The Board of Directors of Golden Arrow Resources Corporation (the "Company") has adopted a Foreign Corporate Policy that outlines the Company's commitment to ethical business practices in every jurisdiction in which it does business. Company directors, officers, employees, management company employees and those who provide services to the Company, shall be expected to act with integrity, honesty and in good faith, support the communities in which it operates and act in accordance with applicable laws with the highest standards of ethical and professional behavior in foreign jurisdictions, as set out in detail as follows:

Company directors, officers, employees, management company employees and those who provide services to the Company, shall be expected to act with integrity, honesty and in good faith, support the communities in which it operates and act in accordance with applicable laws with the highest standards of ethical and professional behavior in foreign jurisdictions, as set out in detail as follows:

• Accept without reservation the authority of all levels of government in the host country;
• Work with respect for local authorities and the offices they represent;
• Accept the laws and understand how they affect the Company; obtain accounting and legal professionals conversant with mining matters to ensure compliance on a timely basis with the laws of the country;
• Always use local manpower, professionals and suppliers, importing only whatever is not available in the host country;
• Understand and respect all public, religious and private institutions in the host country;
• Understand the needs of the community: establish and maintain dialogue with existing channels and search for ways to assist them;
• Understand and respect local customs, traditions, heritage and way of life;
• Understand and protect the rights, needs and interests of indigenous peoples and the minority or vulnerable groups within the community;
• Participate through local institutions and their representatives to promote or co-sponsor job training, environmental awareness, recreational and educational programs;
• Respect the environment and use exploration techniques and procedures that avoid, minimize and mitigate impacts to the natural environment and work to meet the higher of host country or best practice standards;
• Welcome structured, community-based monitoring of the Company's environmental performance;
• Respect the owners, occupiers and users of land where the Company has exploration interests and work with the local people in the design of exploration programs to minimize or mitigate impacts, reclaim/restore disturbed land, and provide compensation where necessary;
• Comply with all local laws and regulations and conduct exploration activities to the higher of host country regulations, Canadian standards or international best practices;
• Maintain a transparent two-way communication mechanism between the community and government authorities; and
• To reduce the risk of misunderstanding regarding the Company's presence, its activities and its intentions, where possible, the Company will formalize relationships with the local community through an agreement that defines the roles and responsibilities of the Company and the community.

Approved by the Board of Directors on August 24, 2017