Mr. Peter Gianulis reports

ALLEGIANT PROVIDES UPDATE ON EASTSIDE

Allegiant Gold Ltd. has provided an update on the Eastside District project.

The three main objectives over the near term at the Eastside District are as follows:

• Double the size of the resource at Eastside beyond the current combined inferred resource consisting of approximately 1.4 million ounces gold and 8.8 million ounces silver;
• Discover additional mineralized resource zones in close proximity to McIntosh zone;
• Retest the high-grade area within the McIntosh zone.

The strategy to achieve these goals involves the following programs over the coming months:

• Follow-up drilling at ES-239, which measured 111.3 metres of 1.45 grams per tonne gold (including 3.1 m of 39 g/t Au and 6.1 m of 113.35 g/t Ag at the bottom of the hole);
• Continued drilling at the East pediment and additional exploration targets at Eastside;
• An updated National Instrument 43-101 resource report (last update of July, 2021), to incorporate drilling from 2022-2024 at both McIntosh and Castle.

Peter Gianulis, chief executive officer of Allegiant Gold, stated: "Over the past few years, we've been quietly focused on expanding and deepening our understanding of the McIntosh and Castle prospects at Eastside. During this time, we have nearly doubled the inferred resource at the site. With gold reaching new record highs and the junior mining market showing signs of stabilization, we believe now is the right moment to increase our visibility within the investment community. At our current valuation of $10 (U.S.) per Au ounce, we are committed to growing our resources and demonstrating the vast potential at Eastside."

Background

Since its initial discovery in 2014 by Allegiant (a spinout from Columbus Gold Corp.), the company has conducted over 80,000 metres in reverse-circulation (RC) and diamond core (core) drilling primarily around the two main orebodies: McIntosh zone and Castle zone. Within these two zones, Allegiant has a combined inferred resource of approximately 1.4 million Au ounces and 8.8 million Ag ounces (1). The Eastside project totals over 22,000 acres (approximately 9,000 hectares), of which approximately 10 per cent of the area has been drilled and tested. The company has identified numerous other exploration targets throughout the property.

Over 50,000 metres of drilling has been conducted within the pit shell design encompassing the current inferred resource at the McIntosh zone. Additional drilling has occurred since the last resource estimate (July 30, 2021), was conducted at a gold price of $1,725 (U.S.).

(1) 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, Nev., with an effective date of July 30, 2021, contained a pit-constrained inferred resources (cut-off grade of 0.15 g/t Au) of 61.73 million tonnes grading 0.55 g/t Au and 4.4 g/t Ag at the original pit zone (1.09 million ounces gold and 8.7 million 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+.

Technical and geological summary

Eastside geology is known from the company's detailed surface mapping and careful logging of drill holes. It consists of layered Tertiary volcanic rocks lying over a basement of Paleozoic sedimentary rocks. A number of rhyolite dome complexes are present on the north half of Allegiant's claim block. The rhyolite cut all the Tertiary volcanic units and the Paleozoic basement rocks, and vented on the surface, erupting their layered tuff and volcanic breccia. Thirty-one separate dome complexes have been mapped to date, although significantly more domes exist on the property. Geothermal systems have formed either at the time of rhyolite emplacement or shortly thereafter. Steam-heated ground that formed near or at the surface is present as a capping. Hydrothermal alteration, likely related to the geothermal activity, is present over several kilometres near and in the rhyolite domes. Alteration is chalcedonic silica and/or argillic near surface and grades down into illite and quartz-adularia stockworks in broad zones of replacement silicification and adularia.

Drilling within and near two of the northernmost dome complexes discovered gold and silver at the McIntosh zone, hosted mainly (85 per cent) in the young rhyolite domes and dikes. Important alterations include multiple generations of quartz in stock works, replacement illite, adularia (both as flooding and in veins), and a variety of iron oxides mostly filling fractures. The domes at the McIntosh zone are the northernmost two of a highly prospective dome field, elongated north-south and measuring 10 kilometres by two km. The dome field contains 31 separate domes and is entirely covered by Allegiant's claim block. Higher grade intercepts in drill holes 239 and 243 appear to be associated with stronger quartz veining than typical. Future work programs in the McIntosh zone will focus on defining the extent of this high-grade zone to better understand the implications on resource growth, mine planning and economics.

To date, most exploration targets at Eastside that had been defined by surface sampling, lithologic and alteration mapping, and geophysics remain untested. A map on-line shows seven target areas which are magnetic lows coincident with anomalous geochemistry determined by over 3,500 surface samples. Two of these targets were partially tested in 2022, namely the East pediment (anomaly 5) and the West anomaly (anomaly 7), respectively). The East pediment is covered with 35 feet to 50 feet of young gravel, and drilling is blind.

East pediment drilling in 2022 encountered young rhyolite in hole ES-258, identical to that hosting most of the McIntosh zone deposit. Assays returned gold values above 0.1 g/t over 51.5 metres of the 242-metre length of drill hole ES-258. Intercepts include 86.4 m to 93.9 m averaging 1.3 g/t Au, including 86.4 m to 87.9 m averaging 4.4 g/t Au, along with 197 m to 229 m averaging 0.28 g/t Au. The mineralization in this hole remains open, especially to the north. Six additional holes were drilled in late August, 2024, within Target 5, including several north of E-258. Assays are pending for these holes.

Issuance of restricted stock units

The company has also granted 100,000 restricted stock units (RSUs) to a technical consultant of the company. The RSUs will vest over 12 months.

Qualified person

Andy Wallace 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, Eastside, 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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