Mr. Roger Rosmus reports

GOLIATH RECEIVES $1,730,882 THROUGH WARRANT EXERCISES, INCLUSIVE OF CRESCAT CAPITAL A LONGTIME STRATEGIC AND CORNERSTONE SHAREHOLDER

Goliath Resources Ltd.'s longtime strategic and cornerstone shareholders, inclusive of Crescat Capital, have exercised the balance of their remaining warrants. The company has received proceeds totalling $1,730,882 in the past few weeks from warrant exercises.

The only warrants that remain outstanding for Goliath are 2,590,673 priced at $2.50 expiring March 10, 2026, all held by one cornerstone strategic investor (see news Dec. 18, 2026), not including 841,777 finder warrants all expiring in 2027 with an average strike price of $2.59.

Kevin C. Smith, CFA, founder and chief executive officer of Crescat Capital, states: "Go, Roger and team. What an awesome and expansive gold layer cake you have uncovered! We are so happy to have been cornerstone investors since 2020. This new discovery has only continued to get bigger and better with more drilling, and it's still open. Now, there's a solid new hypothesis for even more growth, a potential gold-bearing magmatic causative intrusive source nearby. We have built a strong faith in Goliath's management and geologic team; we are very excited to see a lot more to come."

Roger Rosmus, founder and chief executive officer of Goliath, states: "Crescat Capital was one of the first strategic cornerstone investors in Goliath and we greatly appreciate their ongoing support. As well, the continued support of all our strategic investors which I believe is a true testament to the high quality of Surebet, our high-grade gold discovery in the Golden Triangle, B.C."

About Crescat Capital

Crescat is a multidisciplinary hedge fund firm headquartered in Denver, Colo. Its mission is to grow and protect wealth over complete business cycles by deploying tactical and strategic investment themes. The firm's investment process combines proprietary value-driven equity and macro models with veteran industry advisors. Crescat has been building activist stakes in a portfolio of precious and critical metals mining companies, one of its strongest conviction long-term investment themes. Crescat's funds include Precious Metals, Institutional Commodity, Long/Short, Global Macro and Institutional Macro.

About Golddigger property

The Golddigger property is 100 per cent controlled and covers an area of 91,518 hectares in a highly prospective geological setting of the Eskay Rift, within three kilometres of the Red Line in the Golden Triangle of British Columbia. This area, in close proximity to the Red Line, has hosted some of Canada's greatest gold mines including Eskay Creek, Premier and Snip. Other significant and well-known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris and Schaft Creek. Goliath controls 56 kilometres of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.

The Surebet discovery has predictable continuity and good metallurgy with gold recoveries from gravity and flotation at a 327-micrometre crush of 92.2 per cent including 48.8-per-cent free gold from gravity alone (no cyanide required to recover the gold). The metallurgy completed to date shows no deleterious elements are present (see news release dated March 1, 2023).

The property is in a well-positioned 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 tide water 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 of British Columbia and houses an international container seaport also with direct access to railway and an airport.

About CASERM (Center to Advance the Science of Exploration to Reclamation in Mining)

Goliath Resources is a paying member and active supporter of the Center to Advance the Science of Exploration to Reclamation in Mining (CASERM), which is one of the world's largest research centres in the mining sector. CASERM is a collaborative research venture between Colorado School of Mines and Virginia Tech that is supported by a consortium of mining and exploration companies, analytical instrumentation and software companies, and federal agencies aiming to transform the way geoscience data is acquired and used across the mining value chain. The center forms part of the I-UCRC program of the National Science Foundation. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface resources continuing through mine operation as well as closure and environmental remediation. Over the past three years, Goliath Resources' membership in CASERM has allowed a high level of research to be performed on the Surebet discovery.

Qualified person

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

About Goliath Resources Ltd.

Goliath Resources is an explorer of precious metals projects in the highly prospective Golden Triangle of northwestern British Columbia. All of its projects are in high-quality geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath recently completed its largest fully financed drill campaign to date for a total of 64,364 metres in 2025 and has 70 holes with assays pending. It is fully funded for another large (40,000- to 50,000-metre) drill program in 2026. The company's key strategic cornerstone shareholders include Crescat Capital, a global commodity group (Singapore), McEwen Inc. (New York Stock Exchange: MUX) (Toronto Stock Exchange: MUX), Waratah Capital Advisors, Rob McEwen, Eric Sprott and Larry Childress.

QA/QC (quality assurance/quality control) protocol and disclaimer

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, meterage blocks are checked, metre marks are labelled, recovery and RQD 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 2024 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration is sampled in lengths of 0.5 to 1.5 metres. 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. The bagged samples are then weighed and secured with a zip tie. Certified reference materials (CRMs), blanks and duplicates are added in the sample stream at a rate of 10 per cent. To ensure analytical anonymity, CRM identification labels are removed prior to submission to the laboratory. Additional out-of-sequence blanks are introduced immediately following core samples that contain VG-NE or high-grade sulphide mineralization.

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 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using handheld GPS units (accuracy three to 10 metres) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, et cetera) and a description of the rock were recorded on all-weather paper. Samples are then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, certified reference materials and duplicate samples are 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. The rice bags are transported from the core shacks to the MSALabs facilities in Terrace, B.C. MSALabs is certified with both AC89-IAS and ISO/IEC standard 17025:2017. The core samples undergo preparation via drying, crushing to approximately 70 per cent of the material passing a two-millimetre sieve and riffle splitting. The sample splits are weighed and transferred into three plastic jars, each containing between 300 g and 500 g of crushed sample material. A 250 g split is pulverized to ensure at least 85 per cent of the material passes through a 75-micrometre sieve. The crushed samples are transported to the MSALabs PhotonAssay facility in Prince George, where gold concentrations are quantified via photon assay analysis (method CPA-Au). Samples that result in gold concentrations greater than or equal to five parts per million are analyzed to extinction. Photon assay uses high-energy X-rays (photons) to excite atomic nuclei within the jarred samples, inducing the emission of secondary gamma rays, which are measured to quantify gold concentrations. The assays from all jars are combined on a weight-averaged basis. Multielement analyses are carried at the MSALabs facilities in Surrey, B.C., where 250 grams of pulverized splits are analyzed via ICF6xx and IMS-230 methods. The IMS-230 method uses four-acid digestion (a combination of hydrochloric, nitric, perchloric and hydrofluoric acids) followed by inductively coupled plasma emission spectrometry to quantify concentrations of 48 elements. Samples with overlimit results for Ag (silver), Cu (copper), Pb (lead) and Zn (zinc) undergo ore-grade analysis via the ICF-6xx method (where "x" denotes the target metal). This method employs four-acid digestion followed by inductively coupled plasma emission spectrometry.

Widths are reported in drill core lengths and the true widths are estimated to be 80 to 90 per cent and gold equivalent (AuEq) metal values are calculated using: Au $2,797.16 (U.S.)/ounce, Ag $31.28 (U.S.)/oz, Cu $4.25 (U.S.)/pound, Pb $1,955.58 (U.S.)/ton and Zn $2,750.50 (U.S.)/ton on Jan. 31, 2025. There is potential for economic recovery of gold, silver, copper, lead and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle mining camp where Goliath's project is located such as the Homestake Ridge gold project (Auryn Resources technical report, updated mineral resource estimate and preliminary economic assessment on the Homestake Ridge gold project, prepared by Minefill Services Inc. Bothell, Wash., dated May 29, 2020). Here, AuEq values were calculated using three-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs and transportation. Recoveries for gold were 85.5 per cent, silver at 74.6 per cent, copper at 74.6 per cent and lead at 45.3 per cent. It will be assumed that zinc can be recovered with the copper at the same recovery rate of 74.6 per cent. The quoted reference of metallurgical recoveries is not from Goliath's Golddigger project, Surebet zone mineralization and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a feasibility study can be eventually completed on the Golddigger project.

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.

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