Eric Sprott Announces Holdings in Amarillo Gold Corporation

Toronto, Ontario--(Newsfile Corp. - August 30, 2021) - Eric Sprott announces that, on August 29, 2021, 25,000,000 common share purchase warrants ("Warrants") of Amarillo Gold Corporation (held by 2176423 Ontario Ltd., a corporation he beneficially owns) expired unexercised representing a decrease in holdings of approximately 5.5% of the outstanding common shares ("Shares") on a partially diluted basis since the date of the last early warning report. Prior to the expiry of these Warrants, Mr. Sprott beneficially owned and controlled 68,300,000 Shares and 25,000,000 Warrants representing approximately 17.7% of the outstanding Shares on a non-diluted basis and approximately 22.7% on a partially diluted basis assuming the exercise of such Warrants.

As a result of the Warrant expiry, Mr. Sprott now beneficially owns and controls 68,300,000 Shares representing approximately 17.7% of the issued and outstanding Shares on a non-diluted basis. The Warrants expiry resulted in a partially diluted ownership change of greater than 2% and, therefore, the filing of an update to the early warning report.

The Shares are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Amarillo Gold Corporation is located at 82 Richmond Street East, Suite 201, Toronto, ON, M5C 1P1. A copy of the early warning report with respect to the foregoing will appear on the company's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/94858