(via TheNewswire)

Toronto, Ontario. –The press wire – July 21, 2021 –Otso Gold Corp. (“Otso“or the”Company“), (TSXV: OTSO)(OTC: FIEIF) is pleased to announce that he has received 11,155 million US dollars from the exercise of 284,944,440 ordinary share subscription warrants (the “Mandates”) Previously issued to Brunswick Gold Ltd. (“Brunswick Gold”) On the basis of a private placement on February 8, 2021 (the “Transaction“). For further details regarding the Warrants, see the Company’s press release dated February 8, 2021.

The Company intends to use the proceeds from the exercise of the warrants to enable it to continue the Company’s return to the production of warrants. Otso Gold Mine, targeted at T3.

In addition, the Company expects the previously announced NI 43-101 Technical Report update from John T. Boyd Company will be released shortly. The report has been delayed due to the Company’s decision to bring further results from previous drilling campaigns and other results from the current drilling program.

For more information, please contact:

Clyde WessonVice president

1 917 287-0716

[email protected]
www.otsogold.com

Early warning disclosure

The following information is provided in accordance with the alert requirements of National Instrument 62-104 and National Instrument 62-103 relating to the common shares of the capital of the Company (the “Ordinary actions“).

Prior to the exercise of the warrants, Brunswick Gold beneficially owned and controlled 284,944,440 common shares and 284,944,440 warrants, representing approximately 46.03% of the issued and outstanding common shares at closing on on an undiluted basis, and approximately 63.05% of the issued and outstanding common shares outstanding common shares on a partially diluted basis, assuming the exercise of all warrants. At the end of the exercise of the warrants, Brunswick Gold acquired beneficial ownership and control of 569,888,880 common shares, representing approximately 63.05% of the issued and outstanding common shares on an undiluted basis,

Brunswick Gold first acquired the common shares and warrants for investment purposes. As described in the management information circular prepared by the Company dated December 21, 2020 and filed on SEDAR andwww.sedar.comand as provided for under an investor rights agreement between the Company and Brunswick Gold, the board of directors of the Company was reconstituted on February 8, 2021 composed of the following seven directors: Brian wesson, Clyde Wesson, Yvette harrison and four Brunswick Gold nominees (Vladimir Lelekov, Nicolas Pascault, Victor Kochkin and Martin Smith). In addition, Mr.Vladimir Lelekov was appointed chairman of the board. The Investor Rights Agreement also granted Brunswick Gold the right to appoint a financial controller of the Company and certain other customary rights of registration and preferential subscription with respect to future sales of securities by the Company.

For more information and to obtain a copy of the updated alert report filed under Canadian provincial and territorial securities laws applicable in connection with the Transaction, please see the Company’s profile on the website SEDAR Web (www.sedar.com) or contact Andréas Orphanide at [email protected] Brunswick Gold is headquartered at 2-4 Avenue de l’Arche Makarios III, Capital Center, 9th floor, Nicosia 1065, Cyprus.

Caution

The Company warns that it has neither defined nor delimited proven or probable reserves for the Otso Gold Mine Project and therefore mineralization estimates may require adjustment or downward revision based on additional exploration or development work or actual production experience. Mineral resources that are not mineral reserves have not demonstrated their economic viability.

The Company also warns that the Company’s decision to proceed with the development of the Otso Gold Mine Project and extraction of mineralization continued without the Company first establishing reserves supported by a technical report and completing a pre-feasibility or feasibility study. Therefore, there is a higher risk of technical and economic failure at Otso, as development has continued without first establishing reserves supported by a technical report and completing a feasibility study. This is particularly relevant as the Company proceeded with development at Otso on Indicated and Inferred Resources without first completing a preliminary economic report.

Forward-looking statements

This press release contains forward-looking statements about the Company based on management’s current expectations and assumptions, which involve known and unknown risks and uncertainties associated with our business and the economic environment in which the business operates. All of these statements are forward-looking statements under applicable Canadian securities legislation. All statements contained in this document that are not statements of historical fact can be considered as forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution our readers of this press release not to place undue reliance on our forward-looking statements, as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set out in the Company’s continuous disclosure documents which can be viewed on SEDAR (www.sedar.com) under the Company’s issuer profile. The Company does not intend and disclaims any obligation, except as required by law, to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

About the company

Otso Gold Corp. 100% owns the Otso gold mine near the town of Raahe, Finland. the

The Otso gold mine is fully built, fully licensed, all infrastructure is in place, two open pits

and progressing towards restarting at a rate of 2 million tonnes per year.

Neither the TSX Venture Exchange nor its regulatory service provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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