SPECIAL TRANSACTION

FOR SHAREHOLDERS

Golden Arrow Resources Corporation to sell 25% interest in
Puna Operations to SSR Mining

Summary of the transaction:

Golden Arrow Resources Corporation (TSX-V: GRG, FSE: G6A, OTCQB: GARWF), "Golden Arrow" or the "Company") is pleased to announce that on July 22, 2019 it entered into an arm's length definitive agreement (the "Agreement") for the sale of its 25% interest in Puna Operations Inc. ("Puna Operations") to its joint venture partner SSR Mining Inc. ("SSR Mining") for aggregate consideration of$44.4 million (the "Transaction").

Reasons and Benefits of selling Puna Operations now:

As consideration for the sale of its 25% interest in Puna Operations, Golden Arrow will receive:

  • a $3.0 million cash payment at the closing of the Transaction;
  • a $25.9 million in SSRM Shares at the closing of the Transaction;
  • a complete repayment of the Company's fully drawn Loan under the Credit Agreement with SSRM;
  • the return by SSRM to Golden Arrow for no consideration of the 4,285,714 common shares in the capital of Golden Arrow held by SSRM; and
  • payment by SSRM of Golden Arrow's portion of all cash contributions required to be made to Puna Operations under the Shareholders Agreement from July 22, 2019 until the Closing Date

Special Meeting

Management Information Circular

Additional Information

September 16, 2019 Shareholder Letter
Information Circular
News Release
Share Purchase Agreement
Voting Instructions
Infographic - Potential Exploration Discoveries

Vote prior to proxy voting deadline of 10:00am Vancouver time on September 12, 2019.

Shareholder questions or requests for voting assistance maybe be directed to
Golden Arrow Resources Corporation's proxy solicitation agent:

Laurel Hill Advisory Group

North American Toll- Free Number: 1-877-452-7184

Collect Calls Outside North America: 1-416-304-0211

Email: assistance@laurelhill.com