What you need to know: • Allegiant provided an update on its ongoing 5,000m 2024 drill program at Eastside. • AUAU will look to update its mineral resource estimate at Eastside by Q1/25, noting that the most recent update was in July 2021, with much drilling being done since. • We recently initiated coverage on Allegiant, find the report here. This morning, Allegiant Gold Ltd. (AUAU:TSXV, AUXXF:OTC) provided an update on its ongoing 2024 fully funded drill program at Eastside. The update included more details about the ongoing program as well as the company’s target of updating the mineral resource scheduled for Q1/25. We are maintaining our BUY rating and $0.50/share target price on Allegiant Gold. Allegiant laid out three main objectives for the near term at Eastside, including: • Double the size of the resource beyond the current combined inferred resource of 1.4Moz u and 8.8Moz Ag. • Discover additional mineralized resource zones in close proximity to the McIntosh Zone. • Re-test the high-grade area within McIntosh. More specifically, follow-up drilling will take place at one of the best intercepts on the property, Hole ES-239 (1.45 g/t Au over 111.3m, including 39 g/t Au over 3.1m and 113 g/t Ag over 6.1m, at the bottom of the hole). Drilling will also continue at the East Pediment and other exploration targets at Eastside. Finally, an updated 43-101 resource report to incorporate drilling from 2022-2024 at both McIntosh and Castle. Management highlighted that due to the elevated gold price and the market showing signs of stability, it intends to ramp up Company activity. This not only includes exploration activity, but market awareness as well. We are excited by this release as it sets the stage and timeline for a significant update to the existing 1.4Moz Au resource. We will highlight that the most recent resource update was in July 2021 whereby several drill campaigns have taken place since. Additionally, the previous resource was based on a gold price of US$1,750/oz. Notably with an expanded resource, Allegiant will better catch the attention of the many large mining companies in the area that have recently started to be more acquisitive. We note Kinross Gold (K:TSX) and IAMGOLD (IMG:TSX) own ~10% and ~4% of Allegiant’s outstanding shares, respectively.