An anonymous representative of Phoenix Gold reports

PHOENIX GOLD FUND AND ALWAHA FUND REPORT COMBINED HOLDINGS IN SOUTH ATLANTIC GOLD INC.

Phoenix Gold Fund, managed by AIMS Asset Management Sdn Bhd of Kuala Lumpur, Malaysia, and Seraya Investment Pte. Ltd. of Purvis Street, Singapore, and Alwaha Fund, managed by AIMS of Kuala Lumpur, Malaysia, have acquired an aggregate of 22 million common shares of South Atlantic Gold Inc. at a price of five cents per share on March 13, 2026.

Phoenix acquired 12 million common shares for a total purchase price of $600,000. Of the total shares purchased, 10 million shares were acquired by the conversion of the principal amount of an existing debt, and two million shares were acquired pursuant to a non-brokered private placement offering. Alwaha acquired 10 million common shares for a total purchase price of $500,000 pursuant to a non-brokered private placement offering.

Immediately prior to the acquisition, Phoenix owned 12,998,000 common shares of the issuer, representing 11.85 per cent of the issued and outstanding shares of the issuer on an undiluted basis. Alwaha does not own any common shares of the issuer.

As a result of the acquisition:

• Phoenix now owns 24,998,000 common shares of the issuer, representing approximately 12.03 per cent of all issued and outstanding shares of the issuer on an undiluted basis.
• Alwaha now owns 10 million common shares of the issuer, representing approximately 4.81 per cent of all issued and outstanding shares of the issuer on an undiluted basis.
• The combined holdings of Phoenix and Alwaha represent approximately 16.84 per cent of all issued and outstanding shares of the issuer on an undiluted basis.

The holdings above are calculated as of March 13, 2026, assuming no further common shares of the issuer have been issued.

Phoenix and Alwaha acquired the securities for investment purposes. Phoenix and Alwaha 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 regarding Phoenix's and Alwaha'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.