St. Augustine Announces Placement BY Queensberry

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ST. AUGUSTINE ANNOUNCES PLACEMENT BY QUEENSBERRY

Singapore –3 August 2022 – St. Augustine Gold and Copper Limited (TSX:SAU) (“ St. Augustine” or

the “ Company”) is pleased to announce that its major shareholder Queensberry Mining and

Development Corp. (“Queensberry”) subscribed to 82,841,658 common shares of the Company at a

price of CAD$ 0.046311119 per share. Following completion of this private placement, Queensberry

holds 408,678,556 common shares of ST. Augustine, representing approximately 48.84% of the issued

and outstanding common shares.

The shares issued pursuant to this private placement are subject to trading restrictions of 4 months and

a day.

The placement is a “related party transaction” for the purposes of Multilateral Instrument 61-101

Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying

on an exemption from the minority approval and formal valuation requirements of MI 61-101 due to the

fact that the value of the transaction does not represent greater than 25% of the market capitalization

of the Company.

The Company has not filed a material change report 21 days prior to the closing of the placement as no

agreement to that effect was in place at that time.

About St. Augustine

St. Augustine (SAU.T) is a TSX-listed mining company focused on the development of the King-king

Copper-Gold Project. The Project is one of the largest undeveloped copper-gold deposits in the world

and is listed as a top three-priority mining project by the Philippine government.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This announcement includes certain “forward-looking statements” within the meaning of Canadian

securities legislation. All statements, other than statements of historical fact included herein are forward

looking statements. Forward-looking statements involve various risks and uncertainties and are based

on certain factors and assumptions. While we consider these assumptions to be reasonable based on

currently available information, they may prove to be incorrect. There can be no assurance that such

statements will prove to be accurate, and actual results and future events could differ materially from

those anticipated in such statements. Forward-looking information is also subject to certain factors,

including risks and uncertainties, that could cause actual results to differ materially from the Company’s

current expectations, including changes in market conditions, governmental or regulatory

developments and general economic conditions. Other risks and uncertainties related to the Company

are disclosed under the heading “Risk Factors” in the Company’s Annual Information Form dated [•] and

filed with Canadian securities regulatory authorities on the SEDAR website at www.sedar.com.

Forward-looking information contained in this announcement is based on our current estimates,

expectations and projections, which we believe are reasonable as of the current date. You should not

place undue importance on forward-looking information and should nor rely on this information as of

any other date. While we may elect to, we are under no obligation and do not

undertake to update this information at any particular time except as required by applicable securities

law.

For more information:

Lenna Mae Leopoldo

Investor and Public Relations Contact

ST. AUGUSTINE CORPORATE

HEADQUARTERS

T: +6382 225 0884 No.21, Greenwood Lane, E:

[email protected] Singapore, 286949