An anonymous representative of Phoenix Gold Fund reports

Phoenix Gold Fund Ltd. of Kuala Lumpur, Malaysia, and Purvis Street, Singapore, acquired an aggregate of 1,998,000 common shares at an average price of 2.47 cents of South Atlantic Gold Inc. on May 26, 2025. Phoenix acquired the common shares at a price of 2.47 cents per share for a total purchase price of $49,350.60. The issuer's office is located at unit 301, 1665 Ellis St., Kelowna, B.C., V1Y 2B3.

Immediately prior to the acquisition, Phoenix owned 10 million common shares of the issuer, representing 9.12 per cent of the issued and outstanding shares of the issuer on an undiluted basis. As a result of the acquisition, Phoenix now owns 11,998,000 common shares of the issuer, representing approximately 10.95 per cent of all issued and outstanding shares of the issuer on an undiluted basis. The holding above is calculated as of May 26, 2025, assuming no further common shares of the issuer have been issued.

Phoenix acquired the securities for investment purposes. Phoenix may, in the future, participate in financings and/or acquire or dispose of securities of the issuer in the market, privately or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

The disclosure respecting Phoenix's shareholding contained in this press release is made pursuant to the National Instrument 62-103 and/or the National Instrument 62-104, and a report respecting the above acquisition will be filed with the applicable securities commissions and will be available for viewing on SEDAR+ under the company's profile.