Austral Gold Limited announce that it has obtained a new unsecured short-term loan of up to $3 million from Inversiones Financieras del Sur S.A. The material terms of the loan are defined below. Material terms of the loan agreement Loan Amount: up to $3 million Loan Term: 6 months; loan may be repaid earlier at the Company's option; Interest Rate: 9% per annum; Use of Proceeds: working capital; and Security: the loan is unsecured. The loan agreement contains other terms and conditions which are standard for a facility of this nature.

The Board, with the exception of the interested directors who excused themselves from the Company's decision making, considered advice from a third-party expert that the terms are favourable as or more so than if the parties were dealing at arm's length. In addition, the terms of the $1 million in loans provided by two of its directors, Mr. Eduardo Elsztain and Mr. Saúl Zang, as announced on 13 March 2023, have been amended. The maturity date is now 31 December 2023 with an interest rate of 9%, effective 1 September 2023.

The Board, with the exception of the interested directors who excused themselves from the Company's decision making, concluded that the amended terms are as favourable as or more so than if the parties were dealing at arm's length.