Mr. Tim Warman reports

FIORE GOLD ANNOUNCES Q3 2018 RESULTS - ANOTHER STRONG QUARTER OF GOLD PRODUCTION AND OPERATING CASH FLOW

Fiore Gold Ltd. has released its unaudited financial statements and management's discussion and analysis for the third quarter ended June 30, 2018. They have been filed with the securities regulatory authorities and are available on SEDAR and on the company's website. All figures are in United States dollars unless otherwise indicated.

Q3 2018 production and financial highlights

The third quarter of the 2018 financial year was another strong quarter for the Pan mine and saw a number of important milestones for Fiore.

Financial highlights:

• Recorded quarterly revenues of $13.78-million with mine operating income of $3.76-million;
• Generated quarterly operating cash flow of $4.55-million, representing a 167-per-cent increase over Q2 of 2018;
• Maintained a strong balance sheet with no debt and working capital of $17.35-million as of June 30, 2018;
• Consolidated operating income of $1.86-million.

Operating highlights:

• Gold production of 9,964 ounces, a 15-per-cent increase over Q2 2018 and the sixth successive quarterly production increase;
• Gold sales of 10,584 ounces, a 22-per-cent increase over Q2 2018, at an average realized price of $1,302 per ounce;
• Mined ore production slightly ahead of plan at approximately 14,250 ore tons per day with a stripping ratio of 1.48;
• 22,000 man hours worked in Q3, achieving the company's triple zero goal of zero reportable incidents, zero reportable accidents and zero lost-time injuries. As of the end of Q3, Pan had attained 773 consecutive days of this triple zero achievement;
• The company's operations team at Pan was selected to receive the Small Mine Safety Award from the Nevada Mining Association for the third consecutive year -- 2015, 2016 and 2017;
• Q3 2018 all-in sustaining costs per ounce sold of $971 and cash costs per ounce sold of $845.

Organic growth highlights:

• The drilling program targeting resource and reserve growth at Pan was wrapped up during July with positive drill results and will lead to a resource update later in 2018.
• The final environmental impact assessment for the company's Gold Rock property was published by the Bureau of Land Management on July 27, 2018.

Q3 2018 represented a record quarter for Fiore in operating cash flow, revenue, gold ounces produced and gold ounces sold. Further, the Pan mine had its second consecutive quarter of positive operating cash flow. The mining rate continued to exceed the planned 14,000 ore tons per day, with the daily mining rate of 14,246 ore tons per day for the quarter, a slight decrease from Q2 2018 due to increased stripping. Relative to Q2 2018, gold production increased by 15 per cent and operating cash flow increased by 167 per cent, while AISC increased slightly to $971, attributed largely to drilling expenditures at Pan during the quarter.

At Pan, Fiore Gold is continuing to evaluate the economics of adding a crushing and agglomeration circuit to the mine. Data from the two 10,000-ton test cells and several column tests have been received and analyzed. As expected, the tests showed that the crushed ore yields higher and quicker gold recoveries relative to the run-of-mine ore. Fiore Gold is currently looking at several possible scenarios including purchasing a crushing circuit versus contract crushing, with a decision expected before the end of calendar 2018.

Fiore also completed approximately 29,000 feet (8,750 metres) of reverse circulation drilling at Pan, which was intended to expand the existing oxide reserves both at depth and laterally beyond the current reserve boundaries. These data from the drilling program have now been compiled and passed to its external consultants, who will update the resource and reserve estimate in calendar Q4 2018.

At Fiore Gold's nearby Gold Rock project, the final environmental impact statement was published by the Bureau of Land Management on July 27, 2018, with the record of decision expected following 30 days after publication. Drilling at Gold Rock commenced in August, 2018, and is intended to test a number of targets along strike from the existing historical resource area. Fiore Gold also expects to release an updated resource estimate for Gold Rock in Q4 based on the existing historical drilling. This will provide the company with a current National Instrument 43-101 compliant resource and form a solid baseline from which to grow the project through additional drilling.

Tim Warman, chief executive officer of Fiore, commented: "The Pan mine really hit its stride in Q3, with record quarterly gold production and solid operating cash flow. Our operating team at Pan has done a great job and continues to focus on ongoing operational improvements. We're also very pleased that the FEIS for Gold Rock has been published and are looking forward to the final record of decision, which we expect in the coming weeks. Other near-term catalysts will include the new resource estimate and drilling results from Gold Rock, where approximately 13 km of prospective strike length remains almost untested by drilling."

                        THIRD QUARTER 2018 RESULTS
  
                                                         Three months ended June 30,
Financial results of operations                                 2018           2017
Select items -- on a consolidated basis                        $000s          $000s

Revenue                                                      $13,784         $4,855
Mine operating income                                          3,762            588
Income/(loss) from operations                                  1,858         (1,609)
Operating cash flow                                            4,551           (221)
Unrealized gain on change in FV of warrant derivative          1,905              0
Net income/(loss)                                             (5,035)        (1,680)
    
Financial position as of                       June 30, 2018    Sept. 30, 2017
Select items -- on a consolidated basis                $000s             $000s

Cash                                                  $7,185           $15,124
Inventories                                           11,164             5,849
Total current assets                                  19,420            23,305
Mineral property, plant and equipment, net            17,574            21,841
Total assets                                          42,865            46,866
Total current liabilities                             (2,075)           (3,521)
Long-term liabilities                                 (4,563)           (9,259)
Working capital surplus                               17,345            19,784

As a result of the continued ramp-up at Pan, revenue, income from operations and operating cash flow have all increased significantly. The company incurred a net loss during the quarter of $5.04-million as it elected to terminate the option agreement for Pampas el Penon on July 11, 2018, and due to the material nature of the transaction, the carrying value of the property was adjusted as of June 30, 2018, by recognizing an impairment charge of $8.69-million. Following a recent evaluation of all Fiore's Chilean assets, management determined that Pampas el Penon did not merit further expenditure.

The cash balance decreased relative to Sept. 30, 2017, by $7.94-million, primarily reflecting the investment in the phase 2 heap leach pad, exploration expenditures at Pan as well as contributions to the Pan reclamation deposit. However, Fiore's cash balance has increased by $1.46-million since the end of Q2 2018. As of June 30, 2018, Fiore continues to have a strong working capital surplus of $17.35-million, consisting of current assets of $19.42-million and current liabilities of $2.08-million.

Outlook

Fiore Gold is expecting to be near the lower end of its production guidance range of 35,000 to 40,000 gold ounces in fiscal 2018. The year-to-date mining rate of 14,580 ore tons per day has exceeded the guidance of 14,000 ore tons per day. Reconciliation through Q3 2018 between actual ore tons and grade mined relative to the reserve model from the 2017 feasibility study shows generally good agreement.

Placement of ore on the leach pads and leach solution flow rates through the ADR plant are in line with company forecasts, however timing of ounces coming off the leach pad has been slightly slower than expected.

In line with production expected to be near the lower end of Fiore's guidance range, costs per ounce are expected to be moderately higher than stated guidance.

Looking ahead to the fourth quarter of 2018, the Pan mine is entering a planned period of higher stripping that will extend through the bulk of fiscal year 2019. While the life-of-mine strip ratio is not expected to change from the 1.3:1.0 number reported in the 2017 feasibility study, the strip ratio is expected to be in the range of 2.2:1.0 for the next three to four quarters. While partially offset by higher grades in the fiscal year 2019 mine plan, the increased stripping is expected to result in higher mining costs, which will in turn affect operating cash flow. Fiore Gold is currently projecting a return to significantly lower strip ratios in fiscal year 2020.

In Q3 2018, the strip ratio increased to 1.5:1.0, however waste movement is behind plan. Fiore's contract miner has struggled, particularly over the last quarter, in an increasingly competitive labour market to retain qualified mechanics and equipment operators, resulting in below target availability and utilization for key mining equipment. While maintaining ore mining rates, the operation has fallen behind on waste stripping and this will lead to increased stripping requirements beyond those in the mine plan as the company works to eliminate the waste backlog. Fiore Gold is working with the contract miner to increase equipment and operator availability. It plans to bring waste stripping back in line with the mine plan during fiscal 2019.

Corporate strategy

The company's corporate strategy is to grow Fiore Gold into a 150,000-ounce-per-year gold producer. To achieve this, the company intends to:

• Grow gold production at the Pan mine while also growing the reserve and resource base;
• Advance exploration and development of the nearby Gold Rock project;
• Acquire additional production or near-production assets in Nevada and surrounding states.

The company has adjusted the presentation of AISC in the current quarter to remove non-sustaining exploration expense to better reflect sustaining costs, which do not include expenditures related to sites that are not producing. To align to the presentation of AISC less corporate general and administrative costs, corporate share-based compensation expense has also been adjusted. The adjustment has been made for both the current period and prior-year comparative periods and provides a reader with what the company believes is better information.

Qualified person

The scientific and technical information relating to Fiore Gold's properties contained in this press release was approved by J. Ross MacLean (MMSA), Fiore Gold's chief operating officer and a qualified person under National Instrument 43-101.

We seek Safe Harbor.