CYON EXPLORATION APPOINTS DIRECTOR AND ANNOUNCES MANAGEMENT REORGANIZATION

Vancouver, British Columbia (March 5, 2021) – CYON Exploration Ltd. (the “Company” or
“CYON”) (TSXV: CYON | OTCQB: CYNXF | FSE: C2YD) is pleased to announce the
appointment of Brian Thurston to the position of President and CEO. Mr. Thurston is currently a
director of CYON and will take over executive management duties. Mr. Thurston is a professional
geologist with over 28 years of experience working with public companies and holds an Honours
Bachelor of Science degree in Geology from the University of Western Ontario. As a geologist he
has worked around the globe including North, Central and South America, Africa and India. Mr.
Thurston transitioned from geologist to corporate positions in 2004, has founded several public
companies, and held positions of director and officer, as well as served on multiple committees
including audit, disclosure and corporate governance committees.

The Company also announces the appointment of Ms. Brittney Thompson as Chief Financial
Officer. Ms. Thompson is a Chartered Professional Accountant and holds a BBA from Simon
Fraser University. With close to a decade of considerable accounting experience, Ms. Thompson
appreciates the intricacies of public practice and has extensive experience in audit for mid-to-large
scale firms. With her transition from public practice to serving as CFO, her knowledge spans from
private firms to public reporting issuers across various industries.

The Company also wishes to announce the appointment of Ms. Nancy La Couvée as Corporate
Secretary. Ms. La Couvée brings over 25 years of experience as a Corporate Secretary, providing
governance and compliance services for international public companies in the resource sector. She
facilitates effective board and shareholder communications, ensures regulatory compliance in
numerous international jurisdictions, and provides corporate governance guidance, as well as
corporate finance administration. Ms. La Couvée is a member of the Governance Professionals of
Canada.

The Company is also pleased to announce the appointment of Mr. Michael Hopkinson as director
and chair of the Company’s audit committee. Mr. Hopkinson is a US licensed CPA in the state of
New Hampshire. He has over 23 years of US tax and public company experience. Having spent
over 11 years working primarily for the accounting industry’s “Big Four”, his experience has been
extensive in the mining, pharmaceutical and real estate business sectors. Mr. Hopkinson has served
as Chief Financial Officer and director for numerous public companies and has comprehensive
experience in US-Canada Cross-Border tax and repatriation planning, financial statement
reporting, and capital financing activities. Mr. Hopkinson is currently a Principal with Goldsmith
Kwok Accounting Group of Vancouver.

The Company further announces the resignation of Mr. Cyrus Driver as director, CFO and
Corporate Secretary. In addition, Mr. Byron Coulthard has resigned from the board of directors
and his positions of President and CEO. The Company would like to thank Mr. Driver and Mr.
Coulthard for their services to the Company.

About Cyon
Cyon is engaged in the acquisition, exploration, and development of mineral properties in North
America. The Company is currently focused on its recently acquired Black Rock Canyon gold
property that is favorably located within the Cortez trend of the Battle Mountain-Eureka belt, a
productive and rapidly growing gold mining district in Nevada.

On behalf of Cyon Exploration Ltd.
Brian Thurston
President & CEO
info@goldstateresources.com
Tel: 1.778.928.6565
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
This release includes certain statements that may be deemed “forward-looking statements”. All
statements in this release, other than statements of historical facts, that address events or
developments that the Company expects to occur, are forward-looking statements. Forwardlooking statements are statements that are not historical facts and are generally, but not always,
identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”,
“projects”, “potential” and similar expressions, orthat events or conditions “will”, “would”, “may”,
“could” or “should” occur. Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results may differ materially from those in the
forward-looking statements. Factors that could cause the actual results to differ materially from
those in forward-looking statements include market prices, exploitation and exploration
successes, and continued availability of capital and financing, and general economic, market or
business conditions. Investors are cautioned that any such statements are not guarantees of
future performance and actual results or developments may differ materially from those
projected in the forward-looking statements. Forward-looking statements are based on the
beliefs, estimates and opinions of the Company’s management on the date the statements are
made. Except as required by applicable securities laws, the Company undertakes no obligation to
update these forward-looking statements in the event that management’s beliefs, estimates or
opinions, or other factors, should change.