Signal Gold Inc. announced it has acquired a 100% interest in six (6) exploration licenses adjacent to the Goldboro Mineral Resource at its Goldboro Gold Project in Nova Scotia, Canada ("Goldboro", or the "Project"). As a result, Signal Gold has increased its exploration license area from 599 hectares to 3,756 hectares (Exhibit A). This represents a significant milestone in the development of the Project as these exploration licenses cover the surface area which will be required for much of the Project's key infrastructure.

It also adds further exploration opportunity along strike of the Goldboro Mineral Resource, as the additional licenses include the strike continuity of the host structure of the Goldboro Deposit, bringing the total known and prospective strike length to 7.5 kilometres (Exhibit B). The Company acquired the exploration licenses from Meguma Gold Inc. for a total purchase price of $700,000, comprised of $400,000 in cash and $300,000 in common shares of Signal Gold at a deemed value of $0.333 per common share, based on the 20-day volume weighted average price as of November 16, 2022, resulting in the issuance of 900,901 common shares of the Company. The Company also granted to Meguma Gold Inc. a 1.0% royalty over the licenses acquired, capped at $1,000,000 of total payments, and assumed an existing 2% gross royalty which applies to five (5) of the exploration licenses acquired.