Mr. Jose Bordogna reports

AUSTRAL GOLD ANNOUNCES DECLARATION OF DIVIDEND OF A$0.008 PER SHARE

Austral Gold Ltd. has declared an unfranked cash dividend of 0.8 Australian cent per share, or approximately $3.8-million (U.S.). The dividend will be payable on March 19, 2021, to all eligible shareholders as at the record date of March 9, 2021.

The finances used to pay the dividend were obtained from cash generated from operations at the company's Guanaco/Amancaya mines. There are no immediate plans to pay any further dividends.

About Austral Gold Ltd.

Austral Gold is a growing gold and silver mining, development and exploration company building a portfolio of quality assets in Chile, the United States and Argentina. Austral owns 100-per-cent interest in the Guanaco/Amancaya mine in Chile and the Casposo mine (care and maintenance) in Argentina, and a 26.46-per-cent interest in the Rawhide mine in Nevada. In addition, Austral owns an attractive portfolio of exploration projects in the Paleocene belt in Chile (including those acquired in the recent acquisition of Revelo Resources Corp.) and a 100-per-cent interest in the Pinguino project in Santa Cruz, Argentina. Austral Gold is listed on the TSX Venture Exchange (TSX-V: AGLD), and the Australian Securities Exchange (ASX: AGD).

We seek Safe Harbor.