Constellation Capital Corp. — Capital/Financing Update 2023

Apr 24, 2023

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MEDIA RELEASE

24 April 2023

Diamond drilling returns gold and silver intercepts at Jaguelito Project, Argentina

HIGHLIGHTS

• Gold and silver mineralisation intersected by diamond drilling at the Jaguelito Project, located within Argentina’s prolific El Indio Gold Belt close to the Barrick’s Veladero gold mine and Altura’s project.

• Best intercepts from assays of seven drill holes received:

Capote-Alcatraz target DJN-003: 26m @ 0.60 grams per tonne (gpt) gold and 7 gpt silver (Norte Zone) Including 1.5m @ 1.12 gpt gold and 45 gpt silver

DJN-004: 21m @ 1.24 gpt gold and 1 gpt silver Including 3.0m@ 3.32 gpt gold and <0.5 gpt silver

La Cuña Norte target DJN-006: 4m@ 1.40 gpt gold and 26 gpt silver (Norte Zone)

Established gold producer Austral Gold Limited (the “Company” or “Austral” ) (ASX:AGD; TSX-V:AGLD) has encountered gold and silver mineralisation in drilling at the Jaguelito Project, within Argentina’s prolific El Indio Gold Belt.

In accordance with our option agreement with Mexplort Perforaciones Mineras SA (“Mexplort”)[ 1] , Austral has completed 3,744m over 14 holes of its 5,000m diamond drilling campaign since December 2022 to acquire 50% of the advanced exploration project, which has a high-potential for high-sulfidation epithermal gold and silver deposits.

Up to eight targets have been identified across two zones, Norte and Sur. Further drilling is underway at La Cuña Norte (Norte) and Sagitario (Sur) targets.

Austral Gold’s Chief Executive Officer , Stabro Kasaneva said: “We are encouraged by the program, the initial results confirm our geological understanding of the structural mineralisation controls of the project related to the northwest direction, which are key in the development of important HS-type epithermal deposits during the Miocene period in the region. We expect to complete the drill program and announce the remaining assay results in Q2 2023.”

1 Refer Media Release dated 2 December 2022 Austral Gold begins drilling at Jaguelito in Argentina

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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Figure 1. Jaguelito Project in close proximity to Barrick’s Veladero Gold Mine and Alturas project.

Figure 2. Jaguelito Project showing Norte and Sur geographical target areas.

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FIRST EXPLORATION STAGE

• 5,000m drilling program in Jaguelito Norte and Jaguelito Sur target areas.

Jaguelito Norte Target Area

Five drilling targets were identified and three targets were tested, Alcatraz, La Cuña Norte, and La Cuña Sur.

The program prioritises the Capote - Alcatraz sector under a new concept of gold ore controlled northwest direction and drilling of the La Cuña maar-diatreme complex, which we recently identified as the major control of the hydrothermal system in the region. The third target corresponds to the satellite body of the Guanaco Breccia.

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Figure 3 . Jaguelito Norte target area showing Alcatraz and La Cuña drill targets.

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Alcatraz target

• This target consists of a 120 x 80m mineralised body controlled by the contact between phreatomagmatic breccias and a dacite dome, developed mainly in the dacitic rocks.

• Results from drill hole DJN-003 validate Au mineralisation (< 1gpt) in the phreatomagmatic breccia, vectoring eastward towards the high-grade shell hosted on dacitic rocks.

• Drillhole DJN-004 intercepted mineralisation associated to strongly advanced argillic alteration (vuggy silica ± quartz-alunite + Jar/Hem), confirming the presence of mineralisation hosted in dacites in the contact zone with phreatomagmatic breccias and the continuity of the Alcatraz >1gpt Au mineralisation to the Northwest.

La Cuña Norte target

• Drill holes DJN-006 and DJN-010 intersected extensive columns of phreatomagmatic rocks from surface, with mineralised intercepts associated with the contact between the dacite domes and the basement (Choiyoi), similar to the structural control validated in the CapoteAlcatraz targets.

• Drill holes DJN-008 and DJN-009 intersected several intervals of phreatomagmatic tuff breccias with intermittent alteration to vuggy silica ± quartz-alunite and silicification. The Company interprets this as peripheral facies of a larger phreatomagmatic system located to the southeast (Cerro Jaguelito), and also limits the southward extension of the La Cuña Norte phreatomagmatic complex.

La Cuña Sur target

• Drill holes DJN-011 and DJN-012, aimed to intercept diatremes associated with crater facies identified on the surface at elevations greater than 4,500 m.a.s.l., traversed thick columns of dacitic rocks, suggesting the presence of post-phreatomagmatic domes emplaced within the ducts.

Guanaco Breccia target

• Drill hole DJN-005 confirmed the existence of a concealed phreatomagmatic system. At least two brecciation events where identified which imply a multistage evolution. Both the strong illite-smectite-pyrite alteration and the lack of fertile advanced argillic alteration in the expected mineralisation level (3,915 to 3,990 m.a.s.l.) suggests an extension towards the La Cuña target in the East.

Jaguelito Sur Target Area

Preliminary work identified five structures related to phreatomagmatic activity that suggest alteration and potential mineralisation in the sector. Three targets will be tested by approximately 1,500m of drilling.

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Sagitario target

• Sagitario target shows, in outcrops and historical drillings, conduit facies of a phreatomagmatic complex with intense silicification and coincident geochemical anomalies of gold, silver and toxic elements. Initial drilling is currently underway.

Alumbre target

• Alumbre target is located in the central part of Jaguelito Sur and consists of at least three phreatomagmatic breccia conduits that cut the andesitic basement. Five historic drill holes (1,777m) only superficially tested the edges of the area.

Brecha Siete target

• Brecha Siete, located on the eastern slope of Jaguelito Sur, is an early-stage target characterised by strongly altered phreatomagmatic breccias that cut through the basement following a NW structural control.

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Figure 4 . Jaguelito Sur target area showing Alumbre and Sagitario drill targets.

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Table 1: Jaguelito 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 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 1									5gpt Ag cutoff(longer than 5 meters)
DJN-001	2,440,771	6,706,902	4,092	-65	240	216	Capote-Alcatráz	350 SE	34.0 70.0 0.44			19.6
									Include 3.0 83.00 1.23			23.7
									5.0 120.0 0.6			12.1
									Include 1.0 123.00 1.32			20.9
DJN-002	2,440,818	6,706,870	4,097	-65	240	190	Capote-Alcatráz	400 SE	9.0 36.0 0.45			<0.5
									6.0 108.00 0.36			27.7
									18.0 125.0 0.42			6.5
DJN-003	2,440,978	6,706,733	4,140	-70	60	302	Capote-Alcatráz	600 SE	26.0 173.0 0.60			6.9
									Include 1.0 184.00 1.09			2.7
									Include 1.5 196.50 1.12			44.8
DJN-004	2,440,945	6,706,829	4,085	-70	60	229	Capote-Alcatráz	500 SE	21.0 58.0 1.24			1.4
									Include 1.0 64.00 1.01			2.3
									Include 2.0 67.00 1.69			7.6
									Include 3.0 72.00 3.32			<0.5
DJN-005	2,440,835	6,707,573	4,060	-70	60	178	Bx Guanaco	200 NW	No significant intercepts
DJN-006	2,441,470	6,708,170	4,321	-70	240	320	La Cuña	400 NW	2.0 266.0 0.56			9.7
									4.0 276.0 1.40			26.3
DJN-007	2,441,691	6,708,184	4,365	-70	240	380	La Cuña	300 NW	No significant intercepts
DJN-008	2,441,582	6,708,005	4,396	-70	240	372	La Cuña	200 NW	Assays pending
DJN-009	2,441,668	6,707,783	4,476	-70	240	449	La Cuña	025 SE	Assays pending
DJN-010	2,441,925	6,708,089	4,395	-70	60	275	La Cuña	100 NW	Assays pending
DJN-011	2,441,850	6,707,525	4,572	-70	130	365	La Cuña	100 SW	Assays pending
DJN-012	2,441,790	6,707,550	4,562	-70	60	317	La Cuña	300 SE	Assays pending

JAGUELITO OPTION AGREEMENT OVERVIEW

The drill program is being conducted in accordance with the option agreement with Mexplort announced on 11 February 2022 whereby Austral may acquire a 50% interest in the Jaguelito Project by performing the following work commitments within the next three years:

• US$2 million in exploration expenditures, including drilling a minimum of 5,000m at Jaguelito by 10 August 2024, two years after the Agreement was approved by the Instituto Provincial de Exploraciones y Explotaciones Mineras de la Provincia de San Juan IPEEM, and

• US$2 million in exploration expenditures within two years after completing the First Stage (the “Second Stage").

Austral has invested US$2.7 million and drilled 3,744m of the 5,000m required in the First Stage. Any funds exceeding the initial US$2.0 million will be allocated towards the Second Stage.

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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 more information please contact:

Jose Bordogna Gareth Quinn Chief Financial Officer Media and Investor Relations Phone: +61 466 892 307 Phone +61 417 711 108 jose.bordogna@australgold.com gareth@republicpr.com.au

Forward Looking Statements

Statements in this news release that are not historical facts are forward-looking statements. Forwardlooking 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. Forward-looking statements in this news release include the Company’s expectations to complete the drill program and announce the remaining assay results in Q2 2023 and the Company’s interpretations of drill results as peripheral facies of a larger phreatomagmatic system located to the southeast (Cerro Jaguelito).

All of 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 than as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements.

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Competent Person

Technical information in this media release that relates to Exploration Results is based on work supervised, or compiled on behalf of Robert Trzebski, a Director of the Company. Dr. Trzebski, who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM) 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’ consents to the inclusion of the technical information that he has reviewed and approved or has been compiled on his behalf.

About Jaguelito

The Jaguelito Project is an advanced exploration stage project located in located in one of the main districts of precious metals worldwide; the El Indio – Pascua Lama district in the Province of San Juan, Argentina. Its deposits, of the high sulfidation epithermal type of Miocene age, include mines in production, construction and exploration.

The Jaguelito project covers an area of 11,000 approximately hectares, and over 150 holes (~30,000m) were drilled by previous owners (Minera Peñoles, Minera IRL) between 1996 and 2009. It is located approximately 225km northwest of the city of San Juan in Valle del Cura, Iglesias Department, San Juan Province, Argentina. Its central coordinates are 29° 46' 20" West Latitude, 69° 38' 15 South Longitude and a variable altitude between 3,600 and 4,300 meters above sea level. Jagüelito is a high sulfidation epithermal deposit related to a Miocene volcanism hosted in basement of Permo-Triassic age. Its mineralisation is related to a hydrothermal system controlled by northeast-southwest oriented faults and hosted in porouspermeable volcaniclastic units. These rocks allowed the circulation of precursor acidic hydrothermal fluids that strongly altered the rocks through which they circulated, generating a secondary porosity or vuggy silica, in the alteration cores. The high porosity product of the alteration served as a conduit for the posthumous hydrothermal fluids responsible for the mineralisation of gold and silver.

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About Austral Gold

Austral Gold is a growing gold and silver mining producer building a portfolio of quality assets in the Americas. Austral continues to lay the foundation for its growth strategy by advancing its attractive portfolio of producing and exploration assets.

OPERATIONS

• Guanaco and Amancaya mines, Antofagasta Province, Chile (100% interest)

Open pit and underground.

2022 Production: 27,686 gold equivalent ounces

2023 Forecast: 34,000-38,000 gold equivalent ounces

Recently extended the life of mine with an expected production level of 30,000-35,000 gold equivalent ounces per year over the next three to four years, plus a further 10,000 gold equivalent ounces of production per year for the following seven to eight years until 2033 per the 43-101 Technical Report on the Guanaco-Amancaya Operation, Antofagasta Region, Chile, dated 25 March, 2022, with an effective date of 31 December 2021.

• Casposo/Manantiales Mine Complex, San Juan Province, Argentina (100% interest)

Gold and silver mine currently in care and maintenance. Strategy is to restart profitable mining operations.

EXPLORATION

CHILE

ARGENTINA

• Paleocene Belt, Chile

• Guanaco District

• Triassic Choiyoi Belt

• Indio Belt

• Amancaya District

• Deseado Massif

• Las Pampa District

EQUITY INVESTMENTS

• Unico Silver Limited, an ASX listed company (17% interest)

• Rawhide Mine, private vehicle, Fallon, Nevada, USA (24% interest)

• Ensign Minerals Inc., private vehicle, Utah, USA (12% interest)

• Pampa Metals Corp, a CSE listed company (5.5% interest)

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JAGUELITO EXPLORATION PROJECT JORC Code, 2012 Edition – Table 2 Report Section 1 Sampling Techniques and Data

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

Criteria	Commentary
Sampling techniques	• Industry-standard practices were used for sampling diamond drilling. • The diamond drilling core was recovered from drill rods and stored in core´s wooden boxes, where it was geologically logged, then half core samples were taken using an automatic core splitter, bagged, and sent to the laboratory. • Samples were assayed for gold, mercury (cold vapor), and ICP-Mass (39 elements package) at a certified external laboratory, Asi (Argentina). • Rock chip sampling of outcropping rocks. • The outcrop geologic logging is performed by an experienced geologist whorecords the alterationand otherspecifics geological features.
Drilling techniques	• Drilling techniques used were surface core drilling rig producing core at HQ size. • Positioning of the drilling machine using Brunton compass and clinometer.
Drill sample recovery	• Sample recovery is generally >95%. • The mineralised zone appeared to be quite competent and core recoveries were excellent. • All core was carefully placed in HQ sized core wooden boxes and transported a short distance to a core processing-sampling area where corerecovery, depth markup and photography could be completed.
	• The diamond drill core was geologically logged using predefined logging codes for lithological, mineralogical, and physical characteristics. • Structural and geotechnical measurements and the estimation of recoveries were quantified in nature. • The drill cores are photographed and digitally stored for visual reference. • All holes areloggedfromthe beginning to the end.
Sub- sampling techniques and sample preparation	• For the diamond drill holes, sample intervals are marked, and the core was cut in half by an automatic splitter. One of the core halves is placed in a plastic bag and tagged with a unique sample number or a code number. The other half of the core is returned to the core wooden box for securely storing. • If assays need to be checked by a second lab (internal or external) the second core half stored is cut in half (1/4) using one half for assays check and the other half (1/4) is returned to the core wooden box for securely storing.
Quality of assay data and laboratory tests	• Drill samples are collected, bagged, coded, and sent to Asi laboratory. At the Laboratory facility, the samples are crushed and prepared. Gold assays are done using FA-AAS procedure on a 50g sample weight. • ICP-OES radial method with Aqua Regia 0.2 gr digestion with a total determination of 39 elements (Accredited Method by ISO 9001:2015; ISO 17025:2017). • Mercury analysis of 0.2 gr in Aqua Regia, total determination by AAS cold vapor. • Internal laboratory checks were made regarding sample preparation and assaying procedures. • QA/QC procedures include the definition of a “Geochemical Check List” where all 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%andpulpduplicates 1.25%.

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	A new quality control configuration has been proposed which inserts 5 control samples in a batch of 40 samples. The 5 controls configuration is defined as 2 standard control samples, 1 blank sample, 1 fine coarse rejected sample (pulp) and 1 very coarse rejected sample. Levels ofacceptancyforstandard samples are to 3sd.
Verification of sampling and assaying	• Samples data type manually into electronic spreadsheets. • The spreadsheets are stored on servers whose hardware is securely housed in the mine. • The data is loaded in software such as Target for ArcGIS and Leapfrog to identify possible errorsin manualdataloading.
Location of data points	• The drilling collar survey used Trimble TSC3 Differential GPS, +- 1cm precision. • The datum used was Campus Inchauspe and Gauss Kruger Argentina coordinate system. • Downhole surveys are completed by downhole methods (Reflex EZ- TRAC) atregular intervals (50mand total hole).
Data spacing and distribution	• Exploration drilling per target is in sections and drill hole spacing is irregular to confirm extensions of mineralisation, according to lithological and structural criteria. • No sample compositingis applied during the sampling process.
Orientation of data in relation to geological structure	• Drilling sections are designed to intercept structures as perpendicular as possible with available surface and underground data. • Continuous saw blade channel samples trenches were transformed to sub-horizontal drill hole traces and then incorporated into the drill hole database. Such channels were done in outcrops across mineralized quartz vein, and sampling included low grade or barren material taken from wall rock in both sides of the mineralized vein. • Overall, there is considered to be no sampling bias from the orientation of the drilling.
Sample security	• Samples are transported from the sampling area to the certified external lab via laboratory transport. The laboratory received sample dispatch documents for every sample batch. • Laboratoryreturns pulp samples and excessmaterial.
Audits or reviews	• Not applicable.

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Section 2 Reporting of Exploration Results

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

Criteria	Commentary
Mineral tenement and land tenure status	• Mexplort, together with Austral Gold, have an agreement with Provincial Institute of Explorations and Mining Exploitations (IPEEM ) for the exploration of the Jaguelito project. • The mining property includes 8 "Discovery manifestation", covering an area of 11,700 hectares.
Exploration done by other parties	• Between 1995 and 2002, the project was explored by Peñoles, who developed the project in an advanced manner, with more than 24,000 m of drilling (approx. 100 drill holes), extensive geophysical coverage (Mag-Rad, IP, CSAMT) and defined a Resource of 17.2 Mt @ 0.59 gpt Au and 52.2 gpt Ag. • Between 1999 and 2000, the project was explored by Minera IRL, who concentrated their activities only in Jaguelito Norte, with more than 5700 m of drilling (52 holes) and re-defined resources of 282,000 Oz Au. • As of 2011 Mexplort, through an agreement with IPEEM, began work on the project, consolidating historical information, with metallurgy studies and modeling and performing a new calculation of resources.
Geology	• Jagüelito is a high sulfidation epithermal deposit related to a Miocene volcanism hosted in basement of Permo-Triassic age. Its mineralisation is related to a hydrothermal system controlled by northeast-southwest oriented faults and hosted in porous-permeable volcaniclastic units. These rocks allowed the circulation of precursor acidic hydrothermal fluids that strongly altered the rocks through which they circulated, generating a secondary porosity or vuggy silica, in the alteration cores. The high porosity product of the alteration served as a conduit for the posthumous hydrothermal fluids responsible for the mineralisation ofgold and silver.
Drill hole Information	• Not applicable.
Data aggregation methods	• Sum product Weighted averaging was used to report gold and silver grades over sample intervals that contained more than one sample. Significant intercepts were reported at 0.2g/t Au cutoff.
Relationship between mineralisation widths and intercept lengths	• The orientation of the veins is generally north, and the dip of the mineralisation is sub-vertical. • The majority of drilling is oriented close to perpendicular to a new concept of gold ore control related to northwest direction. The intersection length is measured down the hole trace and maynot be the true width.
Diagrams	• Sections are included in the report above this.
Balanced reporting	• All assay results that are considered anomalous are reported, and in diagrams where low grades were encountered where the structures were intersected the assayresults are reported as from the laboratory.
Other substantive exploration data	• No metallurgical samples or bulk density sampling has currently been undertaken with the reported drilling results. Eventually, if the samples are used,theywill be reported at such time.
Further work	• To complete the drill program review and analyse the results of the program, historical exploration data and mineral structures prior to the design of the next drillingcampaign.

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