Mr. David Anderson reports

AVIDIAN GOLD ANNOUNCES NON-BROKERED $1.7M PRIVATE PLACEMENT AND STRATEGIC INVESTMENT BY CRESCAT CAPITAL LLC

Avidian Gold Corp. has entered into an agreement with Crescat Capital LLC, pursuant to which Crescat will acquire $1.7-million worth of units of the company at the price of 33 cents per unit, which shall be offered to Crescat pursuant to a private placement of units, as described herein. Each Unit will consist of one common share of the Company and one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to acquire a Common Share at $0.55 per Common Share for twenty-four (24) months following the issuance of Warrants. The Company will have the right to accelerate the expiry of the Warrants to a date that shall be 30 days following the date of an acceleration notice given by the Company in the event that the VWAP of Common Shares shall equal or exceed $0.825 for 20 consecutive days following the expiration of the statutory hold period to which the Warrants will be subject.

In connection with the acquisition of Units by Crescat, the Company will grant to Crescat, for as long as Crescat holds at least 5% in the Company's common Shares (on a partially diluted basis), a right to participate in future equity financings of the Company so as to maintain Crescat's pro-rata ownership of the securities of the Company.

David Anderson, chairman and chief executive officer of Avidian, stated: "We are pleased to welcome Crescat as a major shareholder of Avidian. Crescat is a US based, long term investor, that brings financial and technical expertise to the Avidian team as well as exposure to the US market. Shareholders like Crescat and Eric Sprott (see July 14, 2020 News Release), bring stability to our shareholder base and access to future capital as projects evolve. The funds from this financing will allow Avidian to expand 2020 exploration programs at Amanita and the Golden Zone. We look forward to working together in the years ahead."

Kevin C. Smith, CFA, Partner and Chief Investment Officer of Crescat, commented as follows: "Our goal at this stage of the precious metals cycle is to identify and invest in a portfolio of the largest and most economic new gold and silver deposits in viable jurisdictions around the world. We are excited about the potential of both Amanita and Golden Zone and happy to send exploration funding in that direction."

Crescat will be the sole participant in the Offering. The Offering is anticipated to close on or about August 11, 2020. The net proceeds from the Offering shall be primarily used for the development of Avidian's mineral properties and for general and administrative expenses.

The Offering and Crescat's participation therein are conditional upon receipt of required regulatory approvals, including the approval of the TSX Venture Exchange. The securities issued pursuant to the Offering will be subject to four months and a day statutory hold period in accordance with applicable Canadian securities laws.

About Crescat Capital LLC

Crescat is a global macro asset management firm headquartered in Denver, Colorado, which deploys tactical investment themes based on proprietary value-driven equity and macro models. Crescat's investment goals are to provide industry leading absolute and risk-adjusted returns over complete business cycles with low correlation to common benchmarks and they apply their investment process across a mix of asset classes and strategies. Crescat is taking activist stakes in the precious metals exploration industry today as one of its key macro themes.

About Avidian Gold Corp.

Avidian brings a disciplined and veteran team of project managers together with a regional scale advanced stage gold-copper exploration portfolio in Alaska. Avidian's Golden Zone project also hosts a NI 43-101 Indicated gold resource of 267,400 ounces (4,187,000 tonnes at 1.99 g/t Au) plus an Inferred gold resource of 35,900 ounces (1,353,000 tonnes at 0.83 g/t Au). Additional projects include the Amanita gold property which is adjacent to Kinross Gold's Fort Knox gold mine in Alaska and the Jungo gold/copper property in Nevada.

Avidian is the majority owner of High Tide Resources, a private company with an option on the Labrador West iron ore property and owns the base metal Strickland Property and the Black Raven gold property, all located in Newfoundland and Labrador, Canada.

Avidian is focused on and committed to the development of advanced stage mineral projects throughout first world mining friendly jurisdictions using industry best practices combined with a strong social license from local communities.

The technical information in this news release has been approved by Steve Roebuck, P.Geo and President of Avidian Gold, who is a Qualified Person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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