File: Attachment Press Release Phoenix_SAO.pdf

PHOENIX GOLD FUND LIMITED

Kelowna, British Columbia May 27, 2025 Phoenix Gold Fund Limited ("Phoenix") of Kuala Lumpur, Malaysia, and Purvis Street, Singapore, announces it has acquired an aggregate of 1,998,000 common shares at an average price of C$ 0.0247 of South Atlantic Gold Inc (the "Issuer") on May 26, 2025. Phoenix acquired the common shares at a price of C$ 0.0247 per share for a total purchase price of C$ 49,350.60. The Issuer's office is located at 301-1665 Ellis Street, Kelowna, British Columbia V1Y 2B3.

Immediately prior to the acquisition, Phoenix owned 10,000,000 common shares of the Issuer, representing 9.12% 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% of all issued and outstanding shares of the Issuer on an undiluted basis. The holdings above are 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 shareholdings 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 using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR+) and will be available for viewing at www.sedarplus.ca under the Company's profile.