Mr. Kevin Bullock reports

SIGNAL GOLD COMPLETES SECOND TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Signal Gold Inc. has completed a second tranche of a non-brokered private placement previously announced on Nov. 20, 2023. Pursuant to the second tranche of the offering, the company issued three million flow-through units of the company at a price of 17 cents per flow-through unit for aggregate gross proceeds of $510,000.

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.

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 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 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" dated 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 that enables the company to commence site-specific permitting processes, including industrial approval and the 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.

This news release has been reviewed and approved by Kevin Bullock, PEng, president and chief executive officer with Signal Gold, a qualified person, under National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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