Mr. Rick Howes reports

REUNION GOLD SIGNIFICANTLY INCREASES OUNCES AND GRADE IN AN UPDATED MINERAL RESOURCE ESTIMATE AT THE OKO WEST PROJECT IN GUYANA, WITH AN INDICATED RESOURCE OF 4.3 MILLION OUNCES OF GOLD AT 2.05 G/T AND AN INFERRED RESOURCE OF 1.6 MILLION OUNCES OF GOLD AT 2.59 G/T

Reunion Gold Corp. has released an updated mineral resource estimate (MRE or resource) at the Kairuni zone on its 100-per-cent-owned Oko West project in Guyana. The updated resource shows a significant increase in both grades and contained gold within the overall MRE, which also includes a substantial initial underground resource, as shown in the table entitled "Oko West summary of mineral resource estimate."

Highlights from the updated MRE include:

• Total contained gold in open-pit and underground indicated resources increased by 72.4 per cent relative to the June, 2023, MRE;
• Contained gold in the indicated category of the open pit increased by 71.2 per cent to 4.2 million ounces (Moz), while the grade increased by 11.7 per cent to 2.06 grams per tonne (g/t) gold (Au);
• Gold grades contained in the total open-pit and underground indicated resources increased by 11.6 per cent to 2.05 g/t Au, while the grade of the total inferred ounces increased by 28.5 per cent to 2.59 g/t Au;
• A significant initial underground resource of 1.1 Moz of gold in the inferred category grading 3.12 g/t Au;
• The mineralization remains open at depth below the limits of the defined resources in Block 4 at over 1,000 metres depth;
• This updated MRE, including both the open-pit and underground resources, will be used in the preliminary economic assessment (PEA), expected to be released before the end of Q2 2024.

The total combined open-pit and underground resource reported in this MRE includes 4.3 million ounces of gold in indicated resources contained within 64.6 million tonnes grading 2.05 grams per tonne Au, with an additional 1.6 Moz of gold in inferred resources, contained within 19.2 Mt grading 2.59 g/t Au. The MRE was prepared by G Mining Services Inc., with an effective date of Feb. 7, 2024.

Rick Howes, president and chief executive officer of Reunion Gold, commented: "We are very pleased with the results of the updated mineral resource for Oko West, which show a significant increase in both the overall resource and the grades of the resource. The increase in both the size and grade has the potential to add tremendous value to the Oko West project. We are particularly encouraged by both the substantial increase in the open-pit resource size and grade, as well as the initial size and grade of the underground resource, which remains open below the one-kilometre depth of drilling to date. With this update, 90 per cent of the open-pit resource is now in the indicated category, with an increase of 71 per cent in indicated resources to 4.2 Moz and a 12-per-cent increase in the gold grade of the indicated resource."

Initial underground resource

This MRE update includes an initial constrained underground resource for Oko West of 1.1 Moz of gold in the inferred resource category, contained within 11.1 Mt at a grade of 3.12 g/t Au, and an additional 29,000 ounces of gold in the indicated category. The underground resource was calculated using a cut-off grade of 1.38 g/t Au, undiluted, and is contained in five zones, as shown in the table entitled "Oko West underground MRE summary." The bulk of the ounces are located in the Central underground zone, which represents the extension of the high-grade zone in Block 4 at depth, below the limits of the open-pit MRE. The underground resources are estimated from zones outside the constrained resources of the open pit. Both the Central zone and the South zone mineralization remains open to expansion at depth. A drill program is currently under way to convert gold ounces contained within the inferred category of the underground MRE to the indicated category.

Mr. Howes further stated: "The upcoming PEA will investigate the opportunity to develop concurrent open-pit and underground mining operations, which we feel has the potential to add substantially to the overall value of the Oko West project. We are on track to release the PEA results in Q2 2024. We also continue to explore other potential targets on our prospecting licence, and advance our permitting activities and other studies."

Open-pit-constrained resource

The updated open-pit-constrained MRE by weathering category is shown in the table entitled "Oko West open-pit-constrained MRE summary by weathering profile." The open-pit resource was calculated to a depth of approximately 640 m (about 55 m below the pit bottom used in the previous resource calculation -- initial MRE, June, 2023) and is composed of 4.2 million ounces of gold in the indicated category, contained within 64.1 million tonnes grading 2.06 g/t Au, plus an additional 488,000 ounces of gold in the inferred category, contained within 8.1 Mt grading 1.87 g/t. This represents a 71.2-per-cent increase in the indicated pit-constrained resource from the initial MRE (see press release dated June 13, 2023) with an 11.7-per-cent increase in grade. The increase in the pit-constrained indicated ounces and grades reflects the trend toward increasing grades at depth in the Block 4 area of the Kairuni. The reduction in inferred ounces from the June, 2023, MRE reflects the high rate of conversion to an indicated category resulting from the infill drilling program. Approximately 90 per cent of the total open-pit resources have now been converted to the indicated category, with most of the remaining inferred ounces located within Blocks 5 and 6.

Over 500,000 ounces of the indicated open-pit resource is contained in the saprolite and transitional material. This material will provide free digging and relatively soft feed that can be sent to the mill early in the mine life, providing potential for higher levels of gold output with commensurately lower costs, and providing the potential for a rapid payback period.

Additional information about the updated MRE

The vast majority of ounces in the open pit are in the indicated category. In addition, at the pit floor, when underground stopes begin, there is a significant increase in grade associated with the mining method.

A total of 565 drill holes totalling 144,134.6 metres were included in the calculation of this MRE, composed of 125,705.6 metres in 393 diamond drill holes and 18,429 metres in 172 reverse circulation (RC) drill holes. A total of 57 trenches totalling 6,538.5 metres were also included in the calculation. The updated resource is based on approximately 60,700 metres of additional drilling from 134 diamond drill holes and 10 RC holes completed on Blocks 1 through 6.

As stated in the MRE summary notes under the tables entitled "Oko West underground MRE summary" and "Oko West open-pit-constrained MRE summary by weathering profile," the key economic parameters used to determine the MRE include a gold price of $1,950 (U.S.) per ounce and a varying cut-off grade depending on weathering profile (0.30 g/t Au for saprolite and alluvium/colluvium, 0.31 g/t Au for transition, and 0.37 g/t Au for fresh rock). A cut-off grade of 1.38 g/t Au was used to calculate the underground MRE.

Exploration and drilling programs

Drilling at the project is continuing, with five diamond drill rigs focused on resource conversion and exploration in and around Blocks 1 to 6, as well as one diamond drill rig and two RC rigs that continue exploration drilling south of the MRE and in other areas of the project. The drill programs on Blocks 1 through 6 are focused on: (1) expansion of the MRE both to the south and at depth; and (2) upgrading the underground inferred resource to the indicated category, whilst the exploration drilling is focused on the potential for satellite deposits at Oko West outside of the MRE. The above drill program is expected to be approximately 30,000 metres of diamond drilling, of which approximately 20,000 metres will be allocated to converting the underground inferred resources to indicated. In addition, the company has commenced a geotechnical drilling program in areas designated for possible tailings and waste rock storage facility locations.

Outside of the Oko West project, the company intends to make use of its substantial knowledge, expertise and local connections within the mining and exploration community in the Guiana Shield to identify, acquire and explore new exploration projects, both around Oko West, and elsewhere within Guyana and Suriname.

Data validation

The drilling database used to estimate the mineral resources reported in this press release was reviewed by G Mining Services. A site visit was conducted by Pascal Delisle, PGeo, to inspect mineralized intervals, alteration assemblages and quality assurance/quality control (QA/QC) protocols, and to conduct field checks of trenches and to validate drill collars. Database verifications consisted of drill logs (including lithology, alteration and weathering), assay certificates, sample intervals, drill hole collars, downhole survey information and QA/QC results validations.

Technical report and qualified persons

The company intends to file a technical report to support the updated MRE on SEDAR+ within 45 days of this news release, in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

Mr. Delisle, PGeo, of G Mining Services, is an independent qualified person under NI 43-101, and is responsible for the MRE. Mr. Delisle has reviewed and approved the scientific and technical information related to the MRE contained in this news release.

Justin van der Toorn, CGeol FGS, EurGeol, the company's vice-president of exploration and a qualified person under NI 43-101, has also reviewed and approved the scientific and technical information contained in this news release.

About Reunion Gold Corp.

Reunion Gold is a leading gold explorer in the Guiana Shield, South America. In 2020, the company announced an exciting new greenfield gold discovery at its Oko West project in Guyana, and announced its maiden mineral resource in June, 2023, after just 22 months of resource definition drilling. In February, 2024, the company announced an updated mineral resource estimate containing a total of 4.3 Moz of gold in indicated resources grading 2.05 g/t and 1.6 Moz of gold in inferred resources grading 2.59 g/t. This February, 2024, mineral resource estimate includes an underground resource containing 1.1 Moz of gold at a grade of 3.12 g/t Au in the inferred category. The company is moving forward on development activities related to Oko West and expects to deliver a PEA by the end of Q2 2024. The company continues to explore several additional priority targets at Oko West that lie outside of the area of the MRE, as well as leverage its considerable experience in uncovering new discoveries in the Guiana Shield to acquire and explore additional new projects in the region.

We seek Safe Harbor.