Mr. Peter Gianulis reports

ALLEGIANT GOLD ANNOUNCES EFFECTIVE DATE FOR SHARE CONSOLIDATION

Further to the news release of May 22, 2025, and subject to approval from the TSX Venture Exchange, Allegiant Gold Ltd. will effect the consolidation of its common shares on the basis of one new share for every two old shares on or about Monday, June 2, 2025.

The common shares will commence trading on the TSX-V on a postconsolidation basis, effective at market opening on Monday, June 2, 2025. As of the date hereof, there are 106,076,830 shares issued and outstanding. On a postconsolidation basis, the company will have approximately 53,038,420 shares issued and outstanding.

Pursuant to the Business Corporations Act (British Columbia) and the articles of the company, shareholder approval of the consolidation is not required, and the consolidation was approved by way of resolution passed by the board of directors of the company.

The company's name and trading symbol will remain unchanged following the consolidation. The new ISIN of Allegiant is 01750B303, and the new Cusip is CA01750B3039.

No fractional shares will be issued as a result of the consolidation. Any fractional interest in shares that is less than 0.5 of a share resulting from the consolidation will be rounded down to the nearest whole share, and any fractional interest in shares that is equal to or greater than 0.5 of a share will be rounded up to the nearest whole share. The consolidation will affect all shareholders uniformly and will not alter any shareholders' relative interest in the company's equity securities, except for any adjustments for fractional shares. The exercise or conversion price of, and the number of shares issuable under, any convertible securities of the company will be proportionately adjusted upon the completion of the consolidation.

Registered shareholders will receive a letter of transmittal from the company's transfer agent, Computershare Investor Services Inc., providing instructions on how to exchange their share certificates representing preconsolidation shares for new share certificates or direct registration advice representing postconsolidation shares to which they are entitled as a result of the consolidation. No action is required by non-registered shareholders (shareholders who hold their shares through an intermediary) to effect the consolidation. The letter of transmittal will also be available on the company's SEDAR+ profile.

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.