Otis Gold Corp. has filed a National Instrument ("NI") 43-101 Preliminary Economic Assessment (or "PEA") for the Kilgore volcanic- and sediment-hosted epithermal gold deposit, Clark County, Idaho. The PEA as filed contains an amendment of the PEA findings released on July 30, 2019, arising from the deepening of the main pit design to allow for the extraction of additional mineralized material, as well as a change to depreciation by more fully depreciating the pre-tax capital over the mine life. The amendments, which are summarized below, have enhanced both the NPV and IRR of the project, reduced the payback period, increased the mine life and total recovered gold and reduced operating cash costs and all-in sustaining costs per ounce. PEA Highlights: After-tax NPV (5% discount rate) of $110.4 million and IRR of 34.0 %, with a 3.0-year payback period and LOM net cash flow of $151.8 million; Pre-tax NPV (5 % discount rate) of $144.0 million and IRR of 40.6%; Total amount of gold recovered is estimated at 558,700 ounces; Average annual gold production of approximately 111,700 ounces; Peak annual gold production of approximately 119,600 ounces in year 1; Mine life of 5.0 years with a 1-year preproduction period; Average crushed material gold grade of 0.72 g/T (grams per Tonne) and average ROM gold grade of 0.24 g/T; Low LOM strip ratio of 1.1:1; Royalties ­ 0%; LOM direct operating cash cost1 is estimated at US$780/oz of gold recovered and average LOM all-in sustaining cost (or "AISC") is estimated at $832/oz of gold recovered; Pre-production initial capital cost estimated at $81.23 million, using contract mining; and LOM capital costs estimated at $97.5 million. The Kilgore deposit is interpreted as a low sulfidation epithermal deposit associated with caldera-related volcanic and intrusive activity. The current defined resource area is a zone of mineralization approximately 800 metres long, 600 metres wide, and 325 metres deep from ground surface to the maximum inferred mineral resource depth. Mineralized intercepts in the deposit generally average 40 metres (130 feet) and range up to 100 metres (330 feet) in thickness. The PEA envisions recovery of gold from crushed and run-of-mine mineralized material using a heap leach facility. The pregnant leach solution from the heap leach would be collected in a dedicated pond and either recirculated or processed in the Adsorption-Desorption-Recovery (ADR) plant. The gold in the solution would be collected on activated carbon in a series of carbon-in-column (CIC) vessels. Gold recovery would take place through stripping the activated carbon into an enriched solution that reports to an electrowinning circuit.