Austral Gold Starts Near-Mine Silver Exploration in Chile

HIGHLIGHTS

• Austral Gold has commenced a phased exploration program at its Silver Juncal Project located ~35 km southeast of the 100%-owned Amancaya Mine, near the Guanaco Plant.

Phase 1 (March-April 2026): Geological mapping and >1,000 m of channel sampling using diamond-blade rock saw.

Phase 2 (Q2 2026): Ground magnetics and induced polarization (IP) surveys to support drill target definition.

Phase 3 (Q3 2026): Targeting 10,000 metres of Reverse Circulation (RC) drilling using in-house equipment to test priority targets.

Sydney, Australia--(Newsfile Corp. - March 11, 2026) - Austral Gold Limited ("Austral" or the "Company") (ASX: AGD) (TSXV: AGLD) (OTCQB: AGLDF), an established gold producer, is pleased to announce that it has commenced a phased exploration program at its 100%-owned Juncal Project ("Juncal" or the "Project") in Chile, as part of its strategy to focus on near-mine targets.

Austral Gold's CEO, Stabro Kasaneva said: "With funding from the placement completed on 23 February 2026, we are pleased to begin our phased exploration program at the Juncal Project in Chile. This program is an important step towards advancing our exploration objectives, helping refine drill targets, assess potential satellite targets for our Guanaco operation, and build momentum across our regional portfolio. We also expect to announce shortly the commencement of phased exploration programs at Casposo in Argentina."

Juncal Background

Austral acquired Juncal from TSX and NASDAQ listed SSR Mining in 2016. The Project is part of the Company's exploration portfolio in the Paleocene Belt of northern Chile and covers approximately 2,100 hectares. It is located about 70 km south of the Guanaco Mine and 35 km east of the 100% owned Amancaya Mine. The Project is subject to a 1% Net Smelter Return (NSR) held by Nasdaq and TSXV listed Elemental Royalty Corporation.

Juncal hosts intermediate to low-sulphidation (IS-LS) epithermal veins within a Paleocene–Eocene andesitic volcanic sequence intruded by a 45 Ma dioritic body and rhyolitic sub-volcanic bodies dated at 43.8 ± 0.4 Ma. Veins generally strike north-northeast (NNE), with adularia dating ⁴⁰Ar/³⁹Ar ages of 42.4 ± 0.28 Ma.

The geological studies indicate low erosion levels, suggesting the vein systems may preserve gold (Au) and silver (Ag) mineralisation at depth. Limited historical and artisanal mining were recorded on two of the eleven mapped vein systems. Surface mineralogy also supports the interpretation of shallow exposure and the potential for preserved mineralised horizons at depth.