Mr. Stabro Kasaneva reports

AUSTRAL GOLD CHAIR RETIRES; MR. ELSZTAIN NAMED SUCCESSOR

Austral Gold Ltd.'s Wayne Hubert will retire effective at the conclusion of the annual general meeting (AGM) scheduled to take place on Tuesday, May 30, 2023.

Under the company's constitution and subject to his re-election at the company's 2023 AGM, the board has resolved to appoint Eduardo Elsztain (vice-chair) as non-executive chair.

Mr. Hubert joined the board in 2011 and has provided an invaluable dedication during his over 12 years as a board member and three years as executive chair of the company.

Mr. Elsztain, vice-chair of the company's board of directors stated: "Wayne has made notable and meaningful contributions to the company, leaving a positive and lasting impression. I express my gratitude for Wayne's dedicated service and extend my best wishes for his future endeavours."

The board has resolved to withdraw the following resolutions from the agenda of the annual general meeting of shareholders scheduled to take place on Tuesday, May 30, 2023:

• Resolution 2; and
• Resolution 9.

The withdrawal of resolutions 2 and 9 will not affect the validity of the proxy form attached to the notice of annual general meeting nor any proxy votes already submitted in respect of the remaining resolutions to be put to shareholders for approval.

About Austral Gold Ltd.

Austral Gold is a growing gold and silver mining producer building a portfolio of quality assets in the Americas. Austral continues to lay the foundation for its growth strategy by advancing its attractive portfolio of producing and exploration assets.

Operations:

• Guanaco and Amancaya mines, Antofagasta province, Chile (100-per-cent interest):
  • Open pit and underground;
  • 2023 forecast: 34,000 to 38,000 gold equivalent ounces.
• Casposo/Manantiales mine complex, San Juan province, Argentina (100-per-cent interest):
  • Gold and silver mine currently in care and maintenance -- strategy is to restart profitable mining operations.

Exploration:

• Chile:
  • Paleocene belt, Chile;
  • Guanaco district;
  • Amancaya district;
  • Las Pampa district.
• Argentina:
  • Triassic Choiyoi belt;
  • Indio belt;
  • Deseado massif.

Equity investments:

• Unico Silver Ltd., an Australian Securities Exchange-listed company;
• Pampa Metals Corp., a Canadian Securities Exchange-listed company;
• Ensign Minerals Inc., private vehicle, Utah, United States;
• Rawhide mine, private vehicle, Fallon, Nev., United States.

We seek Safe Harbor.