Signal Gold Reports Q3 2022 Production Results From the Point Rousse Operation

TORONTO - Signal Gold Inc. ('Signal Gold' or the 'Company')(TSX:SGNL)(OTCQX:SGNLF) is pleased to announce the production results and certain financial information for the three and nine months ended September 30, 2022 ('Q3 2022'). All dollar amounts are in Canadian Dollars. The Company expects to file its third quarter financial statements and management discussion and analysis by November 3, 2022.

Third Quarter 2022 Highlights

Signal Gold sold 5,615 ounces of gold in the third quarter of 2022, a 118% increase from the third quarter of 2021, generating metal revenue of $12.7 million at an average realized gold price1 of $2,258 (US$1,729) per ounce sold.

Point Rousse produced 4,990 ounces of gold in the third quarter of 2022, an increase of 2,772 ounces or 125% from the third quarter of 2021 due to the higher-grade profile of Argyle mill feed. Production decreased 8% from Q2 2022 due to scheduled mill maintenance in September for a mill liner change.

Mine operations moved 92,729 tonnes of ore during the third quarter from Argyle, a 25% increase from the second quarter of 2022 when the mine's ability to drill and blast was impeded in April from the impact of water management issues in the first half of the year. Point Rousse maintained an ore stockpile of approximately 19,600 tonnes as of September 30, 2022.

The Pine Cove Mill processed 92,617 tonnes during the third quarter of 2022. The mill achieved a strong average recovery rate of 88.7% driven by the higher-grade Argyle mill feed in the third quarter, with mill availability reflecting the scheduled maintenance downtime.

As of September 30, 2022, the Company had a cash balance of $12.2 million and an undrawn revolving credit facility of $3.0 million.

As a result of geotechnical challenges experienced in the quarter which necessitated a redesign of the ramp and walls, the Company is revising its guidance from the lower end of our guidance range of 21,500 to 23,000 ounces of gold to between 20,000 and 21,000 ounces of gold to reflect impacted ore access.

'Overall, Point Rousse achieved another strong quarter of production after a challenging first half of 2022, when water management issues impacted mining activity in March and April. The Company sold 5,615 ounces of gold in the third quarter to generate $12.7 million in metal revenue, a 37% increase from the second quarter as mill throughput during the quarter was exclusively from Argyle. With water management and capacity back to normal operations, Point Rousse mined 92,617 tonnes of ore in Q3 2022, an increase of 25% over the second quarter of 2022, and the operation was able to build up a stockpile at the end of the quarter. However, the operation did experience geotechnical challenges during the third quarter which required a redesign of the ramp and walls which unfortunately will impact the access to some areas of ore. The Company is accordingly revising its annual guidance to between 20,000 and 21,000 ounces of gold.'

Kevin Bullock, President and CEO, Signal Gold Inc.

Operations Overview for the Three Months Ended September 30, 2022

Signal Gold sold 5,615 ounces of gold during the third quarter of 2022, generating gold revenue of $12.7 million at an average realized gold price1 of $2,258 (US$1,729) per ounce sold. Gold production of 4,990 ounces represented an 8% decrease over the second quarter of 2022 and a 125% increase compared to the third quarter of 2021. The decrease from Q2 2022 reflects the scheduled maintenance at the mill during September for a mill liner change, and the change over the comparative period of 2021 reflects the higher-grade profile of mill throughput from Argyle.

During the third quarter of 2022, the mine operations moved 92,729 tonnes of ore, an increase of 25% from the prior quarter when the mining operation was impacted by elevated ammonia levels in water in the Argyle Pit, with normal mining operations commencing in May. The Company achieved a reduced stripping ratio of 5.8 waste tonnes to ore tonnes in the third quarter of 2022, reflective of development work performed during the first half of 2022.

The Pine Cove Mill processed 92,617 tonnes during the third quarter of Q2 2022 and achieved a strong average recovery rate of 88.7%, consistent with Q2 2022. The strong recovery corresponds with the average mill grade of 1.89 g/t, as mill throughput was exclusively from the Argyle Mine, which helped offset the impact of the downtime due to scheduled maintenance.

Qualified Person

Kevin Bullock, P. Eng., President and CEO, Signal Gold Inc., is a 'qualified person' as such term is defined in National Instrument 43-101 and has reviewed and approved the technical information and data included in this press release.

ABOUT SIGNAL GOLD

Signal Gold is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study with Probable Mineral Reserves of 1.15 million ounces of gold (15.80 million tonnes at 2.26 g/t gold), Measured and Indicated Mineral Resources inclusive of Mineral Reserves of 2.58 million ounces (21.6 million tonnes at 3.72 g/t gold) and additional Inferred Mineral Resources of 0.48 million ounces (3.18 million tonnes at 4.73 g/t gold) (Please see the 'NI43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia' on January 11, 2022 for further details). Signal Gold also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project.

Contact:

Signal Gold Inc.

Kevin Bullock

President and CEO

T: [phone]

E: [e-mail]

Investor

Reseau ProMarket Inc.

Dany Cenac Robert

T: [phone] x456

E: [e-mail]

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