Mr. Roger Rosmus reports

18,000 METERS OF DRILLING UNDERWAY AT GOLIATH'S EXTENSIVE NEW HIGH-GRADE GOLD-SILVER DISCOVERY IN THE GOLDEN TRIANGLE, B.C.

Goliath Resources Ltd. has commenced 18,000 metres of diamond drilling, including a maiden drill program on its newly discovered Goldswarm zone, at its 100-per-cent-controlled Golddigger project in the Golden Triangle, British Columbia. This project is on tidewater in a world-class geological setting near Stewart, in the Golden Triangle of British Columbia infrastructure nearby. The Homestake Ridge deposit and Dolly Varden silver mine (Dolly Varden Silver Corp.), and the Kinskuch project (Hecla Mining Company) are in close proximity.

Dr. Quinton Hennigh, geologic/technical director to Crescat Capital, a strategic shareholder of Goliath, commented: "This year, Goliath will be implementing a well-designed drill program geared toward grade and growth. One of the main focuses of this season's drilling will be to better delineate and expand high-grade mineralization discovered last year around the eastern side of the Surebet zone and Bonanza shear. More information from these areas could contribute substantially to the future mineral resource estimate for the project. Chasing mineralization towards its presumed source at the Golden Gate feeder zone is also in the cards. In addition, the company will undertake maiden drilling at new targets like Goldswarm where outcropping mineralization simulate to Surebet was discovered last year. Lastly, Goliath's team will conduct intensive boots-on-the-ground work flushing out new targets in areas were early-level geochemical sampling points to further discovery potential, especially in the northern part of the Golddigger project. I am thoroughly excited to see the program begin and am eager to be on site to see the project myself in a few weeks."

Roger Rosmus, chief executive officer of Goliath, states: "We very pleased that drilling has commenced for another aggressive 2023 drill campaign of 18,000 metres at Golddigger. This year's campaign will include a maiden program at our newly discovered mineralized Goldswarm zone having 650 metres of vertical relief and on strike with the Surebet discovery four kilometres to the north that could potentially deliver another material drill discovery on the property. This year's exploration campaign also includes developing new high-grade drill targets for 2024 with a focus on many newly seen outcrops popping up at surface within the ice fields located in the northern region of our significantly expanded property area. The Golddigger property is in a geo-political safe mining jurisdiction and key geologic setting where many world-class deposits have been discovered. We look forward to reporting this year's exploration and drilling results for a combined total of 20,000 metres in 2023 from the Golddigger and Lucky Strike properties."

Goliath is planned for an aggressive 18,000 metres of drilling this year, totalling 70 holes from 21 separate drill pads on the Golddigger property. The campaign will be focused on higher-grade zones and expanding the footprint of the newly discovered Surebet zone/Bonanza shear to the east-southeast-northeast. Inclusive of this year's campaign, there is a maiden drill program planned at its newly discovered Goldswarm zone four km along strike to the north of the Surebet zone having similar mineralization and structures exposed at surface where channel cuts assayed up to 29.70 grams per tonne Au over 0.55 metre, 25.1 gpt Au over 0.40 metre and grabs up to 54.3 g/t Au providing additional upside potential of a new drill discovery in 2023.

The maiden drill campaign in 2021 at the Golddigger property and follow-up drilling program in 2022 is a total of 31,652 metres to date. Drilling to date has a 97-per-cent success hit rate as 86 holes of 92 totalling intercepted significant widths of high-grade gold-silver over a 1.6-square-kilometre area at Surebet. This area has one km of mineralized strike exposed at surface and 1.1 km of mineralized down-dip extent exposed at surface with 700 metres of vertical relief.

Golddigger property

The Golddigger property is 100 per cent controlled, covering an area of 59,089 hectares (146,012 acres), and is in the world-class geological setting of the Eskay Rift within the Golden Triangle of British Columbia and within three kilometres of the Red Line that is host to multiple world-class deposits. The Surebet discovery is in an excellent location in close proximity to the communities of Alice Arm and Kitsault situated on tidewater with direct barge access to Prince Rupert (190 kilometres by the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometres from Terrace, 300 kilometres from Prince Rupert) and has a barge landing, dock and infrastructure capable of housing at least 300 people, including high-tension power. Additional infrastructure in the area includes the Dolly Varden silver mine road (only seven kilometres to the east of the Surebet discovery) with direct road access to the Alice Arm barge landing (18 kilometres to the south of the Surebet discovery) and high-tension power (25 kilometres to the east of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways and airport with supplies (food, fuel, lumber etc.), while the town of Prince Rupert (population 12,000) is located on the West Coast and houses an international container seaport also with direct access to railway and an airport with supplies.

Qualified person

Rein Turna, PGeo, is the qualified person as defined by National Instrument 43-101 for Goliath Resources projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.

Other

Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the company. Core boxes are transported by helicopter to the staging area, and then transported by truck to the core shack. The core is then reorientated, metreage blocks are checked, metre marks are labelled, recovery and RQD (rock quality designation) measurements taken, and primary bedding and secondary structural features, including veins, dikes, cleavage and shears, are noted and measured. The core is then described and transcribed in MX deposit. Drill holes were planned using Leapfrog Geo and QGIS software and data from the 2017 to 2022 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration are sampled in lengths of 0.5 to 1.5 m. Core samples are cut lengthwise in half; one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. Standards, blanks and duplicates were added in the sample stream at a rate of 10 per cent. All samples are transported in rice bags sealed with numbered security tags. A transport company takes them from the core shack to the ALS lab facilities in North Vancouver. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS samples were processed, dried, crushed and pulverized before analysis using the ME-MS61 and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is digested with perchloric, nitric, hydrofluoric and hydrochloric acids. The residue is topped up with dilute hydrochloric acid and analyzed by inductively coupled plasma atomic emission spectrometry. Overlimits were reanalyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically one to three kilograms). The sample is crushed and screened (usually to minus 106 micron) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analyzed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to determine the contribution of the coarse gold.

The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

About Goliath Resources Ltd.

Goliath Resources is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia and the Abitibi greenstone belt of Quebec. All of its projects are in world-class geological settings and geopolitical safe jurisdictions amenable to mining in Canada.

We seek Safe Harbor.