Mr. Peter Gianulis reports

ALLEGIANT CONFIRMS SIGNIFICANT LITHIUM-BORON ANOMALY IN THE BIG SMOKY VALLEY; DRILL PLANNING UNDERWAY

Allegiant Gold Ltd. has completed its sediment sampling program over the TS prospect and the results confirmed the initial finding of a significant lithium-boron anomaly along the western margin of the Big Smoky Valley basin, near Tonopah, Nev.

Allegiant has received very encouraging sediment sample assay results from 500 samples collected over its TS prospect. The aggregated results and interpretation will be used to design a core drilling program planned to occur in the summer-fall 2023.

TS prospect highlights:

• Greater than two-kilometre-long coincident lithium (Li) and boron (B) anomalies in sediments;
• Sample assays up to 342 parts per million Li and 194 ppm B;
• Coincident calcium anomaly consistent with calcite cemented claystones that host Li, B in the Tonopah area;
• Anomaly trends indicate a primary northwest-southeast and secondary north-south trend that may be associated with buried structures;
• Core drill testing planned for summer-fall 2023 once necessary permits have been obtained.

Peter Gianulis, chief executive officer of Allegiant Gold, commented: "We are extremely encouraged by the initial results of our sampling program and look forward to drilling these targets in the near future. Although we continue to solely be focused on precious metals at the Eastside district, our geological team were able to identify these targets and anomalies during a routine reconnaissance program. Our end goal is to add value for our shareholders, of which management and insiders continue to be the largest single group."

TS prospect

The TS (Travertine Sinter) prospect lies approximately 2.2 km east of the easternmost claims of the Eastside prospect; the claim block covers an area of approximately 4.1 km by 2.5 km, or 1,020 hectares. The claim block is located around several travertine sinter occurrences that are believed to overly basin bounding faults on the western edge of the Big Smoky Valley basin approximately 29 km west-northwest Tonopah, Nev.

The main travertine sinter occurrence outcrops as a small hill and is associated with a series of roughly north-south-trending smaller travertine sinter outcrops. The north-south nature of the outcrops is coincident with features identified from airborne magnetometer surveys and ground-based gravity surveys and are believed to represent north-south Big Smoky Valley basin-bounding normal faults. These surveys also identified an embayment feature that may represent a shallow, fault-bounded paleo-lakebed within the unconsolidated sediments that overlie the older volcanic and sedimentary basement rocks.

The geochemical sediment survey collected 500 samples and included duplicates, blanks and standards as part of quality assurance/quality control. Samples were taken from unconsolidated sediments from a depth of 30 to 45 centimetres below the surface; the reasoning for this was to get below the immediate weathering and sediment transport surface, and into the less disturbed near-surface sediment layer. In this region, due to the drainage patters, there is virtually no well-developed soil horizon from which to collect C-horizon sediments. Samples were analyzed by ALS Global; sample preparation was carried out at the laboratory in Sparks, Nev.; final analysis was carried out at its laboratory in Vancouver, Canada. The analysis method applied uses a 25-gram sample charge; the sample is digested with aqua regia and then 53 elements analyzed by supertrace inductively coupled plasma mass spectrometry, including gold, silver, platinum, palladium, Li and B that are not routinely analyzed for by ICP wet geochemistry.

The geochemical survey approach has successfully indicated distinct and coincident lithium and boron anomalies that form a primary, elongate northwest-southeast trend that also appears to have a second north-south component. Allegiant's geologists believe that these trends are related to the underlying basin bounding and interbasin fault structures, and may be indicative of potential areas of fluid flow. Many of the samples collected were calcite cemented clay, silt and fine sandstone that are like reports of lithium-bearing occurrences from elsewhere in the Big Smoky Valley, west of Tonopah, Nev.

Qualified person

Alan Roberts is a certified professional geologist (CPG) with the American Institute of Professional Geologists and is the qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, who has reviewed and approved the scientific and technical content of this press release.

About Allegiant Gold Ltd.

Allegiant owns six highly prospective gold projects in the United States, five of which are in the mining-friendly jurisdiction of Nevada. Two of Allegiant's projects are currently farmed out, providing for cost reductions and cash flow. Allegiant's flagship, district-scale Eastside project hosts a large and expanding gold resource and is in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.

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