Goliath Intercepts Up To 10.32 g/t Au Over 6.00 Meters Within The New 320 Meter Expansion Area Of Golden Gate Zone To The Northeast, Remains Open, On High-Grade Gold Surebet Discovery, Golden Triangle, B.C.

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• Gold assay results have been intercepted in additional drill holes demonstrating continuity and predictability of the new 320 meter expansion area of the Golden Gate Zone to the Northeast (see news August 10, 2026).
• The Golden Gate Zone has been expanded by an aggregate of 860 meters (320 meters NE & 540 meters SW) confirmed by the drill bit from this years drilling program (see news July 15, 2026); it still remains open laterally and at depth (see Figures 1a and 1b).
  • Accompanying infographics are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/f3c0c892-01d7-49e2-bbb5-52acaf49380e
    https://www.globenewswire.com/NewsRoom/AttachmentNg/4ea8e6fd-3012-4342-af02-671896abc151

• Drill hole GD-26-424 intersected the Golden Gate Zone in an interval that assayed 10.32 g/t Au over 6.00 meters, including 15.61 Au over 3.96 meters, including 33.80 g/t Au over 1.82 meters (gold only). It contained a series of quartz-sulphide veins containing multiple occurrences of Visible Gold to The Naked Eye (VG-NE) hosted in volcanic rocks. The veins contain disseminated sulphides consisting of pyrite, pyrrhotite, sphalerite, galena, and trace chalcopyrite (see Figure 2).
  • An accompanying infographic is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/b8c3d178-1c9a-4281-a7c8-6c3667fe15ae

*For reported assay intervals and AuEq calculation please see QA/QC Section on page 14

• Drill hole GD-25-412 intersected multiple mineralized intervals belonging to the Surebet and Golden Gate Zones.
  • The Surebet Zone interval assayed 4.41 g/t AuEq (3.33 g/t Au and 61.14 g/t Ag) over 7.79 meters, including 8.47 g/t AuEq (6.58 g/t Au and 106.53 g/t Ag) over 3.81 meters within a broader interval of mineralization. This intercept contains multiple occurrences of VG-NE within quartz veins and breccias associated with disseminated galena, sphalerite and pyrrhotite (see Figure 3a).
  • The Golden Gate interval assayed 4.17 g/t AuEq (3.87 g/t Au and 7.96 g/t Ag) over 3.75 meters, including 7.52 g/t AuEq (7.07 g/t Au and 11.37 g/t Ag) over 1.94 meters within a broader interval of mineralization. This intercept is characterized by several occurrences of VG-NE associated with quartz-sulphide veins containing pyrite, pyrrhotite, sphalerite and galena (see Figure 3b).
    
    • Accompanying infographics are available at:
      https://www.globenewswire.com/NewsRoom/AttachmentNg/2f01dd9d-660f-499b-b285-4862077aea58
      https://www.globenewswire.com/NewsRoom/AttachmentNg/c41f899f-ef6e-474d-9e7d-94a513f48c6a

*For reported assay intervals and AuEq calculation please see QA/QC Section on page 14

• Visible Gold to the Naked Eye (VG-NE) has been intersected in multiple veins and shear zones from 25 out of 45 holes drilled in 2026 continuing to confirm consistency of gold mineralization within the Surebet vein system that remains open laterally and at depth (see Figures 4a, 4b and 4c).
  
  • Accompanying infographics are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/0a7e6e96-8195-4fbf-a6cb-94b64dc35094
    https://www.globenewswire.com/NewsRoom/AttachmentNg/d8348dbe-dc81-4541-8536-8a9b902da5c7
    https://www.globenewswire.com/NewsRoom/AttachmentNg/9453beb7-a48c-4640-90c2-48fee4570a21 

• All drill holes completed during the 2026 drill campaign have intersected quartz-sulphide mineralization which generally corresponds to high-grade gold mineralization. 45 out of 98 planned drill holes have been completed with a total of 25,651 meters drilled in 2026.
• The fully funded 2026 drill program comprises approximately 50,000 meters of systematic drilling, including 7 drill rigs targeting expansion of the known gold mineralization laterally and at depth.
• Expansion drilling will continue to focus on extending the footprint of the Bonanza and Golden Gate Zones to the Southwest, East and Northeast.
• Directional drilling consisting of multiple holes stemming from a single ‘mother’ hole is being used on selected drill pads in order to minimize drill time and costs while increasing target accuracy.

TORONTO, Aug. 11, 2026 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQX: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report additional assay results that confirm the continuity and expansion of the gold-mineralization within the Golden Gate Zone within the newly discovered 320 meter extension to the Northeast on its 100% owned Golddigger Property (the “Property”), Golden Triangle, British Columbia.

Mr. Roger Rosmus, Founder & CEO of Goliath states: “We started our drilling season with a goal focused on expansion. Our team is delivering in an impressive way. It is unusual for a high-grade gold system to have such a large footprint of 1.8 kilometers by 1.8 kilometers with over 700 meters of vertical relief from the top of the mountain down to just above the valley floor. The high-grade gold and visible gold is within a series of lodes/veins, stacked like a layer cake making up the large footprint that spans top to bottom over 1.2 kilometers. Usually in a high-grade gold system, step out drilling is done on very tight spacing, whereas our Surebet Discovery step outs in 2026 are 100 plus meters including some out as much as 750 meters. Many of our team members have extensive experience in high-grade gold systems and are somewhat astonished with the growth of the system. In addition, the continuity and predictability is rare in a high-grade gold system loaded with visible gold. We started our drilling exploration at the top of the Surebet mountain and have followed it down the mountain and still haven’t found the systems limits. With the confirmation of the Golden Gate and Bonanza Zone extensions, we will continue to move rigs to the Southwest, Northeast and Easterly directions. Now we are getting near the valley floor where key structures come together. We are delighted about the 2026 drilling season thus far and have more drilling ahead this season resulting in a steady flow of assay results, stay tuned.”

Drill hole GD-26-424 intersected the Golden Gate Zone in an interval that assayed 10.32 g/t Au over 6.00 meters, including 15.61 Au over 3.96 meters, including 33.80 g/t Au over 1.82 meters (gold only). It contained a series of quartz-sulphide veins containing multiple occurrences of Visible Gold to The Naked Eye (VG-NE) hosted in volcanic rocks. The veins contain disseminated sulphides consisting of pyrite, pyrrhotite, sphalerite, galena, and trace chalcopyrite.

Drill hole GD-25-412 intersected multiple mineralized intervals belonging to the Surebet and Golden Gate Zones. The Surebet Zone interval assayed 4.41 g/t AuEq (3.33 g/t Au and 61.14 g/t Ag) over 7.79 meters, including 8.47 g/t AuEq (6.58 g/t Au and 106.53 g/t Ag) over 3.81 meters, including 16.65 g/t AuEq (13.52 g/t Au and 179.41 g/t Ag) over 1.79 meters, within a broader interval of mineralization. This interval contains multiple occurrences of VG-NE within quartz veins and breccias associated with disseminated galena, sphalerite and pyrrhotite. The Golden Gate interval assayed 4.17 g/t AuEq (3.87 g/t Au and 7.96 g/t Ag) over 3.75 meters, including 7.52 g/t AuEq (7.07 g/t Au and 11.37 g/t Ag) over 1.94 meters within a broader interval of mineralization. This interval is characterized by several occurrences of VG-NE associated with quartz-sulphide veins containing pyrite, pyrrhotite, sphalerite and galena

All drill holes completed during the 2026 drill campaign have intersected quartz-sulphide mineralization which generally corresponds to high-grade gold mineralization. 45 out of 98 planned drill holes have been completed with a total of 25,651 meters drilled in 2026.

Table 1: Gold equivalent and gold only assay results.

*For reported assay intervals and AuEq calculation please see QA/QC Section on page 15

The expanded Bonanza Zone has a strike of 1.8 km NW-SE and 1.8 km NE-SW (see Figure 5). Mineralization in drill core from the expanded portions of the Bonanza is characterized by the presence of VG-NE as well as sphalerite and pyrrhotite in wide (up to 7 meters) intervals consisting of sheared quartz-sulphide breccia. Previously the Bonanza Zone contained 5 lodes up to 19 meters thick with a combined thickness of up to 27 meters and intercepts up to 8.35 g/t AuEq (8.31 g/t Au and 2.30 g/t Ag) over 23.00 meters (drill hole GD-24-280) and remains open for expansion.

• • An accompanying infographic is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/e1d37b11-7fc5-4381-a4db-f330ca4bec48

The expanded Golden Gate Zone has a strike of 1.6 km E-W and 1.5 km N-S (see Figure 6). Mineralization in drill core from the expanded portions of the Golden Gate Zone is characterized by sets of veins and veinlets hosted in andesitic volcanic rocks and mineralized with VG-NE, sphalerite, galena, pyrrhotite as well as trace pyrite and chalcopyrite. Previously the Golden Gate Zone contained 18 lodes up to 14 meters with a combined thickness of up to 49 meters and with intercepts up to 34.52 g/t AuEq (34.47 g/t Au and 3.96 g/t Ag) over 39.00 meters (drill hole GD-24-260) and remains open for expansion.

• • An accompanying infographic is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/bed8e907-33e6-45fd-baa7-e831200e6e7c

Visible Gold to the Naked Eye (VG-NE) has been intersected in multiple veins and shear zones from 25 out of 45 holes drilled in 2026 continuing to confirm the consistency of the mineralization within the Surebet system that remains wide open.

The fully funded 2026 drill program is underway and will include approximately 50,000 meters of systematic drilling designed to expand the known mineralization laterally and to depth (all mineralized lodes remain open for expansion and new discoveries), as well as test for the Motherlode Magmatic Gold Feeder Source, focused on defining a resource. Expansion drilling will focus on extending the footprint of the Bonanza Zone and Golden Gate Zone to the East and Northeast, as well as expanding the Surebet Zone to the West and testing other gold-rich mineralized lodes/veins that remain open. Additional drilling will be allocated to testing a number of lithological-structural features linked to magnetic anomalies strongly indicating the presence of a Motherlode causative magmatic intrusion gold feeder source. Directional drilling where multiple drill holes are extended from a single mother-hole is being employed on selected drill holes in order to cut down on drill time and money spending while also increasing accuracy of drill targeting.

Table 2: Collar information for drill holes reported in this news release.

Surebet Discovery Highlights

• 100% of the drill holes completed prior to the 2026 drill season within the 1.8 km² Surebet discovery have intersected gold mineralization clearly demonstrating consistent continuity, grades, and widths with of over 1,500 drill hole pierce points.
• The most recent ore mineralization model (see Figure 7) incorporating all available data prior to the 2026 drill program comprises five (5) stacked gold-mineralized vein systems/zones: Bonanza, Surebet, Golden Gate, Whopper, and Eldorado. Collectively these zones comprise 46 gold-rich lodes/veins and multiple subvertical Eocene-aged dyke swarms.

Table 3: Five main modelled gold rich zones and dykes.

• • An accompanying infographic is available at: 
    https://www.globenewswire.com/NewsRoom/AttachmentNg/20ab851b-aea3-4be3-b38e-d4afce10caa7

• 92% of the holes (355 out of 386) drilled prior to the 2026 drill season at Surebet contain VG-NE (see Figure 8) and 100% of holes drilled to date at the Surebet Discovery have intersected quartz-sulphide mineralization. See news releases dated: July 7, 2025, June 23, 2025, January 7, 2025, January 13, 2025, February 10, 2025, February 18, 2025, February 27, 2025, December 12, 2024, July 30, 2024, January 20, 2026, December 2, 2025, November 17, 2025, October 27, 2025, September 22, 2025, September 8, 2025, August 26, 2025, and July 28, 2025.
  • An accompanying infographic is available at: 
    https://www.globenewswire.com/NewsRoom/AttachmentNg/430e725c-755b-4d0b-9677-5a1c3fcca772 

• High-grade gold has been identified in three distinctive rock types, including: quartz-sulphide breccias and stockwork veins hosted in sedimentary rocks; precious and base metals bearing veins hosted in volcanic rocks; and intermediate to felsic Eocene-aged dykes. All mineralized rock types contain substantial amounts of VG-NE (from fine-grained to coarse-grained gold).
• Preliminary metallurgical testing conducted in 2023 on a composite core sample resulted in remarkable recoveries through a combination of simple gravity and flotation of 92.2% for Au, 86.5% for Ag, 94.2% for Pb and 96.9% for Zn. Recoveries through simple and cost-effective gravity alone amount to 48.8% Au and 10.3% Ag with a crush size of 327 micrometer (no cyanide leaching required to recover the gold and silver). The metallurgy completed to date shows a benign rock composition without deleterious elements (see news release March 1, 2023).
• The consistent continuity, widths and grade of ore mineralization demonstrated by >156,000 meters of drilling in multiple stacked lodes/veins confirms that the 1.8 km² Surebet Discovery continues to demonstrate strong potential to become one of the most significant high-grade gold discoveries in British Columbia’s Golden Triangle in many years.
• The best hole drilled to date from the gold-rich stacked quartz-sulphide breccias and stockwork veins hosted in the sedimentary units is GD-23-157 that assayed 21.08 g/t AuEq (18.95 g/t Au and 95.31 g/t Ag) over 23.00 meters, including 33.75 g/t AuEq (30.39 g/t Au and 150.42 g/t Ag) over 14.00 meters, including 50.27 g/t AuEq (45.27 g/t Au and 225.42 g/t Ag) over 9.00 meters (see news release dated August 15, 2023). More details on the QA/QC protocol can be found in the section titled “QA/QC Protocol” below.
• The best hole drilled to date from the precious and base metals bearing veins hosted in the volcanic units is GD-24-260 from the Golden Gate Zone that assayed 34.52 g/t AuEq (34.47 Au and 3.96 Ag) over 39.00 meters, including 132.93 g/t AuEq (132.78 Au and 12.98 Ag) over 10.00 meters, and 166.04 g/t AuEq (165.84 Au and 16.07 Ag) over 8.00 meters (see news release dated January 13, 2025). More details on the QA/QC protocol can be found in the section titled “QA/QC Protocol” below.
• The best hole drilled to date from the Eocene-aged dykes is GD-22-58 that assayed 12.03 g/t AuEq (11.84 g/t Au and 15.61 g/t Ag) over 10.00 meters including 19.91 g/t AuEq (19.62 g/t Au and 25.61 g/t Ag) over 6.00 meters, including 23.82 g/t AuEq (23.47 g/t Au and 30.54 g/t Ag) over 5.00 meters, plus a second separate interval down hole of 8.59 g/t AuEq (8.35 g/t Au and 20.74 g/t Ag) over 5.00 meters (see news release dated March 13, 2025). More details on the QA/QC protocol can be found in the section titled “QA/QC Protocol” below.
• A study completed by the Colorado School of Mines confirms a new interpretation of the ore forming process at Surebet and suggests a common magmatic source for the high-grade gold system hosted in three distinct rock types. Until this study, researchers and explorers in the Golden Triangle had not recognized the high-grade gold discovery potential in the Eocene-aged dykes (see news release March 13, 2025), which is showing the potential that these discoveries could be a geological breakthrough in the Golden Triangle of British Columbia.
• Based on positive grassroots exploration and drill results in recent years, Goliath significantly increased its land package from 66,608 hectares to 91,518 hectares (226,146 acres) and now controls 56 kilometers of key terrain of the Red Line geologic trend providing for additional discovery potential.
• The Golddigger Property is located on tidewater with a barge route to Prince Rupert (190 km south) and close to infrastructure including the town of Kitsault adjacent to a permitted mine site on private property.

About Golddigger Property

The Golddigger Property is 100% owned and covers an area of 91,518 hectares in a highly prospective geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area has hosted some of Canada’s greatest gold mines including Eskay Creek, Premier and Snip. Other significant and well-known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.

The Surebet discovery has shown predictable continuity and good metallurgy with gold recoveries of 92.2% from gravity and flotation at a 327-micrometer crush, including 48.8% recovery of free gold from gravity alone (no cyanide required to recover the gold). The metallurgical testing completed to date shows no presence of deleterious elements (see news release dated March 1, 2023).

The Property is in a well positioned location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated adjacent to tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power.

Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the east of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the West Coast of British Columbia and houses an international container seaport also with direct access to railway and an airport.

Qualified Person

The scientific and technical information contained in this news release was reviewed and approved by M. Antonio Celis C., P.Geo under Engineers & Geoscientists of British Columbia (EGBC), an independent qualified person to Goliath Resources Ltd., who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About CASERM (Center to Advance the Science of Exploration to Reclamation in Mining)

Goliath Resources is a paying member and active supporter of the Center to Advance the Science of Exploration to Reclamation in Mining (CASERM), which is one of the world’s largest research centers in the mining sector. CASERM is a collaborative research venture between Colorado School of Mines and Virginia Tech that is supported by a consortium of mining and exploration companies, analytical instrumentation and software companies, and federal agencies aiming to transform the way geoscience data is acquired and used across the mining value chain. The center forms part of the I-UCRC program of the National Science Foundation. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface resources continuing through mine operation as well as closure and environmental remediation. Over the past three years, Goliath Resources’ membership in CASERM has allowed a high level of research to be performed on the Surebet Discovery.

About Goliath Resources Limited

Goliath Resources is an explorer of precious metals projects in the highly prospective Golden Triangle of Northwestern British Columbia. All of its projects are in high-quality geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech. In 2025, Goliath completed its largest drill campaign to date for a total of 64,364 meters. It is fully funded for a similar sized drill program in 2026. The Company’s key strategic cornerstone shareholders include Crescat Capital, a Global Commodity Group (Singapore), McEwen Inc. (NYSE: MUX) (TSX: MUX), Waratah Capital Advisors, Rob McEwen, Eric Sprott and Larry Childress.

For more information please contact:

Goliath Resources Limited
Mr. Roger Rosmus
Founder and CEO
Tel: +1.416.488.2887
[email protected]
www.goliathresourcesltd.com

Disclaimer

The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

Quality Assurance / Quality Control (QA/QC) Protocol

Core Samples Handling & Sampling

Oriented HQ-diameter or NQ-diameter diamond drill core from the drill program is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX Deposit^TM data management software. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration is selectively sampled in lengths of 0.5 to 1.5 meters. Samples are selected from continuous intervals of mineralization and/or other relevant geological features, including shoulder samples that extend for 3 meters into adjacent unmineralized and/or unaltered country rock. Along barren core intervals devoid of mineralization or significant geological features, one 1 meter sample is collected every ten meters. Core samples are cut lengthwise in half: one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. The bagged samples are then weighed and secured with a zip tie. Certified reference materials (CRMs), blanks and duplicates are added in the sample stream at a rate of 10%. To ensure analytical anonymity, CRM identification labels are removed prior to submission to the laboratory. Additional out-of-sequence blanks are introduced immediately following core samples that contain visible gold to the naked eye (VG-NE) or visibly high-grade sulphide mineralization.

Surface Samples Handling & Sampling

Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate samples weighing anywhere between 0.5 and 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample site locations were recorded using handheld GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples are then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, certified reference materials, and duplicate samples are inserted regularly into the sample sequence at a rate of 10%.

Sample Analysis

All samples are transported in rice bags sealed with numbered security tags. The rice bags are transported from the core shacks to the MSALABS facilities in Terrace, BC. MSALABS is certified with both AC89-IAS and ISO/IEC Standard 17025:2017. The core samples undergo preparation via drying, crushing to ~70% of the material passing a 2 mm sieve and riffle splitting. The sample splits are weighed and transferred into plastic jars, each containing between 300 g and 500 g of crushed sample material. A 250 g split is pulverized to ensure at least 85% of the material passes through a 75 µm sieve. The crushed samples are transported to the MSALABS PhotonAssay^TM facility in Prince George, where gold concentrations are quantified via photon assay analysis (method CPA-Au1). Samples that result in gold concentrations ≥5 ppm are analyzed to extinction. Photon assay uses high-energy X-rays (photons) to excite atomic nuclei within the jarred samples, inducing the emission of secondary gamma rays, which are measured to quantify gold concentrations. The assays from all jars are combined on a weight-averaged basis. Multielement analyses are carried out at the MSALABS facilities in Surrey, BC, where 250 g of pulverized splits are analyzed via IMS-230 and ICF6xx methods. The IMS-230 method uses 4-acid digestion (a combination of hydrochloric, nitric, perchloric and hydrofluoric acids) followed by inductively coupled plasma emission spectrometry to quantify concentrations of 48 elements. Samples with over-limit results for Ag, Cu, Pb and Zn undergo ore-grade analysis via the ICF-6xx method (where ‘xx’ denotes the target metal). This method employs 4-acid digestion followed by inductively coupled plasma emission spectrometry.

Gold Equivalent (AuEq) Calculation

Gold Equivalent (AuEq) values are provided for comparative purposes only and do not include metal recovery factors given that known metallurgical recoveries are only based on preliminary test work and may not be representative of all mineralization styles or zones. Gold Equivalent (AuEq) metal values are calculated using: 4,222.08 Au USD/oz, Ag 67.76 USD/oz, Cu 6.43 USD/lbs, Pb 1,967.13 USD/ton and Zn 3,578.25 USD/ton (updated on August 4, 2026) using the formula below

There is potential for economic recovery of gold, silver, copper, lead, and zinc based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located, such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.

Reported Drill Intervals and Assays

Drill core intervals are reported as drill lengths, where the true width is estimated to be 80-90% of the length. The widths of the mineralized intervals were defined to reflect both the assay results and the mineralized veining observed in drill core. Veining constrains the local width of the mineralized zone, while assay results define the grade distribution within that zone. Reported intervals are therefore intended to represent geologically meaningful zone widths at the point of intersection.

The reported assays of drill intervals were calculated as length-weighted average grades using the individual sample assay results and their corresponding sample lengths. The average grade for each interval was determined by dividing the sum of the products of each sample grade and sample length by the total sampled interval length (Σ[grade × sample length] / Σ[sample length]). This method accounts for variations in sample length and provides a representative average grade over the reported interval.

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

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management’s reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.

The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment.  In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.

The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.