Fiore Gold Reports Increased Fiscal Q3 Production of 11,756 Gold Ounces, Cash Position of US$18.5 Million

VANCOUVER, BC / ACCESSWIRE / July 12, 2021 / FIORE GOLD LTD. (TSXV:F)(OTCQB:FIOGF) ("Fiore" or the "Company") is pleased to announce preliminary production results for the Company's fiscal third quarter ("Q3") of 2021 (quarter ending June 30, 2021) from its Pan open pit mine in White Pine County, Nevada. All dollar figures are in United States dollars unless otherwise noted.

Highlights:

• Q3 gold production of 11,756 ounces, an 8% increase over fiscal Q2 2021 as quarterly production trended back to historic levels
• Gold sales of 11,741 ounces at an average realized price of $1,815 per ounce
• Mined ore production in Q3 of 12,557 tons per day with a stripping ratio of 1.8:1.0 and grade of 0.46 grams per tonne ("g/t") or 0.013 ounces/ton ("opt")
• First ore placed on the new leach pad in June 2021 and commenced irrigation early July, which is expected to further improve gold production in fiscal Q4
• Gold Rock drill results announced during the quarter were headlined by 24.4 metres of 2.85 g/t gold and 40.3 metres of 0.70 g/t gold
• During the quarter, we agreed to acquire the past-producing project, Illipah, adding further exploration ground in Nevada (refer to our June 14, 2021 news release for additional details)
• Closing cash balance of $18.5 million at June 30, 2021, an increase in cash from March 31, 2021 despite continued capital investment in the expansion of the Pan heap leach pad to accommodate added mine life, and on-going drilling and Feasibility Study activities to advance Gold Rock
• 82,028 man-hours worked in Q3 with no reportable environmental incidents at a Total Recordable Injury Frequency Rate ("TRIFR") of 3.7

Tim Warman, Fiore's CEO commented, "We are pleased that gold production has trended back to normal levels and we hope to see further improvement in fiscal Q4 as we begin to irrigate fresh ore directly above the liner on the new leach pad. With Pan performing well, we plan to invest in an aggressive exploration program over the next 12-18 months covering our 200 km² Pan and Gold Rock land package, as well as our newly acquired Illipah project. Given the success of previous drill programs at both Pan and Gold Rock, we are confident that this expanded exploration program will demonstrate the longer-term potential of our Nevada assets."