LEOPARD LAKE Announces Closing of Final Tranche of $805 Unit Non-Brokered Private Placement

Vancouver, November 10, 2022 - Leopard Lake Gold Corp. (the "Company" or "Leopard Lake") (CSE:LP) announces that, further to its news release dated October 27, 2022, the Company has closed the second and final tranche of its non?brokered private placement (the "Offering") through the issuance of 356 units (each, a "Unit") at a subscription price of $805 per Unit for gross proceeds of $286,580. The Company has now issued an aggregate of 728 Units for aggregate gross proceeds of $586,040 under the Offering.

Each Unit consists of 4,500 "flow-through" common shares (each, an "FT Share"), 1,000 "non-flow-through" common shares (each, a "Non-FT Share"), and 1,000 common share purchase warrants (each, a "Warrant"), with each Warrant entitling the holder thereof to purchase one "non-flow-through" common share in the capital of the Company (each, a "Warrant Share") at an exercise price of $0.25 per Warrant Share for a period of 24 months from the date of issuance.

The proceeds raised from the issuance of the Units are intended to be used for exploration work on the Company's projects and for general working capital. No finders fees were paid in connection with the closing of the Offering and all securities issued in connection with the Offering will be subject to a four-month and one day hold period in Canada.

Early Warning Disclosure

Daniel Bélanger (the "Acquiror") makes the following announcement in accordance with National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues and National Instrument 62-104 Take-Over Bids and Issuer Bids.

Pursuant to the closing of the second tranche of the Offering, the Company issued to the Acquiror, and the Acquiror purchased from the Company, 249 Units at a price of $805 per Unit for a purchase price of $200,445 (the "Acquisition"). Each Unit consists of 4,500 FT Shares, 1,000 Non-FT Shares and 1,000 Warrants.

Immediately prior to the Acquisition, the Acquiror beneficially owned and had control and direction over 2,046,000 Shares and 372,000 Warrants representing approximately 8.25% (9.60% on a partially diluted basis) of the then issued and outstanding Shares. As a result of the Acquisition, the Acquiror beneficially owns and has control and direction over 3,415,500 Shares and 621,000 Warrants, representing approximately 12.76% (14.74% on a partially diluted basis) of the currently issued and outstanding Shares. The change in the Acquiror's securityholding percentage is 4.51% (5.14% on a partially diluted basis) of the issued and outstanding Shares.

The Acquiror acquired the Units for investment purposes. However, the Acquiror will review his holdings from time to time and may, in the future, increase or decrease his ownership or control over securities of the Company as circumstances dictate.

An early warning report will be filed under the Company's profile on the SEDAR website at www.sedar.com. A copy of the early warning report can also be obtained from the Acquiror at the address below:

Daniel Bélanger

400 Avenue Turcotte
East-Broughton, QC
G0N 1G0

Telephone: (418) 933-3443

About Leopard Lake Gold Corp.

Leopard Lake is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada, including the St-Robert Property, which is comprised of 4 mining claims in Beauceville and 102 mining claims in the Riseborough and Marlow Townships in St. Robert Bellarmin, Quebec, and the Stella property located in the Abitibi region of Northwestern Quebec, made up of 52 contiguous mining claims for a total of 2,987 hectares, approximately 65 kilometres east of the town of Val d-Or. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct its exploration program on the Leduc Gold Project. The Leduc Gold Project consists of 9 unpatented mining claims (114 cells) which covers an area of approximately 2,290 hectares near Jellicoe, Ontario, Canada, within the Thunder Bay Mining Division.

On Behalf of Leopard Lake Gold Corp.

Robert Coltura

Chief Executive Officer and President

For further information, please contact:

Robert Coltura

Chief Executive Officer and President

9285 203B Street

Langley, British Columbia
V1M 2L9

Telephone: (604) 290-6152

Forward-Looking Statements:

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein, including, without limitation, the use of proceeds from the Offering, future acquisitions or dispositions of the Company's securities by the Acquiror, the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. 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, statements as to the anticipated business plans and timing of future activities of the Company, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, currency fluctuations, title disputes or claims, environmental issues and liabilities, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company's continuous disclosure documents. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

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