Message from the Chairman

Dear Valued Shareholder,

With the new year now underway, I would like to take this opportunity to provide a further update on Sonoro and its flagship Cerro Caliche gold project in Sonora State, Mexico.

As I wrote in my November Chairman’s message, the Company engaged SRK Consulting (U.S.), Inc. to complete an updated Mineral Resource Estimate (MRE) on the project and prepare an NI 43-101 Technical Report. The economic impact of the updated resource on the proposed open-pit, heap-leach mining operation will be assessed in a subsequent technical report.

As SRK has significant expertise in the region’s geology and mineral deposits, we believe SRK’s independent work on Cerro Caliche may help secure project financing.

We continue to advance through the permitting phase, remaining engaged with multiple stakeholders as Mexico’s federal permitting authority, SEMARNAT, reviews the project’s Environmental Impact Statement known as the Manifestacion de Impacto Ambiental (“MIA”). The MIA, along with the Change of Land Use Permit or Autorizacion en Cambio de Uso de Suelo (“ETJ”), are required for mining construction and operating activities in Mexico. We understand that staffing shortages at SEMARNAT, initially attributed to Covid lockdowns in 2020, continue to cause significant delays during the permitting process. However, we are pleased to report that the permitting review is proceeding in a professional and transparent manner.
2022 was certainly a difficult time for the capital markets, especially those of us in the volatile junior gold sector. Despite the intrinsic value of projects such as Cerro Caliche, many of us have witnessed our share price relentlessly hammered to deeply undervalued levels. This, along with ongoing delays, can understandably shake investor confidence.

Yet, Sonoro’s management is well-experienced in navigating fluctuating metal prices and turbulent markets. Against the backdrop of one of the most difficult markets in decades, we have successfully raised equity to maintain operations and advance the project. We remain committed to bringing Cerro Caliche into production.

For more information on Sonoro and the Cerro Caliche project, I’d encourage you to click here to review the Company’s latest Corporate Presentation or click here for the interactive version. For a more condensed summary, you can click here for our latest Fact Sheet or for a summary of why Sonoro is distinctive in the junior mining sector, click here.

To all our valued shareholders, I wish you a happy and prosperous 2023 and thank you for your ongoing support of Sonoro Gold.

As always, please feel free to contact me directly with any comments or concerns.

Kindest Regards,

John M. Darch,

Chairman,  Sonoro Gold Corp.

Forward-Looking Statement Cautions:
This Chairman’s massage may contain “forward-looking information” as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Cerro Caliche project, and future plans and objectives of the Company, constitute forward looking information that involve various risks and uncertainties, including statements regarding the amount of financing proposed to be raised, intended use of the financing proceeds, sufficiency of fund to complete certain project development steps, and outlook for the results of the contemplated drilling program. Although the Company believes that such statements are reasonable based on current circumstances, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “aims”, “potential”, “goal”, “objective”, “prospective” and similar expressions, or that events or conditions “will”, “would”, “may”, “can”, “could” or “should” occur, or are those statements, which, by their nature, refer to future events.  The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties, including the possibility of unfavorable exploration and test results, the lack of sufficient future financing to carry out exploration and development plans and unanticipated changes in the legal, regulatory and permitting requirements for the Company’s exploration programs.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, readers should not place undue reliance on forward-looking statements.  The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or the policies of the TSX Venture Exchange.  Readers are encouraged to review the Company’s complete public disclosure record on SEDAR at www.sedar.com.

This message does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons, as such term is defined in Regulation S under the Securities Act (“Regulation S”), except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act”

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this message.