Gossan Announces Amendment to Stock Option Plan

Winnipeg, February 18, 2021 - Gossan Resources Ltd. (TSXV: GSS) (FSE: GSR) (the "Company") announces that it intends to implement certain amendments to its incentive stock option plan (the "Plan") in accordance with Policy 4.4 - Incentive Stock Options of the TSX Venture Exchange ("TSXV") to increase the number of shares authorized for issuance under the Plan.

The Plan is a fixed stock option plan that, together with all of the Company's other previously established stock option plans or grants, could not result at any time in the number of common shares reserved for issuance for stock options exceeding 10% of the issued shares as at the date of implementation of the stock option plan. The Plan has an aggregate maximum of 4,000,000 common shares reserved for issuance, representing 9.94% of the Company's issued and outstanding common shares. Currently, the Company has 1,912,500 stock options outstanding, representing 4.75% of the Company's issued and outstanding common shares.

Pursuant to Policy 4.4 of the TSXV, the amendment to the Plan does not require shareholder approval at the time the amendment is to be implemented. The amendment to the Plan as described herein remains subject to the final acceptance of the TSXV.

Gossan Resources Ltd. continues to seek new financeable resource projects in Newfoundland, Manitoba, Ontario, and throughout North America. The Company is launching a new gold initiative with the acquisition of the 9,050-hectare Gander Gold Property in Newfoundland which was recently expanded to 10,950 hectares, and now, the 975-hectare Weir Pond and 1,050-hectare Island Pond Properties. The Company holds a broadly diversified portfolio of multi-element properties prospective for hosting base metals and platinum group elements, as well as specialty "green-battery metals", vanadium, titanium, tantalum, lithium and chromium. Gossan also has a deposit of high-purity, magnesium-rich dolomite, and holds advance and production royalty interests in a silica sand deposit. All of Gossan's mineral exploration and development properties are located in Manitoba, Northwestern Ontario and now, Newfoundland. The Company's most recent focus is the exploration of its Sturgeon Lake Property, located in the zinc-copper-silver rich polymetallic Sturgeon Lake Greenstone Belt of Northwestern Ontario. The Company trades on the TSX Venture and the Frankfurt/Freiverkehr & Xetra Exchanges and currently has 40,256,400 common shares outstanding.

Neither 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 news release.

For further information, please visit www.gossan.ca or contact:

Douglas Reeson, Chairman & CEO
Gossan Resources Ltd.
Tel: 416-533-9664
E-Mail: info@gossan.ca

Kathy Ringland, Office Manager
Tel: 204-943-1990

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