Mr. Jeremy Link reports

KIBOKO GOLD INITIATES INTERNAL REVIEW AND TEMPORARILY POSTPONES THIRD-PARTY RESOURCE EVALUATION ACTIVITIES

Kiboko Gold Inc. has temporarily postponed third party resource evaluation activities for its Harricana gold project while it completes an internal review of its models. The purpose of this review is to ensure that the models accurately capture the geological and grade characteristics of the Fontana area deposits.

"We have decided to temporarily postpone third party activities to thoroughly validate the technical aspects of the resource evaluation process. Given current market conditions and the need to preserve our working capital, we believe this decision is in the best interest of our stakeholders while our team completes its review. As at Sept. 30, 2023, the company had a net working capital position of $189,153," stated Jeremy Link, Kiboko's president and chief executive officer.

Ivor W.O. Jones, Kiboko's vice-president of technical services and project valuation, added, "Kiboko's technical team remains positive on the potential of the Harricana gold project and once we have finished the internal review process, we anticipate resuming resource evaluation activities with our third party consultants."

The company extends its appreciation to all its shareholders and other stakeholders and for their continued support and understanding and will provide an update as the internal review progresses.

The company is also announcing that it has filed its financial statements and associated MD&A (management's discussion and analysis) on SEDAR+ for the quarter ended Sept. 30, 2023, which are also available on Kiboko's website.

About the Harricana gold project

Kiboko's Harricana gold project is a consolidated 100-plus-square-kilometre prospective mineral claim package that is located 55 kilometres north of Val d'Or, Que., in the world-renowned Abitibi greenstone belt. Historical records compiled and digitized by Kiboko into a new geospatial data set include data from 937 historical diamond drill holes totalling 139,397 m and 70 drill holes totalling 11,269 m drilled by Kiboko between September, 2022, and April, 2023, for a grand total of more than 150,000 m of drilling.

The Harricana project benefits from an exceptional location, close to operating mines, with excellent access and proximity to existing infrastructure, including a major highway, rail and clean, low-cost, renewable hydroelectric grid power. The Harricana project also benefits from low royalty coverage with the most significant royalty being a 2-per-cent net smelter return production royalty held by Globex Mining Enterprises Inc. on 195 claims covering an area of 85 square kilometres, which includes the areas drilled in the company's phase 1 drill program.

Additional information about Kiboko and its Harricana gold project can be found on SEDAR+ and on the company's website.

Qualified person

Ivor W.O. Jones, BSc (honours), MSc, FAusIMM, PGeo (OGQ special authorization permit 74658), Kiboko's vice-president, technical services and project evaluation, has reviewed and approved the pertinent technical or scientific information contained in this news release. Mr. Jones is the company's designated qualified person as defined by Canadian Securities Administrators within the meaning of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Kiboko Gold Inc.

Kiboko is a Canadian-based exploration company focused on advancing its 100-plus-square-kilometre Harricana gold project, located 55 km north of Val d'Or, Que., within the world-renowned southern Abitibi gold belt. Kiboko's shares trade on the TSX Venture Exchange under the symbol KIB.

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