ST. JAMES GOLD CORP. ANNOUNCES REVISED TERMS OF NON-BROKERED PRIVATE PLACEMENT OF UNITS

Not for distribution to U.S. news wire services or dissemination in the United States.

Vancouver, British Columbia, May 26, 2022 (GLOBE NEWSWIRE) -- St. James Gold Corp. (the "Company") (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3) announces that, further to its press release of April 29, 2022 announcing a non-brokered private placement offering (the "Offering") of units of the Company (each, a "Unit"), the Company is reducing the price of the Units from $0.60 to $0.38 per Unit.

Pursuant to the revised terms of the Offering, the Company proposes to issue up to 1,842,106 Units at a price of $0.38 per Unit for aggregate proceeds to the Company of up to $700,000.

Each Unit shall be comprised of one common share in the capital of the Company (each, a "Share") and one common share purchase warrant of the Company (each, a "Warrant"), with each Warrant entitling the holder thereof to purchase one additional Share, at an exercise price of $0.45 for a period of three (3) years from the closing date of the Offering.

The proceeds raised from the sale of Units under the Offering will be used to advance the Company's exploration programs and for general corporate matters.

Further to the Company's news releases of April 8, 2022 and April 29, 2022, Mr. Jay Jiang Yu intends to subscribe for 526,316 Units under the Offering for gross proceeds to the Company of $200,000.

The Company may pay finder’s fees to eligible persons in connection with the Offering. The Offering may be closed in one or more tranches.

Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the Offering will be subject to a four (4) month hold period commencing on the closing date of the Offering. The closing of the Offering is subject to, among other things, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

About St James Gold Corp.

St. James Gold Corp. is a publicly traded company listed on the TSX Venture Exchange under the trading symbol "LORD", in the U.S. Market listed on OTCQB under "LRDJF" and on the Frankfurt Stock Exchange under "BVU3". The Company is focused on creating shareholder value through the discovery and development of economic mineral deposits by acquiring prospective exploration projects with well-delineated geological theories; integrating all available geological, geochemical, and geophysical datasets; and financing efficient exploration programs. The Company currently holds: (i) 100-per-cent stake in 29 claims, covering 1,791 acres, in the Gander gold district in north-central Newfoundland located adjacent to New Found Gold Corp.'s Queensway North project; and (ii) a 100-per-cent stake in 9 claims and an option to acquire a further 100-per-cent interest in 19 claims, covering a total 1,730 acres, in central Newfoundland located adjacent to Marathon Gold's Valentine Lake property; and (iii) an option to acquire up to an 85-per-cent interest in the Florin Gold Project, covering nearly 22,000 contiguous acres in the historical Tintina gold belt in Yukon Territory, Canada.