Austral Gold Limited announced that it started its first drilling program on 30 November 2022 at the Jaguelito project located in the El Indio Belt, San Juan - Argentina, close to the Veladero mine and the Alturas project. The drilling program is pursuant to the option agreement (the "Agreement") with Mexplort Perforaciones Mineras SA ("Mexplort") announced on 11 February 2022 whereby Austral may acquire a 50% interest in the Jaguelito project by performing the following work commitments within the next four years: USD 2 million in exploration expenditures, including drilling a minimum of 5,000 meters on Jaguelito (the "First Stage") by 10 August 2024, two years after the Agreement was approved by the Instituto Provincial de Exploracionesy Explotaciones Mineras de la Provincia de San Juan IPEEM. USD 2 million in exploration expenditures on Jaguelito within two years after completing the First Stage (the "Second Stage").