Lincoln Gold Announces Private Placement to Advance the Acquisition and Development Initiatives at the Bell Mountain Project, Nevada

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, March 21, 2024 - Lincoln Gold Mining Inc. (TSXV:LMG) (the "Company" or "Lincoln") is pleased to announce a non-brokered private placement financing for gross proceeds of up to $750,000 through the issuance of 3,000,000 units of the Company (each, a "Unit") at a price of $0.25 per Unit (the "Private Placement"). Each Unit will consist of one common share in the capital of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one additional Common Share (a "Warrant Share") at a price of $0.50 per Warrant Share for a period of 12 months from the closing of the Private Placement.

The proceeds from the Private Placement will be allocated towards costs related to the acquisition of the Bell Mountain gold project located in Nevada. The Bell Mountain project is fully permitted with a thorough mining plan for a cost-effective open-pit, heap leach operation. Lincoln plans to commence an updated Preliminary Economic Assessment that is required by the TSX Venture (the "TSXV") and begin the detail design of the plant upon closing this private placement.

The Private Placement represents an important step for Lincoln in advancing the Company's goal towards near-term gold production. The funds raised are expected to accelerate the Company's acquisition of Bell Mountain. For additional details regarding the acquisition, please refer to the Company's news releases dated August 10, 2023, October 27, 2023, November 6, 2023, January 5, 2024, and March 15, 2024. The proposed addition of Bell Mountain to Lincoln's portfolio demonstrates the Company's commitment to its strategic expansion and value creation for the Company's stakeholders. The Company believes that the acquisition of Bell Mountain will contribute to the further advancement and development of Lincoln's larger Pine Grove gold property given the proximity of the projects.

Commenting on the Private Placement, CEO and President of Lincoln Gold Mining Inc., Mr. Paul Saxton stated, "We are excited to announce this Private Placement offering as it marks a crucial step forward in our journey towards becoming a mid-tier gold producer. The proceeds will enable us to expedite the commencement of work on Lincoln's projects, driving us closer to our strategic objectives."

Interested investors are encouraged to contact Lincoln Gold Mining Inc. for further details regarding participation.

All securities issued with respect to the Private Placement will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities laws. Closing of the Private Placement is subject to all necessary regulatory approvals, including the TSXV.

None of the securities sold under the Private Placement have been and will not be registered under the United States Securities Act, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Lincoln Gold Mining Inc.:

Lincoln is a Canadian precious metals exploration and development company headquartered in Vancouver, BC. Lincoln holds 100% interest in Pine Grove gold project located in Nevada, US, renowned for its mining-friendly regulations. Lincoln received conditional approval from the TSXV on its acquisition of the Bell Mountain from Eros Resources Corp. The anticipated completion of this transaction will mark a pivotal moment for Lincoln, enabling a potent operational synergy between these two properties. Lincoln is committed to maintaining steady and robust progress towards its goal of becoming a mid-tier gold producer.

For further information, please contact:

Lincoln Gold Mining Inc.

Paul Saxton
President and Chief Executive Officer
Phone: 604-688-7377
Email: saxton@lincolnmining.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including the completion of the Bell Mountain Project acquisition; the impact the acquisition of the Bell Mountain Project will have on the Company and the value of its common shares, the Company's anticipated plans and expectations regarding the future operation of the Bell Mountain Project and the Pine Grove gold project, the ability of the Company to complete the Private Placement on the proposed terms or at all, the anticipated use of proceeds from the Private Placement and receipt of regulatory approvals with respect to the Private Placement.

Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connation thereof.

Such forward-looking information and statements are based on numerous assumptions, including among others, that the Company's development and expansion activities will be completed in a timely manner, that the Company will be able to complete the acquisition of the Bell Mountain Project; that the Company will fulfil the TSXV's conditions and receive the necessary approvals to complete the acquisition of the Bell Mountain Project; the Company's assumption of the impact the acquisition of the Bell Mountain Project will have on the Company's growth and value; that the Company will become a mid-tier gold producer; that the Company will be able to complete the Private Placement on the terms as anticipated by management, that the Company will use the proceeds of the Private Placement as anticipated, and that the Company will receive regulatory approval with respect to the Private Placement. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.

There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include the risk that the Company will not be able to complete the Private Placement on the terms as anticipated by management or at all, that the Company will not use the proceeds of the Private Placement as anticipated, that the Company will not receive regulatory approval with respect to the Private Placement, risks relating to the acquisition of the Bell Mountain Project, including the risk that the Company will not receive regulatory or TSXV approval to close the transaction, that the Company will not complete the acquisition of the Bell Mountain Project at all, and that if the Company does acquire the Bell Mountain Project, the impact will be different than as currently anticipated, risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

SOURCE: Lincoln Gold Mining Inc.