Mr. Douglas Meirelles reports

SOUTH ATLANTIC GOLD ANNOUNCES CORPORATE CHANGES, WELCOMES NEW DIRECTORS

South Atlantic Gold Inc. has made a technical committee, compensation committee and changes to the audit committee. Two new members will be joining the board of directors including Rick Brown and Bill O'Hara while Antenor Silva is resigning from the board. The number of directors will be changed to seven in total.

Douglas Meirelles, chief executive officer of South Atlantic, stated: "Following the successful financing we just completed, we have made positive changes to our board structure including the formation of technical and compensation committees. We are very pleased to welcome both Rick Brown and Bill O'Hara to the board. The vast experience from both these men will strengthen the experience levels already seen at the board level at South Atlantic. We are also very pleased to work with Jon Hill on the technical committee with his broad skill sets, especially in Brazil. Lastly, we would like to thank Mr. Antenor Silva for his guidance during the formation of South Atlantic Gold as we move forward."

Technical committee

The technical committee will be chaired by Mr. Brown, a new director to the company. Mitchel S. Wasel and Jonathan Victor Hill will be joining the committee. Mr. Hill will not be joining the board of directors.

With over 30 years of management and operational experience in the junior mining industry, Mr. Brown will provide additional geologic and operational guidance to South Atlantic. He has been based in Latin America since 1993 in Peru, Argentina, Brazil and Colombia. He is credited with the outcrop discovery of the El Hilorico gold project (1 million ounces) in Peru, negotiating the acquisition of Newmont Argentina SA for Aquiline Resources, which included the the Navidad silver project (750 million ounces), and the acquisition of the Mara Rosa gold project (1.5 million ounces) in Brazil. Currently, he is an independent director of Peruvian Metals Corp. and an active investor in several listed (both Toronto Stock Exchange and Australian Stock Exchange) junior explorers and developers. Mr. Brown holds a BAppSc degree in geology from Curtin University of Techology, Australia, an MBA from Business School Sao Paulo, Brazil, and is a fellow of the Society of Economic Geologists (SEG). He speaks fluent Spanish and Portuguese.

Mr. Hill is currently senior adviser at Jaguar Mining Inc. Mr. Hill has over 30 years experience in global exploration, mining operational and project development in Africa, Australia and North and South America. He was directly involved in the discovery of several world-class projects while at AngloGold Ashanti Ltd. His experience includes exploration, development, due diligence, corporate development, mine geology and coordination/liaison with mine planning and reporting of mineral reserves and resources. Mr. Hill is chairman of the board of Royal Road Minerals Ltd. and a director of Stratabound Minerals Corp. His private company, Exploration Outcomes Ltd. provides exploration advisory services to international client companies. He holds a BSc (Honours) degree in economic geology from the University of Cape Town and a BAppSc degree in applied geology from the Queensland University of Technology.

Compensation committee

The compensation committee will be chaired by Marc Leduc. The other members of this committee will include Adam Davidson and Bruce Higson-Smith.

Audit committee

Due to the resignation of Mr. Silva, Mr. O'Hara will be joining both the board of directors and the audit committee.

Mr. O'Hara is currently managing partner of LACG Capital Inc. He started his career at First Marathon Securities in equity research analyzing gold companies. After moving into the institutional equity sales role at National Bank Financial and then Credit Suisse First Boston, he joined Haywood Securities Inc. in 2003. During his time at Haywood, Mr. O'Hara advanced to become managing director and head of equity sales and a member of the board of directors. In late 2020, after almost 25 years identifying, analyzing capital raising and strategically advising both investment funds and corporate entities across many sectors, he formed LACG Capital Inc. whose mandate is to provide capital markets advisory services to both public and private companies in the early stages of growth. Sectors of focus include mining and psychedelics as well as special situations. Mr. O'Hara holds a master of science (economics) degree from the London School of Economics with distinction, and the CFA designation.

Option grant

Effective today the company has granted an aggregate 3.56 million stock options to its directors, officers, consultants and employees of the company.

The options are exercisable for a period of five years at a price of six cents per common share in accordance with the terms of the company's 10 per cent rolling stock option plan approved by shareholders on Oct. 22, 2021.

We seek Safe Harbor.