Golden Goliath Announces Share Consolidation Approval

Vancouver, British Columbia--(Newsfile Corp. - May 31, 2023) - Golden Goliath Resources Ltd. (TSXV: GNG) (OTC Pink: GGTHF) (FSE: GGZ) - The Company announces that effective Monday, June 5, 2023 the common shares of Golden Goliath Resources Ltd. will commence trading on the TSX Venture Exchange on a consolidated basis of 1 (one) post-consolidation share for every 7 (seven) pre-consolidation shares (the "Consolidation"). The Consolidation is subject to Exchange approval.

The Board of Directors believes that the Consolidation is necessary to better position the /Company for future corporate development opportunities and financing transactions. There will be no name change in conjunction with the Consolidation and the Company will continue to trade under the existing stock symbol "GNG".

The Company currently has 152,937,019 common shares outstanding and will have approximately 21,848,145 common shares outstanding after completion of the Consolidation, subject to rounding and the elimination of any fractional shares resulting from the Consolidation. The number of outstanding stock options and warrants of the Company will similarly be adjusted by the Consolidation ratio, and the exercise prices adjusted accordingly.

About Golden Goliath
Golden Goliath Resources Ltd. is a junior exploration company listed on the TSX Venture Exchange (symbol GNG). The Company is focused on exploring and developing the gold and silver potential of properties in the Red Lake District of Ontario. The Company also holds a 100% interest in the San Timoteo property, located in the Sierra Madre Occidental Mountains of northwestern Mexico, as well as NSR royalties on several other nearby properties. To find out more about Golden Goliath visit our website at www.goldengoliath.com.

On behalf of the Board of Directors

Paul Sorbara, MSc, PGeo

CEO, Golden Goliath Resources Ltd.

FOR MORE INFORMATION CONTACT:
Golden Goliath Resources Ltd.
J. Paul Sorbara, M.Sc., P.Geo
President & CEO
Phone: +1(604) 682-2950   Email: jps@goldengoliath.com

Neither TSX Venture Exchange nor its Regulation Services 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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