Mr. Nicolaos Paraskevas reports

ST. AUGUSTINE GOLD AND COPPER LIMITED ANNOUNCES UPDATE ON FINANCING DISCUSSIONS

St. Augustine Gold and Copper Ltd. has provided a corporate update in connection with its continuing evaluation of development priorities and capital planning activities relating to the Kingking copper-gold project.

As part of the ordinary course of managing its business and assessing future development pathways, the company regularly reviews a range of technical, regulatory, operational and financial considerations relevant to the project. In this context, from time to time and in the course of evaluating strategic and development alternatives, it has engaged in and continues to engage in discussions with a range of public and private financial institutions, strategic counterparties, and other potential sources of capital.

These discussions may, among other things, encompass high-level considerations relating to funding approaches that are typically associated with large-scale mining projects, including work that could ultimately support the preparation of a definitive feasibility study (the DFS). While such discussions continue to be undertaken, the company emphasizes that it has not made any determination to pursue any specific financing transaction or development pathway at this time and there is no assurance that any future financing or development initiative will be pursued or completed.

About St. Augustine Gold and Copper Ltd.

St. Augustine is a Toronto Stock Exchange-listed mining company focused on the development of the King-King copper-gold project. The project is one of the largest undeveloped copper-gold deposits in the world and is listed as a top-three priority mining project by the Philippine government.

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