Austral Gold Limited press release

Austral Gold Reports Surface Silver-Gold Results at Juncal

2026-06-22

TSXV - TSX Venture Exchange · Gold · Silver · Australia · Drill Results

HIGHLIGHTS

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Exploration of a silver-gold vein system at the 100%-owned Juncal Silver-Gold Projectin Chile, near the Amancaya and Guanaco Mines, continued as planned, with Phase 1 completed and Phase 2 underway (program first announced 12 March 2026).

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Significant silver-gold results from channel sampling, with continuous surface mineralisation identified across seven of eleven mapped veins. Key highlights include*:

Javiera vein:~1,400 m of strike; length-weighted average grade of 183 g/t AgEq over 0.7 m(25 channels) for 128 g/t·m AgEq Sofia vein:~500 m of strike; length-weighted average grade of 68 g/t AgEq over 1.8 m(15 channels) for 122 g/t·m AgEq Koda vein: ~500 m of strike; length-weighted average grade of 71 g/t AgEq over 1.8 m(7 channels) for 128 g/t·m AgEq _ (Quoted widths are channel widths; true widths not yet determined. AgEq accumulation = average grade × average width. See Table 1.)

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Phase 1 comprised geological mapping and >1,000 m of channel sampling in trenchesusing a diamond-blade rock saw.

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Phase 2(IP) and Phase 3(10,000 m of RC drilling) remain on schedule for Q2/Q3 2026. No historical drillingis known to have been undertaken at Juncal, making the planned program the first known test of the vein system at depth.

Austral Gold Limited(ASX: AGD) (TSXV: AGLD) (OTCQB: AGLDF) ("Austral" or the "Company"), an established gold producer, is pleased to announce the completion of Phase 1 of its exploration program at its 100%-owned Juncal Silver-Gold Project ("Juncal" or the "Project") in Chile.

Phase 1, announced on 12 March 2026, was the first stage of the Company's phased exploration program. Results confirmed mineralisation at the surface across multiple veins and helped prioritise targets for follow-up work. Phase 2, comprising induced polarisation (IP) surveys, is now underway to refine drill targets ahead of a maiden drilling program in Phase 3.

Austral Gold's CEO, Stabro Kasaneva said: "Juncal is an underexplored silver-gold project at the Paleocene belt within our northern Chile portfolio. Phase 1 has identified silver-gold mineralisation at surface across multiple veins and provides a basis for drill targeting. To date, and despite the presence of mapped mineralised structures and historical workings, the Project has not been drill tested."

Phase 1 Exploration Results

Phase 1 (conducted during March-April 2026) advanced geological understanding of the district through the following activities:

Detailed geological mapping to confirm lithological units, hydrothermal alteration assemblages and structural controls;

Systematic channel sampling in trenches (>1,000 metres) using a diamond-blade rock saw, with a maximum sample length of 1.0 metre, to assess surface mineralisation and structural continuity;

Drone-supported (airborne) magnetic surveying to enhance interpretation of subsurface geological features; and

Processing and interpretation of multispectral satellite imagery, using combined spectral bands to identify alteration patterns and prospective structural corridors.

Channel sampling identified continuous surface mineralisation along strike across seven of the eleven mapped veins, confirming grades identified during reconnaissance and refining the structural interpretation. Selected intervals (reported at a 30 g/t AgEq cut-off) are shown in Table 1. Highlights for the three principal veins are as follows:

Samples are analysed at the internal laboratory of Austral's Chilean subsidiary, Guanaco Compañía Minera SpA. The Company maintains a QA-QC program across all processes involving geological samples, including the insertion of standards and blanks, analytical and field duplicates, and a representative subset of pulps submitted to accredited external laboratories for independent verification. QA-QC results are reported in the accompanying JORC Table 1.

Updated Structural Interpretation

NW-trend System: interpreted as the dominant and oldest structural corridor within the district; i.e. Gloria Vein NE-trend System:interpreted as a secondary system that appears to offset the Gloria system through dextral displacement; i.e., Barreales, Romané, Sofia, Carolina, Mia and Isidora veins ENE-trend System: interpreted as a smaller conjugate structure associated with a later-stage deformation event. i.e.: Javiera, Koda and Edith veins.

The intersection of the Gloria and Romané systems in the northwestern sector coincides with a broad zone of hydrothermal alteration and is interpreted as a priority target due to its potential to focus hydrothermal fluid flow and mineral deposition.

Tourmaline breccia bodies identified in the eastern portion of the Project, predominantly affecting intrusive units, may represent an additional component of the district's hydrothermal evolution.

[](https://images.newsfilecorp.com/files/690/302320_594f1212944da906_002full.jpg)

Figure 1: AgEq intercepts Juncal Trenching Program Phase 1

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/690/302320_594f1212944da906_002full.jpg

[](https://images.newsfilecorp.com/files/690/302320_594f1212944da906_003full.jpg)

Figure 2: Drone survey magnetic analytic signal with interpreted veins and structural trends

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/690/302320_594f1212944da906_003full.jpg

Upcoming Work

Building on the Phase 1 results, the Company is advancing the next stages of its exploration program:

Phase 2: June-August 2026

An induced polarisation (IP) survey is planned, building on the Phase 1 drone-supported magnetic survey, to refine drill targets. The survey will focus on structures associated with identified geochemical anomalies in the silver-gold (Ag-Au) veins.

Phase 3: September-November 2026

Approximately 10,000 metres of reverse circulation (RC) drilling is planned, using Company-owned equipment and operated by DV Drilling contractor company. Drilling is designed to test down-dip extensions of mapped structures and assess potential mineralisation below the surface, including areas not exposed at the surface. As no historical or modern drilling has been undertaken at Juncal, this program will represent the first systematic test of subsurface continuity of the mineralisation.

Table 1: Phase 1 Channel Sampling Results (intervals ≥ 30 g/t AgEq)

Intervals reported at a 30 g/t AgEq cut-off. "incl." denotes higher-grade internal intervals.

Carolina Vein

| Channel ID | From (m)-To (m) | Interval (m) | AgEq (g/t) | Au (g/t) | Ag (g/t) | | TR-CP001 | 3.8-11.02 | 7.22 | 87.4 | 0.71 | 22.4 | | incl. | 3.8-5 | 1.2 | 174.3 | 1.56 | 32.5 | | incl. | 7.32-8.12 | 0.8 | 114.6 | 0.98 | 25.5 | | incl. | 9.5-11.02 | 1.52 | 179 | 1.37 | 54.4 |

Edith Vein

| Channel ID | From (m)-To (m) | Interval (m) | AgEq (g/t) | Au (g/t) | Ag (g/t) | | TR-EDI001 | 3.6-3.9 | 0.3 | 92.6 | 0.98 | 3.5 |

Javiera Vein

| Channel ID | From (m)-To (m) | Interval (m) | AgEq (g/t) | Au (g/t) | Ag (g/t) | | TR-JAV001 | 3.62-4.05 | 0.43 | 178.3 | 0.92 | 94.9 | | TR-JAV002 | 5.3-8.37 | 3.07 | 50.9 | 0.45 | 9.6 | | incl. | 5.3-5.8 | 0.5 | 146.9 | 1.19 | 38.5 | | TR-JAV003 | 5.13-6.6 | 1.47 | 51.9 | 0.44 | 12.0 | | TR-JAV004 | 5.12-6.64 | 1.52 | 56 | 0.5 | 10.6 | | TR-JAV005 | 4.27-6 | 1.73 | 87.8 | 0.46 | 45.8 | | incl. | 4.27-4.85 | 0.58 | 174.9 | 0.85 | 97.9 | | TR-JAV006 | 6.86-7.62 | 0.76 | 82 | 0.88 | 2 | | TR-JAV009 | 22.45-23.34 | 0.89 | 42.7 | 0.28 | 17 | | TR-JAV010 | 5-5.8 | 0.8 | 247.5 | 0.58 | 194.8 | | TR-JAV011 | 1.92-4.87 | 2.95 | 99.4 | 0.37 | 66.1 | | incl. | 2.58-3.22 | 0.64 | 313.1 | 0.7 | 249.8 | | TR-JAV012 | 2.73-3.26 | 0.53 | 385.0 | 0.66 | 324.7 | | TR-JAV016 | 0-0.46 | 0.46 | 305.6 | 0.73 | 239.0 | | TR-JAV017 | 0-0.47 | 0.47 | 129.4 | 1.11 | 28.7 | | TR-JAV018 | 0-0.66 | 0.66 | 269.8 | 1.05 | 174.6 | | TR-JAV019 | 0-0.55 | 0.55 | 287.8 | 0.38 | 253.5 | | TR-JAV020 | 0-0.4 | 0.4 | 270.6 | 0.46 | 229.1 | | TR-JAV021 | 0-0.58 | 0.58 | 392.5 | 0.32 | 363.7 | | TR-JAV022 | 0-0.65 | 0.65 | 182.9 | 0.42 | 144.7 | | TR-JAV023 | 0-0.45 | 0.45 | 84.3 | 0.17 | 68.6 | | TR-JAV024 | 0-0.47 | 0.47 | 251.9 | 0.37 | 218.2 | | TR-JAV025 | 0-0.55 | 0.55 | 296.2 | 0.36 | 263.4 | | TR-JAV026 | 0-0.46 | 0.46 | 263.7 | 0.39 | 228.3 | | TR-JAV027 | 0-0.7 | 0.7 | 179.8 | 0.75 | 111.3 | | TR-JAV028 | 0-0.8 | 0.8 | 123.8 | 0.4 | 87.7 | | TR-JAV029 | 0-0.66 | 0.66 | 121.7 | 0.28 | 96.3 | | TR-JAV030 | 0-0.67 | 0.67 | 295.5 | 0.14 | 282.5 |

Koda Vein

| Channel ID | From (m)-To (m) | Interval (m) | AgEq (g/t) | Au (g/t) | Ag (g/t) | | TR-KOD001 | 4.61-7.25 | 2.64 | 35.5 | 0.06 | 30.3 | | TR-KOD002 | 2.03-3.8 | 1.77 | 93.3 | 0.02 | 91 | | incl. | 3.2-3.8 | 0.6 | 129.6 | 0.03 | 126.9 | | TR-KOD003 | 2.84-4.53 | 1.69 | 50.8 | 0.01 | 49.9 | | TR-KOD004 | 3.03-4.4 | 1.37 | 137.4 | 0.09 | 129 | | TR-KOD007 | 0-2.47 | 2.47 | 84.5 | 0.01 | 83.6 | | TR-KOD008 | 1.6-3.29 | 1.69 | 66.1 | 0.05 | 61.2 | | TR-KOD009 | 2.21-2.96 | 0.75 | 34.3 | 0.02 | 33 |

Mia Vein

| Channel ID | From (m)-To (m) | Interval (m) | AgEq (g/t) | Au (g/t) | Ag (g/t) | | TR-MIA001 | 10.62-11.23 | 0.61 | 82.4 | 0.75 | 14.5 | | TR-MIA002 | 5.25-6.15 | 0.9 | 41.3 | 0.16 | 26.5 |

Romane Vein

| Channel ID | From (m)-To (m) | Interval (m) | AgEq (g/t) | Au (g/t) | Ag (g/t) | | TR-ROM001 | 3.01-3.5 | 0.49 | 102.3 | 0.32 | 73.4 | | TR-ROM004 | 0-1.2 | 1.2 | 146.1 | 1.05 | 50.4 | | TR-ROM005 | 0-1 | 1 | 121.4 | 0.64 | 62.9 |

Sofia Vein

| Channel ID | From (m)-To (m) | Interval (m) | AgEq (g/t) | Au (g/t) | Ag (g/t) | | TR-SOF001 | 0.72-4.17 | 3.45 | 51.4 | 0.46 | 10.0 | | incl. | 3.41-4.17 | 0.76 | 123 | 1.14 | 19.4 | | TR-SOF002 | 1.52-8.73 | 7.21 | 45.3 | 0.4 | 8.8 | | incl. | 5.02-6.31 | 1.29 | 76.9 | 0.61 | 21.4 | | TR-SOF003 | 1.13-4.04 | 2.91 | 100.9 | 1.01 | 9.1 | | incl. | 3.14-4.04 | 0.9 | 149.9 | 1.5 | 14 | | TR-SOF004 | 2.74-4.05 | 1.31 | 69.5 | 0.5 | 23.6 | | incl. | 2.74-3.27 | 0.53 | 116.7 | 0.8 | 44.5 | | TR-SOF005 | 1.25-7.76 | 6.51 | 59.2 | 0.55 | 9.4 | | TR-SOF006 | 4.06-7.38 | 3.32 | 58 | 0.43 | 18.5 | | TR-SOF007 | 4.1-6.86 | 2.76 | 82.9 | 0.56 | 32.3 | | incl. | 4.1-4.88 | 0.78 | 108.2 | 0.58 | 55.9 | | TR-SOF008 | 4.83-8.83 | 4 | 65.4 | 0.68 | 3.3 | | TR-SOF009 | 0-0.87 | 0.87 | 61.2 | 0.5 | 15.7 | | TR-SOF010 | 0-1.29 | 1.29 | 52.3 | 0.3 | 24.7 | | TR-SOF011 | 0-2.18 | 2.18 | 69.9 | 0.55 | 19.5 | | TR-SOF012 | 0-0.7 | 0.7 | 65.7 | 0.27 | 40.9 | | TR-SOF013 | 0-1.6 | 1.6 | 56.9 | 0.35 | 24.8 | | TR-SOF014 | 0-1 | 1 | 51.8 | 0.27 | 27 | | TR-SOF015 | 0-0.7 | 0.7 | 48.5 | 0.4 | 12.4 |

Widths are channel (sample) lengths, not necessarily true widths; true widths are interpreted to be lower. AgEq = silver equivalent. Results reported in accordance with JORC 2012 and NI 43-101. Bold rows denote standout intervals.

Silver equivalent (AgEq) is calculated as: AgEq (g/t) = Ag (g/t) + [Au (g/t) × (Au price ÷ Ag price)]. AgEq assumes Austral Gold long-term metal prices of US$27.5/oz silver and US$2,500/oz gold (a gold-to-silver ratio of approximately 90.9:1). Metallurgical recoveries are assumed equal for all metals, as no metallurgical test work has been completed; recovery assumptions are therefore preliminary and may not be realised. It is the Company's opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered.

Widths quoted in the highlights (e.g. 0.4-1.5 m for Javiera) are the mineralised channel widths used to calculate the reported length-weighted average grades. The "Interval (m)" column in Table 1 shows the full channel sample length from "From" to "To", which may be greater where lower-grade material is included within the sampled interval. The two therefore refer to different measures and are not directly comparable.

Juncal Background

Austral acquired Juncal from TSX- and NASDAQ-listed SSR Mining in 2016. The Project forms 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.

The Juncal district is underlain by volcanic and sedimentary rocks of the Middle Eocene Pampa Lorca Formation, which unconformably overlie Upper Paleocene basaltic andesites of the Pampa Rubia Formation. This stratigraphic sequence is intruded by Late Eocene intermediate- to felsic intrusive bodies.

Tourmaline breccia bodies have also been identified in the eastern portion of the project area, where they predominantly affect intrusive units and may be an important component of the district's hydrothermal evolution.

Competent Person

The information in this announcement that relates to exploration results is based on, and fairly represents, information and supporting documentation prepared by Marcos Valencia, who is a Qualified Person as defined by NI 43-101 and a Competent Person as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012).

Mr Valencia is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM), No. 323676 and a Registered Member of the Chilean Mining Commission (No. 432). Mr. Valencia is an employee of Austral Gold Limited and is not independent of the Company. Mr. Valencia has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person under the JORC Code 2012 and as a Qualified Person under NI 43-101.

Mr Valencia consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

About Austral Gold

Austral Gold is a growing gold and silver mining producer building a portfolio of quality assets in the Americas based on three strategic pillars: production, exploration and equity investments. Austral continues to lay the foundation for its growth strategy by advancing its attractive portfolio of producing and exploration assets. Under its equity investments pillar, Austral holds shares in ASX-listed Unico Silver. For more information, please visit the Company's website at www.australgold.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Release approved on behalf of the Board by the Chief Executive Officer, Stabro Kasaneva.

For additional information please contact:

| David Hwang | Jose Bordogna, CFA | | Joint Company Secretary | Chief Financial Officer and Joint Company Secretary | | Austral Gold Limited | Austral Gold Limited | | david@confidantpartners.com | jose.bordogna@australgold.com | | +61 433 292 290 | +61 466 892 307 |

Forward-Looking Statements

Statements in this news release that are not historical facts are forward-looking statements. Forward-looking statements are statements that are not historical and consist primarily of projections and statements regarding future plans, expectations and developments. Words such as "expects", "intends", "plans", "may", "could", "potential", "should", "anticipates", "likely", "believes" and words of similar expressions are intended to identify forward-looking statements. The forward-looking statements in this news release include, but are not limited to, statements regarding the Company's planned exploration activities, the expected timing and phases of the exploration program, the interpretation of exploration results, potential mineralisation and its continuity at depth, anticipated outcomes of exploration work, planned geophysical surveys, future drilling plans and drill targeting, assumed metallurgical recoveries, and the Company's strategic objectives.

All of these forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied, including, without limitation, uncertainty of exploration programs, development plans and cost estimates, commodity price fluctuations; political or economic instability and regulatory changes; currency fluctuations, the state of the capital markets, uncertainty in the measurement of mineral resources and reserves; and other risks and hazards related to the exploitation and development of mineral properties, as well as the availability of capital. You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Austral cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. Austral's forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and Austral does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements.

JORC Code, 2012 Edition – Table 1 report template Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections)

| Criteria | JORC Code explanation | Commentary | | Sampling techniques | - Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representativeness and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverized to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. | A trench sampling program was conducted. The operational procedure involved clearing and excavating the area to expose a clean rock face. On this exposed wall, a diamond-blade saw was used to cut parallel lines into the rock, defining the channel boundaries. The sample was then chipped out using a pneumatic hammer, ensuring the fragmented material fell directly into a chute and into the sample bag for secure containment. This trench sampling program covered an area of 2.8 x 2 km. Trenches were excavated to a depth of 1.00 to 1.5 m, with 9 to 12 samples collected per sampling point. Each primary sample weighed approximately 10 to 15 kg. As part of the quality control protocol, field duplicates were inserted at an approximate rate of 1 every 20 samples (5%), for a total of 31 field duplicate samples. Upon completion of the program, a total of 602 samples were generated from 53 trenches and analysed for Gold (Au), Silver (Ag), Copper (Cu), Lead (Pb), Zinc (Zn), and Antimony (Sb).

Within the program, 29 samples were collected from 25 distinct sampling points using the chip-channel sampling method. For this procedure, the channel boundary was geometrically outlined on the rock face, and the material was manually chipped out using a hammer and chisel to ensure the representativeness of the recovered fragments.

In addition, field reconnaissance is being conducted, where a geologist describes lithologies, alterations, and mineralogy found at various points recorded with a GPS. At these geological control points, representative samples are collected for distinct investigation workflows: one fraction is dispatched to the chemical laboratory for routine analytical assays (metal grades), while selected fragments are prioritised for mineralogical characterisation, including the preparation of thin and polished sections for petrographic and mineralogic studies. | | Drilling techniques | - Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). | To date, no drilling campaigns have been conducted within the project area. Consequently, the data obtained through this trench sampling program constitutes the primary source of geological information, serving as the baseline for alteration and mineralisation models, as well as for the subsequent planning of drill targets. | | Drill sample recovery | - Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. | No core drilling (diamond or reverse circulation) has been conducted within the project area. Therefore, recovery assessment focuses exclusively on surface trench samples (saw-cut channel and chip-channel sampling). Sample recovery was recorded and assessed primarily through volumetric and gravimetric (weight) control. Prior to sampling, channels were geometrically outlined on the exposed clean rock face to maintain consistent dimensions (width and depth) across the 1.00 to 1.5 m depth intervals. Each primary sample collected was weighed at the site before dispatching, ensuring that the final material weights consistently fell within the targeted technical range of approximately 10 to 15 kg. | | Logging | - Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. | Logging was predominantly quantitative in nature. All exposed trench faces and sample channels were geologically logged in detail. The logging recorded key primary features including lithology, structural orientation, mineralogy style, mineralogy, and hydrothermal alteration assemblages typical of epithermal systems.