Mr. Randy Turner reports

INDEPENDENCE GOLD ANNOUNCES INCREASE TO PRIVATE PLACEMENT FINANCING

Independence Gold Corp. has increased the size of its previously announced private placement equity financing to a maximum of $1.6-million, due to investor demand.

Under the increased financing terms, the company is proposing to issue up to a maximum of 26,666,666 shares (on an undiluted basis, excluding any shares issuable on the exercise of warrants forming part of the units) comprising a combination of flow-through (FT) common shares and units. Both the FT shares and the units will be offered at a price of six cents for a maximum aggregate proceeds of $1.6-million. Each unit will consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional share at an exercise price of 12 cents per common share for a period of 24 months. Subject to compliance with applicable securities laws and the approval of the TSX Venture Exchange, finders' fees of 6 per cent for eligible subscribers and finders' warrants may be payable to eligible arm's-length persons with respect to certain subscriptions accepted by the company. Each finder's warrant is exercisable for one common share at a price of 12 cents for a period of 24 months.

The proceeds from the sale of the financing will be used by the company to finance a winter exploration program at the company's 3Ts property located in central British Columbia. Exploration is expected to commence in February, 2023. A portion of the proceeds from the units is also intended to be used for general and administrative purposes.

Closing of the offering is subject to receipt of applicable regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued under the financing will be subject to a four-month hold period.

We seek Safe Harbor.