An anonymous representative of Phoenix reports

PHOENIX GOLD FUND ACQUIRES ADDITIONAL SHARES IN SOUTH ATLANTIC GOLD INC.

Phoenix Gold Fund Ltd. has acquired an aggregate of one million common shares at an average price of 2.5 cents of South Atlantic Gold Inc. on June 30, 2025. Phoenix acquired the common shares at a price of 2.5 cents per share for a total purchase price of $25,000.

Immediately prior to the acquisition, Phoenix owned 11,998,000 common shares of the issuer, representing 10.94 per cent of the issued and outstanding shares of the issuer on an undiluted basis. As a result of the acquisition, Phoenix now owns 12,998,000 common shares of the issuer, representing approximately 11.86 per cent of all issued and outstanding shares of the issuer on an undiluted basis. The holdings above are calculated as of July 1, 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 SEDAR+ and will be available for viewing at SEDAR+ under the company's profile.