GoldON Increases Private Placement Financing

Flow-Through proceeds will be used for winter exploration drilling at the 100%-owned McDonough Gold Property in Red Lake, Ontario

Victoria, December 21, 2022 - GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to announce an increase in the non-brokered private placement financing previously announced on December 14, 2022, from up to $400,000 to $529,000 in gross proceeds (the "Offering").

The Offering will now consist of 3,041,668 flow-through units ("FT Units") and 1,640,000 non-flow-through units (the "NFT Units"). The FT Units are priced at $0.12 and consist of one flow-through share and one non-transferable share purchase warrant that will entitle the holder to purchase one common share of the Company at $0.20 for twelve (12) months from the closing date of the Offering. The NFT Units are priced at $0.10 and consist of one common share and one non-transferable share purchase warrant that will entitle the holder to purchase one additional common share of the Company at $0.20 per share for twenty-four (24) months from the closing date of the Offering.

The Company has agreed to pay a finder's fee of up to 6% cash and 6% finders' warrants on a portion of the Offering proceeds. Finders' warrants associated with the FT Units will entitle the holder to purchase one common share of the Company at $0.20 for twelve months from the closing date. Finders' warrants associated with the NFT Units will entitle the holder to purchase one common share of the Company at $0.20 for twenty-four months from the closing date. All securities issued pursuant to this Offering will have a hold period expiring four months after the closing date.

The Company will use the proceeds of the Offering to fund its initial drilling program at the 100%-owned McDonough Gold Property and for general working capital purposes.

The Company will rely on subsections 5.5(b) and 5.7(1)(a) of Multilateral Instrument 61-101 to exempt the offering from the requirements for a formal valuation and minority shareholder approval. To the Company's knowledge, neither it nor the purchasers have knowledge of any material information concerning the Company or its securities that has not been generally disclosed.

Completion of this Offering is subject to TSX Venture Exchange acceptance.

About GoldON Resources Ltd.

GoldON is an exploration company focused on discovery-stage properties located in the prolific gold mining belts of northwestern Ontario, Canada. Our current project portfolio includes seven properties in the Red Lake Mining District (McDonough, Springpole East, Red Lake North, Pipestone Bay, Pakwash North, McInnes Lake, and West Madsen) and an eighth property in the Patricia Mining District (Slate Falls).

For additional information, please visit our website at goldonresources.com; you can download our latest investor presentation by clicking here and follow us on Twitter at https://twitter.com/GoldONResources.

ON BEHALF OF THE BOARD

Signed "Michael Romanik"

Michael Romanik, President
GoldON Resources Ltd.
Direct line: (204) 724-0613
Email: info@goldonresources.com
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9

Forward-Looking Statements:

This news release may contain "forward-looking statements" that involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise.

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

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