Fusion Gold Ltd. Closes Initial Public Offering

Vancouver, September 21, 2018 - Fusion Gold Ltd. (the "Company"), a capital pool company, is pleased to announce that it has completed its initial public offering (the "Offering").

The Company issued an aggregate of 2,000,000 common shares (each, a "Share") of the Company to purchasers in British Columbia and Alberta at a purchase price of $0.10 per Share for gross proceeds to the Company of $200,000.

The Company's Chief Executive Officer January Vandale, purchased 35,000 Shares in the Offering. After giving effect to the Offering, Ms. Vandale beneficially owns 3,035,000 common shares and 25,000 incentive stock options (the "Options"), representing 48.95% of the Company's issued and outstanding common shares on a non-diluted basis or 49.16% of the Company's issued and outstanding common shares calculated on a partially-diluted basis (assuming the exercise of her Options only). Ms. Vandale has advised the Company that she acquired the securities for investment purposes and intends to increase or decrease her beneficial shareholdings from time to time as she may determine appropriate.

Canaccord Genuity Corp. ("Canaccord") acted as agent in respect of the Offering and received a cash commission of $20,000 and a corporate finance fee of $10,000. In addition, the Company issued to Canaccord a non-transferable warrant to acquire an aggregate of up to 200,000 common shares of the Company for a period of two years from the date the Company's common shares commence trading on the TSX Venture Exchange (the "Exchange"), at an exercise price of $0.10 per Share.

The Company is a capital pool company within the meaning of the policies of the Exchange. The Company has not commenced operations and has no assets other than cash. The Company will use the net proceeds of the Offering to identify and evaluate potential Qualifying Transactions pursuant to the policies of the Exchange.

It is anticipated that the Company's Shares will be listed and posted for trading on the Exchange as of market open on September 25, 2018 under the trading symbol "FML.P", subject to receipt by the Exchange of acceptable documentation regarding completion of the Offering.


ON BEHALF OF THE BOARD

"January Vandale"
January Vandale, Chief Executive Officer, Corporate Secretary & Director



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

This press release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding listing of the Company's common shares on the TSX Venture Exchange are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available.