Mr. Stabro Kasaneva reports

AUSTRAL GOLD PROVIDES UPDATE ON RAWHIDE EQUITY INVESTMENT

Austral Gold Ltd.'s subsidiary, Austral Gold North America Corp. (AGNA), has decided not to exercise the previously obtained takeover option under an agreement with Rawhide Acquisition Holding LLC (RAH), the RAH unit owners and the Rawhide lenders. The decision comes after AGNA provided bridge financing of $555,000 (U.S.) to Rawhide, as announced on May 8, 2023. AGNA's interest in RAH remains at 24.74 per cent.

About Austral Gold Ltd.

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

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