Mr. Kevin Bullock reports

SIGNAL GOLD ANNOUNCES A NON-BROKERED PRIVATE PLACEMENT FOR UP TO $2.0 MILLION TO ADVANCE THE GOLDBORO PROJECT AND COMPLETES FIRST TRANCHE OF FINANCING

Signal Gold Inc. has proposed to complete a non-brokered private placement to raise gross proceeds of up to $2-million. The Offering will consist of up to 1,266,666 units of the Company (the "Units") at a price of $0.15 per Unit, and up to 10,775,000 "flow-through" units of the Company (the "FT Units") at a price of $0.17 per FT Unit. Each Unit will consist of one common share in the capital of the Company ("Common Share") and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each FT Unit will consist of one Common Share to be issued as a "flow-through share" as defined in subsection 66 (15) of the Income Tax Act (Canada) and one-half of one Warrant, to be issued on a non-flow-through basis.

The Company is pleased to also announce that it has completed a first tranche of the Offering for aggregate gross proceeds of $1,320,016, pursuant to which the Company issued 7,764,800 FT Units.

"We are pleased to have received substantial institutional interest for the Offering to support the ongoing growth exploration at the Goldboro Project, which follows recent gold discoveries west of the Goldboro Deposit and new regional airborne surveys over our significant exploration land package which have outlined further geophysical anomalies along the Goldboro and Lower Seal Harbour trends. Some of these anomalies are in areas with little to no previous exploration work and highlight the scale and gold camp potential of the Goldboro Gold District."

~Kevin Bullock, President and CEO, Signal Gold Inc.

The gross proceeds from the Offering will be primarily used to advance growth exploration and permitting activities at the Goldboro Project and for working capital and general corporate purposes.

Each Warrant entitles the holder thereof to purchase one common share of the Company (a "Warrant Share") at a price of $0.225 for a period of 18 months following the closing date of the applicable tranche of the Offering. The Warrants contain an acceleration clause whereby, after the expiration of the statutory hold period, if the common shares of the Company trade at a volume weighted average price of $0.30 or more for 10 consecutive trading days, the Company has the right to accelerate the exercise period to a period ending at least 30 days from the date that notice of such acceleration is provided to the holders of the Warrants.

Any securities issued under the Offering will be subject to a hold period of four months and a day from the applicable closing date of the Offering in accordance with the rules and policies of the Toronto Stock Exchange ("TSX"), and applicable Canadian securities laws and such other further restrictions as may apply under foreign securities laws. The Offering remains subject to the approval of the TSX.

ABOUT SIGNAL GOLD

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 January 11, 2022, for further details). On August 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 towards the west along strike and at depth. A future study will consider upgrading and expanding potentially mineable underground Mineral Resources as part of the longer-term mine development plan.

This news release has been reviewed and approved by Kevin Bullock, P. Eng., President and CEO with Signal Gold Inc., a "Qualified Person", under National Instrument 43-101 Standard for Disclosure for Mineral Projects.

We seek Safe Harbor.