Mr. Peter Gianulis reports

ALLEGIANT COMPLETES SALE OF MOGOLLON PROPERTY TO SUMMA SILVER

Allegiant Gold Ltd. has completed phase 2 of the option and joint venture agreement with Summa Silver Corp. for the Mogollon property in New Mexico, United States.

In connection with the Option Agreement dated August 21, 2020, Summa has issued 8,912,884 common shares at a deemed price of $0.4579 per common share in order to satisfy the US$3,000,000 phase two option payment and, thereby have completed the acquisition of 100% ownership of Mogollon. The shares issued to Allegiant will have a statutory hold period of four months and one day from the date of issuance.

As a result of this payment, Allegiant now holds over 13.6M shares of Summa. Including all previous payments from Summa, Allegiant has received approximately US$6.2 million in cash proceeds and shares of Summa for the acquisition of Mogollon under the Option Agreement.

Peter Gianulis, CEO of Allegiant Gold , commented: "We are pleased to have owned Mogollon for close to 15 years and now turn it over to a great management and technical team in Summa Silver. It truly has been a joy working with them the past four years. I am confident that they will be able to maximize the value in the property and, as a large shareholder in Summa, we look forward to the advancement and development of Mogollon. Over four years ago, we embarked on our current strategy of focusing on our Flagship Project, Eastside, with over 1.4 million ounces of gold and close to 9 million ounces of silver in the inferred category.* We have been able to double the inferred resource over this period of time while keeping dilution to one of the lowest in our peer group over that period of time. We continue to advance Eastside and strongly believe that we have the potential to significantly increase the resource size and, more importantly, increase the profitable ounces in ground while keeping dilution to a minimum. This, in our opinion, is the single best way to increase shareholder value."

* The updated resource estimate ("Updated Resource Estimate and NI 43-101 Technical Report, Eastside and Castle Gold-Silver Project Technical Report, Esmeralda County, Nevada") conducted by Mine Development Associates (" MDA ") of Reno, Nevada, with an effective date of July 30, 2021, contained a pit-constrained Inferred Resources (cut-off grade of 0.15 g/t Au) of 61,730,000 tonnes grading 0.55 g/t Au and 4.4 g/t Ag at the Original Pit Zone (1,090,000 ounces gold and 8,700,000 ounces silver) and 19,986,000 tonnes grading 0.49 g/t Au at the Castle Area (314,000 ounces gold). A copy of the Eastside Technical Report can be found on SEDAR at www.sedar.com.

ABOUT ALLEGIANT

Allegiant owns five highly prospective gold projects in the mining-friendly jurisdiction of Nevada. 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.

We seek Safe Harbor.