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ALLEGIANT Announces Management Changes

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Vancouver, BC, Canada, September 19, 2019, Allegiant Gold Ltd. (“ALLEGIANT”) (AUAU: TSX-V) (AUXXF: OTCQX) is pleased to provide the first of two corporate updates. A current corporate presentation is also available at the following link:

www.allegiantgold.com/en/investor/presentations/

MANAGEMENT CHANGES

Given the improved markets for gold equities, the Board believes that it is an appropriate time for a transition in the management team, and to a CEO that will be focused on the business of ALLEGIANT. Effective September 16, 2019, Peter Gianulis has been appointed CEO; Robert Giustra will remain as Chairman. ALLEGIANT remains committed to maintaining an efficient cost structure. Significant savings will result from combining certain roles; as such effective October 1, 2019 Sean McGrath will be appointed CFO and Corporate Secretary, replacing Andrew Yau and Daniela Freitas respectively.

Russell Ball has resigned as a director effective September 30, 2019, to take on the CEO role at Calibre Mining Corp. Mr. Ball will be replaced by Shawn Nichols.

Peter Gianulis
Mr. Peter Gianulis has spent the past twenty-three years in the natural resource sector having founded Carrelton Asset Management, a private equity and asset management firm that invests in the small cap natural resource sector. Prior to founding Carrelton, he was a Partner of Saranac Capital Management, a NYC-based hedge fund with over US$4 billion in assets under management. He has assisted numerous companies raise over $200 million in capital over the past 15 years and has a deep knowledge of precious metals mining in the Americas. Mr. Gianulis graduated with an MBA from Cornell University and a BA from the University of California at San Diego.

Sean McGrath
Mr. Sean McGrath is a Chartered Professional Accountant (CPA, CGA) in Canada and a former Certified Public Accountant (Illinois) in the United States of America. He has spent more than 20 years providing financial management and consulting services to publicly traded companies, with primary emphasis in the natural resources sector. In his capacity he has been responsible for corporate strategy, in all aspects of accounting and finance, planning and forecasting, treasury, and internal and external reporting, internal controls and tax. Mr. McGrath has held senior executive positions with numerous publicly traded companies throughout his career, and he is currently a Director of several TSX Venture Exchange listed companies.

Shawn Nichols
Mr. Shawn Nichols has over 30 years of experience in capital markets having worked as Senior Investment Counsel and Assistant Corporate Secretary for Citibank Canada. Mr. Nichols also served as Director of Capital Markets for Scotia Capital Inc., from 2002-2014. He holds a Master of Laws Degree from Boston University and Bachelor of Laws Degree from Osgoode Hall Law School in Toronto, Ontario.

Peter Gianulis, Director and Chief Executive Officer of ALLEGIANT, commented, “On behalf of the Board of Directors, I would like to thank Russell, Robert, Andrew and Daniela for their commitment and to their contributions in forming, and advancing the business of ALLEGIANT to this juncture. We look forward to taking ALLEGIANT to its next stage of development.”

SHARE STRUCTURE and STOCK OPTIONS

ALLEGIANT presently has only 61,843,850 shares outstanding, of which approximately 60% is institutionally and corporately held. ALLEGIANT has granted Mr. Gianulis, Mr. McGrath and Mr. Nichols the right to purchase up to 500,000, 300,000 and 200,000 common shares of ALLEGIANT, respectively, with an exercise price of $0.10 per share for a period of five years.

In support of the corporate changes, certain directors of ALLEGIANT have forfeited an aggregate of 3,000,000 stock options of ALLEGIANT effective immediately.

Further information regarding ALLEGIANT can be found at www.allegiantgold.com.

ON BEHALF OF THE BOARD,

Robert F. Giustra
Chairman

For more information contact:

Investor Relations
(604) 634-0970 or
1-888-818-1364
ir@allegiantgold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain statements and information contained in this press release constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which are referred to collectively as "forward-looking statements". The United States Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this and other press releases include, but are not limited to statements and information regarding: the evaluation of options to form a new exploration team or related M&A; Allegiant's property holding costs savings or income generated from optioning out certain properties; Allegiant's drilling and exploration plans for its properties, including farming out, anticipated costs, updating resources estimates and timing thereof; Allegiant's plans for growth through exploration activities, acquisitions or otherwise; and expectations regarding future cost savings, maintenance and capital expenditures, and working capital requirements. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Some of the known risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements are described in the sections entitled "Risk Factors" in Allegiant's Listing Application, dated January 24, 2018, as filed with the TSX Venture Exchange and available on SEDAR under Allegiant's profile at www.sedar.com. Actual results and future events could differ materially from those anticipated in such statements. Allegiant undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Allegiant Gold Ltd.

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