Kelowna, BC - TheNewswire - August 2, 2023 - Phoenix Gold Fund Limited (“Phoenix”) of Kuala Lumpur, Malaysia, announces that as a result of the increase in the issued and outstanding shares of South Atlantic Gold Inc (the “Issuer”) due to the closing of a non-brokered private placement event by the Issuer, Phoenix no longer holds over 10% of the issued and outstanding shares of the Issuer.

Prior to the event, Phoenix owned 10,000,000 common shares of the Issuer, representing approximately 10.06% of the issued and outstanding shares of the Issuer on an undiluted basis.

As a result of the event, Phoenix continues to own 10,000,000 common shares of the Issuer, representing approximately 9.26% of the issued and outstanding shares of the Issuer on an undiluted basis assuming no further common shares of the Issuer have been issued.

Phoenix continues to hold the securities for investment purposes only. 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 https://www.sedarplus.ca/landingpage/.