Austral Gold Limited — Capital/Financing Update 2021

Oct 25, 2021

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MEDIA RELEASE Austral Gold Limited

26 October 2021

Austral Gold provides Update on Exploration Activities

Austral Gold Limited (the “Company” or “Austral” ) (ASX: AGD; TSX-V: AGLD) is pleased to provide an update on its on-going exploration programs in Chile and Argentina.

Highlights:

• At Amancaya , three of six drill holes in the Sur vein confirmed the continuity of DAM003 as previously announced on 27 January 2021 and two of the five follow-up drillholes in the Oeste vein confirmed the continuity of the structure at depth. The most significant results obtained were:

DAM-028 0.60 meters @ 84.25 g/t gold and 7.0 g/t silver (Sur Vein) DAM-029 0.81 meters @ 24.70 g/t gold and 1.9 g/t silver (Sur Vein) DAM-032 2.26 meters @ 5.72 g/t gold and 5.3 g/t silver (Sur Vein) DAM-035 1.50 meters @ 20.06 g/t gold and 4.8 g/t silver (Oeste Vein) DAM-036 2.82 meters @ 6.13 g/t gold and 2.5 g/t silver (Oeste Vein)

• At Sierra Inesperada , the latest drilling results confirmed silver mineralisation vectoring to potential blind gold mineralisation in the Purisima breccia complex. The most significant results obtained were:

DIN-018B 98.50 meters @ 19.2 g/t silver

(Include 24.0 meters @ 51.5 g/t silver and sub-include 8.20 meters @ 0.25 g/t gold) DAM-027 129.00 meters @ 34.0 g/t silver

(Include 55.0 meters @ 63.6 g/t silver and sub-include 4.00 meters @ 0.27 g/t gold)

• At Casposo – Manantiales district, the first phase of drilling was completed in five vein targets. At Manantiales vein , a blind ore-shoot was intercepted opening the upside to the south. The most significant results obtained were:

MDH-021-56 1.44 meters @ 6.88 g/t gold and 10.6 g/t silver

MDH-021-57 1.50 meters @ 5.05 g/t gold and 10.3 g/t silver

• At Sierra Blanca , the first tranche to acquire 51% of the project was completed. To date the Company has incurred exploration expenses of US$145,000 and is focused on acquiring the next 29% interest, which requires an additional US$555,000 in exploration expenses be incurred over the next two years.

The exploration activities are designed with a focus on the Company´s growth strategy as follows:

• Expand the resource at the Guanaco/Amancaya mine complex,

• Explore Tier I or Tier II high sulfide (“HS”) projects (Sierra Inesperada, Cerro Buenos Aires, Cerro Blanco, and Morros Blancos),

• Restart the Casposo-Manantiales mine complex, and

• Increase the mineral resources inventory at the Pinguino-Sierra Blanca cluster

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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Chief Executive Officer, Stabro Kasaneva commented: "We have seen excellent results on exploration activities in Argentina and Chile. Of particular interest are the high-grades and shallower depths that have been intersected in the Oeste structure at Amancaya, with more drilling to follow. At Sierra Inesperada, we are vectoring into a potential gold source at the complex, having intersected a silver halo surrounding the potential feeder. In addition, we look forward to receiving our updated mineral resource and mineral reserve estimates at our GuanacoAmancaya mine complex during Q1 2022.”

Amancaya Mine Exploration

During Q3 2021, follow-up and categorisation programs at Amancaya were completed with 14 drill holes (DAM-027 to DAM-040). The most significant results were obtained in the Oeste Vein, where two follow-up drill holes confirmed 100 meters of vertical continuity of the structure in the previous drilled sections, while a third drill hole (DAM-040) in a section in between, cut the structure in depth where a narrow structure with a low grade was observed.

At Veta Este, the continuity of the structure on the proposed strike was not confirmed, as the follow-up program intercepted only narrow veins with drillholes DAM-33 and DAM-034. The interpretation suggests that it is a gently east dipping splay structure between the North and South veins.

Paleocene HS Districts Exploration

At Sierra Inesperada , four targets were tested with 20 diamond drillholes in two phases, confirming HS hydrothermal activity controlled by phreatomagmatic complexes and associated with silver mineralisation. Integration of geological, geophysical, and geochemical interpretations suggest potential blind gold mineralisation which we plan to test during Q4 2021.

At Cerro Buenos Aires , three drilling targets were defined with delineation activities that included detailed geological mapping, CSAMT geophysical survey and systematic rock geochemistry. A first phase of five drillholes was initiated and preliminary geological drilling results provide evidence of multi-event phreatomagmatic breccias, greater than 300 meters of oxidized HS alteration column including greater than 100 meters of strong silicification and relict vuggy silica.

At Morros Blancos , the targeting process defined three prospective HS areas. Delineation began in Rosario del Alto, which we ranked as having the greatest potential. Initial geological mapping recognized four maar – diatreme complexes with favorable alteration at the right level preservation. Systematic rock geochemistry and CSAMT survey was initiated and we plan to commence a drilling program in Q4 2021 if positive results are received.

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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Amancaya: Plan View Map – Follow-up Drilling Program

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Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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Amancaya: 25SE Section – Oeste Vein Follow-up Drillholes

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Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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Sierra Inesperada: Targeting – Discovering a Blind Deposit

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Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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Sierra Inesperada: 439,400E Section – Conceptual Model

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Casposo – Manantiales District Exploration

The first phase of drilling was completed in five vein targets including 14 holes in 2,800 meters. At the Manantiales vein, a blind ore-shoot was intercepted opening the upside to the south and the exploration potential to the north in the protected block related to the Vallecito reverse fault.

The holes drilled at Valentina, Julieta, Awada and Maya did not intercept significant mineralisation. However, the composition and textures of the intercepted veins suggest potential at depth. A second drill phase is under review and is expected to be completed during Q4 2021.

Pinguino – Sierra Blanca District Exploration

Preliminary targeting of the district, based on geological mapping, Aster interpretation, and geophysics resulted in a new target structurally protected. The follow-up activities on the new target confirmed favorable alteration related to Dome-Breccia complex. Our planned Q4 2021 activities are focused on relogging and reinterpretation of historical data.

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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Casposo – Manantiales: Targeting – Testing High-grade Vein Systems

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Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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Quality Assurance

Industry standard practices were used for sampling of diamond drilling. Drilling Samples were sent to the Activation Geological Services (AGS) chemical laboratory, located in the city of Coquimbo, Chile, where the samples were mechanically prepared (crushed and pulverized according to standard protocol). Chemical gold analyzes were performed using Au50 FA-AAS procedures (50 gram weight used for assays). Fusion with final determination performed by Atomic Absorption; The results obtained equal to or greater than 5gr / ton., were analyzed by Au30GRAV, fusion with final gravimetric determination. For the base metal assays, acid digestion was performed with final determination by ICPMS (Ultra-trace multi-element package). Silver results equal to or greater than 100gr / ton., were analyzed by Ag30GRAV, fusion with final gravimetric determination. AGS has NCh 17025-2005 accreditation for the aforementioned tests and its central laboratory is located at Avenida La Cantera 2270, Coquimbo, Chile.

Competent Person

The information in this press release that relates to Exploration Results listed in the table above is based on work supervised, or compiled on behalf of Robert Trzebski, a Director of the Company. Technical Information in this press release has been reviewed by Robert Trzebski, who is a member of the Australian Institute of GeoScientists (MAIG) and qualifies as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Robert Trzebski consents to the inclusion in this presentation of the technical information that he has reviewed and approved. Robert Trzebski has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the JORC Code 2012.

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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Table 1: Amancaya Drill results

Hole East North RL Dip Azimuth EoH	Hole East North RL Dip Azimuth EoH	Hole East North RL Dip Azimuth EoH	Hole East North RL Dip Azimuth EoH	Hole East North RL Dip Azimuth EoH	Hole East North RL Dip Azimuth EoH	Hole East North RL Dip Azimuth EoH	Sector Section	Sector Section	Intercept Width(m)	Depth(m)	Augpt	Ag
AMANCA							YA RESULTS
Significant intercepts reported at 1gpt Au cutoff; in							clude at 3gpt Au cutoff, su		b-include at 10gpt Au cutoff
DAM-016	418372.4	7171886.5	1904.93	-65	105	420.15	Central Vein	125SW	0.48 193.77 1.54 1.24 217.84 7.46 Include 0.41 217.84 14.19			1.2 30.1 44.6
							Este Vein	125SW	1.82 377.45 3.11 1.89 383.46 1.98 0.05 390.15 2.67 0.38 393.35 1.90 0.34 397.32 3.71 0.29 398.15 1.13 0.69 399.49 2.99 0.46 404.69 2.06			1.5 2.1 0.6 11.5 1.0 1.2 1.3 0.6
DAM-017	418367.0	7171861.6	1904.79	-63	105	552.15	Central Vein	150SW	No significant intercepts
DAM-018	418642.1	7171839.5	1912.48	-65	285	501.15	Este Vein	100SW	0.66 352.36 1.88 0.62 354.48 3.86			3.3 6.2
DAM-019	418382.9	7171935.1	1907.26	-63	105	429.15	Central Vein	75SW	0.64 231.13 5.29 0.31 232.54 7.28			44.6 82.1
							Este Vein	75SW	4.27 249.77 7.92 Include 0.21 252.09 39.59 Include 0.72 253.00 14.88			33.0 81.2 47.4
DAM-020	418678.2	7171883.8	1913.30	-70	235	444.55	Este Vein	200NW	0.35 375.50 4.69			2.3
DAM-021A	418360.7	7171915.0	1906.00	-66	105	435.55	Central Vein	100SW	No significant intercepts
DAM-022	418625.5	7171348.5	1914.50	-65	55	282.55	New Splay	200SE	0.43 44.53 1.71			11.1
							Sur Vein	200SE	0.61 246.60 6.02			26.1
DAM-023	418627.5	7171289.5	1916.00	-65	55	270.55	New Splay		0.51 60.94 2.12 0.45 95.55 2.96			1.8 0.8
							Sur Vein	250SE	0.54 266.73 1.51			3.7
DAM-024	418585.0	7171381.5	1913.50	-68	55	339.55	Oeste Vein	150SE	2.41 20.32 10.19			55.2
							Sur Vein	150SE	0.21 123.55 1.12 0.97 316.40 1.92			7.5 8.0
DAM-025	418556.5	7171422.5	1913	-65	55	334.55	New Splay	100SE	0.69 29.45 4.55			53.0
							Sur Vein	100SE	0.63 249.14 1.73 0.76 302.56 3.38 0.21 303.61 1.67			13.0 11.6 3.9
									1.02 309.42 8.50 Include 0.42 310.02 12.52			23.7 24.1
									0.44 310.87 3.54			26.4
DAM-026	418480	7171461	1911	-60	55	325	Oeste Vein	25SE	1.17 52.55 24.98			77.3
DAM-027	418731.0	7171300.4	1917.91	-59	55	120.07	Sur Vein	300 SE	No significant intercepts
DAM-028	418678.4	7171263.1	1916.81	-59	55	210.55	Oeste Vein	300 SE	1.15 58.38 2.24 0.7
							New Splay	300 SE	0.36 157.55 52.13 3.5
							Sur Vein	300 SE	0.60 188.97 84.25 7.0
DAM-029	418657.1	7171309.6	1916.51	-59	55	185	Sur Vein	250 SE	0.27 107.85 7.52 0.8 0.36 172.89 1.38 0.5 0.81 174.07 24.70 1.9
DAM-030	418598.1	7171329.1	1914.54	-55	55	245	Oeste Vein	200 SE	0.35 21.6 7.52 10.1
							Sur Vein	200 SE	0.33 214.27 1.70 0.3 0.31 220.27 1.69 0.2
DAM-031	418700.5	7171370.6	1916.12	-61	55	95	Sur Vein	225 SE	No significant intercepts
DAM-032	418655.7	7171338.9	1916.16	-66	55	195	New Splay	225 SE	0.60 170.84 7.68 0.8
							Sur Vein	225 SE	2.26 182.49 5.72 5.3 0.24 185.92 1.77 0.3
DAM-033	418600.5	7171850.0	1911.95	-65	235	396.65	Este Vein	225 NW	0.55 251.87 1.17 25.5
DAM-034	418639.5	7171816.2	1911.62	-61	235	310	New Splay	175 NW	0.35 259.15 3.41 1.3
							Este Vein	175 NW	0.58 285.32 8.65 2.6
DAM-035	418439.4	7171432.1	1911.58	-59	55	252.65	Oeste Vein	025 SE	1.50 85.28 20.06 4.8
DAM-036	418544.0	7171352.6	1913.73	-68	55	260.2	Oeste Vein	150 SE	0.21 49.63 3.17 0.6 1.48 55.81 1.19 0.3 0.80 63.55 1.21 1.0 0.58 65.42 6.42 2.1 1.00 67.44 1.05 1.0 2.82 71.55 6.13 2.5 Include 0.27 73.51 31.25 4.8
									0.69 74.71 3.50 17.2 0.34 126.52 3.91 5.3
DAM-037	418361.5	7171621.2	1906.11	-64	55	288.7	Oeste Vein	175 NW	0.30 153.96 3.56 0.9
DAM-038	418157.0	7171874.8	1900.19	-58	55	280.18	Oeste Vein	500 NW	No significant intercepts
DAM-039	418405.4	7172049.7	1911.43	-60	235	153.5	Oeste Vein	500 NW	No significant intercepts
DAM-040	418452.8	7171363.5	1912.49	-55	55	216.55	Oeste Vein	100 SE	0.22 190.75 1.82 8.5

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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Table 2: Sierra Inesperada Drill results

Hole East North RL Dip Azimuth EoH Sector Section	Hole East North RL Dip Azimuth EoH Sector Section	Hole East North RL Dip Azimuth EoH Sector Section	Hole East North RL Dip Azimuth EoH Sector Section	Hole East North RL Dip Azimuth EoH Sector Section	Hole East North RL Dip Azimuth EoH Sector Section	Hole East North RL Dip Azimuth EoH Sector Section	Hole East North RL Dip Azimuth EoH Sector Section	Hole East North RL Dip Azimuth EoH Sector Section	Intercept Width(m)	Intercept Width(m)	Depth(m)	Augpt	Ag gpt
INESPERADA RESULTS
Significant intercepts reported at 0.2gpt Au cutoff; include at 1.0gpt Au cutoff, sub-include at 3.0gpt Au cutoff
Significant silver intercepts reported at 5gpt Ag cutoff(longer than 30 meters); include at 15gpt Ag cutoff
DIN-009	438320.00	7219750.00	2507.00	-66	85	128.90	Mina	7219750		1.8	9.45	0.29	38.2
										1.3	23.33	0.58	0.7
DIN-010	438320.00	7219775.00	2508.00	-70	90	111.00	Mina	7219775		2.1	87.88	0.30	0.1
DIN-011	438320.00	7219800.00	2510.00	-70	90	174.10	Mina	7219800		3.5	70.68	0.46	18.2
DIN-012	438295.00	7219800.00	2509.00	-70	90	150.00	Mina	7219800		1.3	85.00	0.49	2.8
										10.0	96.00	0.65	14.1
									Include	2.0	100.00	1.25	14.6
									Include	2.0	104.00	1.08	119.0
										4.3	114.00	0.23	4.2
DIN-013	439825.00	7219750.00	2620.00	-70	90	430.05	Purisima	7219750	No significant intercepts
DIN-014	439700.00	7219750.00	2626.00	-75	90	294.95	Purisima	7219750	No significant intercepts
DIN-015	439400.00	7219750.00	2574.00	-70	90	300.35	Purisima	7219750	No significant intercepts
DIN-016	439200.00	7219950.00	2585.00	-70	90	302.85	Purisima	7219950	No significant intercepts
DIN-017	439500.00	7220469.00	2688.00	-70.0	180.0	225.85	Ines	439500	33.0 45.00 0.01 24.8
									42.9 183.00 0.01 6.3
DIN-018B	439399.00	7220465.00	2723.00	-65	180	444.15	Ines	439400		1.5	315.90	0.14	19.3
										12.2	330.00	0.21	73.9
										6.1	346.90	0.14	15.4
										4.0	363.00	0.12	18.3
										2.0	371.00	0.14	10.4
									98.5 310.00 0.08				19.2
									Include 24.0 327.00 0.15				51.5
									Subinclude 8.2 334.00 0.25				60.2
DIN-019	439175.00	7220550.00	2748.00	-70	90	135.90	Ines	7220550	No significant intercepts
DIN-020	438406.00	7219851.00	2520.00	-65	90	105.15	Mina	7219850	No significant intercepts
DIN-021	438400.00	7219700.00	2510.00	-65	90	171.15	Mina	7219700	No significant intercepts
DIN-022	438250.00	7219800.00	2509.00	-70	90	144.15	Mina	7219800	No significant intercepts
DIN-023	438525.00	7220625.00	2672.00	-60	90	321.50	Sara	7220625	No significant intercepts
DIN-024	440450.00	7219025.00	2542.00	-60	180	228.15	Abraham	440450	No significant intercepts
DIN-025	439500.00	7220600.00	2671.00	-65	180	393.15	Ines	439500	No significant intercepts
DIN-026	439400.00	7220555.00	2706.00	-65	180	342.15	Ines	439400	No significant intercepts
DIN-027	439388.00	7220395.00	2711.00	-60.0	180.0	477.55	Ines	439400	129.0 259.00 0.02 34.0
									Include 55.0 289.00 0.04 63.6
									Subinclude 4.0 321.00 0.27 70.2
DIN-028	439750.00	7219550.00	2596.00	-80	180	306.15	Purisima	439750	No significant intercepts

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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Table 3: Casposo – Manantiales Drill results

Hole East North RL Dip Azimuth EoH Sector Section	Hole East North RL Dip Azimuth EoH Sector Section	Hole East North RL Dip Azimuth EoH Sector Section	Hole East North RL Dip Azimuth EoH Sector Section	Hole East North RL Dip Azimuth EoH Sector Section	Hole East North RL Dip Azimuth EoH Sector Section	Hole East North RL Dip Azimuth EoH Sector Section	Hole East North RL Dip Azimuth EoH Sector Section	Hole East North RL Dip Azimuth EoH Sector Section	Intercept Width(m)	Depth(m)	Augpt	Ag
MANANTIALES RESULTS
Significant intercepts reported at 1gpt Au cutoff; include at 3gpt Au cutoff, sub-incl									ude at 10gpt Au cutoff
MDH-21-055	2432093.0	6552436.0	3352.00	-60	270	81.00	Manantiales Vein	N6552450	No significant intercepts
MDH-21-056	2432161.0	6552439.0	3331.00	-60	270	169.50	Manantiales Vein	N6552450	1.44 109.00 6.88 Include 0.69 109.75 10.63			10.58 9.90
MDH-21-057	2432156.0	6552158.0	3386.00	-60	270	256.50	Manantiales Vein	N6552450	1.50 204.00 5.05			10.33
									1.00 208.00 3.49			3.50
MDH-21-058	2432217.0	6552592.0	3345.00	-60	270	219.00	Manantiales Vein	N6552600	No significant intercepts
MDH-21-059	2432156.0	6552158.0	3386.00	-60	270	286.50	Manantiales Vein	N6552150	No significant intercepts
JE-21-02	2434492.0	6551237.0	3367.00	-55	45	189.00	Julieta Este	900	No significant intercepts
JE-21-01	2434499.0	6551218.0	3347.00	-60	45	297.00	Julieta Este	900	No significant intercepts
VDH-21-01	2435014.0	6552350.0	3090.00	-70	270	100.50	Valentina	N6552350	No significant intercepts
VDH-21-02	2435014.0	6552350.0	3090.00	-70	105	304.00	Valentina	N6552350	No significant intercepts
VDH-21-03	2435078.0	6552248.0	3066.00	-70	270	97.50	Valentina	N6552250	1.70 42.20 1.17			0.58
VDH-21-04	2435043.0	6552181.0	3129.00	-70	270	108.00	Valentina	N6552175	1.20 41.05 1.98			3.35
VDH-21-05	2435037.0	6552207.0	3100.00	-60	270	87.00	Valentina	N6552200	No significant intercepts
ADH-21-01	2437203.0	6552294.0	2780.00	-60	360	308.50	Awada	E2437200	1.00 103.00 3.00			4.30
CA-21-572	2434988.0	6552250.0	3106.00	-60	45	295.60	Maya-Polvorín	500	No significant intercepts

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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About Austral Gold

Austral Gold Limited is a growing gold and silver mining, development and exploration company whose strategy is to expand the life of its cash generating assets in Chile, restart its Casposo mine in Argentina and build a portfolio of quality assets in Chile, the USA and Argentina organically through a Tier 1 or 2 exploration strategy and via acquisitions and strategic partnerships. Austral owns a 100% interest in the Guanaco/Amancaya mine in Chile and the Casposo Mine (currently on care and maintenance) in Argentina, a non-controlling interest in the Rawhide Mine in Nevada, USA and a non-controlling interest in Ensign Gold which holds the Mercur project in Utah, USA.

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), a noncontrolling interest in Pampa Metals and a 100% interest in the Pingüino project in Santa Cruz, Argentina. Austral Gold Limited is listed on the TSX Venture Exchange (TSX-V: AGLD) and the Australian Securities Exchange. (ASX: AGD). For more information, please consult Austral's website at www.australgold.com. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Release approved by the Chief Executive Officer of Austral Gold, Stabro Kasaneva.

For additional information please contact:

Jose Bordogna Ben Jarvis Chief Financial Officer Director Austral Gold Limited Austral Gold Limited jose.bordogna@australgold.com info@australgold.com +54 (11) 4323 7558 +61 (2) 9230 0661

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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Forward Looking Statements

Statements in this news release that are not historical facts are forward-looking statements. Forward- looking statements are statements that are not historical and consist primarily of projections - statements regarding future plans, expectations and developments. Words such as "expects", "intends", "plans", "may", "could", “potential”, "should", "anticipates", "likely", "believes" and words of similar import tend to identify forward-looking statements. Forwardlooking statements in this news release include our plans for more drilling at Amancaya, we plan to test during targets at Sierra Inesperada in Q4 2021, a second drill phase is expected to be completed during Q4 2021 at the Casposo - Manantiales District, our planned Q4 2021 activities at the Pinguino – Sierra Blanca District are focused on relogging and reinterpretation of historical data, and the expectation that we will receive updated mineral resource and mineral reserve estimates at our Guanaco-Amancaya mine complex during Q1 2022.

These forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied, including, without limitation, business integration risks; uncertainty of production, development plans and cost estimates, commodity price fluctuations; political or economic instability and regulatory changes; currency fluctuations, the state of the capital markets especially in light of the effects of the novel coronavirus, uncertainty in the measurement of mineral reserves and resource estimates, Austral’s ability to attract and retain qualified personnel and management, potential labour unrest, reclamation and closure requirements for mineral properties; unpredictable risks and hazards related to the development and operation of a mine or mineral property that are beyond the Company’s control, the availability of capital to fund all of the Company’s projects and other risks and uncertainties identified under the heading “Risk Factors” in the Company’s continuous disclosure documents filed on the ASX and on SEDAR. You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Austral cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management’s assumptions may prove to be incorrect. Austral’s forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and Austral does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements.

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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AMANCAYA AND SIERRA INESPERADA EXPLORATION JORC Code, 2012 Edition – Table 1 Report Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code Explanation	Commentary
Sampling	•Nature and quality of sampling	•Industry standard practices were used for
techniques	(e.g., cut channels, random	sampling of diamond drilling.
	chips, or specific specialised	•The diamond drilling core was recovered
	industry standard	from drill tubes and stored in core wood
	measurement tools appropriate	boxes, where it was geologically logged
	to the minerals under	then half core samples were taken using
	investigation, such as down	an automatic core splitter, bagged, and
	hole gamma sondes, or	sent to the laboratory.
	handheld XRF instruments,	•Drilling Samples were sent to the
	etc). These examples should	Activation Geological Services (AGS)
	not be taken as limiting the	chemical laboratory, located in the city of
	broad meaning of sampling.	Coquimbo, Chile, where the samples were
	•Include reference to measures	mechanically prepared (crushed and
	taken to ensure sample	pulverized according to standard
	representivity and the	protocol). Chemical gold analyses were
	appropriate calibration of any	performed using Au50 FA-AAS
	measurement tools or	procedures (50-gram weight used for
	systems used.	assays). Fusion with final determination
	•Aspects of the determination	performed by Atomic Absorption; The
	of mineralisation that are	results obtained equal to or greater than
	Material to the Public Report.	5gr / ton., were analysed by Au30GRAV,
	•In cases where ‘industry	fusion with final gravimetric determination.
	standard’ work has been done	For the base metal assays, acid digestion
	this would be relatively simple	was performed with final determination by
	(eg ‘reverse circulation drilling	ICPMS (Ultra-trace multi-element
	was used to obtain 1m samples	package). Silver results equal to or greater
	from which 3kg was pulverised	than 100gr / ton., were analysed by
	to produce a 30g charge for fire	Ag30GRAV, fusion with final gravimetric
	assay’). In other cases, more	determination.
	explanation may be required,
	such as where there is
	coarse gold that has
	inherent sampling
	problems. Unusual

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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Criteria	JORC Code Explanation	Commentary
	commodities or mineralisation
	types (e.g., submarine nodules)
	may warrant disclosure of
	detailed
	information.
Drilling	•Drill type (e.g., core, reverse	•Drilling techniques used were
techniques	circulation, open-hole hammer,	surface core drilling rig producing
	rotary air blast, auger, Bangka,	core at HQ size.
	sonic, etc) and details (e.g.,
	core diameter, triple or standard
	tube, depth of diamond tails,
	face- sampling bit or other type,
	whether core is oriented and if
	so, by what method, etc).
Drill sample	•Method of recording and	•Sample recovery is generally >95%.
recovery	assessing core and chip sample	•The mineralised zone appeared to be quite
	recoveries and results assessed.	competent and core recoveries were
	•Measures taken to	excellent.
	maximise sample	•All core was carefully placed in HQ sized
	recovery and ensure	core wooden boxes and transported a
	representative nature of	short distance to a core processing-
	the samples.	sampling area where core recovery, depth
	•Whether a relationship exists	markup and photography could be
	between sample recovery and	completed.
	grade and whether sample bias
	may have occurred due to
	preferential loss/gain of
	fine/coarse
	material.

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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Criteria	JORC Code Explanation	Commentary
Logging	•Whether core and chip samples	•Diamond drill core was geologically
	have been geologically and	logged using predefined logging codes
	geotechnically logged to a level of	for lithological, mineralogical, and
	detail to support appropriate	physical characteristics.
	Mineral Resource estimation,	•Logging, structural, and geotechnical
	mining studies and metallurgical	measurements and the estimation of
	studies.	recoveries was quantitative in nature.
	•Whether logging is qualitative or	•Drill core was photographed and digitally
	quantitative in nature. Core (or	stored for visual reference.
	costean, channel, etc)	•All holes were logged from start to
	photography.	finish.
	•The total length and percentage
	of the relevant intersections
	logged.
Sub-	•If core, whether cut or sawn	•For the diamond drill holes, sample
sampling	and whether quarter, half or all	intervals were marked, and the core was
techniques	cores taken.	sawn with an automatic splitter. One half
and sample	•If non-core, whether riffled,	of the core was placed in plastic bags
preparation	tube sampled, rotary split, etc	and tagged with a unique sample
	and whether sampled wet or	number. The other half of the core was
	dry.	returned to the core box and securely
	•For all sample types, the nature,	stored.
	quality, and appropriateness of	•Second half core was used for internal
	the sample preparation	check assays and no physical backup
	technique.	was left.
	•Quality control procedures
	adopted for all sub-sampling
	stages to maximise representivity
	of samples.
	•Measures taken to ensure that the

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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Criteria	JORC Code Explanation	Commentary
	sampling is representative of the in-
	situ material collected, including for
	instance results for field
	duplicate/second-half sampling.
	•Whether sample sizes are
	appropriate to the grain size of the
	material being sampled.
Quality	•The nature, quality and	•Drill samples were collected and bagged
of assay	appropriateness of the assaying	and sent to AGS laboratories. There they
data	and laboratory procedures used	were crushed and prepared. Gold assays
and	and whether the technique is	were done using FA-AAS procedure on a
laborato	considered partial or total.	50g sample.
ry tests	•For geophysical tools,	•ICP-Mass method with aqua regia
	spectrometers, handheld XRF	digestion, final determination of 58
	instruments, etc, the parameters	elements (Accredited Method by
	used in determining the analysis
		NCh17025-2017).
	including instrument make and
		•The results obtained equal to or greater
	model, reading times, calibrations
		than 5gr / ton., were analysed by
	factors applied and their derivation,
		Au30GRAV, fusion with final gravimetric
	etc.
		determination.
	•Nature of quality control procedures
		•Silver results equal to or greater than 100gr
	adopted (eg standards, blanks,
		/ ton., were analysed by Ag30GRAV, fusion
	duplicates, external laboratory
	checks) and whether acceptable	with final gravimetric determination.
	levels of accuracy (ie lack of bias)	•QA/QC procedures include the definition of
	and precision have been	a “Geochemical Check List” where all
	established.	parameters are set to ensure adequate
		control over the stages of preparation and
		chemical analysis of diamond core
		samples. Blanks, standard and field
		duplicate are inserted with a frequency of
		5%, coarse duplicates 2.25% and pulp
		duplicates 1.25%.
		•Levels of acceptancy for standard samples
		areto 3sd.
Verificati	•The verification of significant	•Not applicable.
on of	intersections by either independent	•Not applicable.
sampling	or alternative company personnel.	•Samples data entered manually into
and	•The use of twinned holes.	electronic spreadsheets. Data then entered
assaying	•Documentation of primary data,	in GVMapper software using Getac rugged
	data entry procedures, data	tablets and stored in data base formats.
	verification, data storage (physical
	and electronic) protocols.
	•Discuss any adjustment to assay
	data.

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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Criteria	JORC Code Explanation		Commentary
Location	•Accuracy and quality of surveys	•	Drilling collar survey used Trimble
of data	used to locate drill holes (collar and		3601DR total station, +- 1mm
points	down-hole surveys), trenches,		precision.
	mine workings and other locations	•	The datum used was PSAD56 and UTM
	used in Mineral Resource		coordinate system.
	estimation.	•	Downhole surveys are completed by
	•Specification of the grid		downhole methods (Champ Gyro) at
	system used.		regular intervals (25m and total hole).
	•Quality and adequacy
	of topographic control.
Data	•Data spacing for reporting		Amancaya
spacing	of Exploration Results.	•	Drill hole spacing is approximately 25m
and	•Whether the data spacing, and		(northing) by 25m (easting). Drill locations
distribution	distribution is sufficient to establish		were defined to determine the distribution
	the degree of geological and grade		of mineralisation in vein lower parts.
	continuity appropriate for the	•	Data spacing and distribution are sufficient
	Mineral Resource and Ore		to establish the degree of geological and
	Reserve estimation procedure(s)		grade continuity appropriate for the
	and classifications applied.		Mineral Resource and Ore Reserve
	•Whether sample compositing		estimation procedures.
	has been applied.	•	No sample compositing is applied
			during the sampling process.
			Sierra Inesperada
		•	Exploration drilling per target is in
			sections with 100 to 200 meters
			spacing and up to three drillholes per
			section at least 100 meters apart.
Orientation	•Whether the orientation of
of data in	sampling achieves unbiased	•	At Amancaya, drilling sections are
relation to	sampling of possible structures		designed to intercept structures as
geological	and the extent to which this is		perpendicular as possible with available
structure	known, considering the deposit		surface and underground data.
	type.
	•If the relationship between the	•	At Sierra Inesperada, drilling direction is
	drilling orientation and the		defined by the mineralization controls
	orientation of key mineralised		identified during delineation activities at
	structures is considered to have		local scale.
	introduced a sampling bias, this
	should be assessed and reported if
	material.

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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Criteria	JORC Code Explanation	Commentary
Sample	•The measures taken to	•Samples are transported from the
security	ensure sample security.	sampling area to the certified external lab
		via laboratory transport. The laboratory
		received sample dispatch documents for
		every sample batch.
		•Laboratory returns pulp samples and
		excess material.
Audits or	•The results of any audits or	• Not applicable.
reviews	reviews of sampling techniques
	and data.

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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SECTION 2 REPORTING OF EXPLORATION RESULTS

(Criteria listed in the preceding section also apply to this section)

Criteria	JORC Code Explanation		Commentary
Mineral	•Type, reference name/number,		Amancaya
tenement and	location and ownership including	The properties are located 220km SSE
land tenure	agreements or material issues with	of Antofagasta, in II Region, Chile.
status	third parties such as joint ventures,	The Amancaya property consists of
	partnerships, over-riding royalties,	eight individual exploitation mining
	native title interests, historical sites,	concessions covering a total area of
	wilderness or national park and	1,755 ha and is 100% owned by
	environmental settings.	Guanaco Compañia Minera.
	•The security of the tenure held at the	The San Guillermo properties cover an
	time of reporting along with any	area of 12,500 ha. The surface rights
	known impediments to obtaining a	are controlled by the government and
	license to operate in the area.	access is granted as required.
		•	The current Amancaya water rights
			amount is 1.6 L/s of underground
			water. The extraction well called
			"Zazzali" is located at 7,189,625.540
			North and 400,453.353 East in Agua
			Verde sector of Taltal.
		•	A royalty of 2.25% of the net smelter
			return (NSR) on all production from the
			Amancaya mining concessions is
			payable to Meridian Gold Inc
			(Meridian)/Yamana
		•	All necessary statutory permits
			have been granted and the
			requirements have been met.
			Austral is in compliance with all
			environmental and work permits.
		•	Historically small-scale exploration
			works in 1950s has been recorded
			on Amancaya.
			Sierra Inesperada
		•	The Guanaco property is located
			220 km southeast of Antofagasta.
			The Guanaco Mine area consists
			of 208 granted exploitation
			concessions totalling 23,541ha.
			There are claims held by third
			parties within the project area that
			are excisions from the Minera
			Guanaco tenure holding and are
			not included in the Project.
		•	Minera Guanaco applied for and
			was granted, on 15 November

• A royalty of 2.25% of the net smelter return (NSR) on all production from the Amancaya mining concessions is payable to Meridian Gold Inc (Meridian)/Yamana

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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• 2011, surface rights for the areas required to operate the mine plant and infrastructure. Minera Guanaco holds the conveyance rights of way to allow unfettered access to the Project and transport of goods and materials to and from the mining operation.

• • Minera Guanaco has an estimated water consumption of 7.40 L/s and water rights for 18.79 L/s. These water rights are sufficient for the current operational requirements.

• • A net smelter royalty of 6% is payable to ENAMI.

• • All necessary statutory permits have been granted and the requirements have been met. Austral is in compliance with all environmental and work permits.

Exploration	•Acknowledgment and appraisal of	Amancaya
done by other	exploration by other parties.	•1950s: Small scale exploration and
parties		mining of copper and gold in the
		Rosario del Llano and Juanita
		veins.
		•1992: Exploration by Recursos
		Mineros Andinos consisting of soil
		and rock geochemistry and 20
		reverse circulation drill holes. The
		information from this work has
		been lost.
		•2003: Placer Dome Inc. completed
		20 reverse circulation drill holes
		totalling 2,661 m and collected 515
		surface rock samples. Some
		anomalous results were located in
		the north part of the property (2.84
		g/t Au and 16.7 g/t Ag over 2 m),
		however, structures in the south
		were not recognized. Trenching
		was also completed.
		•2004 to 2008: Geophysical
		surveys, surface and trench
		sampling, geological mapping,
		radiometric dating, and fluid
		inclusion analysis were completed
		by Meridian/Yamana. Yamana
		also completed a total of 202

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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• reverse circulation drill holes for 54,782 m and 16 trenches totalling 486.1 m. A total of 40 drill holes and four surface trenches are used in the subsequent resource estimate.

• • 2009: Resampling of trenches and some resampling of historic drill core was performed by Cenizas. Cenizas carried out a drill campaign totalling 5,054 m in 23 holes to confirm the thickness of the Veta Central, the distribution of gold and silver grades within the vein and host rocks, and the density of the mineralization.

• • 2014: Austral Gold purchases the property Sierra Inesperada

• • 1878: Guanaco mineralisation was discovered by miners from the nearby Cachinal silver mines.

• • 1987: Minera Guanaco was controlled by the Gordo brothers and by the end of 1990, Minera Guanaco had drilled exploration holes.

• • 1991 to 1996: Amax entered a purchase option agreement and in 1993 started Guanaco operation. Parallelly, exploration was conducted including airborne and ground geophysical surveys, rock chip and grab sampling, geological mapping, and RC and core drilling.

• • 1999 to 2000: Kinross acquired Amax and conducting exploration core and RC drilling, data reviews, geological mapping, rock chip sampling and ground geophysical surveys.

• • 2002: Golden Rose, a subsidiary of AGD, entered a purchase-option agreement with Kinross, which was executed in March 2003.

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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Criteria	JORC Code Explanation		Commentary
Geology	•Deposit type, geological setting and		Amancaya
	style of mineralisation.		The Amancaya project represents a
			low sulphidation gold-silver epithermal
			deposit. The Amancaya vein system is
			related to a phreatomagmatic breccia
			complex hosted in the Palaeocene
			andesitic sequence and controlled by
			NS and NW faults. The mineralisation
			and alteration are focused along high-
			angle structures in an intra-mineral
			tuffaceous matrix breccia. The fault
			system provided a pathway for rising
			hydrothermal fluids. The Norte, Sur
			Central and Oeste Vein exhibits
			banded textures, with bands of grey
			chalcedonic quartz, clear crystalline
			quartz, amethyst, and dark bands
			containing sphalerite, silver, and lead
			sulphosalts. Other textures include
			coloform texture, sinuous alternating
			bands of chalcedonic quartz and
			amethyst, and crustiform quartz.
			Interstices are filled with clays,
			limonite, manganese oxide, and
			carbonates (ankerite).
			Sierra Inesperada
			The drilling targets defined in the area
			have affinity with high sulfidation gold-
			silver epithermal deposit. Project area
			corresponds to a large Advanced
			Argillic alteration zone developed in a
			maar-diatreme breccia complexes
			hosted in Palaeocene andesitic
			sequence. High sulphidation system
			are characterized by a core zone of
			residual quartz (vuggy) flanked by
			quartz-alunite to quartz-pyrophyllite
			produced by early low PH fluids below
			the paleowater table surface. Native
			gold, tellurides, acanthite, enargite,
			luzonite, and other copper sulphide
			and sulfosalt minerals, hosted by
			quartz gangue, characterize the
			mineralization related to a late fluid.

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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Drill hole	•A summary of all information material	•New drill holes are reported in the
Information	to the understanding of the	media release
	exploration results including a
	tabulation of the following information
	for all Material drill holes:
	oeasting and northing of the drill
	hole collar
	oelevation or RL (Reduced Level
	– elevation above sea level in
	metres) of the drill hole collar
	odip and azimuth of the hole
	odown hole length and
	interception depth
	ohole length.
	•If the exclusion of this information is
	justified on the basis that the
	information is not Material and this
	exclusion does not detract from the
	understanding of the report, the
	Competent Person should clearly
	explain why this is the case.
Data	•In reporting Exploration Results,	•Sum product weighted averaging
aggregation	weighting averaging techniques,	was used to report gold and silver
methods	maximum and/or minimum grade	grades over sample intervals that
	truncations (e.g., cutting of high	contained more than one sample.
	grades) and cut-off grades are usually	•At Amancaya, significant intercepts
	Material and should be stated.	are reported at 1 gpt Au cut-off;
	•Where aggregate intercepts	include at 3 gpt Au cut-off; sub-
	incorporate short lengths of high-	include at 10 gpt Au cut-off.
	grade results and longer lengths of	• At Sierra Inesperada, significant
		gold intercepts are reported at 0.2
	low-grade results, the procedure
		gpt Au cut-off; whilst silver
	used for such aggregation should
		intercepts are reported at 5.0 gpt
	be stated and some typical
		Ag cut-off; include at 15.0 gpt Ag
	examples of such aggregations
		cut-off.
	should be shown in detail.
	•The assumptions used for any
	reporting of metal equivalent
	values should be clearly stated.

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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Relationship	•These relationships are particularly	•The orientation of the veins is
between	important in the reporting of	generally north, and the dip of the
mineralisation	Exploration Results.	mineralisation is sub-vertical.
widths and	•If the geometry of the mineralisation	•The drilling is oriented close to
intercept lengths	with respect to the drill hole angle is	perpendicular to the known strike
	known, its nature should be reported.	orientation of the mineralisation.
	•If it is not known and only the down	Downhole intersections are oblique
	hole lengths are reported, there	to the dip of mineralisation due to
	should be a clear statement to this	the sub-vertical attitude of the
	effect (eg ‘down hole length, true	veins.
	width not known’).	•The intersection length is measured
		down the hole trace and may not be
		the true width.
Diagrams	•Appropriate maps and sections (with	•Sections are included in the
	scales) and tabulations of intercepts	report above this.
	should be included for any significant
	discovery being reported These
	should include, but not be limited to
	a plan view of drill hole collar
	locations and
	appropriate sectional views.
Balanced	•Where comprehensive reporting of	•All assay results that are
reporting	all Exploration Results is not	considered anomalous are
	practicable, representative reporting	reported, and in diagrams where
	of both low and high grades and/or	low grades were encountered
	widths should be practiced to avoid	where the structures were
	misleading reporting of Exploration	intersected the assays results are
	Results.	reported as from the laboratory.
Other	•Other exploration data, if meaningful	•No metallurgical samples or bulk
substantive	and material, should be reported	density sampling has currently
exploration	including (but not limited to):	been undertaken with the reported
data	geological observations; geophysical	drilling results. In the event that the
	survey results; geochemical survey	samples are used they will be
	results; bulk samples – size and	reported at such time.
	method of treatment; metallurgical
	test results; bulk density,
	groundwater, geotechnical and rock
	characteristics; potential deleterious
	or contaminating substances.

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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Further work	•The nature and scale of planned	•Follow-up and categorization
	further work (e.g., tests for lateral	programs at Amancaya were
	extensions or depth extensions or	completed in July.
	large-scale step-out drilling).	•At Sierra Inesperada, four targets
	•Diagrams clearly highlighting the	have been tested with 20 diamond
	areas of possible extensions,	drillholes in two phases. Integration
	including the main geological	of geological, geophysical, and
	interpretations and future drilling	geochemical interpretations
	areas, provided this information is	suggest potential blind gold
	not commercially sensitive.	mineralization that will be tested
		during Q4.

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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CASPOSO & MANANTIALES EXPLORATION JORC Code, 2012 Edition – Table 1 Report Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code Explanation	Commentary
Sampling	•Nature and quality of sampling	•Industry standard practices were used
techniques	(e.g., cut channels, random	for sampling of diamond drilling.
	chips, or specific specialised	•The diamond drilling core was recovered
	industry standard measurement	from drill tubes and stored in core wood
	tools appropriate to the minerals	boxes, where it was geologically logged
	under investigation, such as	then half core samples were taken using
	down hole gamma sondes, or	an automatic core splitter, bagged, and
	handheld XRF instruments, etc).	sent to the laboratory.
	These examples should not be	•Samples were assayed for gold,
	taken as limiting the broad	mercury (cold vapour) and ICP-Mass
	meaning of sampling.	(39 elements package) at a certified
	•Include reference to measures	external laboratory, ASi (Argentina).
	taken to ensure sample
	representivity and the
	appropriate calibration of any
	measurement tools or systems
	used.
	•Aspects of the determination of
	mineralisation that are Material
	to the Public Report.
	•In cases where ‘industry
	standard’ work has been done
	this would be relatively simple
	(e.g., ‘reverse circulation drilling
	was used to obtain 1m samples
	from which 3kg was pulverised to
	produce a 30g charge for fire
	assay’). In other cases, more
	explanation may be required,
	such as where there is
	coarse gold that has
	inherent sampling
	problems. Unusual

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Criteria	JORC Code Explanation	Commentary
	commodities or mineralisation
	types (e.g., submarine nodules)
	may warrant disclosure of detailed
	information.
Drilling	•Drill type (e.g., core, reverse	•Drilling techniques used were
techniques	circulation, open-hole hammer,	surface core drilling rig producing
	rotary air blast, auger, Bangka,	core at HQ size.
	sonic, etc) and details (e.g., core
	diameter, triple or standard tube,
	depth of diamond tails, face-
	sampling bit or other type,
	whether core is oriented and if so,
	by what method, etc).
Drill sample	•Method of recording and	•Sample recovery is generally >95%.
recovery	assessing core and chip sample	•The mineralised zone appeared to be quite
	recoveries and results assessed.	competent and core recoveries were
	•Measures taken to	excellent.
	maximise sample recovery	•All core was carefully placed in HQ sized
	and ensure representative	core wooden boxes and transported a
	nature of the samples.	short distance to a core processing-
	•Whether a relationship exists	sampling area where core recovery,
	between sample recovery and	depth markup and photography could be
	grade and whether sample bias	completed.
	may have occurred due to
	preferential loss/gain of
	fine/coarse
	material.

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Criteria	JORC Code Explanation	Commentary
Logging	•Whether core and chip samples	•Diamond drill core was geologically
	have been geologically and	logged using predefined logging codes
	geotechnically logged to a level of	for lithological, mineralogical, and
	detail to support appropriate	physical characteristics.
	Mineral Resource estimation,	•Logging, structural and geotechnical
	mining studies and metallurgical	measurements and the estimation of
	studies.	recoveries, was quantitative in nature.
	•Whether logging is qualitative or	•Drill core was photographed and digitally
	quantitative in nature. Core (or	stored for visual reference.
	costean, channel, etc)	•All holes were logged from start to
	photography.	finish.
	•The total length and percentage
	of the relevant intersections
	logged.
Sub-	•If core, whether cut or sawn	•For the diamond drill holes, sample
sampling	and whether quarter, half or all	intervals were marked, and the core was
techniques	core taken.	sawn with a manually splitted. One half
and sample	•If non-core, whether riffled,	of the core was placed in plastic bags
preparation	tube sampled, rotary split, etc	and tagged with a unique sample
	and whether sampled wet or	number. The other half of the core was
	dry.	returned to the core box and securely
	•For all sample types, the nature,	stored.
	quality and appropriateness of	•For core duplicates or checks, 2 quarters
	the sample preparation	were sampled, and half core was
	technique.	returned to the core box and securely
	•Quality control procedures	stored.
	adopted for all sub-sampling
	stages to maximise representivity
	of samples.
	•Measures taken to ensure that the

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Criteria	JORC Code Explanation	Commentary
	sampling is representative of the in
	situ material collected, including
	for instance results for field
	duplicate/second-half sampling.
	•Whether sample sizes are
	appropriate to the grain size of
	the material being sampled.
Quality of	•The nature, quality and	•Drill samples were collected and bagged
assay	appropriateness of the	and sent to ASi laboratory. There they were
data and	assaying and laboratory	crushed and prepared. Gold assays were
laboratory	procedures used and whether	done using FA-AAS procedure on a 50g
tests	the technique is considered	sample.
	partial or total.	•ICP-OES radial method with Aqua Regia
	•For geophysical tools,	0.2g digestion, final determination of 39
	spectrometers, handheld XRF	elements (Accredited Method by ISO
	instruments, etc, the parameters
		9001:2015; ISO 17025:2017).
	used in determining the analysis
		•Mercury analysis of 0.2g in Aqua Regia,
	including instrument make and
		final determination by AAS cold vapour.
	model, reading times, calibrations
		•Internal laboratory checks were made
	factors applied and their
		regarding sample preparation and assaying
	derivation, etc.
		procedures.
	•Nature of quality control
		•QA/QC procedures include the definition of
	procedures adopted (eg standards,
	blanks, duplicates, external	a “Geochemical Check List” where all
	laboratory checks) and whether	parameters are set in order to ensure
	acceptable levels of accuracy (ie	adequate control over the stages of
	lack of bias) and precision have	preparation and chemical analysis of
	been	diamond core samples. Blanks, standard
	established.	and field duplicate are inserted with a
		frequency of 5%, coarse duplicates 2.25%
		and pulp duplicates 1.25%.
		•Levels of acceptancy for standard samples
		areto 3sd.
Verification	•The verification of significant	•Not applicable.
of	intersections by either	•Not applicable.
sampling	independent or alternative	•Samples data entered manually into
and	company personnel.	electronic spreadsheets.
assaying	•The use of twinned holes.
	•Documentation of primary data,
	data entry procedures, data
	verification, data storage
	(physical and electronic)
	protocols.
	•Discuss any adjustment to
	assay data.

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Location	•Accuracy and quality of surveys	•Drilling collar survey used Trimble
of data	used to locate drill holes (collar and	TSC3 Differential GPS, +- 1cm
points	down-hole surveys), trenches,	precision.
	mine workings and other locations	•The datum used was Campus Inchauspe
	used in Mineral Resource	and Gauss Kruger Argentina coordinate
	estimation.	system.
	•Specification of the grid	•Downhole surveys are completed by
	system used.	downhole methods (Reflex Gyro) at
	•Quality and adequacy	regular intervals (50m and total hole).
	of topographic control.
Data	•Data spacing for reporting	•Exploration drilling per target is in
spacing	of Exploration Results.	sections and drill hole spacing is
and	•Whether the data spacing and	irregular in order to confirm extension
distribution	distribution is sufficient to establish	of mineralization, according to
	the degree of geological and grade	geological criteria.
	continuity appropriate for the	•No sample compositing is applied
	Mineral Resource and Ore	during the sampling process.
	Reserve estimation procedure(s)
	and classifications applied.
	•Whether sample compositing
	has been applied.
Orientation	•Whether the orientation of	•Drilling sections are designed to intercept
of data in	sampling achieves unbiased	structures as perpendicular as possible with
relation to	sampling of possible structures	available surface and underground data.
geological	and the extent to which this is	•Overall, there is considered to be no
structure	known, considering the deposit	sampling bias from the orientation of the
	type.	drilling.
	•If the relationship between the
	drilling orientation and the
	orientation of key mineralised
	structures is considered to have
	introduced a sampling bias, this
	should be assessed and reported if
	material.
Sample	•The measures taken to	•Samples are transported from the
security	ensure sample security.	sampling area to the certified external lab
		via company transport.
		•The laboratory received sample dispatch
		documents for every sample batch.
		•Laboratory returns pulp samples and
		excess material.
Audits or	•The results of any audits or	• Not applicable.
reviews	reviews of sampling techniques
	and data.

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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SECTION 2 REPORTING OF EXPLORATION RESULTS

(Criteria listed in the preceding section also apply to this section)

Criteria	JORC Code Explanation		Commentary
Mineral	•Type, reference name/number,		Casposo
tenement and	location and ownership including	•	Mine comprises sis mining claims,
land tenure	agreements or material issues with		seven Manifestaciones de
status	third parties such as joint ventures,		Descubrimiento (Discovery
	partnerships, over-riding royalties,		Concessions), nine exploration
	native title interests, historical sites,		Cateos (Exploration Concessions),
	wilderness or national park and		and three Canteras (Quarry Permits),
	environmental settings.		covering a total area of ~45km2.
	•The security of the tenure held at the	•	Austral holds sufficient surface rights
	time of reporting along with any		to safely and effectively operate the
	known impediments to obtaining a		Mine.
	license to operate in the area.	•	The right to take sufficient water for
			mining and processing activities has
			been granted under Water
			Concession 520-0430-B-99 at Kamila
			and for potential future mining at
			Julieta under Water Concession 506-
			0069-T-10-Folio 108.
		•	On production, a “Production Royalty”
			of US$5/Oz AuEq is to be paid to the
			original vendors, net of any advanced
			royalties.
		•	All necessary statutory permits have
			been granted and the requirements
			have been met. Casposo is in
			compliance with all environmental
			and operating permits.
			Manantiales
		•	The project consists of 3 mining
			properties: Manantiales 3, 4 and 5.
		•	The company explores the project
			through an agreement with the
			Provincial Institute of Explorations
			and Mining Exploitations (I.P.E.E.M.)
Exploration	•Acknowledgment and appraisal of		Casposo
done by other	exploration by other parties.	•	There is no recorded exploration on
parties			the Casposo Mine area prior to 1998.
			From 1993 to 1999 Battle Mountain
			Gold (BMG) conducted regional
			exploration programs in the San Juan
			Province. In 1998, this program
			resulted in the discovery of gold-silver

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	mineralisation at Casposo.
•	From 1998 to 2000, BMG undertook a
	program of surface sampling,
	geological mapping, trenching,
	geophysics and diamond drilling, and
	rock chip channel sampling.
•	Exploration by Intrepid commenced in
	July 2002, with detailed trenching of
	the vein systems, re-logging, and bulk
	sampling for metallurgical studies.
	Extensive diamond drilling was
	completed between 2003 and 2008.
	Resource estimates, economic
	evaluation, and feasibility study were
	completed between 2003 and 2008.
•	No commercial production occurred
	prior to Troy’s purchase of the Mine
	in May 2009. Troy commenced
	development in August 2009 and first
	gold pour took place in 2010.
	Manantiales
•	Limited rock chip sampling was
	carried out in the property by previous
	explorers since mid- 1990´s.
•	Since January 2010, Elementos
	Minerales SA started an intense
	exploration program which led to the
	discovery and subsequently, the first
	drilling program.
•	The areas Manantiales Vein, Julieta
	North and La Puerta became the
	subject of a comprehensive
	exploration program and 54 diamond
	core holes for 7,841 metres.
•	In 2019 the Austral Gold company
	signs an agreement with the
	I.P.E.E.M.

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Criteria	JORC Code Explanation		Commentary
Geology	•Deposit type, geological setting and		Casposo
	style of mineralisation.	•	The mineralisation identified
			within the Casposo Property is an
			example of low sulphidation
			epithermal deposition of gold and
			silver.
		•	The gold–silver mineralisation at
			Casposo is structurally controlled
			and occurs in crustiform-
			colloform quartz veins and
			stockworks,
		•	Native metal alloys of gold and
			silver are present as minute zoned
			grains that vary up to 100μm in
			the longest dimension. These
			grains are enclosed by gauge
			minerals, along the contact with
			sulphosalts and as inclusions in
			sulphosalts. The alloys are
			typically zoned with gold-rich cores
			and mantled by more silver-rich
			margins.
			Manantiales
		•	The style of mineralisation is
			essentially a gold-silver, quartz-
			adularia low sulphidation epithermal
			system in the proximity of epizonal
			intrusives, with low pyrite (< 1%)
			and minor clay alteration.
		•	The Manantiales project lies within
			a variably dipping sequence of
			felsic pyroclastics and tuffaceous
			volcaniclastics belonging to the
			Permo-Triassic Choiyoi Group.
			Locally, these rock units have been
			intruded by felsic subvolcanic
			porphyries and dykes.
		•	Gold mineralisation is structurally
			controlled and occurs in crustiform-
			colloform quartz veins and
			brecciated quartz veins and
			siliceous breccias mixed with
			variable amounts of late-stage
			calcite.

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com

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Drill hole	•A summary of all information material	•All drill holes are reported in Annex
Information	to the understanding of the	1.
	exploration results including a
	tabulation of the following information
	for all Material drill holes:
	oeasting and northing of the drill
	hole collar
	oelevation or RL (Reduced Level
	– elevation above sea level in
	metres) of the drill hole collar
	odip and azimuth of the hole
	odown hole length and
	interception depth
	ohole length.
	•If the exclusion of this information is
	justified on the basis that the
	information is not Material and this
	exclusion does not detract from the
	understanding of the report, the
	Competent Person should clearly
	explain why this is the case.
Data	•In reporting Exploration Results,	•Sum product Weighted averaging
aggregation	weighting averaging techniques,	was used to report gold and silver
methods	maximum and/or minimum grade	grades over sample intervals that
	truncations (e.g., cutting of high	contained more than one sample.
	grades) and cut-off grades are	Significant intercepts reported at 1
		gpt Au cut-off.
	usually, Material and should be
	stated.
	•Where aggregate intercepts
	incorporate short lengths of high-
	grade results and longer lengths of
	low grade results, the procedure
	used for such aggregation should be
	stated and some typical examples of
	such aggregations should be shown
	in detail.
	•The assumptions used for any
	reporting of metal equivalent values
	should be clearly stated.

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Relationship	•These relationships are particularly	•The orientation of the veins is
between	important in the reporting of	generally north and the dip of
mineralisation	Exploration Results.	the mineralisation is sub-vertical.
widths and	•If the geometry of the mineralisation	•The majority of drilling is oriented
intercept lengths	with respect to the drill hole angle is	close to perpendicular to the
	known, its nature should be reported.	known strike orientation of the
	•If it is not known and only the down	mineralisation. Downhole
	hole lengths are reported, there	intersections are generally oblique
	should be a clear statement to this	to the dip of mineralisation due to
	effect (eg ‘down hole length, true	the sub-vertical attitude of the
	width not known’).	veins.
		•The intersection length is measured
		down the hole trace and may not be
		the true width.
Diagrams	•Appropriate maps and sections (with	•Sections are included in the
	scales) and tabulations of intercepts	report above this.
	should be included for any significant
	discovery being reported These
	should include, but not be limited to
	a plan view of drill hole collar
	locations and
	appropriate sectional views.
Balanced	•Where comprehensive reporting of	•All assay results that are
reporting	all Exploration Results is not	considered anomalous are
	practicable, representative reporting	reported, and in diagrams where
	of both low and high grades and/or	low grades were encountered
	widths should be practiced to avoid	where the structures were
	misleading reporting of Exploration	intersected the assays results
	Results.	are reported as from the
		laboratory.
Other	•Other exploration data, if meaningful	•No metallurgical samples or bulk
substantive	and material, should be reported	density sampling has currently
exploration	including (but not limited to):	been undertaken with the reported
data	geological observations; geophysical	drilling results. In the event that
	survey results; geochemical survey	the samples are used they will be
	results; bulk samples – size and	reported at such time.
	method of
	treatment; metallurgical test results;
	bulk density, groundwater,
	geotechnical and rock characteristics;
	potential deleterious
	or contaminating substances.

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Further work	•The nature and scale of planned	•The reported results of this
	further work (e.g., tests for lateral	drilling campaign correspond to
	extensions or depth extensions or	2,800m in 14 holes distributed in
	large-scale step-out drilling).	5 tested targets. The follow-up
	•Diagrams clearly highlighting the	program will be defined in
	areas of possible extensions,	November 2021.
	including the main geological
	interpretations and future drilling
	areas, provided this information is
	not commercially sensitive.

Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | info@australgold.com | www.australgold.com