Whitehorse Gold Corp. Provides an Update on the Acquisition of San Florencio Property

Terms of the Updated Agreement

• Whitehorse Gold has paid US$1,100,000 (including US$100,000 for the initial drilling program) to acquire a 100% interest in the SF Tin Company.
• On the first anniversary of the signing of the agreement, Whitehorse Gold will pay a further US$1,000,000.
• On the second anniversary of the signing of the agreement, Whitehorse Gold will pay a further US$900,000, plus US$500,000 (either in cash or in Whitehorse Gold's shares, subject to the approval of the TSX Venture Exchange).

A finder's fee of US$250,000 will be paid in this transaction. Closing of the transaction is subject to the approval of the TSX Venture Exchange, and other conditions as stipulated in the Agreement.

Insider Participation in the First Tranche of Private Placement

In connection with the first tranche of Whitehorse Gold's previously announced non-brokered private placement on November 4, 2022, Silvercorp Metals Inc. ("Silvercorp") acquired 4,000,000 units, comprised of 4,000,000 common shares and 2,000,000 warrants, for $1.6 million. After closing of the first tranche, Silvercorp now beneficially owns or controls 19,514,286 shares and 2,000,000 warrants representing approximately 31.64% of the shares of the Company on a non-diluted basis and 33.79% on a partially diluted basis assuming exercise of all such warrants. This, together with intervening treasury issuances of shares, results in an increase in holdings of approximately 2.78% of the outstanding shares on a non-diluted basis. Prior to the closing, Silvercorp beneficially owned and controlled 15,514,286 shares, representing approximately 28.86% on a non-diluted basis.

The units were acquired by Silvercorp for investment purposes. Silvercorp has a long-term view of the investment and may acquire additional securities of Whitehorse Gold including in the open market or through private acquisitions or sell securities of Whitehorse Gold in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of Silvercorp's early warning report was filed on Whitehorse Gold's profile on SEDAR and may also be obtained by contacting Silvercorp at Suite 1750 - 1066 West Hastings Street, Vancouver, BC, V6E 3X1 or 1-604-669-9397.

About Whitehorse Gold

Whitehorse Gold is a mineral exploration and development company focusing on tin projects in Bolivia and a gold project near Whitehorse, Yukon, Canada. The Company has recently signed agreements to acquire up to a 100% interest in the Porvenir Project and SF Tin Project, which are 70 km southeast of Oruro, Bolivia. The Company's 100% owned Skukum Gold Project is approximately 84 km south of Whitehorse by road. An independent Mineral Resource Estimate update was completed in October 2022. Skukum hosts 418,000 oz AuEq Indicated Mineral Resource and 517,000 oz AuEq Inferred Mineral Resource at respective average grades of 8.2 and 5.3 g/t AuEq. From 1986 to 1988, the project produced approximately 80,000 ounces of gold.

On Behalf of Whitehorse Gold Corp.
signed "Gordon Neal"
Gordon Neal, CEO & Director

For further information please contact:

Investor Relations, Whitehorse Gold Corp.,
Phone: +1 (604)-336-5919
Email: info@whitehorsegold.ca
www.whitehorsegold.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 news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collective, "forward looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact included in this release, including, without limitation, statements regarding future plans with respect to the San Florencio Project, including objectives or expectations of the Company are forward-looking statements. Estimates of Mineral Reserves and Mineral Resources are also forward-looking information because they incorporate estimates of future developments including future mineral prices, costs and expenses and the amount of minerals that will be encountered if a property is developed. Forward-looking statements are often, but not always, identified by words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Forward-looking statements are based on the opinions, assumptions, factors and estimates of management considered reasonable at the date the statements are made. The opinions, assumptions, factors and estimates which may prove to be incorrect, include, but are not limited to: that market

fundamentals will result in sustained precious metals demand and prices; that there are no significant disruptions affecting operations, including labour disruptions, supply disruptions, power disruptions, security disruptions, damage to or loss of equipment, whether due to flooding, political changes, title issues, intervention by local landowners, environmental concerns, pandemics (including COVID-19) or otherwise; that the Company will be able to obtain and maintain governmental approvals, permits and licenses in connection with its current and planned operations, development and exploration activities, including at the San Florencio Project; that the Company will be able to meet its current and future obligations; that the Company will be able to comply with environmental, health and safety laws.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others: social and economic impacts of COVID-19; actual exploration results; changes in project parameters as plans continue to be refined; results of future Mineral Resource estimates; future metal prices; availability of capital and financing on acceptable terms; general economic, market or business conditions; uninsured risks; regulatory changes; defects in title; availability of personnel, materials and equipment on a timely basis; accidents or equipment breakdowns; delays in receiving government approvals; unanticipated environmental impacts on operations and costs to remedy same; and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

Cautionary Note to US Investors

The technical and scientific information contained herein has been prepared in accordance with NI 43-101, which differs from the standards adopted by the U.S. Securities and Exchange Commission (the "SEC"). Accordingly, the technical and scientific information contained herein, including any estimates of Mineral Reserves and Mineral Resources, may not be comparable to similar information disclosed by U.S. companies subject to the disclosure requirements of the SEC. Additional information relating to the Company, including the Company's Annual Information Form, can be obtained under the Company's profile on SEDAR at www.sedar.com, and on the Company's website at www.whitehorsegold.ca.