Toronto, Ontario - TheNewswire – December 17, 2021 – Phoenix Gold Fund Limited (“Phoenix”) of Kuala Lumpur, Malaysia, announces it has acquired an aggregate of 10,000,000 common shares at an average price of C$0.05 of South Atlantic Gold Inc (the “Issuer”) on December 17, 2021 pursuant to a non-brokered private placement (the “Offering”). Phoenix acquired the common shares at a price of C$ 0.05 per share for a total purchase price of C$ 500,000. The Issuer’s office is located at Landmark 3 #335-1632 Dickson Avenue Kelowna, British Columbia V1Y 7T2.

Immediately prior to the acquisition, Phoenix does not own any common shares of the Issuer. As a result of the acquisition, Phoenix now owns 10,000,000 common shares of the Issuer, representing approximately 10.6% of all issued and outstanding shares of the Issuer on an undiluted basis. The holdings above are calculated as of December 17, 2021 assuming no further common shares of the Issuer have been issued.

Phoenix acquired the securities for investment purposes. Phoenix may, in the future, participate in financings and/or acquire or dispose of securities of the Issuer in the market, privately or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

The disclosure respecting Phoenix’s shareholdings contained in this press release is made pursuant to the National Instrument 62-103 and/or the National Instrument 62-104 and a report respecting the above acquisition will be filed with the applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and will be available for viewing at www.sedar.com.