Vancouver, British Columbia – FIORE GOLD LTD. (TSXV: F) (OTCQB: FIOGF) (“Fiore” or the “Company”) is pleased to announce that its financial statements and management’s discussion and analysis for the fiscal year ended September 30, 2020, have been filed with the securities regulatory authorities and are available at www.sedar.com and on the Company’s website at www.fioregold.com.

2020 Operational and Financial Highlights

(all figures in U.S. dollars unless otherwise indicated)
•Full-year gold production of 46,031 ounces, an 11% increase over the preceding year and within guidance of 45,000-48,000 ounces
•Full-year gold sales of 46,334 gold ounces at an average realized price of $1,681 per ounce
•Full-year mined ore production of 14,961 tons per day at a stripping ratio of 1.5 and grade of 0.015 ounces/ton, all measures within or better than guidance.
•Fiore consolidated AISC1 per ounce sold of $1,148, Pan Mine AISC1 per ounce sold of $1,026 and cash costs per ounce sold1 of $947
•Recorded annual revenues of $77.9 million with mine operating income of $26.9 million
•Generated Pan operating cash flow1 of $31.7 million and consolidated operating cash flow of $24.3 million, compared to $10.0 million and $4.5 million respectively in 2019
•Continued to strengthen our balance sheet with cash of $23.2 million, an increase of $15.9 million relative to reported cash at September 30, 2019, and net working capital of $40.0 million as of September 30, 2020
•Pan stand-alone operating income1 of $26.8 million and consolidated operating income of $19.6 million
•Net income of $18.0 million and basic and diluted earnings of $0.18 per share, compared to $2.4 million, or $0.02 per share in 2019
•Worked 297,672 man-hours in the fiscal year 2020 with zero lost-time injuries. Our operations team at Pan received the Small Mine Safety Award from the Nevada Mining Association for the fifth consecutive year.
•Mining declared an essential business in Nevada and the Pan Mine continues to operate with strict protocols in place focused on protecting the health and safety of our employees

2020 Organic Growth Highlights
•At Pan, we completed an exploration drilling program of 21,741 metres (71,330 feet) and announced an updated reserve, resource and life of mine plan that extended the mine life by two years into 2025
•At Gold Rock, results of a Preliminary Economic Assessment (“PEA”) were released on April 9th demonstrating positive economics with opportunities to further enhance value. The related technical report was filed May 13.
•Following the completion of the Gold Rock PEA, we initiated a program of resource expansion, metallurgical, geotechnical and condemnation drilling in support of a Gold Rock Feasibility Study. First drill results were announced subsequent to year-end, headlined by 48.8 metres of 2.17 g/t gold and 32.0 metres of 1.41 g/t gold.
•At our third project, Golden Eagle, in Washington State, we announced a 2.0 million ounce measured and indicated resource

Q4 2020 Operational and Financial Highlights
•Q4 gold production of 12,432 ounces, gold sales of 12,455 gold ounces at an average realized price of $1,920 per ounce
•Q4 mined ore production of 15,489 tons per day with the stripping ratio reducing as guided to 1.1 and grade of 0.015 ounces/ton, ore tons mined better than plan due to positive ore reconciliation
•Recorded quarterly revenues of $23.9 million with mine operating income of $10.9 million
•Generated Pan operating cash flow1 of $11.4 million and consolidated operating cash flow of $9.9 million
•Net income of $9.3 million and Adjusted net earnings1 of $8.7 million, both new quarterly records
•Worked 81,219 man-hours, achieving our goal of zero reportable incidents, zero reportable accidents, and zero lost-time injuries
•Q4 2020 Fiore consolidated AISC1 of $1,106, Q4 2020 Pan Mine AISC1 per ounce sold of $965 and cash costs per ounce sold1 of $886
•Commenced construction of heap leach pad expansion phase III

Tim Warman, Chief Executive Officer of Fiore, commented: “FY2020 was an excellent year for all Fiore Gold stakeholders. Pan generated record results, most notably net income of $18.0 million, $0.18 earnings per share and operating cash flow of $24.3 million. We also generated $15.9 million of free cash flow in 2020 despite considerable investment in Pan and Gold Rock drilling, as well as the on-going leach pad expansion at Pan. More importantly, our recently announced resource and reserve estimate reflects a two-year mine life extension at the Pan Mine, ensuring we will mine well into 2025. With positive drill results at the adjacent Gold Rock project and a significant resource update at our Golden Eagle project, we continue take tangible steps toward achieving our goal of operating Pan and Gold Rock in unison, creating the only multi-asset, 100% US domestic gold producer.”

1 This is a non-IFRS financial measure. Please refer to “Non-IFRS Financial Measures” at the end of this news release for a description of these non-IFRS financial measures and to the Non-IFRS Financial measures in the September 30, 2020 Management’s Discussion and Analysis for a reconciliation to operating costs from the Company’s financial statements.

Review of Operating Results
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