Vancouver, British Columbia--(Newsfile Corp. - April 12, 2024) - GOLD HUNTER RESOURCES INC. (CSE: HUNT) (the "Company" or "Gold Hunter") is pleased to provide an important update regarding the distribution (the "Distribution") of shares (the "FireFly Shares") of FireFly Metals Ltd. (ASX: FFM) ("FireFly") to Gold Hunter's shareholders (the "Shareholders"). This update details the steps the Company is taking to facilitate the Distribution.

Court Affidavit and Distribution Process

On April 8^th, 2024, the Company filed a Petition to the Court, Notice of Hearing (For Final Order), and the 1^st Affidavit of Sean Kingsley, the President and Chief Executive Officer of the Company, with the Supreme Court of British Columbia (together, the "Court Materials") in connection with the Distribution by way of a statutory plan of arrangement (the "Arrangement") under section 288 of the Business Corporations Act (British Columbia). Pursuant to the Notice of Hearing, the hearing for the final order to obtain court approval (the "Court Approval") for the Arrangement, will take place on April 24^th, 2024. Subject to the Company receiving the Court Approval, the Company will announce the record date (the "Record Date") for the Distribution following the hearing on April 24^th, 2024. The Court Materials are available on the Company's SEDAR+ profile at www.sedarplus.ca.

Details of Share Distribution

The initiative to distribute the FireFly Shares comes after Gold Hunter received 30,290,624 FireFly Shares, valued at approximately CAD$15,000,000, in exchange for all of the Company's mineral claims in Newfoundland & Labrador. Gold Hunter plans to retain 5,197,738 FireFly Shares to cover anticipated tax liabilities and other costs, with the remaining FireFly Shares set to be distributed to Shareholders as at the Record Date, subject to the Company obtaining the Court Approval. As such, if the Company obtains the Court Approval, the Company anticipates that Shareholders as of the Record Date will receive a pro-rata share of 25,092,886 FireFly Shares proportionate to their current shareholding in Gold Hunter, or a cash payment in lieu of the FireFly Shares in accordance with the terms of the Arrangement.

CEO's Perspective

Sean Kingsley, Chief Executive Officer and President of Gold Hunter, expressed enthusiasm about the partnership with FireFly Metals and their endeavours in Newfoundland's Baie Verte Peninsula. "The transformation of this area into a primary district for copper and gold VMS styled deposits is a testament to the unique potential it holds. We are particularly impressed by FireFly's capability of attracting some of the largest global financiers to secure over AUS$100M in funding within two overnight financings within a handful of months since acquiring the Green Bay Project, underscoring the broad enthusiasm for their asset. I believe FireFly's developments and future represents a significant win with a very bright future for all involved parties, including local prospectors & geologists, communities, stakeholders and investors of both Gold Hunter and FireFly. The future is very bright with FireFly at the helm in the Baie Verte VMS district."