Mr. Paul Saxton reports

LINCOLN PROVIDES UPDATE ON PROPOSED ACQUISITION OF THE BELL MOUNTAIN PROJECT FROM EROS RESOURCES CORP.

Lincoln Gold Mining Inc. has provided an update on its proposed acquisition of the Bell Mountain project from Eros Resources Corp. Further to the company's news release dated Aug. 10, 2023, the company and Eros entered into a non-binding letter of intent (LOI), pursuant to which the parties agreed to negotiate the terms of a definitive agreement providing for the acquisition of the project by the company.

The company remains committed to advancing the transaction and is working diligently with Eros to settle the terms of the definitive agreement. It is encouraged by the recent progress in negotiations and remains confident that an agreement will be finalized shortly.

The proposed acquisition is aligned with Lincoln's commitment to responsible and sustainable mining practices while maximizing shareholder value. Given the project's proximity to the company's Pine Grove project, one team of personnel could operate both properties and only one recovery plant would be needed.

Please refer to the company's news release dated Aug. 10, 2023, for additional details regarding the project and the company's strategic vision for the proposed acquisition.

About Lincoln Gold Mining Inc.

Lincoln Gold is an advanced-stage gold mine exploration and development company holding a 100-per-cent interest in the Pine Grove gold project in the Walker Lane structural zone of western Nevada. The company has prepared a preliminary economic assessment of the Pine Grove gold project pursuant to National Instrument 43-101, Standards of Disclosure for Mineral Projects.

Lincoln holds its interests in the U.S. projects through its wholly owned subsidiaries, Lincoln Resource Group Corp. and Lincoln Gold U.S. Corp., both Nevada corporations.

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