Australian Goldfields Announces Non-Brokered Private Placement

NOT FOR DISTRIBUTION OR DISSEMINATION TO THE UNITED STATES

Australian Goldfields Announces Non-Brokered Private Placement

February 10, 2022 / Vancouver, BC / Australian Goldfields Limited (the “Company”) (CSE: AUGF) (OTC: GRXXF) (Frankfurt: G0A) announces that it intends to complete a private placement (the “Private Placement”) of up to 43,000,000 units (the “Units”), at a price of $0.10 per Unit, for gross proceeds of up to $4,300,000.

Each Unit will be comprised of one common share (each a “Share”) and one transferable common share purchase warrant (a “Warrant”) with each Warrant entitling the holder to purchase one additional Share of the Company at a price of $0.18 per Share for a period of 3 years from the date of issuance.

Finder’s fees may be payable to qualified parties in accordance with applicable securities laws. The Company intends to use the proceeds from the Private Placement to for further development of the Company’s properties and general working capital.

ON BEHALF OF THE BOARD

Adrian Hobkirk

President and CEO

T: 954-684-8040 E: [email protected] W: www.australiangoldfields.com

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.