Mr. Peter Gianulis reports

ALLEGIANT ANNOUNCES PLANS TO DRILL DEEP TARGETS AT HIGH-GRADE ZONE

Allegiant Gold Ltd. plans to drill the High-Grade zone (HGZ) at the McIntosh zone and has released the results of its 18-hole, 4,800-metre exploration drill program at its flagship Eastside property near the town of Tonopah, Nev.

Upcoming core drill program -- expansion of High-Grade zone -- additional holes testing south anomaly

Allegiant will be mobilizing a diamond core rig (DDH) for a 2,000-to-3,000-metre program to further explore the deeper extension of the High-Grade zone discovered in 2021 that included:

• Hole 239 -- three metres of 39.0 grams per tonne gold and 6.1 metres of 113.35 g/t of silver;
• Hole 243 -- 148 metres of 2.6 g/t gold (including 14 metres of 21.9 g/t gold) (including 20 metres of 173.8 g/t silver);
• Hole 243 ended in gold mineralization, with the bottom running 12.2 m of 2.24 g/t Au (within a 55 m interval of 0.92 g/t Au.

Following the impressive discoveries by Anglogold at Silicon and Kinross at Phase X Round Mountain, both at depth within the Walker Lane, there is a compelling rationale to deepen the 2021 work at the HGZ at Eastside.

To date, no hole at Eastside has been drilled deeper than 420 metres from surface with multiple holes bottoming in bonanza-grade material.

The 2022 DDH program was a series of angled holes that tested the lateral extensions of the 2021 high-grade discovery; however, the program did not test mineralization at depth. This upcoming program will seek to drill down to over 600 metres at depth within the HGZ at McIntosh, including a step-out hole from ES-239. A further step-out vertical core hole from ES-243 will also be drilled to test the extensions (see news release from 2021). The 2021 drill program was the most successful program in the company's history. Three additional deep angle core holes are planned as gold mineralization is also known from previous drilling to be open south of the McIntosh zone and extending below South Mountain.

(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 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+.

Results of exploration program

The company drilled 18 exploratory reverse-circulation (RC) drill holes totalling 4,800 metres looking for additional mineralized zones up to two km beyond the McIntosh zone, including six shallow holes drilled in the East pediment.

Drilling encountered various levels of hydrothermal alteration but with low gold values. Results from this drilling will be used to guide future exploration to expand beyond the current open-pit shell design at the McIntosh zone.

Drilling on the pediment cut very strong alteration, quartz stockwork veining, massive replacement silicification and heavy iron oxides but carried only weakly anomalous gold. That alteration is untested north of the company's new drilling and provides a target for future work.

Drilling north and northwest of the McIntosh zone shows strong hydrothermal alteration in ES-330 and 334, indicating further drilling is warranted in those directions.

Peter Gianulis, chief executive officer of Allegiant Gold, commented: "Our objective is to drill a series of deeper diamond core holes targeting the HGZ. Some of our best results during the 2021 discovery ended in multiounce gold per tonne at approximately 400 metres at depth. We expect to drill down to 600 metres in a series of holes to test the 400- to 600-metre zone. We believe this drill program will be the most important drill program that we have conducted at the McIntosh zone. Over the coming weeks, we intend on providing an update on the drill targets and commencement date."

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, 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.