Mr. Stabro Kasaneva reports

REVELO'S SHAREHOLDERS UNANIMOUSLY APPROVE AUSTRAL'S ACQUISITION OF REVELO

Austral Gold Ltd. and Revelo Resources Corp. have shareholders unanimously approved the proposed arrangement (as defined herein) at the special meeting of Revelo's shareholders held earlier today.

At the Revelo meeting, the special resolution authorizing the arrangement was approved by all of the shareholders of Revelo present or represented by proxy. Such shareholders represented approximately 69.2 per cent of all issued and outstanding shares of Revelo.

Arrangement update

Assuming that all approvals are obtained and all conditions precedent are satisfied or waived, Austral and Revelo currently anticipate the closing of the arrangement will occur on Thursday, Feb. 4, 2021. Completion of the arrangement remains subject to, among other things, satisfaction of all conditions precedent to closing the arrangement, including the final order of the Supreme Court of British Columbia and stock exchange approvals. The hearing for the final order of the Supreme Court of British Columbia to approve the arrangement is scheduled to take place on Tuesday, Feb. 2, 2021.

On Nov. 12, 2020, Austral and Revelo entered into a definitive arrangement agreement, whereby, subject to the terms and conditions of the arrangement agreement, Austral agreed to acquire all of the issued and outstanding common shares of Revelo pursuant to a statutory plan of arrangement under the provisions of the Business Corporations Act (British Columbia).

Under the terms of the arrangement, shareholders of Revelo (other than shareholders of Revelo validly exercising dissent rights, of which there are none) will be entitled to receive: (i) 3.045715 cents; and (ii) 0.9184 of a share of Austral, in exchange for each share of Revelo held immediately prior to the effective time of the arrangement.

Further details regarding the arrangement are set out in the management information circular of Revelo dated Dec. 21, 2020, which is available on SEDAR under Revelo's issuer profile.

About Austral Gold Ltd.

Austral Gold is a growing gold and silver mining, development and exploration company building a portfolio of quality assets in Chile, the United States and Argentina. Austral owns a 100-per-cent interest in the Guanaco/Amancaya mine in Chile and the Casposo mine (care and maintenance) in Argentina and a 26.46-per-cent interest in the Rawhide mine in Nevada. In addition, Austral owns an attractive portfolio of exploration projects in the Paleocene belt in Chile and a 100-per-cent interest in the Pinguino and Sierra Blanca projects in Santa Cruz, Argentina. Austral Gold is listed on the TSX Venture Exchange and the Australian Securities Exchange.

About Revelo Resources Corp.

Revelo is a Canadian company incorporated in British Columbia and listed on the TSX Venture Exchange. Revelo has interests in an outstanding portfolio of projects prospective for gold and copper located along proven mineral belts in Chile, one of the world's top mining jurisdictions.

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