Mr. Kevin Bullock reports

SIGNAL GOLD REPORTS STEP-OUT DRILL RESULTS DEMONSTRATING GOLD MINERALIZATION UP TO 450 METRES WEST OF THE GOLDBORO DEPOSIT

Signal Gold Inc. has released diamond drill results from the initial stepout exploration program at the company's Goldboro project in Nova Scotia. The stepout drilling program, comprising 6,026.5 metres from 31 holes, targeted near-surface gold mineralization immediately west of the Goldboro deposit and has now discovered gold mineralization up to at least 450 metres west of previous resource definition drilling. This initial program is part of a larger growth exploration program that has successfully tested a 1.4-kilometre strike extent of the Goldboro trend west of the existing Goldboro mineral resource.

"We are excited with the results of our initial stepout drilling completed in 2023, which has discovered further high-grade, near-surface gold mineralization for at least 450 metres west of the Goldboro deposit. We have now also completed the exploration drill program testing the IP [induced polarization] geophysical target that extends 1.4 kilometres to the west through the past-producing Dolliver Mountain gold mine. While we wait for those drill results in the new year, we look forward to testing further resource growth potential on strike and adjacent to planned mine infrastructure, while continuing our regional exploration programs to demonstrate the scale potential of the Goldboro gold district," said Kevin Bullock, president and chief executive officer, Signal Gold.

The current results comprise 1,446.5 metres of drilling from seven diamond drill holes (BR-23-399, 402 and 404 to 407) and include 27 separate intersections of gold mineralization and three instances of visible gold. Selected composited highlights (core length) from the current drill holes include:

• 109.91 grams per tonne (g/t) gold over 0.5 metre (92.8 m to 93.3 m) in hole BR-23-399;
• 2.44 g/t gold over 1.7 metres (167.6 m to 169.3 m) in hole BR-23-405;
• 1.76 g/t gold over 2.4 metres (167.6 m to 169.3 m) in hole BR-23-399.

Previously reported drilling in this area has outlined high-grade gold mineralization with selected composited highlights (core length) including:

• 26.09 g/t gold over 8.9 metres (105.5 m to 114.4 m) in hole BR-23-393, including 79.18 g/t gold over 0.5 metre and 371.59 g/t gold over 0.5 metre;
• 11.79 g/t gold over 4.1 metres (49.9 m to 54 m) in hole BR-23-386, including 47.23 g/t gold over one metre;
• 19.15 g/t gold over 1.2 metres (114.7 m to 115.9 m) in hole BR-23-388;
• 10.85 g/t gold over 1.3 metres (209.6 m to 210.9 m) in hole BR-23-395;
• 21.16 g/t gold over 0.7 metre (80.5 m to 81.2 m) in hole BR-23-397.

Drilling in the area up to 450 metres west of the Goldboro deposit continues to identify gold mineralization and demonstrate that the mineralization remains open at depth and to the west toward the past-producing Dolliver Mountain gold mine, where the company recently completed drilling.

Drill holes BR-23-402 and 406 were designed to target IP chargeability anomalies parallel to, but north and south of, the main host structure and IP chargeability trend. Drill hole BR-23-402, to the north of the Goldboro trend, did not intersect any significant gold mineralization associated with the flanking chargeability response. Similarly, drill hole BR-23-407 to the south of the Goldboro trend did not intersect significant gold mineralization associated with the flanking chargeability response, but did intersect gold deeper within the hinge of the anticline within the West Goldbrook system.

Assays are pending for an additional 32 drill holes totalling 6,195 metres from the drill program and will be reported in future news releases.

Note: Operations began at the Dolliver Mountain gold mine in 1901 and the operation ceased in 1904.

All samples and the resultant composites referred to in this release are collected using quality assurance/quality control (QA/QC) protocols, including the regular insertion of standards and blanks within the sample batch for analysis and check assays of select samples. All samples quoted in this release were analyzed at Eastern Analytical Ltd. in Springdale, Nfld., for gold by fire assay (30 grams) with an AA (atomic absorption) finish.

All assays in this press release are reported as fire assays only. For samples analyzing greater than 0.5 g/t Au via 30 g fire assay, these samples will be reanalyzed at Eastern Analytical via total pulp metallics. For the total pulp metallics analysis, the entire sample is crushed to minus-10 mesh and pulverized to 95 per cent minus-150 mesh. The total sample is then weighed and screened to 150 mesh. The plus-150 mesh fraction is fire assayed for Au, and a 30 g subsample of the minus-150 mesh fraction analyzed via fire assay. A weighted average gold grade is calculated for the final reportable gold grade. Total pulp metallics assays for drill holes sited within this press release may be updated in a future news release.

The drill program was partially financed by the MRDF Shared Funding Exploration Grant (MRDF-2023-SF-06). The company wishes to thank the government of Nova Scotia for the partial funding of the drill program.

This news release has been reviewed and approved by Paul McNeill, PGeo, vice-president of exploration with Signal Gold, a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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.

We seek Safe Harbor.