Austral Gold Announces 2023 AGM

Sydney, April 27, 2023 - Established gold producer Austral Gold Ltd. (ASX: AGD) (TSXV: AGLD) (the "Company" or "Austral") is pleased to advise that the following documents were dispatched to shareholders today for its Annual General Meeting to be held on Tuesday, 30 May 2023, at 8:30am AEST in Sydney, Australia:

• Notice of Annual General Meeting
• Shareholder proxy for shares traded on the ASX (where applicable)
• Shareholder proxy for shares traded on the TSX.V (where applicable)
• 2022 Annual Report (to those shareholders who have requested a printed copy)

The Notice of Annual General Meeting and the two sample Proxy Forms will be available at http://www.asx.com.au, on the Company's website at www.australgold.com and on Sedar under the company's profile.

Austral Gold Ltd. is listed on the TSX Venture Exchange (TSXV: AGLD) and the Australian Securities Exchange (ASX: AGD). For more information, please consult Austral's website.

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:

José Bordogna
Chief Financial Officer
Jose.bordogna@australgold.com
Phone: +61 466 892 307

Gareth Quinn
Media and Investor Relations
gareth@republicpr.com.au
Phone: +61 417 711 108

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. Forward-looking statements in this news release include the Company's Annual General Meeting will be held on Tuesday, 30 May 2023 at 8:30am AEST in Sydney, Australia and Austral continues to lay the foundation for its growth strategy by advancing its attractive portfolio of producing and exploration assets.

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.

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

EQUITY INVESTMENTS

• Unico Silver Limited, an ASX listed company

• Pampa Metals Corp., a CSE listed company

• Rawhide Mine, private vehicle, Fallon, Nevada, USA

• Ensign Minerals Inc., private vehicle, Utah, USA

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/164049