Sydney, Australia--(Newsfile Corp. - August 6, 2024) - Established gold producer Austral Gold Limited (ASX: AGD) (TSXV: AGLD) (OTCQB: AGLDF) ("Austral" or the "Company") advises that further to its announcement of July 25, 2024, its subsidiary Austral Gold Canada Limited ("AGCL") completed the sale of shares of Unico Silver Limited ("Unico"), to the Company's largest shareholder, Inversiones Financieras del Sur SA Sociedad Anonima (IFISA), pursuant to a share purchase agreement dated July 24, 2024 (the "Agreement"). The Company's directors, Eduardo Elsztain and Saul Zang, are also directors and shareholders of IFISA.

Under the agreement, AGCL sold 8,139,023 previously issued common shares of Unico ("Unico Shares") to IFISA at a price of A$0.1863 per Unico Share ("Cash Consideration"), totaling A$1,516,300 (US$987,869/CDN$1,367,804).

The Cash Consideration per Unico Share was equal to the greater of: (a) A$0.1863 per share, which is equal to the five-day volume weighted average price for Unico shares on the ASX for the five-trading day period ended July 24, 2024; and (b) an amount equal to the closing price on the trading day immediately prior to the closing date, which was A$0.1750 as of 2 August 2024.

There were no finder's fees paid in the transaction.

About Austral Gold

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.

For more information, please visit the Company's website at .

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 Company's Chief Executive Officer of Austral Gold, Stabro Kasaneva.