Algold Resources Announces Filing of Proposal

Montreal, Quebec--(Newsfile Corp. - February 12, 2021) - Algold Resources Ltd. (TSXV: ALG.H) ("Algold") announced today that it has filed a proposal ("the Proposal").

The Proposal provides, among other things, for the reorganization of Algold's share capital. Subsequent to the approval of the Proposal and the reorganization of Algold's share capital, as the case may be, Articles of Reorganization will be filed with the director appointed under the Canada Business Corporations Act.

The board of directors of Algold determined that the Proposal and the reorganization of the share capital are in the best interests of Algold and its various stakeholders to allow the development of the Tijirit Project in Mauritania.

About Algold Resources

Algold Resources Ltd. is focused on the exploration and development of gold deposits in West Africa. The board of directors and management team are seasoned resource industry professionals with extensive experience in the exploration and development of world-class gold projects in Africa.

Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of present or historical facts are forward-looking. Forward-looking statements involve known and unknown risks, uncertainties, and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words such as "subsequent", "as the case may be", "will", "development" and similar words. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability to obtain approval for the Proposal and the reorganization of the share capital and develop the Tijirit Project. The Corporation's plans involve various estimates and assumptions, and its business is subject to various risks and uncertainties. For more details on these estimates, assumptions, risks and uncertainties, see the Corporation's most recent Management Discussion and Analysis on file with the Canadian provincial securities regulatory authorities on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and there can be no assurance that such statements will prove to be accurate. Algold disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law

Neither 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.

For further information, please contact:

Algold Resources Ltd.
1320, boul. Graham, bureau 132
Mont-Royal, Québec
H3P 3C8

Yves Grou
Interim Chief Financial Officer
Tel: +1 (514) 237-7757
y.grou@algold.com

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