Mr. Roger Rosmus reports

GOLIATH FINDS TREASURE ISLAND DISCOVERY UP TO 28.08 G/T AUEQ WITHIN MULTIPLE OUTCROPPING SHEAR-HOSTED POLYMETALLIC ZONES OVER 550 X 450 METERS, GOLDDIGGER PROPERTY, GOLDEN TRIANGLE, BRITISH COLUMBIA

Goliath Resources Ltd. has discovered a new high-grade gold-copper Treasure Island target that remains open on the Cambria Icefields at its 100-per-cent controlled Golddigger property, Golden Triangle, British Columbia. The new target contains channel samples that assayed up to 28.08 grams per tonne (g/t) gold equivalent (AuEq) and grab samples that assayed up to 11.08 g/t AuEq. Treasure Island is located 36 kilometres north of the Surebet discovery, six km to the east of, and on trend with, the Porter Idaho mine, and nine km east of Stewart, B.C. The target has recently been exposed as a result of glacial abatement and will be drill tested for the first time during the 2024 field season.

A total of 15 out of 16 channel cuts assayed more than one g/t AuEq, which corresponds to 94 per cent of channel cuts collected on Treasure Island to date. In addition, 13 out of 19 grab and chip samples assayed more than one g/t AuEq, which corresponds to 68 per cent of chip and grab samples collected on Treasure Island to date. Channel samples collected on Treasure Island assayed up to 28.08 g/t AuEq (20.60 g/t gold (Au), 63.60 g/t silver (Ag) and 5.04 per cent copper (Cu)) over 0.85 metre and 3.54 g/t AuEq (0.13 g/t Au, 23.96 g/t Ag and 2.34 per cent Cu). Grab and chip samples collected on Treasure Island assayed up to 11.08 g/t AuEq (0.04 g/t Au, 126 g/t Ag and 7.15 per cent Cu) and eight g/t AuEq (5.85 g/t Au, 20.70 g/t Ag and 1.43 per cent Cu). See the tables entitled "2023 grab and chip samples from Treasure Island" and "2023 channel samples from Treasure Island" for complete assay results.

The new high-grade gold-copper Treasure Island target consists of new mineralized bedrock outcrops that have been exposed by glacial melt. This newly discovered mineralized area shows multiple shear-hosted, polymetallic zones over a 550 m by 450 m northwest-southeast-trending area that remains open in all directions. Mineralized domains are up to 20 metres wide, with sections of massive chalcopyrite and pyrite occupying shears and forming sulphide-rich mineralization at structural intersections and embayment zones within strongly folded and sheared mudstone, siltstone and tuff units.

The new Treasure Island showing is located on the Cambria Icefields, six km east of, and on trend with, the Porter Idaho mine, which, between 1922 and 1950, produced 27,000 tons of ore averaging 0.97 g/t Au and 2,700 g/t Ag. The outcrop has only recently been exposed as a result of glacial retreat and permanent snowpack abatement, and it demonstrates the strong untapped potential for additional discoveries on the Golddigger property, which encompasses 56 km of the Red Line. The new target is drill ready and will be tested for the first time during the maiden 2024 drill campaign with at least 2,000 metres of drilling from five pads, and could quickly evolve into a significant high-grade discovery.

Multiple additional high-grade gold-silver-base-metals showings have been identified on the Cambria Icefields claims. These showings will be further explored during the 2024 field season in preparation for future drilling, and include the previously announced Metallica showing, as well as some new showings. The Metallica showing is located 19 km east of Treasure Island, and consists of strongly altered quartz-sulphide stockwork and veins up to 30 centimetres wide hosted in intermediate volcanic rocks, with 2 per cent pyrite, 1 per cent chalcopyrite and 1 per cent galena. The Big One showing is located 23 km southeast of Treasure Island and comprises several quartz calcite veins up to 10 cm wide hosted in sedimentary rocks, with up to 5 per cent pyrrhotite, and minor pyrite, arsenopyrite and chalcopyrite. The Honey Pot showing is located 15 km south of Treasure Island and consists of quartz veins up to 30 cm wide hosted in a diorite, with aggregations of pyrite. Multiple other showings have been discovered on the Cambria Icefields, and more prospecting, sampling and mapping is required in order to assess and expand on their mineral potential.

Roger Rosmus, founder and chief executive officer of Goliath Resources, states: "Discovering an outcrop along the Red Line with such extensive high-grade mineralization is truly a remarkable result and it is now drill ready for 2024. This discovery shows the early makings required to quickly evolve into the next big material gold discovery at Treasure Island. It's located within a few kilometres of the Red Line and from a past producer. It further confirms the team's quality work and the extraordinary untapped discovery potential remaining on the Golddigger property. The success of the 2023 exploration program further validates the company's vision to keep our known drilled discoveries in Goliath, and hold these newly evolving assets into a new company 100 per cent owned by Goliath for a potential spin-out dividend to unlock additional value for our shareholders."

Golddigger property

The Golddigger property is 100-per-cent controlled, covering an area of 64,264 hectares (158,800 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, which is host to multiple world-class deposits.

The Surebet discovery has exceptional metallurgy with gold recoveries of 92.2 per cent, inclusive of 48.8 per cent free gold from gravity alone at a 327-micrometre crush (no deleterious elements and no cyanide required to recover the gold based on metallurgical work completed to date).

It is in an excellent location in close proximity to the communities of Alice Arm and Kitsault, where there is a permitted mill site on private property. It is situated on tidewater with direct barge access to Prince Rupert (190 kilometres via 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 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 et cetera), 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

Venessa Bennett, PGeo, is the qualified person as defined by National Instrument 43-101, for Goliath Resource Ltd. 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.

Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 kilogram and five kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy three to 10 metres) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab etc.) and a description of the rock were recorded on all-weather paper. Samples were then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. Quality assurance/quality control samples, including blanks, standards and duplicate samples, were inserted regularly into the sample sequence 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 labs 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 kg). 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 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.