Mr. Tim Warman reports

FIORE GOLD ANNOUNCES FINANCIAL RESULTS FOR YEAR ENDING SEPTEMBER 30, 2017

Fiore Gold Ltd. has released its financial statements and management's discussion and analysis for financial year ended Sept. 30, 2017. The financials 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.

2017 production and financial highlights

The 2017 financial year saw a number of important milestones for Fiore Gold, including:

• The successful restart of the Pan mine in Nevada in March, 2017;
• The rehabilitation of the existing phase 1 leach pad, and the implementation of a carefully controlled ore-blending program coupled with rigorous heap-operating practices and controls to achieve and maintain the design percolation rates for leach solutions;
• An increase in the mining rate from the North and South pits to a sustained 14,000 tons per day (tpd) of ore in September, 2017;
• The successful negotiation of a two-year contract mining contract at Pan;
• Construction of the phase 2 heap-leach pad at the Pan mine with construction substantially completed on Dec. 22, 2017, adding an additional 2.2 million square feet of leach pad;
• Completion of the plan of arrangement with Fiore Exploration on Sept. 26, 2017, to create Fiore Gold with shares trading on the TSX Venture Exchange under the symbol F and on the OTCQB under the symbol FIOGF;
• Cash proceeds of $5.24-million raised through the issuance of special warrants;
• Cash proceeds of $13.72-million raised under the financing terms of the arrangement with Fiore Exploration;
• Issued 28,676,883 common shares and 22,214,910 common share warrants under the arrangement with Fiore Exploration.

Financial highlights for fiscal year 2017 include:

• Revenues of $10.7-million from the sale of 8,452 gold ounces;
• An additional 1,237 gold ounces were sold prior to the commencement of commercial production from Oct. 1, 2016, through March 1, 2017;
• Inventory of 7,126 estimated recoverable ounces placed on the leach pad at Pan as of Sept. 30, 2017;
• Working capital of $19.78-million as of Sept. 30, 2017, with a cash balance of $15.12-million.

At the company's nearby Gold Rock project, the Nevada State office of the Bureau of Land Management has completed its review of the final environmental impact statement and advanced it to the Washington, D.C., office for final review and publication. The process to publish the FEIS is anticipated to be completed in the first quarter of 2018, with the record of decision to follow within 45 days of publication. The company believes actions by the U.S. government to expedite this review process provide optimism that the process to issue the ROD will proceed in a timely manner.

Tim Warman, chief executive officer of Fiore, commented: "Two thousand seventeen was a transformative year for Fiore Gold, with the successful restart and ramp-up of the Pan mine in Nevada. Having achieved steady-state production at the end of FY 2017, and completed the phase 2 leach-pad expansion, the Pan mine is now performing as expected and generating positive cash flow. With the start-up year behind us, and the company debt-free, Fiore management will be focused on executing our growth strategy through advancement of our Gold Rock project and strategic acquisitions of producing or near-production assets."

                      FY2017 RESULTS
   
                                                        Year ended Sept. 30,
Financial results of operations                           2017         2016       
Select items -- on a consolidated basis                  $000s        $000s    
 
Revenue                                                 10,696            -          
Gross profit                                             1,804            -          
(Loss) from operations                                  (4,127)      (1,273)    
Listing expense (1)                                    (13,354)           -          
Unrealized (loss) on change in FV of warrant derivative (1,069)           -          
Net (loss)                                             (18,992)      (1,353)    


(1) Total consideration paid for Fiore Exploration was $41.68-million, the
net fair value of assets received was $28.33-million. As discussed in further
detail in the company's management's discussion and analysis for the year ended
Sept. 30, 2017, the $13.35-million difference has been recorded as a "non-cash"
listing expense which is not capitalizable per IFRS; however, the company feels
other factors were valuable attributes of the transaction, including access to
public markets, immediate cash to expand the leach pad at Pan, bringing
together a team of investors and seasoned advisers to help lead the company
forward with its strategic plans, acquisition of four exploration properties in
Chile, including one of which is a large land package adjacent to and on strike with
an existing, silver-rich mine.
  

FY 2018 guidance

Mining production is expected to range between 4.75 million tons and 5.25 million tons of ore at a strip ratio of between 1.47 and 1.53. Gold production is anticipated to range from 35,000 ounces to 40,000 ounces during fiscal year 2018 at an expected total cash cost of approximately $742 per gold ounce sold.

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:

• Increase gold production at the Pan mine from a planned 35,000 ounces to 40,000 ounces in fiscal 2018 to between 40,000 ounces to 50,000 ounces per year by fiscal 2019;
• Advance exploration and development of the nearby Gold Rock project, with a resource update planned for late 2018;
• Acquire additional production or near-production assets in Nevada and surrounding states.

Qualified person

The scientific and technical information relating to Fiore Gold's properties contained in this press release was approved by Ken Brunk (MMSA), Fiore Gold's technical adviser and a qualified person under National Instrument 43-101.

We seek Safe Harbor.