Eric Sprott Announces Changes to His Holdings in Goldstrike Resources Ltd.

Toronto, Ontario--(Newsfile Corp. - February 20, 2020) - Eric Sprott announces that on February 13, 2020, his 5,000,000 common share purchaser warrants of Goldstrike Resources Ltd., (the "Corporation") with an exercise price of $0.06 per common share (all on a pre-consolidated basis) expired unexercised, and with the Corporation's previous treasury issuances, resulted in Mr. Sprott's control of the common shares of the Corporation decrease to 6.6% of the current outstanding shares, requiring a change to his previous early warning report. Also, on December 29, 2019, Mr. Sprott donated 7,589,500 pre-consolidation common shares to The Sprott Foundation (which he controls). The Corporation has disclosed that its common shares were consolidated on a 20 to 1 basis effective January 17, 2020.

Prior to the expiry of warrants, Mr. Sprott controlled 629,475 common shares and warrants exercisable for 250,000 common shares representing approximately 6.6% of the issued and outstanding shares on a non-diluted basis, and approximately 9.0% on a partially diluted basis. Mr. Sprott now beneficially owns and controls 250,000 common shares representing approximately 2.6% of the outstanding common shares of the Corporation, but still controls 629,475 common shares, representing approximately 6.6% of the outstanding shares of the Corporation.

Mr. Sprott has a long-term view of the investment and may acquire additional securities of Goldstrike Resources either on the open market or through private acquisitions or sell securities either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

The Corporation is located at 1130 West Pender Street, Suite 1010, Vancouver, British Columbia, V6E 4A4. A copy of 2176423 Ontario Ltd.'s early warning report will appear on the Corporation's profile on SEDAR at www.sedar.com and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52645