Mr. Peter Gianulis reports

ALLEGIANT GOLD ANNOUNCES CLOSING OF FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Further to its news release dated May 26, 2020, Allegiant Gold Ltd. has closed the first tranche of its non-brokered private placement, issuing a total of 5,164,992 units at 25 cents per unit for total gross proceeds of $1,291,248.

Each Unit consists of one common share (the "Shares") and one-half of one non-transferable common share purchase warrant (the "Warrants") with each whole Warrant entitling the holder to purchase one Share of the Company at a price of CAD$0.40 per Share for a period of 18 months from the date of closing of the Private Placement, provided that in the event that the closing price of the Company's Shares on the TSX Venture Exchange (the "Exchange") (or such other exchange on which the Company's Shares may become traded) is CAD$0.60 or greater per Share during any ten (10) consecutive trading day period at any time subsequent to four months and one day after the closing date, the Warrants will expire at 4:00 p.m. (Vancouver time) on the 30th day after the date on which the Company provides notice of such accelerated expiry to the holders of the Warrants.

"We are happy to have closed this first tranche of the private placement for non -institutional investors and look forward to closing the remaining amount with our institutional investors," commented Peter Gianulis, CEO of Allegiant Gold. "We are excited to be executing our 2020 work program and look forward to providing additional updates in the coming weeks," added Mr. Gianulis.

All securities issued will be subject to a four month hold period pursuant to securities laws in Canada.

The Company intends to use the proceeds from the Private Placement to continue exploration on the Company's flagship Eastside property and general working capital. Specifically, the Company will be focused on expansion of the permitted area around the original pit zone with a goal of resource expansion, testing new high priority target areas to the west and east of the original resource and further increasing investor awareness of Allegiant and the Eastside project.

The Company paid total finder's fees of $39,600 and 158,400 finder's warrants to Haywood Securities Inc., Beacon Securities Limited, Kernaghan & Partners Ltd., Mackie Research Capital Corporation and Leede Jones Gable Inc.

About Allegiant Gold Ltd.

Allegiant Gold owns 100% of 10 highly-prospective gold projects in the United States, 7 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.