Mr. Peter Gianulis reports

ALLEGIANT INITIATES PLAN-OF-OPERATIONS AT CASTLE AREA TO FURTHER EXPAND PERMITTED AREA AT EASTSIDE

Allegiant Gold Ltd. has begun a plan of operations at the Castle area within its flagship Eastside project near Tonopah, Nev., expanding the potential permitted area to approximately 1,648 acres.

The Castle area comprises 130 claims encompassing an area of approximately 2,600 acres and includes four deposits: Berg, Blackrock, Boss and Castle. The Castle area denotes the southernmost part of Allegiant's Eastside project and is contiguous to the other claims at Eastside. In late 2020 and early 2021, Allegiant drilled 49 reverse circulation (RC) holes at the Castle area for a total of 5,850 metres with the following highlights:

• 47 holes encountered mineralization within 45 metres (m) from surface;
• Significant intercepts included:
  • Five m of 1.85 grams per tonne (g/t) gold (Au) from hole ES-196;
  • 14 m of 1.08 g/t Au from hole ES-202;
  • 4.5 m of 2.32 g/t Au from hole ES-211;
  • 3.6 m of two g/t Au from hole ES-216;
  • 1.5 m of 3.86 g/t Au from hole ES-222.

The Castle area hosts an inferred resource of 314,000 gold ounces at 0.48 g/t within a pit-constrained model using a cut-off grade of 0.15 g/t gold, $1,750 (U.S.) per ounce gold price and a $21.88 (U.S.) silver price.

Peter Gianulis, chief executive officer of Allegiant Gold, commented: "The commencement of a plan of operations is an important next step in the development of the Castle area at Eastside, allowing us to dramatically increase drilling and technical work. We have applied to expand the permitted area from five acres to over 1,648 acres. Our goal at the Castle area in the next stage of exploration will be to expand the existing resource, upgrade a portion from inferred to measured and indicated, as well as conduct more advanced metallurgical work in anticipation of an eventual preliminary economic assessment."

The updated resource estimate was conducted by Mine Development Associates (MDA) of Reno, Nev., with an effective date of July 30, 2021. Contained pit-constrained inferred resources (cut-off grade of 0.15 g/t) of 1.09 million Au ounces at 61.73 million tonnes at 0.55 g/t Au and 8.7 million silver (Ag) ounces at 4.4 g/t Ag at the original pit zone and 314,000 Au ounces at 19,986,000 tonnes at 0.49 g/t Au at the Castle area. In accordance with National Instrument 43-101, the MDA technical report dated July 30, 2021, is filed on SEDAR. This report builds on and supersedes the NI 43-101 reports of Ristorcelli (December, 2016), Ristorcelli (July, 2017) and Ristorcelli (January, 2020), titled "Resource Estimate and Technical Report, Eastside Gold-Silver Project, Esmeralda County, Nevada," prepared for Allegiant with an effective date of July 25, 2017.

Qualified person

Andy Wallace is a certified professional geologist (CPG) with the American Institute of Professional Geologists and is the qualified person under NI 43-101 (Standards of Disclosure for Mineral Projects), who has reviewed and approved the scientific and technical content of this press release.

About Allegiant Gold Ltd.

Allegiant owns 100 per cent of 10 highly prospective gold projects in the United States, seven of which are located in the mining-friendly jurisdiction of Nevada. Three of Allegiant's projects are farmed out, providing for cost reductions and cash flow. Allegiant's flagship district-scale Eastside project hosts a large and expanding gold resource and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.

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