Mr. Kevin Bullock reports

SIGNAL GOLD ANNOUNCES UPSIZE TO PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT FOR UP TO $2.72 MILLION AND COMPLETES ANOTHER TRANCHE OF FINANCING

Signal Gold Inc. has upsized its previously announced non-brokered private placement to now raise gross proceeds of up to $2.72-million. The offering will now consist of up to 1,266,666 units of the company at a price of 15 cents per unit and up to 14,882,447 flow-through units of the company at a price of 17 cents per FT unit. Each unit will consist of one common share in the capital of the company and one-half common share purchase 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 has also completed another tranche of the offering for aggregate gross proceeds of $700,000, pursuant to which the company issued 7,764,800 FT units. The company has received gross proceeds of $2,530,016 to date under the offering, which will be used to advance growth exploration activities at the Goldboro project.

Any securities issued under the offering will be subject to a hold period of four months and one day from the applicable closing date of the offering, in accordance with the rules and policies of the Toronto Stock Exchange, 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 with average gold production of 100,000 ounces per year and an average diluted grade of 2.26 grams per tonne gold (please see the National Instrument 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 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.

This news release has been reviewed and approved by Kevin Bullock, PEng, president and chief executive officer of Signal Gold, a qualified person under NI 43-101.

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