Mr. Sean McGrath of Allegiant reports

ALLEGIANT GOLD LTD. ANNOUNCES INCREASE IN OWNERSHIP OF THE COMMON SHARES OF SUMMA SILVER CORP.

On Oct. 26, 2023, Allegiant Gold Ltd. acquired ownership of 8,912,884 common shares of Summa Silver Corp. at a deemed price of 45.79 cents per share.

The issuance of shares satisfies the company's requirement to exercise the phase 2 option pursuant to an option and joint venture agreement entered into between the acquiror and the company on Aug. 21, 2020. Following the issuance of the shares to the acquiror, the company acquired 100-per-cent ownership of the acquiror's Mogollon project located near Silver City, N.M. Prior to the acquisition of shares pursuant to the property transaction, the acquiror held 4,676,331 shares of the company, and the acquiror's non-diluted shareholdings represented approximately 4.89 per cent (4,676,331/95,723,700) of the company's issued and outstanding shares. The acquiror did not hold any convertible securities of the company prior to completion of the property transaction.

As a result of the acquisition of shares pursuant to the property transaction, the acquiror now holds a total of 13,589,215 shares of the company, and the acquiror's non-diluted shareholdings now represent approximately 12.99 per cent (13,589,215/104,636,584) of the company's issued and outstanding shares. The acquiror did not acquire any convertible securities of the company as a result of the property transaction.

Further details relating to the property transaction may be found in the Summa news release of the company dated Oct. 19, 2023, and filed on SEDAR+.

The shares were acquired pursuant to the agreement with respect to the acquisition of the project by the company. The acquiror may, depending on market and other conditions, increase or decrease its beneficial ownership of or control or direction over the company's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

To obtain a copy of the early warning report filed by the acquiror, please contact Sean McGrath at 604-634-0970/sean@allegiantgold.com or refer to the company's SEDAR+ profile.