TORONTO - Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the 'Company' or 'Goliath') is pleased to announce exceptional metallurgical recoveries from the Surebet Zone at its 100% controlled Golddigger Property in the Golden Triangle, British Columbia.

These results come on the back of a positive news release issued by the Company on January 11, 2022. It reported a 100% hit rate on 24 holes drilled during from Surebet Zone's 2021 maiden drill campaign that intersected significant high-grade gold-silver over 1 km of strike and 1.1 km down dip.

Test work was performed by Process Mineralogical Consulting Ltd. ('PMC'), a world-renowned Vancouver based metallurgical testing facility. A composite sample of combined core from 16 diamond drill holes completed at Surebet in 2021 was used. Therefore, these results are considered representative of the overall properties expected style of mineralization at Surebet. The sample was ground to a nominal 150-micron size then subjected to gravity recoverable gold ('GRG') test work. Following GRG testing, the material was then subjected to Pb-flotation followed by Zn-flotation tests.

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Gravity recovery alone captures an impressive 38.1% of Au and 10.5% of Ag. This indicates that a processing scheme employing early gravity recovery should produce considerable Au in the form of dore bars. Gravity recovery is generally the cheapest means of Au recovery in the mining industry.

Pb-flotation concentrate generated after gravity gold testing captures an additional 52.5% of Au and 62.6% of Ag bringing recovered Au to 90.6% and Ag to 73.1%. Importantly, the mass pull to generate this Pb concentrate is 7.7%, or 13-to-1, a favorable outcome. Also favorable, this Pb-concentrate product grades approximately 2 opt Au, 55 opt Ag and 12.9% Pb, a clear indication that precious metal-rich concentrates can be made from Surebet mineralization. Such precious metal-rich concentrates are considered marketable to a large audience of smelting operations in Canada and overseas.

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Final testing to produce a Zn-flotation concentrate captures an additional 7.6% of Au bringing overall Au recovery to 98.2%. An additional 13.3% of Ag is recovered bringing total Ag recovery to 86.4%. The mass pull for the Zn concentrate, 18.2%, or 5.5-to-1, is significantly higher than that of the Pb concentrate, and resulting Au and Ag grades are significantly lower. More work is needed to determine if a lower mass pull, higher precious metal grade can be achieved in Zn-flotation or bulk flotation concentrates.

The Bond's Work Index ('BWI'), a measure of energy needed to grind rock during milling, is a moderately low 12.25 kw-hr/tonne for Surebet mineralization. Many gold projects see a BWI significantly higher, +14 kw-hr/tonne. This bodes well for reduced power consumption and milling costs for the project.

Gravity and flotation methodologies are standard in the mining industry. Capitalization and operational costs of a mill encompassing a combined gravity-flotation scheme are relatively low when compared to more complicated technologies used by many other precious metal operations. Eliminating the need for CN could result in environmental advantages for Surebet. Goliath is extremely pleased with these initial metallurgical results and anticipates conducting further metallurgical testing as Surebet progresses.

About Goliath Resources Limited

Goliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia and the Abitibi Greenstone Belt of Quebec. All of its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada.

Contact:

Mr. Roger Rosmus

Tel: +1.416.488.2887

Email: roger@goliathresources.com

Web: https://goliathresourcesltd.com

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Certain statements contained in this news 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 news release contains forward-looking information relating to, among other things, the ability of Company to complete the 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.

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