South Atlantic Gold Announces Corporate Changes, Welcomes New Directors

Douglas Meirelles, CEO stated, "Following the successful financing we just completed, we have made positive changes to our Board structure including the formation of Technical and Compensation Committees. We are very pleased to welcome both Rick Brown and Bill O'Hara to the Board. The vast experience from both these men will strengthen the experience levels already seen at the Board Level at South Atlantic. We are also very pleased to work with Jon Hill on the Technical Committee with his broad skill sets, especially in Brazil. Lastly, we would like to thank Mr. Antenor Silva for his guidance during the formation of South Atlantic Gold as we move forward."

Technical Committee

The Technical Committee will be chaired by Mr. Rick Brown, a new director to the Company. Mr. S. Mitchel Wasel and Mr. Jonathan Victor Hill will be joining the Committee. Mr. Hill will not be joining the Board of Directors.

With over 30 years of management and operational experience in the junior mining industry, Mr. Brown will provide additional geologic and operational guidance to South Atlantic. He has been based in Latin America since 1993 in Peru, Argentina, Brazil and Colombia. He is credited with the outcrop discovery of the El Hilorico gold project (1 million ounces) in Peru, negotiating the acquisition of Newmont Argentina SA for Aquiline Resources, which included the the Navidad silver project (750 million ounces), and the acquisition of the Mara Rosa gold project (1.5 million ounces) in Brazil. Currently, he is an independent director of Peruvian Metals Corp. and an active investor in several listed (both TSX and ASX) junior explorers and developers. Mr. Brown holds a BApp.Sc degree in Geology from Curtin University of Techology, Australia, an MBA from Business School Sao Paulo, Brazil and is a Fellow of the Society of Economic Geologists (SEG). He speaks fluent Spanish and Portuguese.

Mr. Jonathan Hill is currently Senior Advisor at Jaguar Mining Inc. Mr. Hill has over 30 years' experience in global exploration, mining operational and project development in Africa, Australia and North and South America. He was directly involved in the discovery of several world-class projects while at AngloGold Ashanti Limited. His experience includes exploration, development, due diligence, corporate development, mine geology and coordination/liaison with mine planning and reporting of mineral reserves and resources. Mr. Hill is Chairman of the Board of Royal Road Minerals Ltd. and a director of Stratabound Minerals Corp.. His private company, Exploration Outcomes Ltda provides exploration advisory services to international client companies. He holds a BSc (Hons) degree in Economic Geology from the University of Cape Town and a BAppSc degree in Applied Geology from the Queensland University of Technology.

Compensation Committee

The Compensation Committee will be chaired by Mr. Marc Leduc. The other members of this Committee will include Mr. Adam Davidson and Mr. Bruce Higson-Smith.

Audit Committee

Due to the resignation of Mr. Antenor Silva, Mr. Bill O'Hara will be joining both the Board of Directors and the Audit Committee.

Mr. O'Hara is currently Managing Partner of LACG Capital Inc. He started his career at First Marathon Securities in equity research analyzing gold companies. After moving into the institutional equity sales role at National Bank Financial and then Credit Suisse First Boston, he joined Haywood Securities Inc. in 2003. During his time at Haywood, Mr. O'Hara advanced to become Managing Director and Head of Equity Sales and a member of the Board of Directors. In late 2020, after almost 25 years identifying, analyzing capital raising and strategically advising both investment funds and corporate entities across many sectors, he formed LACG Capital Inc. whose mandate is to provide capital markets advisory services to both public and private companies in the early stages of growth. Sectors of focus include Mining and Psychedelics as well as Special Situations. Mr. O'Hara holds a Master of Science (Econs) degree from the London School of Economics with distinction, and the CFA designation.

Option Grant

Effective today the Company has granted an aggregate 3,560,000 stock options (the "Options") to its directors, officers, consultants and employees of the Company.

The Options are exercisable for a period of five years at a price of $0.06 per common share in accordance with the terms of the Company's 10% rolling Stock Option Plan approved by shareholders on October 22, 2021.

ON BEHALF OF THE BOARD

Douglas Meirelles, President and CEO

For more information regarding this news release, please contact:

Anne Hite, Vice President, Investor Relations

T: 250-762-5777

Email: ir@southatlanticgold.com

Cautionary Note Regarding Forward-Looking Information

This news release contains statements that constitute "forward-looking Information", as such term is used in applicable Canadian securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.

Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. There can be no assurance that the Fundamental Acquisition will be completed as proposed or at all.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company's expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company's public disclosure documents filed on the SEDAR website at www.sedar.com.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Neither the 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.

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