Mr. Paul Saxton reports

LINCOLN ANNOUNCES ACQUISITION OF BELL MOUNTAIN GOLD PROJECT, NEVADA

Lincoln Gold Mining Inc. has entered into an agreement with Lincoln Resource Group Corp., a wholly owned subsidiary of the company, Eros Resources Corp. and Bell Mountain Exploration Corp., a wholly owned subsidiary of Eros, to acquire all of the assets that comprise the Bell Mountain project located in Churchill county, Nevada. The closing of the transaction remains subject to the satisfaction of customary closing conditions for a transaction of such nature, including acceptance by the TSX Venture Exchange. The transaction will be an arm's-length transaction under exchange policies.

Bell Mountain project description

The project is located in Churchill county, Nevada, an approximately three-hour drive southeast of Reno. Bell Mountain has excellent access and is in a mining-friendly county. Lincoln Gold is very familiar with the project as it was part of Lincoln Gold's group of projects several years ago until it was optioned and sold to Eros. The project is made up of 174 unpatented lode claims, and is under the jurisdictions of the Bureau of Land Management and the State of Nevada. Bell Mountain is 100 per cent controlled by Eros, and has a gold and silver resource. The project has all major permits in place to advance it through construction and into operations.

Bell Mountain is only a two-hour drive from Lincoln Gold's Pine Grove project, located in Lyon county, Nevada. The properties are close enough in distance so that one team of management, engineering, environmental, cultural and administrative personnel could operate both properties, and one recovery plant could handle both projects. Both projects are advanced-stage gold exploration projects with established resources, and both projects have significant exploration potential. All these factors will help reduce overall capital and operating costs and will make for an exciting operating plan.

For further details on Bell Mountain, please see the company's news releases dated Aug. 10, 2023, and Oct. 27, 2023.

Transaction terms

Under the terms of the purchase agreement, Lincoln Gold has agreed to issue to either BMEC or Eros, as directed by Eros: (a) three million common shares in the capital of the company on the closing date of the transaction; and (b) 1.5 million shares within five business days of the date on which Lincoln Gold completes any issuance of shares, the result of which is that there are at least 28.5 million shares issued and outstanding. Following the closing date, one of Eros or BMEC will be an insider of the company.

Lincoln Resource will also grant to BMEC a net profit interest of 7.5 per cent of the net returns from gold and silver produced or extracted from the project up to a maximum amount of $2-million (U.S.). No finders' fees will be paid in connection with the transaction.

Closing of the transaction is subject to final exchange acceptance.

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 Gold 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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