A2 Gold Corp. — Capital/Financing Update 2020

Jun 16, 2020

FORM 51-102F3 MATERIAL CHANGE REPORT

Item 1: Name and Address of Reporting Issuer

Allegiant Gold Ltd. (the “ Company ”) 1090 Hamilton Street Vancouver, BC V6B 2R9

Item 2: Date of Material Change

June 11, 2020.

Item 3: News Release

A news release was disseminated and filed on SEDAR at www.sedar.com on June 12, 2020.

Item 4: Summary of Material Changes

The Company announced that it has closed the first tranche of its non-brokered private placement (the “ Private Placement ”). See Item 5 for details.

Item 5: Full Description of Material Change

The Company announced further to its news release of May 26, 2020, it has closed the first tranche of its Private Placement issuing a total of 5,164,992 units (the “ Units ”) at CAD$0.25 per Unit for total gross proceeds of CAD$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.

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 Haywood Securities Inc., Beacon Securities Limited, Kernaghan & Partners Ltd., Mackie Research Capital Corporation and Leede Jones Gable Inc.

Item 6: Reliance on subsection 7.1(2) or (3) of National Instrument 51-102

Not applicable.

Item 7: Omitted Information

None.

Item 8: Executive Officer

For further information, please contact:

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

Item 9: Date of Report

June 16, 2020.