Mr. Kevin Bullock reports

SIGNAL GOLD ANNOUNCES UPSIZE AND COMPLETION OF PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT FOR PROCEEDS OF $5.02 MILLION

Signal Gold Inc. has upsized and completed its previously announced non-brokered private placement to raise gross proceeds of $5,020,070. The offering now consists of 13.8 million units of the company at a price of 15 cents per unit and 17,353,350 flow-through (FT) units of the company at a price of 17 cents per FT unit. Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant. Each FT unit consists of one common share, which was issued as a flow-through share as defined in Subsection 66 (15) of the Income Tax Act (Canada), and one-half of one warrant, issued on a non-flow-through basis.

The company closed the final tranche of the offering today for aggregate gross proceeds of $2,490,053, pursuant to which the company issued 13.8 million units and 2,470,900 FT units. The company has now received the total gross proceeds of $5,020,070 under the offering, which will be primarily used to advance growth exploration and permitting activities at the Goldboro project and for working capital and general corporate purposes.

"We are pleased to have received further significant institutional interest for the offering in what continues to be a challenging market. The aggregate gross proceeds of $5.02-million will support ongoing growth exploration at the Goldboro project and in the broader Goldboro gold district in 2024, as well as the progression of key project permits," said Kevin Bullock, president and chief executive officer, Signal Gold.

Any securities issued under the offering will be subject to a hold period of four months and a day from the applicable issuance date under 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 final 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 report, entitled, "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 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, a qualified person under National Instrument 43-101, Standards for Disclosure for Mineral Projects.

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