Mr. Kevin Bullock reports

SIGNAL GOLD ANNOUNCES 2023 THIRD QUARTER RESULTS

Signal Gold Inc. has released its financial and operating results for the three and nine months ended Sept. 30, 2023 (Q3 2023). The condensed interim consolidated financial statements and management discussion and analysis documents can be found at SEDAR+ and the company's website. All dollar amounts are in Canadian dollars unless otherwise noted.

Highlights for the period ended Sept. 30, 2023

• Signal Gold invested $5,519,585 in the Goldboro project relating to submission of key development permits, growth exploration drilling, geotechnical programs and the expansion of the Goldboro gold district.
• The company has achieved several key permitting milestones to advance the Goldboro project with the submission of the mineral lease application, industrial approval application and Fisheries Act Authorization during the third quarter of 2023.
• The company initiated its largest ever exploration drill program of 12,000 metres during the third quarter of 2023 to test the expansion potential west of the Goldboro deposit toward the past-producing Dolliver Mountain mine, resulting in the discovery of further gold mineralization in the same style, structure and host environment as the Goldboro deposit.
• Signal Gold consolidated the majority of the Goldboro gold district, expanding its exploration licence area to approximately 19,450 hectares (195 square kilometres) through staking and third party transactions, making Goldboro one of Canada's larger-scale, development-stage gold districts.
• The company also initiated a 2,700-line-kilometre airborne magnetic and very low frequency electromagnetic (VLF) survey over the Goldboro gold district, covering the entirety of the company's recently expanded land position.
• Signal Gold completed the sale of the Point Rousse project to Maritime Resources Corp. for $3-million in cash, 23,970,218 common shares of Maritime and Maritime's assumption of the reclamation liabilities of Point Rousse.
• Net loss for the three months ended Sept. 30, 2023, was $5,499,947, or two cents per share, relating predominantly to corporate administration, finance expense and deferred income tax expenses, compared with a loss of $1,168,037, or one cent per share, for the three months ended Sept. 30, 2022, when Point Rousse was operating the Argyle mine. The net loss for the nine months ended Sept. 30, 2023, was $12,865,883 compared with $5,048,563 for the nine months ended Sept. 30, 2022.
• As of Sept. 30, 2023, the company had a cash balance of $10,070,353 and working capital* of $6,989,003.

"With the sale of the Point Rousse project to Maritime Resources, we are now fully focused on the Goldboro project and demonstrating the potential scale of the Goldboro deposit and the greater Goldboro gold district which we consolidated in the third quarter of 2023. We achieved important permitting milestones for Goldboro with the submission of the mineral lease, industrial approval and Fisheries Act Authorization applications in the most recent quarter. Excitingly, our recent drilling to the west of the Goldboro deposit toward the past producing Dolliver Mountain mine has resulted in the discovery of gold mineralization in the same style, structure and host environment as the Goldboro deposit. We also look forward to further exploring our greatly expanded exploration land package and demonstrating the gold camp potential of the Goldboro gold district."

- Kevin Bullock, president and chief executive officer, Signal Gold

Review of the three months ended Sept. 30, 2023

Corporate administration costs were $1,218,348 in the third quarter of 2023 compared with $1,110,793 in Q3 2022, while the company focused on the closing of the sale of Point Rousse, the consolidation of the Goldboro gold district, permitting for the Goldboro project, and marketing and communications. The depreciation charge of $71,692 in Q3 2023 reflects the amortization of the company's corporate office space.

Share-based compensation expense for the quarter was $292,515 compared with $224,889 in Q3 2022, the result of an increase in grants of stock options and share units.

Finance expense for the quarter was $1,136,940 compared with $397,170 for the three months ended Sept. 30, 2022. Finance expenses in Q3 2023 relate to interest and the amortization of transaction and finance costs associated with the Nebari credit facility, which was drawn in the first quarter of 2023. Other income for the third quarter of 2023 was $58,699 compared with $176,220 in Q3 2022, which includes interest income of $77,555 and a recovery of $279,462 as a deferred premium on flow-through shares, partially offset by a foreign exchange loss of $289,963.

The net loss from discontinued operations in Q3 2023, which reflects the Point Rousse project, was $523,785, compared with net earnings of $823,963 in Q3 2022. The net loss for Q3 2023 reflects transaction costs and other expenses of $19,530 associated to the sale of the Point Rousse project and care and maintenance costs of $586,941, relating primarily to personnel, hydro and general maintenance. The net loss was partially offset by revenue of $131,738 relating to the final clean-up of the Pine Cove mill. The Point Rousse project was placed in care and maintenance in March of 2023, and therefore revenue, operating costs, and depreciation were significantly higher in Q3 2022 when Point Rousse was mining the Argyle deposit.

Net comprehensive loss for the three months ended Sept. 30, 2023, was $5,499,947, or two cents per share, compared with a net comprehensive loss of $1,168,037, or one cent per share, for the corresponding period of 2022. The increase in net loss was predominantly related to the completion of mining at Point Rousse in early 2023, higher finance expenses related to the Nebari credit facility and the extinguishment of the Auramet promissory note, and deferred tax expense relating to continuing exploration activity at the Goldboro project.

About Signal Gold Inc.

Signal Gold is advancing the Goldboro gold project in Nova Scotia, a significant growth project subject to a positive feasibility study which demonstrates an approximately 11-year open-pit life of mine with average gold production of 100,000 ounces per year and an average diluted grade of 2.26 grams per tonne gold. On Aug. 3, 2022, the Goldboro project received its environmental assessment approval from the Nova Scotia Minister of Environment and Climate Change, a significant regulatory milestone which enables the company to commence site-specific permitting processes, including the industrial approval and Crown land lease and mining lease applications. The Goldboro project also has the potential for further mineral resource expansion, particularly toward the west along strike and at depth. A future study will consider upgrading and expanding potentially minable underground mineral resources as part of the longer-term mine development plan.

We seek Safe Harbor.