Mr. Roger Rosmus of Goliath reports

MCEWEN MINING TO MAKE STRATEGIC INVESTMENT INTO GOLIATH RESOURCES

An agreement has been made for McEwen Mining Inc. to make a strategic investment into Goliath Resources Ltd.

Strategic investment highlights:

• After the transaction, McEwen Mining will own 3.76 per cent of the issued and outstanding shares of Goliath Resources.
• McEwen Mining will pay in McEwen Mining shares worth $10-million based on the closing price of McEwen Mining and Goliath Resources on Jan. 28, 2025.
• McEwen Mining will receive a half warrant, exercisable at $2.50 for 12 months.
• Goliath Resources will own 868,056 shares of McEwen Mining.

Roger Rosmus, founder and chief executive officer of Goliath Resources, stated: "We are delighted to have McEwen Mining make a strategic investment into Goliath Resources. Rob McEwen recognized the potential of our Surebet high-grade gold discovery in 2023 and has made three personal investments through private placements since then. Our 2024 drilling campaign was a major breakthrough season for the Surebet high-grade gold discovery in the Golden Triangle of British Columbia. The discovery is noted for having a series of stacked, gently dipping veins with widespread high-grade gold. It is fortunate to have a remarkable content of visible gold, which is in all the rock units (sediments, contact of the sediments and volcanics, and in the volcanics as well as in the intrusion-related dikes) with abundant fine-grained visible gold, including coarse-grained visible gold. In our 2023 drilling, we found visible gold in 32 per cent of the drill holes, and, in 2024, that increased to 92 per cent. Our recently reported drill hole intersection was our best to date returning 10 metres of 132.93 grams per tonne gold equivalent (plus several high-grade holes with multiple intercepts, system remains wide open) making for a gram-metre intersection that puts it in the top percentile of all intersections throughout the world in the past 20 years. Each season, we have seen the discovery get better and saw several pleasant surprises in 2024, including the high percentage of visible gold in our deeper drilling into the system and our remarkable recently reported intersection. We still have 89 pending holes from the 2024 drilling season to report and think we may have made a second important discovery, this one a volcanogenic massive sulphide (VMS) 35 kilometres to the north of Surebet. Rob McEwen is a member of the Order of Canada and a Canadian Mining Hall of Fame member due to his record of philanthropy and the tremendous success he had building Goldcorp from a small gold miner to a success story when Goldcorp mined its bonanza zone at their Red Lake mine, making it one of the lowest-cost miners of high-grade gold in the gold mining sector. His recognition of the success of the Surebet discovery in 2023 has been greatly appreciated and we are pleased to have McEwen Mining join our shareholder roster with this strategic investment. We are also very pleased that Goliath Resources will be a significant shareholder of McEwen Mining due to their combination of being a gold miner, their extensive drilling on their gold projects and their world-class copper asset that is in the top 10 undeveloped copper projects ranking in the lowest-cost quartile as well."

Mr. McEwen, chairman and chief owner of McEwen Mining, stated: "The Goliath Resources team has done a terrific job advancing their Surebet high-grade gold discovery in the Golden Triangle of British Columbia and McEwen Mining is thrilled to make a strategic investment into Goliath Resources. What initially caught my attention was the high-grade gold they discovered and that it was a grassroots discovery in the Golden Triangle, which is a prolific gold mining jurisdiction, one of the most important in Canada. Worldwide, grassroots discoveries of high-grade gold in a mining-friendly jurisdiction well known for high-grade gold mines are exceedingly rare. They were able to make the grassroots discovery due to it until fairly recently being covered by glaciers and permanent snowpack that have receded to expose a large area of outcropping rock that has now been significantly advanced over the past few drilling seasons. McEwen Mining is committed to gold mining; our gold mines are benefiting from the record high prices of gold in 2024; and we have an updated resource coming out in the first quarter of 2025 on our Fox complex, where we also have a 69,500-metre (budgeted for $9.7-million) drilling campaign under way. We are also moving our Los Azules copper development project toward a feasibility study in the first half of 2025 and are contemplating taking McEwen Copper public after the feasibility study is published (McEwen Mining owns 46.4 per cent of McEwen Copper, Stellantis owns 18.3 per cent, Nuton is a Rio Tinto venture that owns 17.2 per cent and Rob McEwen owns 12.7 per cent of McEwen Copper). I believe strongly that the future is very bright for both copper and gold and that McEwen Mining is well positioned for significant growth potential in those metals with our assets. We look forward to seeing the pending assays from Goliath Resources' Surebet discovery and their new VMS discovery and we are pleased to be enthusiastic shareholders of Goliath with this strategic investment."

Golddigger property

The Golddigger property is 100 per cent controlled and covers an area of 91,518 hectares in the world-class geological setting of the Eskay rift, within three kilometres 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 kilometres 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 per cent, with 48.8 per cent of it as free gold from gravity alone at a 327-micrometre crush (no cyanide required to recover the gold). The metallurgy completed to date shows no deleterious elements (such as mercury or arsenic) are present.

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 tidewater with direct barge access to Prince Rupert (190 kilometers through the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometres from Terrace and 300 kilometres 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 seven kilometres to the east of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometres to the south of the Surebet discovery) and high-tension power (25 kilometres to the east of Surebet discovery). The city of Terrace (population of 16,000) provides access to railway, major highways and airport with supplies (food, fuel and lumber), while the town of Prince Rupert (population of 12,000) is located on the west coast and houses an international container seaport also with direct access to railway and an airport.

Qualified person

Rein Turna, PGeo, is the qualified person as defined by National Instrument 43-101 for Goliath Resource 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 Ltd.

Goliath Resources is an explorer of precious metal projects in the prolific Golden Triangle of northwestern British Columbia. All of its projects are in world-class geological settings and geopolitically safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM (Center To Advance The Science Of Exploration To Reclamation In Mining), 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. McEwen, Eric Sprott, a Singapore-based fund and Larry Childress.

We seek Safe Harbor.