Black Spruce Exploration — Capital/Financing Update 2021

Jul 14, 2021

NEWS RELEASE- For Immediate Distribution

YORKTON VENTURES INC.

(the “Company” or “Yorkton”)

TSXV – YVI

July 14, 2021

Yorkton Acquires Newfoundland Gold Projects

Vancouver, BC – July 14, 2021 - Yorkton Ventures Inc. has entered into an earn-in agreement under which Yorkton may earn a 100-per-cent interest in the 450-hectare (18 map staked claims) Parkview claims and a 100 -per-cent interest in the 5575-hectare (223 map staked claims) Knights Melange claims located in northeast Central Newfoundland. The projects are adjacent to the Ethos Gold Corp’s Too Good Arm property and to King Global Venture Inc.’s Golden Nugget Property.

Highlights:

• The Parkview project covers 4.5 sq km’s of prospective geology that host numerous gold occurrences on New World Island. Gold mineralization is present in quartz +/- carbonate +/- sulphide +/- visible gold veining and stockwork fracturing of conglomerates, greywacke’s, black shales, mafic volcanic and felsic dykes.

• Rubicon Minerals, Manson Creek and Candente Resources worked the area from 2002 until 2011. The companies discovered numerous (29 documented MODS) gold showings in outcrop throughout the whole 28km long prospective trend, 11 of the 28 showings contain spectacular coarse and fine gold in outcrop or subcrop which assayed up to 510g/t Au. Multiple other gold showings have been found throughout the area but have never been really named or documented, assays from these other showings have assayed up to 12oz/t Au.

• Historic work adjacent (within 180m) to the Parkview claims include grab and chip sampling, A one metre chip sample of silicified felsic dyke assayed 1699 ppb gold.

Adjacent silicified greywacke returned 2423 ppb gold. Narrow centimetre wide quartz veining is present with coarse and fine arsenopyrite present in both rocks (Quinlan, 2001). Howse 2003, reported that a grab sample (Sample no. 13356) of silicified siltstone containing 4 to 5 percent arsenopyrite and pyrite returned a gold value of 1897 ppb gold. https://gis.gov.nl.ca/mods/ModsCard.asp?NMINOString?temp=n&NMINOString=002E/10/Au%20032 Stefan Kruse of Terrane Geoscience Inc. (in Quinlan 2012 [002E/10/1839] describes the prospect as follows; " The DZ Zone is characterized by sparse quartz+ankerite veins hosted in an approximately 10 m wide late brittle fault zone. Minor faults within the zone strike both 0-180 degrees and 120-300 degrees. The main fault zone appears to follow the 120-300 degree orientation.

• Other grab samples taken nearby returned the following results.

Sample No. EAST NORTH Gold (ppb) Description

13355 662812 5488682 642 qtz breccia; sil. siltstone 13352 662808 5488673 770 altered siltstone 13361 662779 5488692 806 silicified siltstone 13362 662779 5488689 546 silicified siltstone

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• The Knights Melange property covers 55.75 sq kms of the very prospective Dunnage Melange within the Dunnage Zone. The Knights Melange property has seen limited exploration. Limited sampling by the vendors, have assays from outcrop assaying up to 4.5g/t Au within the melange. Other samples in the area have assayed from 1.5g/t Au to 3.5g/t Au. Sampling from the southwest end of the claims have assays up to 0.90g/t Au in a sediment-porphyry contacts.

(1) Historical assay values have not been independently verified by the company, and a potential investor should not place undue reliance on historical results when making an investment decision, nor should they be used as the sole criterion for making investment decisions. There is no assurance that the company can reproduce such results or that the historical results described therein will be realized.

(2) The best surface samples are grab/select samples and not necessarily representative of mineralization hosted on the property.

Parkview/Knights Melange gold property geology overview

The projects lie in the northeast extent of the Exploits subzone (Dunnage zone) of central Newfoundland and is underlaid mostly by the Ordovician Dunnage Melange and the Badger belt. The Exploits subzone area trends 200 km northeast/southwest across the island of Newfoundland and hosts most of the significant gold deposits in the province including Marathon Gold's Valentine project, which hosts 3.09 million ounces measured and indicated at 1.75 g/t. Gold mineralization on the Parkview/Knights Melange projects are hosted by rocks of the Badger Group. Gold mineralization is associated with arsenopyrite, pyrite, stibnite, chalcopyrite, galena within quartz+/carbonate-sericite-altered shales, greywacke’s, conglomerates, felsic dykes and mafic volcanic rocks.

Parkview earn-in agreement

Yorkton can earn a 100-per-cent interest in the Parkview claims by making the following cash and share payments (conditional upon TSX Venture Exchange acceptance of the earn-in agreement with respect to the Parkview claim and the issuance of shares thereunder):

• Cash payment of $50,000 and the issuance of 400,000 shares on TSX-V approval of the earn-in agreement with respect to the Parkview claim and the issuance of shares thereunder;

• Cash payment of $50,000 and issuance of 300,000 shares on or before 14[th] month anniversary of TSX-V approval;

• Cash payment of $50,000 and issuance of 400,000 shares on or before 2[nd] year anniversary of TSX-V approval;

• Cash payment of $50,000 and issuance of 600,000 shares on or before 3[rd] year anniversary of TSX-V approval.

Upon acquiring a 100-per-cent interest in the Parkview claim, Yorkton will grant the Vendors a 2-per-cent NSR (net smelter return) royalty, of which the first 1 per cent can be repurchased by Yorkton for $1-million. Pursuant to the earn-in agreement with respect to the Parkview claim, Yorkton has agreed, beginning after July 12, 2026, until the earlier of the date that Yorkton begins commercial production on the Parkview claim or Yorkton makes a buyout payment to the vendor (discussed below), to make a yearly prepayment of $25,000 of the NSR royalty payable in cash or shares, at the sole election of Yorkton (such shares to be valued at the greater of the 20-day VWAP (volumeweighted average price) of Yorkton's shares on the TSX-V and the lowest price permitted pursuant to the policies of the TSX-V), subject to approval by the TSX-V at the time of the election of Yorkton to make a prepayment in shares, which prepaid amount will be set off against amounts owing to the vendor by Yorkton under the NSR royalty. Yorkton may buy out its prepayment obligation at any time by making a $150,000 payment in cash to the vendor, which buyout payment will be set off against amounts owing to the vendor under the NSR royalty. The NSR royalty is

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subject to a right of first refusal in favour of Yorkton in the event of a proposed sale, transfer or other disposal of the NSR royalty, or any portion thereof, by the vendor.

- - Knights Melange earn in agreement

Yorkton can earn a 100-per-cent interest in the Knights-Melange claims by making the following cash and share payments (conditional upon TSX Venture Exchange acceptance of the earn-in agreement with respect to the KnightsMelange claim and the issuance of shares thereunder):

• Cash payment of $70,000 and the issuance of 600,000 shares on TSX-V approval of the earn-in agreement with respect to the Knights-Melange claim and the issuance of shares thereunder;

• Cash payment of $50,000 and issuance of 400,000 shares on or before 14[th] month anniversary of TSX-V approval;

• Cash payment of $50,000 and issuance of 400,000 shares on or before 2[nd] year anniversary of TSX-V approval;

• Cash payment of $50,000 and issuance of 400,000 shares on or before 3[rd] year anniversary of TSX-V approval.

Upon acquiring a 100-per-cent interest in the Knights-Melange claim, Yorkton will grant the Vendors a 2-per-cent NSR (net smelter return) royalty, of which the first 1 per cent can be repurchased by Yorkton for $1-million. Pursuant to the earn-in agreement with respect to the Knights-Melange claim, Yorkton has agreed, beginning after July 12, 2026, until the earlier of the date that Yorkton begins commercial production on the Knights-Melange claim or Yorkton makes a buyout payment to the vendor (discussed below), to make a yearly prepayment of $25,000 of the NSR royalty payable in cash or shares, at the sole election of Yorkton (such shares to be valued at the greater of the 20-day VWAP (volume-weighted average price) of Yorkton's shares on the TSX-V and the lowest price permitted pursuant to the policies of the TSX-V), subject to approval by the TSX-V at the time of the election of Yorkton to make a prepayment in shares, which prepaid amount will be set off against amounts owing to the vendor by Yorkton under the NSR royalty. Yorkton may buy out its prepayment obligation at any time by making a $150,000 payment in cash to the vendor, which buyout payment will be set off against amounts owing to the vendor under the NSR royalty. The NSR royalty is subject to a right of first refusal in favour of Yorkton in the event of a proposed sale, transfer or other disposal of the NSR royalty, or any portion thereof, by the vendor.

There are no work commitments required pursuant to the Knights-Melange claim option agreement for Yorkton to earn its interest in the Knights-Melange claim.

Andrew Lee Smith, PGeo, chief executive officer, a qualified person under the definitions of National Instrument 43-101, has reviewed and approved the technical contents of this news release.

For more information please visit www.sedar.com or contact:

Andrew Lee Smith, P.Geo., CEO Yorkton Ventures Inc. E-mail: ironmask@shaw.ca

Neither the TSX Venture Exchange nor it 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.

Cautionary Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected",

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"estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. Risk factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forwardlooking information include, among other things: conditions imposed by the TSX Venture Exchange; changes in tax laws, general economic and business conditions; and changes in the regulatory regulation. The Company cautions the reader that the above list of risk factors is not exhaustive. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

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