Bonanza High Grade Zone Highlights:

• GD-24-262 collared from Goldsmith Pad intercepted four separate sections of high-grade gold, silver and base metals corresponding to the Surebet and Bonanza Zones characterized by sulphide rich quartz breccia and veining; both remain open.
  • Surebet Zone: 32.67 g/t AuEq or 1.05 oz/t AuEq (32.56 g/t Au and 8.92 g/t Ag) over 4.00 meters including 130.14 g/t Au or 4.18 oz/t AuEq (129.77 g/t Au and 30.25 g/t Ag) over 1.00 meter.
  • Bonanza Zone 1: 13.34 g/t AuEq (13.11 g/t Au and 18.97 g/t Ag) over 6.00 meters including 15.99 g/t AuEq (15.71 g/t Au and 22.71 g/t Ag) over 5.00 meters and 39.34 g/t AuEq or 1.26 oz/t AuEq (38.67 g/t Au and 54.72 g/t Ag) over 2 meters.
  • Bonanza Zone 2: 13.90 g/t AuEq (13.85 g/t Au and 3.59 g/t Ag) over 7.60 meters including 33.80 g/t AuEq or 1.09 oz/t AuEq (33.70 g/t Au and 8.21 g/t Ag) over 3.10 meters.
  • Bonanza Zone 3: 3.15 g/t AuEq (3.08 g/t Au and 5.65g/t Au) over 3.20 meters
    • An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ef798403-710f-4fa1-a063-8e2c478a4fef
• GD-24-273 collared from Haymaker Pad in the most eastern part of the Bonanza High-Grade Zone intercepted two separate sections of high-grade gold, silver and base metals corresponding to the Surebet and Bonanza Zones characterized by sulphide rich quartz breccia and veining; both zones remain open.
  • Surebet Zone: 5.97 g/t AuEq (5.46 g/t Au and 41.43 g/t Ag) over 5.15 meters including 8.77 g/t AuEq (8.06 g/t Au and 57.41 g/t Ag) over 3.45 meters.
  • Bonanza Zone: 4.85 g/t AuEq (4.64 g/t Au and 17.26 g/t Ag) over 8.90 meters including 6.66 g/t AuEq (6.38 g/t Au and 23.23 g/t Ag) over 5.90 meters and 32.65 g/t Au or 1.0 oz/t AuEq (31.39 g/t Au and 102.45 g/t Ag) over 1.05 meters.
    • An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/df0407ee-e1a5-4865-b232-b342dae7b914
• GD-24-272 collared from Postman Pad in the most northern part of the Bonanza High-Grade Zone intercepted two separate sections of high-grade gold, silver and base metals corresponding to the Surebet and Bonanza Zones characterized by sulphide rich quartz breccia and veining; both zones remain open.
  • Surebet Zone: 4.70 g/t AuEq (1.53 g/t Au and 258.15 g/t Ag) over 4.00 meters including 6.20 g/t AuEq (2.02 g/t Au and 340.88 g/t Ag) over 3.00 meters.
  • Bonanza Zone: 2.22 g/t AuEq (0.8 g/t Au and 116.46 g/t Ag) over 8.00 meters including 5.64 g/t AuEq (2.03 g/t Au and 294.14 g/t Ag) over 3.00 meters.
    • An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/81f0cd8a-e571-493c-9ef8-a83bfebd271d

• With only 3 months of drilling in 2024 and the strong gold mineralization observed in multiple drill holes the size of the known Bonanza High-Grade Gold Zone has been nearly doubled from an area 180,000 m² (720 x 612 x 410 meters) to 341,000 m² (835 x 685 x 612 x 410 meters) that remains wide open.
  • An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c9dcce20-422e-4b5c-977d-6968f9123d12

• All 64 holes drilled in 2024 have intercepted significant mineralization with 92% of the holes (or 59 out of 64 holes) containing visible gold, demonstrating the excellent continuity and predictability of this extensive high-grade gold system that remains wide open.
• Additional drill hole highlights from the newly expanded Bonanza High-Grade Gold Zone include drill holes GD-23-242, GD-24-252 and GD-24-275, all of which contain significant amounts of visible gold as well as considerable amounts of galena, sphalerite and chalcopyrite mineralization hosted in large intervals of quartz breccia and veining.
  • Drill hole GD-24-242 intercepted over 10.86 meters in the Bonanza High-Grade Gold Zone consisting of visible gold, semi-massive sphalerite, and pyrrhotite, with minor galena hosted in a quartz-sulphide breccia (assays pending).
  • Drill hole GD-24-252 intercepted over 15.15 meters in the Bonanza High-Grade Gold Zone containing brecciated intervals of semi-massive to massive pyrrhotite, sphalerite, galena and chalcopyrite. Visible gold has been observed in several sections of quartz-sulphide vein throughout the interval (assays pending).
  • Drill hole GD-24-275 intercepted over 11.00 meters in the Bonanza High-Grade Gold Zone consisting of visible gold as well as brecciated sections of semi-massive sphalerite, galena and pyrrhotite that looks similar to GD-23-197 which assayed 34.03 g.t AuEq (1.09 oz/t AuEq) over 9 meters (assays pending).
• Drilling in 2024 at the Surebet Discovery, saw 100% of the holes (64 holes drilled) intersected one or more significant sulphide mineralized zones, 92% of the holes (59 out of 64 holes) intersected widespread visible gold confirming the excellent continuity and predictability of the high-grade gold mineralized system.
• An impressive trend of visible gold distribution has been observed in the stacked zones in the sediments, at the contact of the sediments and volcanics, as well as in the volcanics. High in the system the visible gold is sporadic and fine-grained, then there is a transition to fine-grained abundant visible gold and coarse-grained visible gold as drilling has gone deeper into the gold mineralizing system. Visible gold is within all the rock packages, including the intrusion related zones.

Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) is pleased to report additional drill results for 5 drill holes from its successful 2024 field season at its 100% controlled Golddigger Property, Golden Triangle, B.C. Excellent results from drill holes from GD-24-262, GD-24-272 and GD-24-273 clearly confirm the increase of mineralization within the Bonanza High-Grade Gold Zone from 180,000 m² (720 x 612 x 410 meters) to 341,000 m² (835 x 685 x 612 x 410 meters) that remains open. Assays are still pending for a total of 96 out of 105 drill holes that are expected to be released in the immediate future once received, compiled and interpreted.

Roger Rosmus, Founder and CEO of Goliath Resources, states: “Results so far from the 2024 drill campaign all show excellent high-grade gold mineralization as well as phenomenal continuity within the Bonanza High-Grade Zone as well as the Surebet Zone. We are impressed with the transition to abundant visible gold that also includes coarse-grained visible gold as we drill deeper into the system. In addition, we are excited that as the stacked veins in the Surebet Zone and the Bonanza High-Grade Zone dip in opposite directions, it opens up the possibility for two separate sources more than 2000 meters apart, or one large source under the various zones. We are delighted to see that each season of drilling the project is getting better and better, for example in 2023 we observed visible gold in 32% of the holes and in 2024 that increased to 92%. During my career in exploration, it is unusual to see a discovery improve with each additional drill program which usually only happens in projects that become mines. We feel that the Surebet discovery keeps delivering and it is clearly shaping up to be potentially the next large, valuable, and viable mineral deposit of the future in the Golden Triangle. We are very eager and excited to release additional results as they become available in the immediate future.”

Bonanza High Grade Gold Zone

During the 3 months drill season in 2024, the area of high-grade gold mineralization within the known Bonanza Zone (formerly described as the Bonanza High-Grade Gold Triangle) has been expanded and nearly doubled from a triangular area measuring 720 m by 612 m by 410 m to a rectangular area measuring 835 m by 685 m by 612 m by 410 m that remains open. All 64 holes drilled in 2024 within this newly defined high-grade gold area have intercepted significant mineralization with 92 % of the holes (or 59 out of 64 holes) containing occurrences of visible gold, demonstrating the excellent continuity of this extensive high-grade gold system that remains wide open in all directions.

• GD-24-262 collared from Goldsmith Pad intercepted four separate sections of high-grade gold, silver and base metals corresponding to the Surebet and Bonanza Zones characterized by sulphide rich quartz breccia and veining; both remain wide open.
  • Surebet Zone: 32.67 g/t AuEq or 1.05 oz/t AuEq (32.56 g/t Au and 8.92 g/t Ag) over 4.00 meters including 130.14 g/t Au or 4.18 oz/t AuEq (129.77 g/t Au and 30.25 g/t Ag) over 1.00 meter.
  • Bonanza Zone 1: 13.34 g/t AuEq (13.11 g/t Au and 18.97 g/t Ag) over 6.00 meters including 15.99 g/t AuEq (15.71 g/t Au and 22.71 g/t Ag) over 5.00 meters and 39.34 g/t AuEq or 1.26 oz/t AuEq (38.67 g/t Au and 54.72 g/t Ag) over 2 meters.
  • Bonanza Zone 2: 13.90 g/t AuEq (13.85 g/t Au and 3.59 g/t Ag) over 7.60 meters including 33.80 g/t AuEq or 1.09 oz/t AuEq (33.70 g/t Au and 8.21 g/t Ag) over 3.10 meters.
  • Bonanza Zone 3: 3.15 g/t AuEq (3.08 g/t Au and 5.65g/t Au) over 3.20 meters.

• GD-24-273 collared from Haymaker Pad in the most eastern part of the Bonanza High-Grade Zone intercepted two separate sections of high-grade gold, silver and base metals corresponding to the Surebet and Bonanza Zones characterized by sulphide rich quartz breccia and veining; both zones remain wide open.
  • Surebet Zone: 5.97 g/t AuEq (5.46 g/t Au and 41.43 g/t Ag) over 5.15 meters including 8.77 g/t AuEq (8.06 g/t Au and 57.41 g/t Ag) over 3.45 meters.
  • Bonanza Zone: 4.85 g/t AuEq (4.64 g/t Au and 17.26 g/t Ag) over 8.90 meters including 6.66 g/t AuEq (6.38 g/t Au and 23.23 g/t Ag) over 5.90 meters and 32.65 g/t Au or 1.0 oz/t AuEq (31.39 g/t Au and 102.45 g/t Ag) over 1.05 meters.

• GD-24-272 collared from Postman Pad in the most northern part of the Bonanza High-Grade Zone intercepted two separate sections of high-grade gold, silver and base metals corresponding to the Surebet and Bonanza Zones characterized by sulphide rich quartz breccia and veining; both zones remain wide open.
  • Surebet Zone: 4.70 g/t AuEq (1.53 g/t Au and 258.15 g/t Ag) over 4.00 meters including 6.20 g/t AuEq (2.02 g/t Au and 340.88 g/t Ag) over 3.00 meters.
  • Bonanza Zone: 2.22 g/t AuEq (0.8 g/t Au and 116.46 g/t Ag) over 8.00 meters including 5.64 g/t AuEq (2.03 g/t Au and 294.14 g/t Ag) over 3.00 meters.

Table 1: Highlights for drill holes reported in this news release

The continuity and predictability of this newly expanded thick high-grade gold horizon has previously been drill tested where GD-23-197 assayed 34.03 g/t AuEq (1.09 oz/t AuEq) over 9 meters (released October 17, 2023), GD-24-235 assayed 35.04 g/t AuEq (1.13 oz/t AuEq) over 5.25 meters (released July 30, 2024) and GD-24-249 assayed 30.55 g/t AuEq (0.98 oz/t AuEq) over 8.95 meters (released December 12, 2024). The new Bonanza High-Grade Zone is located at the structural intersection of the Surebet Zone with the Bonanza Zone and outcrops on the surface 200 meters above the valley floor at an elevation of 900 meters above sea level.

Additional drill hole highlights from the newly expanded Bonanza High-Grade Gold Zone include drill holes GD-23-242, GD-24-252 and GD-24-275, all of which contain significant amounts of visible gold as well as considerable amounts of galena, sphalerite and chalcopyrite mineralization hosted in large intervals of quartz breccia and veining.

• Drill hole GD-24-242 intercepted over 10.86 meters in the Bonanza High-Grade Gold Zone between consisting of visible gold, semi-massive sphalerite, and pyrrhotite, with minor galena hosted in a quartz-sulphide breccia (assays pending).
• Drill hole GD-24-252 intercepted over 15.15 meters in the Bonanza High-Grade Gold Zone containing brecciated intervals of semi-massive to massive pyrrhotite, sphalerite, galena and chalcopyrite. Visible gold has been observed in several sections of quartz-sulphide vein throughout the interval (assays pending).
• Drill hole GD-24-275 intercepted over 11.00 meters in the Bonanza High-Grade Gold Zone consisting of visible gold as well as brecciated sections of semi-massive sphalerite, galena and pyrrhotite that looks similar to GD-23-197 which assayed 34.03 g.t AuEq (1.09 oz/t AuEq) over 9 meters (assays pending).

The Bonanza High Grade Gold Zone remains open in all directions, including to depth, where the new Deep Zone was discovered at 1239 m below surface and only 480 meters above the valley floor. This zone contains multiple quartz-sulphide veins and breccias with chalcopyrite, galena and sphalerite demonstrating the tremendous additional untapped discovery potential of the Surebet system that remains wide open. The deepest downhole mineralized interval intercepted to date comes from a depth of 890 meters downhole (1.239 kilometers below the surface) and consists of a 1.75-meter interval from 890.90 – 892.65 meters with quartz veins containing significant amounts of chalcopyrite, galena and sphalerite and remains wide open. Assays for all holes that intersected the new Deep Zone are pending.

The Company looks forward to continuing to expand the mineralization at Surebet and increase the understanding of the geometry and controls of the mineralization with additional modelling as results become available in the immediate future. The discovery of the RIRG mineralization (released December 12, 2024) clearly indicates proximity to the source of this extensive mineralizing system. Drilling in 2025 will focus on expanding the mineralization in all directions, including to depth towards the potential source for the fluids responsible for the extensive high-grade gold-silver mineralization on the Surebet discovery.

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

Golddigger Property

The Golddigger Property is 100% controlled and covers an area of 91,518 hectares in the world class 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 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 exceptional continuity and excellent metallurgy with gold recoveries of 92.2% with 48.8% of it as free gold from gravity alone at a 327-micrometer crush (no cyanide required to recover the gold). The metallurgy completed to date shows no deleterious elements are present such as mercury or arsenic.

The Property is in an excellent 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 on 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 and houses an international container seaport also with direct access to railway and an airport.

About CASERM (Center To Advance The Science Of Exploration To Reclamation In Mining)

Goliath is a paying member and active supporter of CASERM, an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech aimed at transforming the way that geoscience data is used in the mineral resource industry. 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. As a CASERM member, the Company requested a study and written report to be performed by Colorado School of Mines analysing Surebet’s origin of mineralization. The study confirmed an extensive porphyry feeder source at depth for the high-grade gold mineralising fluids at Surebet.

Qualified Person

Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release. Mr. Turna is also a director of the Company.

About Goliath Resources Limited

Goliath Resources is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. All of its projects are in world class 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. Goliath’s key strategic cornerstone shareholders include Crescat Capital, Mr. Rob McEwen and Mr. Eric Sprott.