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Austral Gold Files Technical Report on Chilean Operations

Technical Reports (NI 43-101)

Austral Gold Files Technical Report on

Chilean Operations

Sydney, Australia--(Newsfile Corp. - April 19, 2022) - Austral Gold Limited (ASX: AGD) (TSXV: AGLD)

("

Austral

" or the "

Company

") is pleased to announce the filing on SEDAR and the ASX of a Technical

Report, prepared in accordance with National Instrument 43-101 and JORC Code, on the Guanaco and

Amancaya Gold Operation, dated 25 March 2022 (with an effective date of 31 December 2021).

Highlights of the Technical Report were disclosed in the Company's announcement dated 29 March

2022.

The Technical Report is available on the Company's website at

www.australgold.com

and has

been filed on SEDAR under the Company's profile at

www.sedar.com

.

The Company confirms that the material highlights of the Technical Report as disclosed in the

Company's announcement dated 29 March 2022 (to be read together with the updated addendum on 1

April 2022) remains unchanged.

About Austral Gold

Austral Gold Limited is a growing gold and silver mining, development and exploration company whose

strategy is to expand the life of its cash generating assets in Chile, restart its Casposo mine in Argentina

and build a portfolio of quality assets in Chile, the USA and Argentina organically through a Tier 1 or 2

exploration strategy and via acquisitions and strategic partnerships. Austral owns a 100% interest in the

Guanaco/Amancaya mine in Chile and the Casposo Mine (currently on care and maintenance) in

Argentina, a non-controlling interest in the Rawhide Mine in Nevada, USA and a non-controlling interest

in Ensign Gold which holds the Mercur project in Utah, USA. In addition, Austral owns an attractive

portfolio of exploration projects in the Paleocene Belt in Chile (including those acquired in the 2021

acquisition of Revelo Resources Corp), a non-controlling interest in Pampa Metals and a 100% interest

in the Pingüino project in Santa Cruz, Argentina. Austral Gold Limited is listed on the TSX Venture

Exchange (TSXV: AGLD) and the Australian Securities Exchange. (ASX: AGD). For more information,

please consult Austral's website at

www.australgold.com

.

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:

David Hwang

Company Secretary

Austral Gold Limited

[email protected]

+61 (2) 9698 5414

Ben Jarvis

Director

Austral Gold Limited

[email protected]

+61 413 150 448