Mr. Kevin Bullock reports

SIGNAL GOLD ANNOUNCES FINAL DRILL RESULTS OF GROWTH EXPLORATION PROGRAM, INCLUDING 76.31 G/T OVER 0.5 METRES AND 12.88 G/T OVER 0.6 METRES

Signal Gold Inc. has released the final diamond drill results from the company's growth exploration program at the Goldboro project in Nova Scotia. The remaining diamond drill results are from 3,813 metres of drilling in 19 diamond drill holes that targeted near-surface gold mineralization west of the Goldboro mineral resource and immediately to the east of the past-producing Dolliver Mountain gold mine. The results included 13 instances of visible gold and 74 separate intersections of gold mineralization, all located within the same anticline that hosts the Goldboro deposit. These drill results are part of the larger growth exploration program in 2023, which comprised 11,435 metres in 61 diamond drill holes, focused on the discovery of gold mineralization to the west and along strike of the Goldboro mineral resource.

"We are excited to announce these final drill results which, together with those previously released, conclusively demonstrate continuous gold mineralization along a strike length of 1.1 kilometres between the western extent of the Goldboro deposit and the past-producing Dolliver Mountain mine, bringing the total strike length of known mineralization to 3.4 kilometres. This provides further confidence in the scalability of the Goldboro deposit as well as in our exploration model and approach to gold discovery, which can be applied to 51 kilometres of strike extent along the combined Goldboro and Lower Seal Harbour trends. Our expanded and prospective land package of 27,200 hectares provides the opportunity to make additional discoveries in the Goldboro gold district and to leverage the planned mine and mill infrastructure at Goldboro," said Kevin Bullock, president and chief executive officer, Signal Gold.

Selected composited highlights (core length) from the current drill holes include:

• 76.31 grams per tonne gold over 0.5 metre (111.0 metres to 111.5 metres) in hole BR-23-436;
• 12.88 g/t gold over 0.6 metre (157.4 metres to 158 metres) in hole BR-23-439;
• 7.73 g/t gold over one metre (17.6 metres to 18.6 metres) in hole BR-23-438;
• 2.10 g/t gold over 3.8 metres (140.1 metres to 143.9 metres) in hole BR-23-437, including 4.67 g/t gold over one metre;
• 1.33 g/t gold over three metres (177.0 metres to 180.0 metres) in hole BR-23-433, including 2.75 g/t gold over 0.6 metre.

The drill results from these 19 diamond drill holes (BR-23-415, BR-23-418, BR-23-420, BR-23-422 to BR-23-426, BR-23-429 to BR-23-439) further demonstrate that the geological environment at Dolliver Mountain is similar to the Goldboro deposit, with gold mineralization associated with multiple stacked argillite and quartz vein zones typically containing pyrite and arsenopyrite. This system is folded into the upright Upper Seal Harbour anticline and plunges gently to the east. It is the occurrence of pyrite and arsenopyrite associated with the alteration assemblage and gold mineralization that produces the induced polarization chargeability anomalies that were targeted during the growth exploration program.

Drilling tested the host anticline to a vertical depth of 230 metres, and mineralization continues to be open to the west and at depth. Importantly, the intersection of gold mineralization at Dolliver Mountain also highlights the potential for further discovery of gold down plunge and beneath the currently defined Goldboro deposit below 550 vertical metres, presently the deepest drilling to date.

All samples and the resultant composites referred to in this release are collected using quality assurance/quality control 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 Au by fire assay (30 g) with an 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 passing 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 is analyzed via fire assay. A weighted average gold grade is calculated for the final reportable gold grade. Total pulp metallics assays for drill holes cited within this press release may be updated in a future news release.

This news release has been reviewed and approved by Paul McNeill, PGeo, vice-president of exploration, 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. 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, and the company has now submitted all key permits, including the industrial approval, Fisheries Act authorization and Schedule II amendment, and the mining and Crown land leases. The Goldboro project has significant potential for further mineral resource expansion, particularly toward the west along strike and at depth, and the company has consolidated 27,200 hectares (approximately 272 square kilometres) of prospective exploration land in the Goldboro gold district.