Mr. Peter Gianulis reports

ALLEGIANT TO COMMENCE DRILLING ON THREE HIGH PROFILE TARGETS IN EASTSIDE DISTRICT

Allegiant Gold Ltd. will start drilling at its Eastside property in Nevada on, or about, Feb. 10, 2024.

At this time, the drilling program will consist of drilling 11 diamond core drill holes (DDH) for a total of approximately 3,200 metres. The drill holes will be within three distinct areas of the Eastside district, including two principal zones: the Castle and McIntosh zones. Big Sky Exploration, based in Eureka, Nev., has been contracted to operate the drill program.

Peter Gianulis, chief executive officer of Allegiant Gold, commented: "We are excited to get back in the field and drill and test these three high-impact zones at Eastside. I believe this drill program to be one of the most significant and important work programs that Allegiant has undertaken in the past three to four years. I want to thank our entire team for their dedication and discipline in creating a robust exploration model incorporating over 60,000 metres of drilling and assays, thousands of geochemical samples, geological maps, geophysics, and the recently completed structural geological mapping and interpretation. I am confident that this gives us the best opportunity for continued success in making the Eastside district, one of the premier projects in the State of Nevada. I am also very proud of our ability to undertake an extensive drill program without having to rely on the capital markets to finance our work -- a function of years of careful planning and extreme cost discipline."

McIntosh zone

At the McIntosh zone, the company plans to drill three to four diamond core drill holes at the High-Grade zone (HGZ) down to a depth of approximately 400 metres (approximately 1,200 m to 1,600 m of total drilling). The program will test the working hypothesis that precious metal (gold-silver) mineralization is hosted by parallel, sheeted, epithermal veins containing zones of high-grade gold and silver, as identified in prior drill programs. For example, drill hole ES-243 returned high-grade intercepts of up to 89 grams per tonne (g/t) gold and 217 g/t silver that indicate the potential for Bonanza-style epithermal gold-silver mineralization. The main goals of the 2024 drill program are to better comprehend the distribution of gold and silver mineralization (especially in the high-grade areas) and how it is controlled by lithology and structure; greater understanding of these controls will lead to more accurate targeting of zones of high-grade gold-silver mineralization, and potentially an upgrade of the overall average gold and silver grades of the deposit. All the data acquired throughout these planned programs will be integrated into a single three-dimensional computer-generated model that will be used for drill planning, resource estimation and mine planning using the most up-to-date software.

Furthermore, Allegiant expects to drill two additional diamond core drill holes (800 metres total drilling) to test the South Hill, an area that lies immediately to the south of the McIntosh zone, believed to be a fault offset extension of mineralization to the north and may occur closer to the surface.

Both the McIntosh and South Hill drill holes will be testing for sheeted, epithermal-style, vein-hosted gold-silver mineralization that the company's geologists believe is the principal host to potentially economic gold-silver mineralization. Additional holes may be added to the drill program if initial results prove encouraging -- the company has a fully permitted exploration plan of operation (PoO) in place at both the McIntosh and South Hill prospects.

Castle project

At the Castle project, which incorporates the formerly producing Boss mine, as well as the Berg, Black Rock and Castle prospects, the company plans to drill approximately six diamond core drill holes (total of 1,200 metres of drilling) with the goal of expanding and improving the project's resource(s) definition, and improve understanding of the mineralization host structures and gold distribution. The company believes that the Castle project has the potential to be significantly larger and at a higher grade than previously defined. Drilling in early 2023 proved the existence of mineralization that starts at a depth of only five m from surface at the previously producing Boss mine. For example, mineralization in drill hole ES-294, immediately southwest of the Boss mine main pit, occurred in the second sample, 1.5 m to three m below surface, and continued to a depth of 50 m. The drill plan in 2024 will begin with drilling under Allegiant's current notice-of-intent permit, which was received in June, 2023, and subsequently amended in August, 2023. The company has also filed a PoO with the BLM (Bureau of Land Management), an important step that will allow the company to drill to a production decision.

Issuance of stock options and restricted stock units

The board has approved the granting of 900,000 restricted stock units (RSUs) and 2.3 million incentive stock options to directors, officers and consultants. The options are exercisable at 15 cents for a period of five years and will vest in four equal parts over 18 months. The RSUs are exercisable until Dec. 31, 2027, and will vest annually over 36 months.

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 five highly prospective gold projects in the United States, all of which are 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.