Mr. Allan Fabbro reports

ALERIO GOLD ANNOUNCES MANAGEMENT CEASE TRADE ORDER

Alerio Gold Corp. has been granted a temporary management cease trade order (MCTO) under National Policy 12-203 -- Cease Trade Orders for Continuous Disclosure Defaults, which will prohibit trading securities of the company by certain individuals until such time as the required filings (defined herein) and all continuous disclosure requirements have been filed by the company and the MCTO has been lifted.

While the MCTO is effective, all management, officers and directors of the company will be prohibited from trading in the company's securities, but the general public, who are not insiders of the company, will continue to be able to trade in the company's listed securities.

The company expects it will be unable to file its audited financial statements for the year ended Aug. 31, 2023, and the related management's discussion and analysis and chief executive officer and chief financial officer certificates for this period before the Dec. 29, 2023, filing deadline.

The company's failure to file its required filings by the filing deadline is due to funding issues, resulting from a difficult fundraising market for junior exploration companies over the past nine months, which delayed commencement of the auditing process. The company's directors plan to finance the company's near-term capital needs, including the continuing costs of the audit. As of the date of this news release, additional audit procedures are still required. The company anticipates that it will be in a position to file the required filings on or about Jan. 29, 2024. The MCTO will be in effect until the required filings are filed.

The company confirms that there is no other material information relating to its affairs that has not been generally disclosed. The company will provide updates as further information relating to the annual financial filings becomes available. The company intends to satisfy the provision of the alternative information guidelines set out in sections 9 and 10 of NP 12-203 as long as the required filings are outstanding.

About Alerio Gold Corp.

Alerio Gold is a mineral exploration and development company in the business of acquiring, and exploring gold properties, with a focus in Guyana, South America. The company currently has 100-per-cent interest in two properties located in Guyana.

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