a gold price of $1,800. If we use today's gold price of circa $2,600, the NPV jumps from $121-million to $323-million with an IRR of 171.9 per cent posttax: Gold Bull's Sandman project revised PEA phase 2.

It should not be forgotten that immense exploration potential exists at Sandman and in the surrounding region and additional exploration is warranted as not all of the deposits are closed off and require further drilling as well as stepout sterilization drilling.

Borealis have indicated their intent to commence the Sandman feasibility study in 2025 posttransaction.

I would like to take this opportunity to thank everyone who supported Gold Bull this year: our communities and stakeholders, board of directors, accounts and admin team, advisers and consultants, supportive stockbrokers, and I would like to acknowledge the dedication of our Nevada-based technical team, led by Regina Molloy. Most of all, I thank you, our shareholders, for your continued support. I encourage you to learn more about the Borealis team and assets via its website. On behalf of Gold Bull, we wish you a Merry Christmas, and a happy, safe and healthy new year.

Cherie Leeden -- president and chief executive officer, Gold Bull Resources

About Sandman

In December, 2020, Gold Bull purchased the Sandman project from Newmont. Gold mineralization was first discovered at Sandman in 1987 by Kennecott and the project has been intermittently explored since then. There are four known pit constrained gold resources located within the Sandman project, consisting of 21.8 Mt (million tonnes) at 0.7 g/t (gram per tonne) gold for 494,000 ounces of gold; comprising an indicated resource of 18,550 kt (thousand tonnes) at 0.73 g/t gold for 433 koz (thousand ounces) of gold plus an inferred resource of 3,246 kt at 0.58 g/t gold for 61 koz of gold. Several of the resources remain open in multiple directions and the bulk of the historical drilling has been conducted to a depth of less than 100 m. Sandman is conveniently located circa 30 km northwest of the mining town of Winnemucca, Nev.

Gold Bull is driven by its core values and purpose which includes a commitment to safety, communication and transparency, environmental responsibility, community, and integrity.

Qualified person

Cherie Leeden, BSc applied geology (honours), MAIG, a qualified person as defined by National Instrument 43-101, has read and approved all technical and scientific information contained in this news release. Ms. Leeden is the company's chief executive officer. Ms. Leeden relied on resource information contained within the technical report on the Sandman gold project, filed on SEDAR+ on Oct. 27, 2022, and prepared by Steven Olsen and Jerod Eastman who are qualified persons as defined by the National Instrument 43-101. Each of Mr. Olsen and Mr. Eastman is an independent consultant and has no affiliations with Gold Bull except that of an independent consultant/client relationship.

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