Gossan Resources Announces Results of Annual General Meeting and Reports on Board and Management Changes

Winnipeg, October 24, 2022 - Gossan Resources Ltd. (TSXV: GSS) (FSE: GSR) (XETRA: GSR) (the "Company" or "Gossan") is pleased to announce the results of its Annual General Meeting of Shareholders (the "Meeting"), held on September 29, 2022. At the Meeting, incumbent directors Douglas Reeson, MaryAnn Mihychuk, Hamid Mumin, and George Mannard were re-elected as directors of Gossan. Samuel Pelaez was not re-elected to the Board of Directors (the "Board") of the Company. All other items put forth at the Meeting were also approved, including the re-appointment of the Company's auditors.

Board & Management Changes

Samuel Pelaez resigned to the Board of Directors as required following the recent effective date of the Canadian Business Corporations Act ("CBCA") amendment pertaining to the majority voting requirement for directors. The resignation is effective October 21, 2022.

At the request of the Board, Samuel Pelaez will continue serving the Company is his capacity as President and CEO.

Douglas Reeson resigned to the Board of Directors effective October 21, 2022. Mr. Reeson also resigned in his capacity as Chief Financial Officer of the Company, effective at the close of business on December 31, 2022. As of that date, Mr. Reeson will be engaged by the Company in a consulting capacity to assist with development and monetization opportunities for the Company's assets.

The Company has appointed Robert Suttie as Chief Financial Officer effective at the close of business on December 31, 2022. Mr. Suttie is Gossan's former Chief Financial Officer and has extensive experience working with the Company. Mr. Suttie is President of Marrelli Support Services Inc.

The Company has appointed MaryAnn Mihychuk as Interim Chair of the Board, effective at the close of business on October 21, 2022. MaryAnn is a former Federal Minister of Employment and a former Manitoba Minister of Mines. Previously, MaryAnn was an executive of the Prospectors & Developers Association of Canada and currently, acts as the President of the Manitoba Prospectors & Developers Association.

MaryAnn Mihychuk, Interim Chair stated: "I would like to thank Douglas Reeson for his 20-plus years of service to the Company in his capacities as CEO and Chairman. Douglas steered Gossan through many years of difficult markets for junior resource companies. I am pleased that Douglas will continue assisting Gossan in a consulting capacity going forward."

Samuel Pelaez, the Company's President and CEO stated: "I am pleased to be part of this strategic change to the Board and Management as we seek to transition Gossan to its next phase of growth. I have received full support from the Board to continue as President & CEO, and to deliver on the promised work programs. We continue to advance our Glitter and Gander properties, and expect to have an operational update for shareholders in the very near term."

About Gossan Resources:

Gossan Resources Ltd. holds mineral exploration and development properties located in Manitoba, Northwestern Ontario and Newfoundland. The Company's focus is to advance exploration and drilling of its Glitter Property, located in the zinc-copper-silver rich polymetallic Sturgeon Lake Greenstone Belt of Northwestern Ontario. The Company holds a gold initiative with the Gander Gold Property in Newfoundland as well as a broadly diversified portfolio of multi-element properties. These properties are prospective for hosting gold, base metals and platinum group elements, as well as specialty "green-battery metals", nickel, cobalt, 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 high-purity silica sand deposit. The Company trades on the TSX Venture and the Frankfurt/Freiverkehr & Xetra Exchanges and currently has 66,801,471 Common Shares outstanding.

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

Samuel Pelaez, President & CEO
Gossan Resources Ltd.
Tel: (202) 677-8513
E-Mail: info@gossan.ca

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

Cautionary Statement on Forward -Looking Information

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

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, uncertainty over the outcome of any litigious matters, the Company's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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