Mr. Roger Rosmus reports

GOLIATH UPSIZES FINANCING TO $2,166,000

The non-flow-through (NFT) portion of Goliath Resources Ltd.'s previously announced non-brokered private placement and strategic investment syndicate led by Palisades Goldcorp Ltd. dated July 16, 2020, has been increased from $500,000 to $1.25-million due to significant investor demand. As well, the flow-through (FT) financing announced, of $750,000, has been increased to $916,000. This will provide approximately $2,166,000 of gross proceeds to the company.

The flow-through financing will consist of 3,983,455 flow-through units, priced at 23 cents each, for gross proceeds of $916,194. Upon completion of the flow-through offering, it is expected that the Palisades syndicate will acquire all 3,983,455 FT units. Each FT unit will consist of one flow-through common share plus one warrant to purchase one common share at 25 cents for five years.

The non-flow-through financing will consist of up to 6.25 million units, priced at 20 cents each, for gross proceeds of up to $1.25-million. Each NFT unit will consist of one common share plus one warrant to purchase an additional common share at 25 cents for five years.

The company may pay 6 per cent of finders' fees in cash and 6 per cent of finders' compensation options (one common share and one 25-cent warrant), priced at 20 cents for a five-year period, based on a portion of NFT units sold. In addition, it may pay 6 per cent of finders' fees in cash and 6 per cent of finders' compensation options (one common share and one 25-cent warrant), priced at 23 cents for a five-year period, based on a portion of FT units sold. The proposed private placement and any finders' fees are subject to TSX Venture Exchange approval. All shares issued pursuant to this offering and any shares issued pursuant to the exercise of warrants will be subject to a four-month hold period from the closing date.

About Goliath Resources Ltd.

Goliath Resources is a project generator of precious metals projects in the prolific Abitibi greenstone belt of Quebec and the Golden Triangle of northwestern British Columbia.

We seek Safe Harbor.