Mr. Stabro Kasaneva reports

AUSTRAL GOLD COMMENCES 8,500M DRILLING PROGRAM AT CASPOSO

Austral Gold Ltd. has commenced a drilling program of approximately 8,500 metres at its Casposo-Manantiales mine complex in San Juan, Argentina.

The program consists of infill (resource conversion), brownfield (near-mine exploration) and greenfield (regional exploration) components. The primary focus of the program is resource conversion drilling designed to improve geological confidence and continuity within existing mineral resources at Casposo, which are supported by the company's current technical report1 prepared in accordance with National Instrument 43-101 and the JORC code (2012).

Resource conversion refers to drilling aimed at improving geological confidence and supporting potential reclassification of inferred mineral resources to indicated mineral resources.

Austral Gold's chief executive officer, Stabro Kasaneva, said: "The commencement of this 8,500-metre drilling program represents an important step in the ongoing advancement of the Casposo-Manantiales district. The program is focused on resource conversion and near-mine exploration within areas already supported by established mineral resources, with the objective of improving geological confidence, continuity, and supporting potential future mineral resource and mineral reserve updates. In parallel, the Cerro Amarillo program will test a series of regional exploration targets identified through geological mapping and geological surveys completed across the district."

(1) Technical report

The mineral resource classification at Manantiales, Julieta and Casposo Norte is based on the technical report, entitled "Technical Report on the Casposo Mine, Calingasta Department, San Juan Province, Argentina," dated Oct. 14, 2025, and effective April 30, 2025, prepared in accordance with National Instrument 43-101 and JORC 2012 by Marcos Valencia (FAusIMM), Guillermo Valdes and Francisco Pavez (registered member, ChCM), employees of the company.

The company confirms it is not aware of any new information or data that materially affects the information included in that report, and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

About Austral Gold Ltd.

Austral Gold is a growing gold and silver mining producer building a portfolio of quality assets in the Americas based on three strategic pillars: production, exploration and equity investments. Austral continues to lay the foundation for its growth strategy by advancing its attractive portfolio of producing and exploration assets. Under its equity investments pillar, Austral holds shares in Australian Securities Exchange-listed Unico Silver.

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