Mr. Kevin Bullock reports

SIGNAL GOLD AMENDS NEBARI CREDIT FACILITY AS IT ADVANCES THE SCALE POTENTIAL OF THE GOLDBORO GOLD DISTRICT

Signal Gold Inc. has executed an amendment to its credit facility dated Feb. 16, 2023, with Nebari Gold Fund 1 LP, Nebari Natural Resources Credit Fund I LP and Nebari Natural Resources Credit Fund II LP (each as lender and collectively, Nebari). Under the terms of the amendment, the interest capitalization period in the credit agreement shall be extended by six months from March 31, 2024, to Sept. 30, 2024.

"Signal Gold is pleased to announce this amendment to its credit agreement with Nebari, a key partner in our continued advancement of the Goldboro project in Eastern Canada. While junior development companies are experiencing challenging equity markets, this amendment provides the company with the near-term flexibility to continue to responsibly progress the Goldboro project by focusing on key value-add initiatives, including the advancement of key project permit applications and continued exploration and regional work on our significant exploration land package to demonstrate the gold camp potential of the Goldboro gold district," said Kevin Bullock, president and chief executive officer, Signal Gold.

In connection with the amendment to the credit facility, the company has agreed to cancel the existing 15,413,508 common share purchase warrants issued to Nebari and issue 25,413,508 common share purchase warrants to Nebari following a 10-business-day period after the date of this news release in accordance with the polices of the Toronto Stock Exchange. Each warrant granted will entitle the holder to acquire one common share of the company at a price of 24.3 cents per common share for a period of three years from the date of issuance. Each warrant is also subject to an acceleration provision, whereby the company has the option to require Nebari to exercise up to 12.5 per cent of its warrants if, for a period of 30 consecutive trading days, the volume-weighted average price (as measured on the close of trading on each day of such 30-day period) equals or exceeds a 50-per-cent premium above the applicable warrant strike price. The warrants and underlying common shares (if the warrants are exercised) will be subject to a hold period under Canadian law that will expire four months and a day after the date that the warrants are issued. At the time of the amendment, Nebari is not an insider of the company as defined pursuant to the policies of the Toronto Stock Exchange.

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 (LOM) with average gold production of 100,000 ounces per annum and an average diluted grade of 2.26 grams per tonne gold (please see the "NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia" on Jan. 11, 2022, for further details). 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 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.