Koulou Gold Closes $3.5 Million Non-Brokered Private Placement

September 13, 2023

Vancouver, British Columbia, September 13, 2023 – Koulou Gold Corp. (“Koulou Gold” or the “Company”) is pleased to announce it has closed a non-brokered private placement (the “Private Placement”) to raise aggregate gross proceeds of $3,500,000 through the sale of 17,500,000 shares (the “Shares”) priced at $0.20 per Share.

The Shares will not be listed on any exchange and are subject to an indefinite hold period as set out in National Instrument 45-102 – Resale of Securities. All funds are denominated in Canadian dollars.

Directors and officers of the Company subscribed for 2,751,975 shares for a total of $550,395.

Use of proceeds from the Private Placement will include up to 10,000 meters of drilling at the Sakassou Project beginning in November. Exploration will focus on three target areas: Echo, Bravo and Charlie; as well as regional exploration at the Kouto Project.

The upcoming drill program at the Sakassou Project will follow-up on significant discoveries made by the Company during the 2021 maiden drill program, including 33m at 2.38 g/t at Bravo West (drillhole BWRC-014) and 5m at 6.94 g/t Au at Echo South (drillhole ESRC-026), full results from the drill program are available at www.koulougoldcorp.com/projects/sakassou.

The Charlie target area, hosting a three kilometre long gold-in-soil anomaly, has never been drill tested.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Qualified Person

Mr. Janek Wozniewski, B.Sc., P. Geo., “Qualified Person” under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

About Koulou Gold Corp.

Koulou Gold Corp. is a private mineral exploration company incorporated under the laws of the Province of British Columbia and based in Vancouver, British Columbia, Canada. Koulou Gold’s focus is early to advanced-stage exploration in West Africa. The Company currently holds an option to earn up to 100% interest in the Sakassou Project in central Côte d’Ivoire, and an additional exploration licence in the well-endowed Syama – Boundiali greenstone belt in northern Côte d’Ivoire.

For further information, please contact:

Alex Ruggieri, CEO
+1 778 888 4986

Cautionary Statement Regarding Forward Looking Statements

This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.