South Atlantic Gold Reports 2021 Annual General Meeting Results; Welcomes Adam Davidson and S. Mitchel Wasel to Board of Directors

Board of Directors

Mr. Adam Davidson is currently Chief Executive Officer and director of Trident Royalties PLC, a diversified mining royalty and streaming company. His past experience includes Resource Capital Funds, BMO Capital Markets and Orica Mining Services. Additionally, Mr. Davidson commenced his career at T. Rowe Price and served in the United States Marine Corps Reserve.

Mr. S. Mitchel Wasel, Vice President Exploration with Golden Star Resources Ltd., has spent 28 years at that company in positions of increasing responsibility. He has been working in mineral exploration and production for over 35 years on three continents. Mr. Wasel has extensive exploration experience on Proterozoic terrains on both sides of the Atlantic Ocean including the Guyana Shield, Birimian Shield and Archean terrains in Northern Canada and Brazil. Over 15 million ounces of gold mineral resources that are now world-class mining operations have been successfully delineated by Mr. Wasel and his exploration teams.

Douglas Meirelles, CEO stated, "We want to welcome Adam and Mitch to the Board of South Atlantic. The success and diverse backgrounds of these two gentlemen will be a welcome addition to our team. We look forward to working with them as we continue to advance the Pedra Branca project in Brazil.

"We would like to thank Nanmao Su and Oliver Friesen for their efforts on the Board, especially as we transitioned into South Atlantic with a new branding and focus. Their leadership was invaluable and wish them both continued success in the future."

Results of AGM

All of the matters set forth by the Company in the Notice of Meeting and Information Circular, at the AGM on October 22, 2021. The required majority of votes cast at the meeting approved the following:

• - Acceptance of the 2021 audited financial statements of the Company;

  - Approval to fix the number of directors for the ensuing year at six;

  - Election of the slate of Directors set forth by the Company;

  - Appointment of Smythe LLP as auditors of the Company for the ensuing year; and

  - Passage of an ordinary resolution to re-approve the rolling 10% stock option plan.

About South Atlantic Gold

South Atlantic Gold is an exploration company engaged in acquiring and advancing mineral properties located in the Americas. Our Brazilian flagship asset is our 100% owned Pedra Branca project, located 280 km southwest of Fortaleza, Ceara State, Brazil. South Atlantic Gold is focused on creating value for its shareholders by engaging in the development and acquisition of high-quality mineral assets located in stable and mining friendly jurisdictions. South Atlantic Gold is based in Kelowna, British Columbia, and is listed on the TSX-V under the symbol "SAO".

ON BEHALF OF THE BOARD

Douglas Meirelles, President and CEO

For more information regarding this news release, please contact:

Anne Hite, Vice President, Investor Relations

T: 250-762-5777

Email: ir@southatlanticgold.com

Cautionary Note Regarding Forward-Looking Information

This news release contains statements that constitute "forward-looking Information", as such term is used in applicable Canadian securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.

Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. There can be no assurance that the Fundamental Acquisition will be completed as proposed or at all.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company's expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company's public disclosure documents filed on the SEDAR website at www.sedar.com.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Neither the 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.

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