Mr. Peter Gianulis reports

ALLEGIANT GOLD ANNOUNCES CLOSING OF FULLY SUBSCRIBED NON-BROKERED PRIVATE PLACEMENT

Allegiant Gold Ltd., further to its news release of June 2, 2025, has closed its non-brokered private placement, raising gross proceeds of $3,499,260 through the issuance of 19,440,332 units at a price of 18 cents per unit. Each unit consists of one common share and one-half of one common share purchase warrant.

Each warrant entitles the holder to acquire an additional common share at a price of 28 cents for a period of 12 months from the date of closing of the offering, provided that in the event that the closing price of the company's common shares on the TSX Venture Exchange (or such other exchange on which the company's common shares may become traded) is 70 cents or greater per common share during any 10-consecutive-trading-day period at any time subsequent to four months and one day after the closing date, the warrants will expire at 4 p.m. Vancouver time on the 30th day after the date on which the company provides notice of such accelerated expiry to the holders of the warrants.

Peter Gianulis, chief executive officer of Allegiant Gold, commented: "We are very pleased to have closed this fully subscribed private placement for $3.5-million from a select group of long-term supportive shareholders. This financing will fund our drilling program at our flagship Eastside gold-silver project. A minimum of 7,000 metres is planned to follow up on newly identified structures and existing targets within the high-grade gold and silver zones. The Eastside project currently has 1.4 million ounces of inferred gold and 8.8 million ounces of inferred silver resources (1) defined, which remains open to the south, west and at depth. This is a very exciting time for the company. With our new and our supportive existing group of long-term investors, positive drill results which prove our growth thesis has the potential to lead to a significant rerating of the share price."

(1) The updated resource estimate ("Updated Resource Estimate and National Instrument 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 gram per tonne (g/t) gold (Au)) of 61.73 million tonnes grading 0.55 g/t Au and 4.4 g/t silver (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+.

The company paid finders' fees of $244,948 in cash and issued 1,360,823 finders' warrants to arm's-length finders in accordance with the policies of the exchange. The finders' warrants are non-transferable and exercisable at 28 cents per common share until the expiry date, subject to the accelerated expiry provisions.

All securities issued in connection with the offering are subject to a four-month statutory hold period following closing and the exchange hold period expiring on Oct. 27, 2025.

The net proceeds from the offering will be used for exploration at its Eastside property and for general working capital.

The offering remains subject to the final approval of the exchange.

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.