Effective December 7, 2022, Tan Tee Soo resigned from his position as the Chief Executive Officer of Bonanza Goldfields Corp. Concurrently therewith, Chan Man Chung, company's Chief Financial Officer, Secretary, Director and former Chief Executive Officer, was appointed to serve as the Chief Executive Officer of the Company. Tan Tee Soo continues to serve as company's Director.

The departure of Tan Tee Soo from his position as Chief Executive Officer was for personal reasons and not due to any disagreement with the company on any matter related to the company's operations, policies or practices.