Florin Resources Inc. (the 'Shareholder'), announces that, on March 13, 2023, pursuant to the terms of a settlement agreement (the 'Transaction') with St. James Gold Corp. (the 'Issuer'), the Issuer issued to the Shareholder an aggregate of 1,800,000 common shares in the capital of the Issuer (the 'Shares') at a deemed price of $0.15 per Share, requiring disclosure pursuant to the early warning requirements of applicable securities laws.

The Shareholder received such Shares on March 15, 2023. Immediately before giving effect to the Transaction, the Shareholder held beneficial ownership and exercised control or direction over an aggregate of 1,050,000 Shares, representing approximately 4.03% of the issued and outstanding Shares on a non-diluted basis. Pursuant to the Transaction, the Shareholder acquired beneficial ownership and exercise of control and direction over 1,800,000 Shares.

Immediately after giving effect to the Transaction, the Shareholder beneficially owns and exercises control or direction over a total of 2,850,000 Shares, representing approximately 10.23% of the issued and outstanding Shares on a non-diluted basis.1 The Shareholder may from time to time and depending on market and other conditions and subject to the requirements of applicable securities laws, dispose or acquire additional Shares through market transactions, private agreements, treasury issuances, dividend reinvestment programs, exercise of options, convertible securities or otherwise (if and when granted), or may, subject to the requirements of applicable securities laws, sell all or some portion of the Shares they own or control, or may continue to hold the Shares. This news release is being disseminated as required by National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report by the Shareholder in respect of the Transaction, to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the early warning report will be filed by the Shareholder in accordance with applicable securities laws and will be available on the Issuer's issuer profile on SEDAR at www.sedar.com.

Contact:

Tel: 604-691-7491.

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