Mr. Stabro Kasaneva reports

AUSTRAL GOLD PROVIDES UPDATE ON RELATED PARTY LOANS

Austral Gold Ltd. has provided updates to its loan arrangements with related parties:

• A loan of up to $3-million (U.S.) provided by Inversiones Financieras del Sur SA, the company's largest shareholder, was announced on Sept. 14, 2023, of which IFISA has financed $2-million (U.S.). Eduardo Elsztain and Saul Zang, two of the company's directors, also loaned $850,000 (U.S.) and $150,000 (U.S.), respectively, through loan agreements under the same terms as the IFISA loan 2. It should also be noted that Mr. Elsztain has control over IFISA.
• A $1-million (U.S.) loan, announced March 13, 2023, from Mr. Elsztain and Mr. Zang, has been extended to March 31, 2024.
• A $555,000 (U.S.) loan, announced May 23, 2023, from IFISA, has been extended to Feb. 10, 2024, with a revised interest rate of 9 per cent (increased from 8 per cent), effective Nov. 10, 2023, in response to the prevailing market context over that time.

The terms and conditions of the loan agreements are standard for facilities of this nature, are unsecured and are, in the view of the non-involved Austral Gold directors, as favourable, if not more so, than if the parties were dealing at arm's length. The cash received under the loans has been used for working capital purposes.

As of Dec. 31, 2023, the breakdown of the unsecured related-party loans, excluding accrued and unpaid interest, is set out herein.

In addition, the company and Republic Relations Pty. Ltd. P have mutually agreed to end Republic's services as the company's investor relations adviser in Australia, effective Jan. 31, 2023.

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.

Operations:

• Guanaco and Amancaya mines, Antofagasta province, Chile (100-per-cent interest), open pit and underground;
• 2024 guidance: 28,000 to 30,000 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, Nevada, United States.

We seek Safe Harbor.