Klondike Silver Arranges Loans

Vancouver, February 22, 2023 - Klondike Silver Corp. (the "Company") (TSXV:KS) has arranged loans with various non-related parties (the "Lenders"), pursuant to which the Lenders have agreed to loan a total of Cdn$100,000 to the Company. The loans bear interest at 10% and are repayable in one year. In consideration for the loans, the Company has also agreed to issue 400,000 bonus common shares, at a deemed price of $0.05 per share. The shares are subject to a four month and one-day hold period, in accordance with the policies of the TSX Venture Exchange and applicable securities law. Loan proceeds will be used for working capital. The terms of the loan are subject to acceptance by the TSX Venture Exchange.

About Klondike Silver

• Klondike's Silvana Mine Silver Zinc Lead project is located in South Eastern B.C.

• Klondike's 116 square kilometer claim block is 138 km north of the Trail B.C. smelter.

• Klondike Silver is exploring from underground, along the 9 km "Main Lode". The "Main Lode" is the most prolific mineralized structure in the Slocan Mining Camp.

• There are 13 historical mines that are situated along the "Main Lode" which have produced 886,000 kg of silver, 95 million kg of zinc and 117 million kg lead so far. (source: BC MINFILE).

Additional information can be found on Klondike Silver's website: www.klondikesilver.com

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. The TSX Venture Exchange has not reviewed the content of this news release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this news release.

Caution Regarding Forward-Looking Information

This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.

Forward-looking information is 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 information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. 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, except as required by law.

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