Mr. Peter Gianulis reports

ALLEGIANT ANNOUNCES COMPLETION OF PHASE 1 OPTION BY SUMMA SILVER, ACQUIRES 75% OF THE MOGOLLON PROJECT

Allegiant Gold Ltd. has completed the phase 1 option of the option agreement with Summa Silver Corp. for the Mogollon project in New Mexico, United States.

In connection with Summa's option and joint venture agreement dated Aug. 21, 2020, Summa intends to pay $100,000 (U.S.) in cash and issue, subject to approval from the TSX Venture Exchange, 4,398,831 common shares at a deemed price of 50.47 cents per common share in order to satisfy the $1.75-million (U.S.) third-anniversary payment. The common shares issued will have a statutory hold period of four months and one day from the date of issuance. Upon completion of the share issuance, Summa will have satisfied phase 1 of the option and joint venture agreement and have earned a 75-per-cent interest in the Mogollon project.

Peter Gianulis, chief executive officer of Allegiant Gold, commented: "It has been a pleasure to have worked with Summa Silver the past three years. They have proven to be an excellent partner in helping develop a high-quality asset such as our Mogollon project. We believe that Mogollon has the potential to be one of the premier underground gold/silver projects in the United States. Over the past four years, Allegiant has received approximately $7-million in cash and share payments from our farmout partners, which has led to our ability to finance our company and projects with minimal dilution. We look forward to continue advancing our Eastside district project and working closely with our farmout partners."

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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