File: '\\swfile\EmailIn\20241204 141715 Attachment NIKL - News Release announcing closing Shares for Debt Transaction FINAL.docx'

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4100.001\0143

FOR IMMEDIATE RELEASE December 4, 2024

GK RESOURCES ANNOUNCES CLOSING OF SHARES FOR DEBT TRANSACTION

Vancouver, British Columbia (December 4, 2024) - GK Resources Ltd. (TSX-V: NIKL.H) ("GK" or the "Company") is pleased to announce the closing of its debt settlement transaction settling an aggregate amount of C$199,141.61 of debt (the "Debt Settlement Transaction"), previously announced on August 19, 2024, through the issuance of 4,425,368 common shares (each a "Common Share") at a price of $0.045 per Common Share.

All securities issued in connection with the Debt Settlement Transaction will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation in Canada.

Certain insiders of the Company (the "Insiders") were issued an aggregate of 2,292,022 Common Shares pursuant to the Debt Settlement Transaction. Accordingly, the issuance of such Common Shares to the Insiders pursuant to the Debt Settlement Transaction constitutes a "related party transaction" as such term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(a) of MI 61-101.

Contact Information: For more information and to sign-up to the mailing list, please contact:

Jon Ward

Chief Executive Officer

Tel: (604) 355-0303

Email: jon@inventacapital.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive approval from the Exchange. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

File: Attachment NIKL - News Release announcing closing Shares for Debt Transaction FINAL.pdf

FOR IMMEDIATE RELEASE December 4, 2024

GK RESOURCES ANNOUNCES CLOSING OF SHARES FOR DEBT TRANSACTION

Vancouver, British Columbia (December 4, 2024) GK Resources Ltd. (TSX-V: NIKL.H) ("GK" or the "Company") is pleased to announce the closing of its debt settlement transaction settling an aggregate amount of C$199,141.61 of debt (the "Debt Settlement Transaction"), previously announced on August 19, 2024, through the issuance of 4,425,368 common shares (each a "Common Share") at a price of $0.045 per Common Share.

All securities issued in connection with the Debt Settlement Transaction will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation in Canada.

Certain insiders of the Company (the "Insiders") were issued an aggregate of 2,292,022 Common Shares pursuant to the Debt Settlement Transaction. Accordingly, the issuance of such Common Shares to the Insiders pursuant to the Debt Settlement Transaction constitutes a "related party transaction" as such term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(a) of MI 61-101.

Contact Information: For more information and to sign-up to the mailing list, please contact:

Jon Ward Chief Executive Officer Tel: (604) 355-0303 Email: jon@inventacapital.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. - 2 -

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive approval from the Exchange. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.