Austral Gold Files Q3 2026 Quarterly Activities Report

Sydney, Australia--(Newsfile Corp. - October 26, 2026) - Established gold producer Austral Gold Limited (ASX: AGD) (TSXV: AGLD) (OTCQB: AGLDF) (Austral or the Company) is pleased to announce that it has filed its Q3 2026 Quarterly Activities Report. The complete Report is available under the Company's profile at www.asx.com.au, www.sedarplus.ca and on the Company's website at australgold.com.

Q3 2026 Highlights

• Production up 50%: 6,479 gold equivalent ounces (GEOs) from Company-owned material (Q2 2026: 4,313 GEOs), driven by Casposo's first full quarter processing its own ore, with monthly output rising from 803 GEOs in July to 1,334 GEOs in September; Guanaco broadly steady at 3,313 GEOs despite severe winter weather.

• Net cash position: financial debt reduced by US$4.4 million to US$17.6 million, resulting in net cash of US$2.5 million (30 June 2026: net financial debt of US$1.7 million); cash and cash equivalents of US$20.1 million.

• Revenue and margin: revenue of US$23.4 million (Q2 2026: US$32.4 million, including US$6.5 million of toll processing fees), with sales of 5,354 GEOs below production due to the timing of export shipments; average cash margin of 32.5%.

• Unit costs: Q3 2026 C1 and AISC of US$2,726/GEO and US$2,984/GEO at Guanaco (year-to-date: US$2,686/GEO and US$2,988/GEO), and US$3,123/GEO and US$4,032/GEO at Casposo (year-to-date: US$2,159/GEO and US$2,674/GEO).

• CY2026 guidance revised: production of 24,000–27,000 GEOs (previously 27,000–33,000 GEOs), with Guanaco lowered to 13,000–14,000 GEOs and Casposo unchanged at 11,000–13,000 GEOs. Casposo C1 and AISC guidance raised to US$2,400–2,600/GEO and US$3,000–3,200/GEO; Guanaco cost guidance maintained, with full-year C1 and AISC expected towards the upper end of the range as Q4 production increases against a largely fixed cost base.

• Growth and exploration: updated Guanaco Technical Report¹ supports a 14-year mine life and an after-tax NPV (10% discount rate) of US$192.1 million; US$1.2 million invested in exploration across Chile and Argentina.

Chief Executive Officer of Austral Gold, Stabro Kasaneva, commented: "Casposo's first full quarter processing its own ore lifted our combined production by 50%, and we moved to a net cash position after reducing debt by a further US$4.4 million. Both are important steps in strengthening the business. Guanaco's second secondary crusher supported a strong July, but severe winter weather, high ore moisture and unplanned maintenance constrained throughput in August and September, and we have revised our 2026 guidance accordingly. Our focus for the remainder of the year is operational reliability, throughput and cost control. With a 14-year mine life at Guanaco and active exploration programs in Chile and Argentina, we are well positioned to build long-term value for shareholders."

¹ "Technical Report on the Guanaco Mine, Antofagasta Region, Chile" with an effective date of 31 May 2026 is available under the Company's profile on SEDAR+ at www.sedarplus.ca and on the ASX website at www.asx.com.au.

Competent Person's Statement

The information in this Announcement that relates to Mineral Resource and Mineral Reserve estimates, the Guanaco production target (life of mine) and the forecast financial information derived from it (after-tax NPV) is extracted from the announcement titled 'Austral Gold Announces Updated Guanaco Technical Report' released to the ASX on 23 July 2026, which is available on the ASX website and SEDAR+. The Company confirms that it is not aware of any new information or data that materially affects the information included in that announcement, that all material assumptions and technical parameters underpinning the estimates, the production target and the forecast financial information continue to apply and have not materially changed, and that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original announcement.

The scientific and technical information in this Announcement has been reviewed and approved by Marcos Valencia, FAusIMM, who is a Qualified Person as defined by NI 43-101 and is not independent of the Company.

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.

This announcement has been authorised for release by the Company's Chief Executive Officer, Stabro Kasaneva, on behalf of the Board of Austral Gold Limited.

For additional information please contact:

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 announcement and the Q3 2026 Quarterly Activities Report include, but are not limited to, statements regarding the Company's revised calendar year 2026 production and cost guidance and the expected timing of calendar year 2027 guidance; production, operating cost and cash flow expectations; the timing, scope and expected outcomes of exploration, drilling, sampling, mapping and geophysical programs; the potential conversion of Mineral Resources within a predominantly Inferred Mineral Resource; expectations regarding resource growth; the timing and benefits of capital projects and plant upgrades; potential ore purchase arrangements at Casposo; the receipt of the deferred payment from Challenger Gold; the timing of submission and approval of the Environmental Impact Declaration for Guanaco and other permitting and regulatory approvals; future mine plans and production schedules; estimates of Mineral Resources and Mineral Reserves; life-of-mine plans, economic analyses and projected operating and financial performance; and the Company's strategy, business plans and growth opportunities.

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 that actual results, performance or outcomes will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. Forward-looking statements reflect the Company's 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, readers should not place undue reliance on forward-looking statements.

Non-IFRS Financial Measures
This announcement includes certain non-IFRS financial measures, including C1 cash cost, all-in sustaining cost (AISC), average cash margin and net cash / (net financial debt). These measures do not have a standardised meaning under International Financial Reporting Standards (IFRS) and may not be comparable with similar measures presented by other issuers. C1 and AISC are presented per gold equivalent ounce (GEO) produced, and their composition is set out in the Q3 2026 Quarterly Activities Report. Net cash / (net financial debt) is cash and cash equivalents less financial debt. These measures are not a substitute for measures prepared under IFRS and have not been audited or reviewed.

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