Mr. Stabro Kasaneva of Austral Gold reports

AUSTRAL COMPLETES ACQUISITION OF REVELO RESOURCES

Austral Gold Ltd. and Revelo Resources Corp. have completed their previously announced business combination, pursuant to which Austral has acquired all of the issued and outstanding common shares of Revelo by way of a statutory plan of arrangement under the provisions of the Business Corporations Act (British Columbia). The arrangement became effective at 12:01 a.m. (Vancouver time) on Feb. 4, 2021, resulting in Revelo becoming a wholly owned subsidiary of Austral.

"We are grateful for the strong support of Revelo's shareholders, and thank Revelo's board of directors and management of both companies for their hard work on this transaction. The addition of Revelo's assets to our portfolio, including three projects located close to our pre-existing Guanaco/Amancaya mining complex, is strategic and provides us with a leading role in the Paleocene-Eocene belt in Chile. In addition, we believe this prolific mineralized belt is underexplored for precious metals," said Stabro Kasaneva, chief executive officer of Austral.

Michael Winn, Revelo's chairman, commented: "We are very pleased to have closed this transaction, and wish to thank our shareholders, board of directors and management team for their continued support, and for fostering the growth and development of Revelo over the years. We wish Austral the very best with the development of their business moving forward."

Under the terms of the arrangement, each former shareholder of Revelo is entitled to receive, in exchange for each common share of Revelo held immediately prior to the effective time of the arrangement: (i) 0.9184 ordinary share of Austral; and (ii) 0.03.045715 cents in cash. To receive the consideration in exchange for their Revelo shares, registered shareholders of Revelo must complete, sign, date and return the letter of transmittal that was mailed to each registered shareholder of Revelo. The letter of transmittal is also available: (i) from Revelo's depositary, Computershare Trust Company of Canada, that can be contacted by telephone at 1-800-564-6253 or by e-mail at: corporateactions@computershare.com; or (ii) on SEDAR under Revelo's issuer profile.

With the arrangement now complete, Austral intends to cause the Revelo shares to be delisted from the TSX Venture Exchange, and Revelo intends to submit an application to the applicable securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations.

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.

Early warning reporting

By virtue of its acquisition of all the issued and outstanding Revelo shares under the arrangement, Austral is required to file an early warning report pursuant to National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. A copy of the early warning report will be filed 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 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 project 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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