Mr. Anthony Cohen reports

PLATO GOLD CORP. ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT FOR $350,000

Further to the news release dated June 7, 2021, Plato Gold Corp. has completed a non-brokered private placement for aggregate gross proceeds of $350,000. The offering consisted of: (i) 5.1 million flow-through shares at a price of five cents per FT share for gross proceeds of up to $255,000; and (ii) 1.9 million hard-dollar units at a price of five cents per HD unit for gross proceeds of $95,000.

Each HD unit is composed of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of seven cents per warrant share until the date which is 24 months following the closing date of the offering, whereupon the warrants will expire. Each FT share is composed of one common share issued on a flow-through basis within the meaning of the Income Tax Act (Canada).

The proceeds raised from the sale of the FT shares will be used to incur Canadian exploration expenses that are flow-through mining expenditures (as such terms are defined in the Tax Act) to pay for assay results on over 2,000 metres of drill core from the company's Good Hope niobium project near Marathon, Ont., and to finance the company's other properties in Ontario, Canada. The proceeds raised from the sale of the HD units will be used for general working capital purposes and for exploration expenses on the company's properties.

Certain insiders of the company subscribed, directly or indirectly, for an aggregate of 2.2 million FT shares and 1.1 million HD units pursuant to the offering. Such participation is considered a related-party transaction as such terms are defined by Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions), requiring the company, in the absence of exemptions, to obtain a formal valuation for and minority shareholder approval of the related-party transactions. The company is relying on an exemption from the requirement to obtain formal valuation and minority shareholder approval as the fair market value of the participation in the offering by the insiders does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101.

In connection with the closing of the offering, eligible finders which introduced investors to the offering have been: (i) paid an aggregate cash commission of $4,800; and (ii) issued an aggregate 96,000 finder units. Each finder unit is composed of one common share and one common share purchase warrant. Each finder warrant will entitle the holder to purchase one common share at a price of seven cents per finder warrant share until the date which is 24 months following the closing date of the offering.

The securities issued and issuable pursuant to the offering will be subject to a four-month-and-one-day statutory hold period. Completion of the offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and applicable securities regulatory authorities.

About Plato Gold Corp.

Plato Gold is a Canadian exploration company listed on the TSX Venture Exchange and Frankfurt Exchange with projects in Timmins, Ont., Marathon, Ont., and Santa Cruz, Argentina.

The Timmins, Ont., project includes four properties: Guibord, Harker, Holloway and Marriott in the Harker/Holloway gold camp located east of Timmins, Ont., with a focus on gold.

In Argentina, Plato owns a 95-per-cent interest in Winnipeg Minerals SA (WMSA), an Argentine incorporated company that holds a number of contiguous mineral rights totalling 9,672 hectares with potential for gold and silver.

The Good Hope niobium project consists of approximately 5,146 hectares in the Killala Lake area and Cairngorm Lake area townships, near Marathon, Ont., with the primary target being niobium.

The Pic River platinum group metal (PGM) project consists of 2,247 hectares in the Foxtrap Lake and Grain township, near Marathon, Ont., of which 19 claims are contiguous to the western boundary of Generation Mining's Marathon PGM project, and is located on strike to Generation Mining's Sally deposit.

We seek Safe Harbor.