#1South Atlantic GOLD Exploring high-grade gold and copper in Brazil and Canada JULY 2021#2CAUTIONARY STATEMENTS South Atlantic GOLD This presentation includes "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding South Atlantic Gold Inc.'s ("SAO" or the "Company") opinions and beliefs, business strategy, mineral resource estimates, ongoing or future development and exploration opportunities and projects, drilling, geological modeling plans, and plans and objectives of management for properties and operations constitute forward-looking information. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Although the Company believes the forward-looking information contained in this presentation is reasonable based on information available on the date hereof, by its nature forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company's expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company's public disclosure documents filed on the SEDAR website at www.sedar.com. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESENTATION REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESENTATION AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS. Qualified Person The scientific and technical information that forms the basis for this presentation was reviewed and approved by Marcelo Antonio Batelochi (P.Geo.), MAUSIMM (CP), who is a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). southatlanticgold.com 2 TSX-V:SAO#3EXPLORING FOR HIGH- GRADE GOLD & COPPER IN BRAZIL & CANADA southatlanticgold.com Pedra Branca Project (Ceará State, Brazil) Large property (39,906 ha) over a 40 km-long shear zone ■ 3 well-defined targets and 25 prospective tenements ■ Substantial work to date, including ~20km of drilling Near key infrastructure (roads, power, mine supply) Many wide, near-surface high grade zones (12.80 m @7.38 g/t Au and 12.85 m @ 5.23 g/t Au) Maiden resource 4Mt @ 1.38g/t Au Inferred from surface exploration program 3 South Atlantic GOLD Big Kidd Project (BC, Canada) 4,046 ha property, near Merritt Widespread Cu-Au mineralization across a 2.5 km long hargeability anomaly Shaft sunk in 1918 at Big Sioux Zone reportedly recovered 44t @ 12.0% Cu, 68 g/t Ag ■ Historic drill results include 116 m of 0.79 g/t Au, 0.12% Cu and 75 m of 0.75 g/t Au, 0.25% Cu Powerline and easy accessibility TSX-V:SAO#4South Atlantic GOLD Share Price and Volume CAPITAL MARKETS PROFILE Capital Structure TSX-V: SAO C$0.090 002 Ticker Share Price (June 28, 2021) 52-Week Trading Range Basic Shares Outstanding Options Warrants FD Shares Outstanding Market Capitalization (Basic) Debt 1. 2. C$0.05 C$0.18 59.1M 5.0M1 14.2M² 78.6M C$5.3M × VOL 995.5K Nil Finalized Phase 1 Exploration following C$1.75 million equity financing in October 2020 5,000,000 options outstanding with a weighted average exercise price of C$0.07 and a weighted average life of 5.3 years 14.2M warrants outstanding with a weighted average exercise price of C$0.08 and a weighted average life of 1.9 years southatlanticgold.com 4 (Last 12 Months) Jul "20 Oct 20 Jan '21 Mar '21 May '21 05/26/2021 0.16 0.14 0.12 01 0.095 0.08 0.06 0.04 4M 2M 126.5K Trading well below high of C$0.18/share reached in October 2020 TSX-V:SAO#5EXPERIENCED MANAGEMENT & BOARD Douglas Meirelles | President, CEO and Director Over 15 years of experience in the management of publicly traded mining companies in Brazil and Canada Former Corporate Director in Brazil for Equinox Gold and Country Manager for Luna Gold. Oversaw the shutdown, C&M and re-start of the Aurizona Mine for over 6 years. Been involved in mining and in several leadership roles since 2004. Fellow of the Brazil-Canada Mining Chamber of Commerce Terese Gieselman | CFO 34 years of experience with junior mining and exploration companies listed on the TSX, TSXV, OTCBB, NASDAQ and AMEX in the roles of CFO, Treasurer, and Corporate Secretary Extensive background in corporate and financial reporting and compliance for Canada, US, Mexico, Peru, Chile, Argentina and Zimbabwe Marcelo Batelochi (PGeo) Senior Exploration Manager Nearly 30 years of experience as a geologist exploring for gold, iron ore, manganese, copper, nickel, bauxite, REE and PGM in South American and Africa Geologic positions at Rio Tinto, Vale S.A., Ferrous Resources Limited and Great Panther Mining Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and is a Qualified Person for both NI 43-101 and JORC disclosure and technical reports Anne Hite VP, Investor Relations Over 20 years of experience with mid-tier and junior exploration companies in investor relations and corporate development Owns and runs an IR consultancy business Current and former employers & clients include Golden Star Resources, Rare Element Resources, Lydian International, Luna Gold, Sandspring Gold (Gold X Mining) and Pershing Gold (Americas Gold and Silver) southatlanticgold.com 5 Bruce Higson-Smith | Chairman " Mining engineer with nearly 40 years of experience South Atlantic GOLD Extensive capital markets experience, including 9 years with the Castle Group, Emerging Markets Gold Fund and Resource Capital Funds Former CFO of Castle Exploration and Senior VP of Corporate Strategy for Golden Star Resources Ltd. from 2003 to 2019 Oliver Friesen | Director Actively involved in mineral exploration since 2010 and has worked on a number of precious and base metal projects throughout Nevada, BC and the Yukon Marc Leduc " Director Mining engineer and geologist with over 30 years of experience with expertise in designing, constructing and operating large heap leach gold mines Former COO and then CEO of NewCastle Gold until it merged with Equinox Gold Previously CEO of Luna Gold, COO of Lydian International and President and COO of Bear Creek Mining Currently COO of Kore Mining (leading development of the Imperial Project) Antenor Silva Director Mine engineer with over 50 years of experience in operating metallurgical plants and open pit and underground mines for several multi-national and public companies In 1971, he co-founded Paulo Abib Eng. and acted as its President & COO By 1986, he was CEO of CMP/CMA (first Brazilian gold company on the BOVESPA) Co-founder and President, COO of Yamana Gold until retirement in 2015 Nanmao Su Director Chairman of Dongying Delta Forestry Development Co. (tree plantation and forest product company based in Dongying City, China) Director of Huaxi Jiye Minerals Corp., a China-based minerals exploration company TSX-V:SAO#61-YEAR TRANSFORMATION INTO A HIGH-GROWTH BRAZILIAN GOLD EXPLORER USD 1 Million Program. Milestones Completed: ✓ ✓ Pedra Branca: Established office, drilling & team. South Atlantic GOLD Pedra Branca: 100% Earn-In Completed H2 2021 Pedra Branca: Validated Historical Results Pedra Branca: Added ounces to the historical results Pedra Branca: 39 Mineralized Zones, total of 180koz July 2021 Feb 2021 southatlanticgold.com June 2021 Earn-in 100% & PB Resource Model June 2021 Pedra Branca 75% Earn-In PB: Historical DDH Validated PB: Phase II Financing BK: Exploration Program Whats Next? 。 Financing for Phase II, plus possibly Big Kidd. o Phase II: Continue to add ounces, further qualify the resource and advance the key mining permits of Pedra Branca. 6 TSX-V:SAO#7southatlanticgold.com WHY SAO? WHY NOW? Entry Point ✓ Attractive entry point ✓ Phase II Exploration & Financing High grade Au & Cu ✓ Pedra Branca in Brazil (mesothermal shear zone Au deposit) Big Kidd in BC (Cu-Au porphyry) 7 PB Maiden Resource ✓4Mt @ 1.38g/t Au Inferred √39 Mineralized Zones over 12km extension Experienced Management South Atlantic GOLD ✓ Brazilian experience ✓ Successful projects (from Exploration to Mining) ✓ Financial acumen TSX-V:SAO#8PEDRA BRANCA PROJECT CEARÁ STATE, BRAZIL High-grade, near- surface gold potential Large property (39,906 ha) over a 40 km long shear Zone Near key infrastructure (roads, power, mine supply centres) Substantial exploration work to date, including DD & RC drilling and trenching 3 well-defined targets and 28 prospective tenements along a +40 km trend Many wide, near-surface high grade zones (12.80 m @7.38 g/t Au and 12.85 m @ 5.23 g/t Au) Maiden resource 4.0Mt @ 1.38 g/t Au Inferred southatlanticgold.com Typical view of Northeast region in Brazil "caatinga", a sparse vegetation over the property 8 TSX-V:SAO#9LARGE PROPERTY NEAR KEY INFRASTRUCTURE ✓ Located in the pro-business state of Ceará ✓ Accessible via paved road, 280 km by highway BR- 020 to state capital of Fortaleza - Fortaleza (population of 2.6 M) is Brazil's 5th largest city with an international airport 3 towns in a 40 km radius from the project. (~pop. 110,000) ✓ Power lines, water, mine supply centers and labor readily available ✓ 25 tenements and 22 exploration licenses covering 39,906 ha ✓ 3 licenses under mining concession status Area de -4° Litigio Camocim CHAPADA carad 40° 0 50 100 150 mi 0 100 200 km Acaraú OCEANO ATLANTICO Sobral Parque Nacional de Ubajara Açude Araras Novas Russas Itapipoca Caucaia Fortaleza Maranguape Aquiraz Pacajuba Pus Cascavel Sta. Quitéria Área de CEAR Litigio Crateús Boa Viager PIAUÍ SERRA GRAND Tauá Pedra Branca Project 280 km Baabulo xadá hobim Mombaça Acopiara Acude Oros Iguatu Substantial historical work by Jaguar, Xstrata and Falconbridge included: Over 10,000 geochemical samples 2.8 km of trenching 90 holes and 8,913 m of diamond drilling In 2014, Jaguar prepared a resource estimate (1) ~150koz reported to ANM based on previous shallow drilling. Morada Nova Jaguarbe CHAPADA DO APODI lcó Aracati RIO GRANDE DO NORTE 6 Belt Mauritanides B South Atlantic GOLD Taureg Shield Belt Kandi Fault Hoggar Belt Adrar Fault 4°50' Fault Nigeria Shield PB Legend Orogenic belts (Neoproterozoic) Craton (Archaean/Paleoproterozoic) Greenstone belt (Paleoproterozoic) Basement (Archaean/Paleopr) 1-Troia Massif, 2- Granjeiro Complex. 3- São José do Campestre Massif 4- Goiás Massif Garoua Fault Troia Massif Adamaoua Fault Nigeria-Cameroom Belt Yaoundé Belt West African Craton Rokelides Belt Juazeiro do Norte Crato PARAÍBA Amazonian Craton 0 ARARIPE PERNAMBUCO 38° T 200+ Holes Gurupi Transbrasiliano Uneamer SF GBI Craton Brasília Belt Araguaia Belt Congo Craton West Congo Belt Araçuai Belt 20,000+ Meters 12,200+ Meters Trenched (1) Not in accordance with N.I. 43-101 guidance and should not be relied upon. southatlanticgold.com 9 TSX-V:SAO#10OVERALL LICENSES STATUS Current Stage for All Tenements Comparison with 43-101 Compliant Work 3 Permits Main Zones 7 Permits 15 Permits PEA Approved Mining Concession Stage Environmental Operating License Preliminary Economic Final Assessment Exploration Phase Exploration Report N.I. 43-101 Resource Report southatlanticgold.com 25 Permits. ✓3 Main Targets used for resource (out of 13 total targets) ✓ Phase II: Continue to advance asset & targets to later stages. 10 South Atlantic GOLD Construction & Commissioning TSX-V:SAO#11PHASE I MAP US$1M Exploration Program - Surface. Average depth of 40 m. - Efficiency focused - Goals: ✓ Historical Data Validation ✓ 100% Earn-in southatlanticgold.com MAP AREA 745 m km 0 10 20 DENCIA Coelhos-Queimadas Riacho da Carapateira Mirador Mir-Coelho km 4 0 1 2 Riacho وادي Bombeiros Igrejinha Condado N South Atlantic GOLD Cruzeta Less than half of Pedra Branca has been explored 600 Drillholes Trend Targets RC Drillhole Regional Trend Diamond Drillhole Bombeiros Igrejinha Topography Coelhos-Queimadas Trenches Road Cruzeta Trenches Condado River Mir-Coelho Tenements Lake Tenements Level Curves Mirador Forquilha 02) Forquilha Sources: Esri, HERE, G GEBCO, USGS, FAO, NPS, NRCAN, GeoBase, IGN, Kadaster NL, Ordnance Survey, Esri Japan, METI, Esri China (Hong Kong), (c) OpenStreetMap contributors, and the GIS 11 PEDRA BRANCA PROJECT REGIONAL GEOLOGICAL TREND South Atlantic GOLD Coodenate System SIRGAS 2000 UTM Zone 23 Date Feb 01, 2021 TSX-V:SAO#12SE S 225 875 675 0.5- πέος 5°34' -5°33' -5°32' 5°25' -5°24' -5°21' -5°26' -40°14' PHASE 1 EXPLORATION - 100% EARN-IN Sampling 40°13 -40°12' -40°11' -40°10 40°9 -40°8' -40-7 -40°6' -40°5' -40°4' -40°3' -40°2 -40°1' -40° -39°59' -39°58 -39°57' -39°56' -39°55' -39°54' 848 m MAP AREA 0 6 10 km Topography RC Drilling River DDH Drilling Road - Trenches Lake 745 m Total Phase I Exploration Area: 276.36 km² 3.5 km- 226 226 226 226 Geology 777 m Regional Trend. Municipal Tenements Targets Tenements Target Limit PEDRA BRANCA PROJECT Exploration Results Drillholes and Trenches Interception South Atlantic GOLD Coordenate Systern SIRGAS 2000 UTM Zone 24 S Date: Apr 15, 2021 HI 5.5 km Acude Forquina !!! 105 226 +2.5 km ▸ 226 Bombeiros Target -RC Drilling: 3 intercepts @1.159 Au g/t - Trenches: 5 intercepts @0.606 Au g/t Igrejinha Target - RC Drilling: 29 intercepts @1.506 Au g/t - Trenches: 20 intercepts @3.156 Au g/t Coelhos-Queimadas Target - RC Drilling: 89 intercepts @0.994 Au g/t Trenches: 11 intercepts @ 0.681Au g/t -Historical DDH: 335 intercepts @1.6 Au g/t Condado Target - Trenches: 5 intercepts @0.728 Au g/t - Not Drilled 020 Mir-Coelho Target - RC Drilling: 19 intercepts @0.937 Au g/t Trenches: 2 intercepts @28.434 Au g/t 762 m II Acude Barra Nova 0 1 2 Mirador Target - RC Drilling: 29 intercepts @ 0.948 Au g/t - Historical DDH: 106 intercepts @2.596 Au g/t - No Trenches Barra Nova Target - Trenches: 1 intercepts @1.72 Au g/t -Not Drilled km -40°14' -40°13' -40°12' -40°11' -40°10 -40°9 -40°8 -40°7 -40°6' -40°5' -40°4 -40°3 -40°2 -40°1 -40° -39959 -39°58' -39°57' -39°56 -39-55 -39°54' southatlanticgold.com 12 -5°34' -5°33' -5°26 5°24' -5°23' South Atlantic GOLD Phase I Exploration Area: ✓ 276.36 sq km ✓ 39 Mineralized Zones Over 600 intercepts: 122 RC drill holes; 5,022 m ✓ 90 DD holes; 8,914 m ✓ 12,286 m of trenching ✓ New mineralization discovered at Igrejinha and Bombeiros Targets Inferred Mineral Resource: Coelhos-Queimadas, Mirador and Igrejinha Targets TSX-V:SAO#13MINERAL RESOURCE South Atlantic GOLD Coordinate System SIRGAS 2000 UTM ZONE 24 S Date: Jun 25, 2021 Mir Coelho Coelhos-Queimadas Average Au TARGET Name of BODY # Nr of samples g/t Inferred Total CQ 461 1.24 SAG WORKS Tonnes Au Au Coelhos_Central_01 1 18 1.53 RC SAG (k) (g/t) (koz) Coelhos_Central_02 2 78 2.79 SAG Trenches Coelhos_Central_03 20 1.04 Oxide 489 1.03 16 Coelhos_Central_07 4 1 2.13 Fresh Total 2,700 1.28 111 Coelhos_Centroeste_04 1 0.56 Coelhos_Centroeste_05 1 2.23 3,189 1.24 128 Coelhos_Centroeste_06 7 2 0.53 HISTORICAL WORKS DDH Historical Trenches Soil and Stream Sediment CQ Coelhos_Centroeste_08 1 0.96 Mirador Coelhos_W_01 9 24 1.18 TOPOGRAPHY Digtal terrain model Coelhos_W_02 10 48 0.87 Inferred TENEMENTS Coelhos_W_04 12 2 0.67 Tenements Tonnes Au Au CoelhosQueimadas_01 13 34 0.83 (k) (g/t) (koz) CoelhosQueimadas_02 14 161 0.94 CoelhosQueimadas_03 15 42 0.7 Oxide 373 1.74 21 CoelhosQueimadas_04 16 28 0.72 Fresh 265 2.30 20 Total MIR 129 2.32 Total 638 1.97 40 Mirador_Central_01 18 31 4.55 Mirador Central_02 19 33 1.37 Mirador_Central_03 20 10 2.97 Igrejinha Mirador_Central_04 21 3 0.73 Inferred Mirador_East_1 22 3 3.76 Mirador_East_2 23 11 2.09 Tonnes Au Au Mirador_SUL_01 24 2 0.43 MIR (k) (g/t) (koz) Mirador_SUL_02 25 Mirador_SUL_03 26 Oxide 38 1.55 2 Mirador_SW_04 27 Fresh 177 1.77 10 Mirador_SW_05 28 Total 215 1.73 12 Mirador_SW_06 29 Mirador_W_03 30 Mirador_W_04 31 Mineral Resource Statement - 0.4 g/t Au Cuf-off Inferred Mirador_W_05 Total IG 32 Igrejinha_MIN_01 33 Tonnes Au Au Igrejinha_MIN_02 34 (k) (g/t) (koz) Igrejinha_min_03 35 11263 + 005252 2.03 0.39 3.5 0.61 0.72 11 1.46 4 0.62 8 0.81 1.93 21 2.78 0.79 19 1.81 IG Oxide 900 1.35 39 Igrejinha_MIN_04 36 4 0.84 Igrejinha_MIN_05 37 4 0.99 Fresh 3,142 1.40 141 Igrejinha_MIN_06 38 1 Total 4,042 1.38 180 Igrejinha_MIN_07 39 1 1.05 0.39 Source: "NI 43-101 TECHNICAL REPORT - Mineral Resource Estimation for the Pedra Branca Gold Project, Ceará State - Brazil❞ Report date 25th April 2021 southatlanticgold.com 13 South Atlantic GOLD Coelho Queimadas Igrejinha 3 Block Models over 39 Mineralized Zones TSX-V:SAO#143 MAIN RESOURCE TARGETS South Atlantic GOLD ✓ 3 block models from 39 mineralized zones within: Mirador Coelhos-Queimadas ✓ Igrejinha ✓ Potential mesothermal shear zone gold deposit. ✓ Gold found in: 1) Quartz veinlets parallel to the Coelhos- Queimadas target 2) Metre-wide quartz vein at the Mirador and Igrejinha targets Mineralization extends from surface and is continuous and open in several directions, including at depth along the trend N20E. ✓ Orebody interpretation and modeling suggests a relatively simple pattern of mineralization, with sub-planar lenses dipping at 40-50° to SW, on a general strike N45W. GEOLOGICAL MAP southatlanticgold.com 14 Dike Swarm Ediacaran porphyry dikes Granitoids Paleo to Neoproterozoic High-K (1) and A-Type (2) granites Serra das Pipocas Sequence Quartzites. Pelites and Carbonates Pedra Branca Complex Gabbros, dunites and anorthosites Troia Greenstone Belt 2 BIF (1), metassediments (2), 3 paragneiss (3), volcanics and ultramaifcs (4); Cruzeta Complex TTG (1), archean granitoids and orthogneiss terrains (2). TSX-V:SAO#15COELHOS-QUEIMADAS TARGET Drilling and trenching defined 3 parallel trends, 2 main zones, each ~500 m in length and ~6 m wide along a northeastern trend ✓ Gold mineralization extends from surface to depth of at least 80 m and remains open both at depth and laterally Gold mineralization appears folded, stretching into pinch/swell patterns which could cause double or triple layer thickness ✓ Recent historical drilling validation program has successfully confirmed historical drill results. Highlights include: - - - - FCC002: 12.80 m @ 7.38 g/t Au (from 46.3 m) FCC003: 5.90 m @ 3.56 g/t Au (from 49.1 m) FCC016: 12.85 m @ 5.23 g/t Au (from 90.2 m) FCC020: 2.05 m @ 3.56 g/t Au (from 153.8 m) FCQ001: 2.05 m @ 3.56 g/t Au (from 49.45 m) FCW006: 0.95 m @ 5.35 g/t Au (from 9.9 m). Coelho/ Queimadas Sulphide gold mineralization occurs within magnetite-rich amphibole shale with highest grades occurring within hydrothermal breccias north-easterly Two parallel mineralized trends, ~1,000 m in length and ~6 m thick along a trend Extends from surface and dips ~45° to depth of at least 80 m Open at depth and laterally MAP AREA FCC-003: 5.90m @3.56Au g/t (From 49.1m). FCW-006: 0.95m @ 5.35Au g/t (From 9.9m) km 0 4 8 Meters 200 100 0 200 South Atlantic GOLD COELHOS-QUEIMADAS TARGET FCQ-001: 2.05m @3.56Au g/t (From 49.45m) FCC-016: 12.85m @5.23Au g/t (From 90.2m) FCC-020: 2.00m @3.43Au g/t (From 153.8m) FCC-002: 12.80m @7.38Au g/t (From 46.3m) Sources: Esri, AERE, Garmin, Intermap, increment P Corp. GEBCO, USGS, FAO, NPS, NRCAN. GeoBase, IGN. Kadaster NL, Ordnance Survey Esri Japan, METI, Esri China (Hong Kong), (c) OpenStreetMap contributors, and the GIS Drillholes Trend Topography RC Drillhole Diamond Drillhole Regional Trend Igrejinha Orezone Mineralized Zones Road River Lake Trenches Tenements Ground Trenches. Tenements Level Curves PEDRA BRANCA PROJECT COELHOS-QUEIMADAS TARGET GEOLOGICAL TREND South Atlantic GOLD Coodenate System SIRGAS 2000 UTM Zone 23 Date Feb 01, 2021 southatlanticgold.com 15 TSX-V:SAO#16km 0 4 8 IGREJINHA TARGET (NEW DISCOVERY) ✓ First major discovery at Pedra Branca by South Atlantic Gold ✓ Trenching has defined two main mineralized trends over 188 m strike length, dipping 45° to the east and open in all directions. - First intersected 29 m at 0.73 g/t Au, including 4 m at 3.22 g/t Au Second intersection of 10 m at 3.99 g/t Au, including 1 m at 31.0 g/t Au ✓ Phase 1 program completed in Q1 2021. Additional results include: - Several meter-length intersections averaging 5.00 g/t Au. PB-TR-006: 4.00 m @ 3.22 g/t Au (sample at surface) PB-TR-009: 6.00 m @ 7.19 g/t Au (sample at surface) MAP AREA PB-TR-009: [email protected] g/t PB-TR-006: 4.00m @ 3.22Au g/t Igrejinha Sulphide gold mineralization occurs within magnetite-rich amphibole shale with highest grades occurring within hydrothermal breccias ■ One parallel zone, around 600 m in length and ~2 m thick along a northeast trend Extends from surface and dips ~45° to depth at least 50 m Open at depth and laterally southatlanticgold.com 16 South Atlantic GOLD IGREJINHA TARGET N PB-RC-003A: [email protected] g/t (From 7m) PB-RC-002: [email protected] g/t (From 22m) PB-RC-007: 1.00m @2.37Au g/t (From 3m) PB-RC-001A: 1.00m @5.56Au g/t (From 24m) 150 75 Meters 0 150 Sources: Esri, HERE, Garmin, Intermap, increment P Corp.. GEBCO, USGS, FAO, NPS. NRCAN, GeoBase, IGN, Kadaster NL, Ordnance Survey, Esri Japan, METI, Esri China (Hong Kong), (c) OpenStreetMap contributors, and the GIS Drillholes Trend Topography RC Drillhole Regional Trend Igrejinha Orezone Road Diamond Drillhole. River Mineralized Zones Lake Trenches Tenements Ground Trenches Tenements Level Curves PEDRA BRANCA PROJECT IGREJINHA TARGET GEOLOGICAL TREND South Atlantic GOLD Coodenate System SIRGAS 2000 UTM Zone 23 Date Feb 01, 2021#17MIRADOR TARGET Two parallel trends, and 4 Zones, defined by drilling and trenching, each ~300 m in length and ~3 m wide along a 1.5km northeastern trend ✓ Gold mineralization extends from surface to depth of at least 80 m and remains open at depth and laterally ✓ Gold mineralization appears folded, stretching into pinch/swell - patterns which could cause double or triple layer thickness Several meter-length intersections averaging 4.00 g/t Au. Mirador Gold mineralization occurs as silicification zones of hydrothermal origin as well as in veins and quartz veins ■ 4 zones defined by drilling and trenching Each zone is 200 – 400 m long and ~3 m thick over a 1.5 km long northeasterly trend ■ Extends from surface to depth of at least 80 m Open at depth and laterally southatlanticgold.com -5°29'10" -5°28'50" -5°28'30" -5°30'10" +5°29'50" -5°29'30" -40°5'50" Map Area South Atlantic GOLD -40°5'30" -40°5'10" 0 km 9 20 PBRC088: [email protected] Au g/t FMSW02: [email protected] Au g/t Riacho da Carrapateira 00 -40°4'50° Mirador Target Mirador 00 0 00 628 m PBRC091: 1m@3,17 Au g/t PBRC096: [email protected] Au g/t PBRC106: [email protected] Au g/t PBRC099: [email protected] Au g/t PBRC108: [email protected] Au g/t Kilometers 0 0,5 ° Au Grade RC Drillholes Geology Topography B DDH Drilling Regional Trend Igrejinha Orezone Tenements River Road Lake Trenches Tenements Municipal 17 +40°5'50" 40°5'30" -40°5'10" PEDRA BRANCA PROJECT New Exploration Results Drill Holes and Trenches Interception South Atlantic GOLD Coordenate System SIRGAS 2000 UTM Zone 245 Jun 29, 2021 -40°4'50" 72 -5°30'10" -5°29'50" -05-67-5 -5°29'10"#18PHASE II EXPLORATION South Atlantic GOLD Mir Coelho Coelho Queimadas Igrejinha southatlanticgold.com 18 TSX-V:SAO#19PHASE II EXPLORATION Highlights of Phase II 。 Exploration Along-Strike. With 39 mineralized zones, the path for Phase II is very straightforward. South Atlantic GOLD Phase II financing to be announced RC in-fill drilling will be focused on further delineation of the geology and mineralization of the gaps between the targets. RC drilling will also be conducted on the potential targets identified along the 30 km southern extension of the mineralized trend that did not receive any drilling during the Phase I exploration program. 。 Explore for Higher Depths Intersections Historical DDH drilling demonstrated higher grade intersections at depth. Diamond core drilling will be conducted to provide insight into lithology, structural geology, controls on mineralization, grades and grade variability at depth. Oriented core will be used to help in the understanding of the structural geology and controls of mineralization. Detailed 3D geologic and structural modeling. 。 Mineral resource estimate to be updated to include the 8,188 additional assay results from the Phase I and continuous additional samples from the Phase II exploration program. Mirador Norte Mirador Sul Igrejinha Coelhos Queimadas southatlanticgold.com 19 TSX-V:SAO#20N A BR-226 -020 PROGRAM PHASE II DH_PROG TR_PROG DDH RC_PROG HISTORICAL WORKS 0 RC_SAG TR_SAG MINERALIZATION TRENDS Felsic trend Granitic-schist trend ORE BODIES Orebodies map INFRASTRUCTURE Main Highway Country Road TENEMENTS Tenements 9400000 9402500 9403000 9405000 9403500 Parada Belém BR-226 Mafic trend O District South Atlantic GOLD Coordinate System SIRGAS 2000 UTM ZONE 24 S Date: Jun 22, 2021 9395000 Mirador 385000 380000 IGREJINHA Igrejinha 0 385000 385500 Bombeiro 0.25 0.5 Km 385500 380000 385000 Coelhos 9402500 9403000 Coelhos-Queimadas BR-020 9403500 9392500 9393000 9395000 9393500 9394000 Igrejinha 9400000 9399000 385000 383500 384000 384500 385000 385500 9405000 9400500 9401000 9399500 9400000 Coelhos BR-226 COELHOS QUEIMADAS 383500 384000 378500 379000 379500 MIRADOR Igejinha 0 0.5 Km 384500 385000 385500 380000 380500 381000 0 0.5 1 Km 378500 379000 379500 380000 380500 381000 9392500 9393000 9393500 9394000 9399000 9399500 9400000 9400500 9401000 South Atlantic GOLD Phase II Map ✓ Current 4Mt @ 1.38g/t Au Inferred ✓ Phase II Program. Pending Finance TSX-V:SAO#21BIG KIDD PROJECT High-grade Cu-Au in a Tier 1 jurisdiction southatlanticgold.com ■ Located in southern BC near major copper mines ■ Powerline and major highway crosses the property ■ BK deposit: 550 m x 500 m gold-rich breccia pipe ■ Historic drill results include 116 m of 0.79 g/t Au and 0.12% Cu and 75 m of 0.75 g/t Au and 0.25% Cu Widespread Cu-Au mineralization across a 2.5 km long chargeability anomaly ☐ 21 TSX-V:SAO#22TIER 1 LOCATION WITH ACCESS TO KEY INFRASTRUCTURE 4,056 ha land package located in the Nicola Mining Division in southern BC ~25 km SE of Merritt, BC (15 mins via highway) and 250 km NE of Vancouver ■ Powerline runs adjacent to BK Breccia deposit Excellent logging road accessibility throughout property Nearby custom mill at historic Craigmont mine, just north of Merritt (30 km by road) Located in the southern portion of the prolific Quesnel Terrane - Host to numerous alkalic porphyry Cu-Au deposits including the nearby Mount Polley and Copper Mountain mines 100% owned property Subject to a 2.5% NSR royalty, with full buy-back rights southatlanticgold.com Aspen Grove turnoff on Hwy 5A (property in the background) 22 LEGEND BIG KIDD CLAIMS ON-Quesnel Terrane Alkalic Porphyry Cu-Au Minfiles Producer Past Producer Developed Prospect A Prospect A Showing Anomaly Chilko Lake Taseko Lakes Williams Lake anley Smith lacier Bridge ba Glacier Carpenter Lake cier Lillooet Glacier Anderson Lillooet Anderson Lake South Atlantic GOLD QUESNELLIA Cu-Au BELT McBride Isaac Lake JIULIAN RESOURCES INC. Icefield Reef Icefield Valemount BIG KIDD Drawn By: O.Friesen Date: 12/17/2018 Jasper Quesnel MOUNT POLLEY ke Hobson Lake Horsefly Lake Azure Lake Kinbasket Lake Clemenceau Icefield Clearwater Lake Murtle Lake basket Lake Accom Like ahood Lake 100 Mile House 24 Green Lake Lake Revelstoke Bonaparte Lake achnacudainn Adams Icefield Lake Revelstoke Shuswap Lake Upp Arro Salmon Arm Lake abel Ashcr Kanions NEW AFTON Mapke 97A Malpel Lalke Pemberton Icefield Lillooet BIG KIDD Lake PROPERTY Vernon QN Whistler Merritt Kalamalka Lake Kelowna Rutland Garibaldi Névé Misty Icefield Squamish Okanagan Lake Penticton Harrison Lake Princeton 101 North Vancouver COPPER MOUNTAIN Vancouver imo Burnaby Chilliwack Richmond Ladysmith Washington Abbotsford- QN Grand Δ 0 Osoyoos 50 100 km Thington TSX-V:SAO#23" - " BIG KIDD PROPERTY SUMMARY Located within the Central Volcanic Facies of the Nicola Group, a narrow belt of alkaline volcanic and subvolcanic intrusives, which host numerous alkalic porphyry Cu-Au deposits including the Copper Mountain Mine south of Big Kidd and the Iron Mask Batholith (Afton, Ajax) to the north, as well as the recent MPD Copper-Gold Porphyry Project from Kodiak Copper. 2019 drilling extended BK Breccia to ~600m depth including an increase in chalcopyrite:pyrite ratio at depth suggesting a potentially larger mineralization system at depth and along strike. Potassic alteration within the BK Breccia is associated with a high Au:Cu ratio, including drill intercepts of: ◉ 541 m grading 0.28 g/t Au and 0.09% Cu in BK-19-002 ◉ 204 m grading 0.31 g/t Au and 0.11% Cu in BK-19-005 214.50 m grading 0.21 g/t Au and 0.13% Cu in BK-19-009 A shaft sunk in 1918 on the Big Sioux Zone in the north of the Property reportedly recovered 44 tons of 12.0% Cu, 68 g/t Ag and 0.6 g/t Au. Very limited historic drilling intersected encouraging grades, including 0.12% Cu, 0.15 g/t Au over 119m in hole 92-6. The Dago Zone in the southwest of the Property is characterized by a 4x background Cu-in-soil anomaly coincident with both a magnetic and chargeability anomaly, at least 1000 x 300 m. Limited drilling has intersected up to 4% Cu, 2.2 g/t Au over narrow widths. southatlanticgold.com 23 23 5534000 5535000 5536000 CUEQ% 1a 5a 672000 1a 7a 7a 400 m 5a South Atlantic GOLD 673000 HISTORIC DRILLING South Atlantic GOLD BIG KIDD Drawn By: OFriesen Date: April 22, 2017 Scale: 1:10,000 NAD83 Zone 10N 2.5 KM CHARGEABILITY ANOMALY 525 m LEGEND Chargeability Anomaly Drillhole with Assays Reported Cu-equiv Grade (see inset) la 1c 250 250 500 m la - Green to maroon andesite and minor basalt 1b-Augite, plagioclase phyric flows. 1c-Volcanic breccias coarse lapilli tuffs, lahars 1d - Maroon volcanic sandstones, minor cherts le-Green to maroon, bedded tuffs, volcanic breccias 1h-Hornfels. Strongly magnetic with epidote and pyrite 672000 5-Syenodiorite, syenomonzonite 5a- Microdiorite to microsyenodiorite 6- Monzonite, syenomonzonite 7-BK Breccia. monzonitic/syenodioritic fragments in a diorite to monzonite/syenomonzonite matrix 7a-Intrusion breccia. Volcanic fragments in a microdiorite matrix 1f- Maroon feldspar-porphyritic trachyandesite flows and dykes 673000 TSX-V:SAO 5534000 5535000#24KEY ZONES 669000 670000 671000 5540000672000 673000 674000 675000 South Atlantic GOLD BK Breccia Zone 550 x 500 m (depth unknown) breccia pipe BK-19-002 intersected 541m at 0.09% CU and 0.28g/t Au from surface Historic 2004 resource estimate (non-NI 43- 101 compliant) totaling 122.4M tonnes at 0.33 g/t Au and 0.15% Cu Gold rich: most holes assayed a +2:1 Au:Cu, with high-grade sections assayed up to 20:1 3,775m of drilling in 2019 extended Cu-Au mineralization at depth and updated exploration model 2019 drilling BK-19-009 intersected a second mineralized breccia body from 420 m to 644.3 m (EOH) with stronger and still increasing alteration 5537000 5538000 5539000 5532000 5533000 5534000 5535000 5531000 0 Big Kidd Key Zones (2018 TMI Background) South Atlantic GOLD 57600 -57200 56400 -56000 -55600 55200 -54800 -54400 54000 53600 -53200 52800 669000 5 10 km LEGEND Big Kidd Property 2019 Collars Historic Collars Big Sioux - Magnetic Low Cutting Linear Magnetic High Chargeability Anomaly 670000 671000 672000 673000 674000 675000 5539000 5540000 5531000 5533000 5534000 5535000 5536000 37000 5538000 Big Sioux Zone Hosts 1918 shaft that extracted 44 tons of 12.0% Cu, 68 g/t Ag and 0.57 g/t Au Drilling in 1992 and 1997 by Xstrata intersected significant Cu-Au grades associated with a swarm of steeply dipping dykes and surrounding altered wall rocks Intersected 119 m of 0.12% Cu and 0.15 g/t Au (hole 92-6) Proximal to Continuation of 1.5-3km magnetic low intersecting linear magnetic high similar to Kodiak Coppers' MPD Gold-Copper Porphyry Discovery Cu-in-soil anomaly from the BK Breccia Zone Dago Zone 4x background Cu-in-soil anomaly coincident with both a 1,000 m x 300 m magnetic and chargeability anomaly Last drilled in 1972, which targeted a northern fringe of a NW trending anomaly Historic work indicates widespread Cu-Au mineralization across a 2.5 km long chargeability anomaly southatlanticgold.com 24 24 TSX-V:SAO#255535000 5536000 southatlanticgold.com 672000 5537000 BIG SIOUX EXPLORATION POTENTIAL LEGEND Big Kidd Property 2019 Collars Historic Collars 672000 Magnetic Low Cross Cutting Linear Magnetic High Chargeability Anomaly a 。 O DO O D 000 D D Big Sioux b 57600 P 9000 Cu-in-Soil (ppm) 0-75 75-150 150-300 300 - 500 500-2005 a 88 ° DODO 0999 100 Big Sioux 673000 Exploration Potential Cu-in-soil (TMI Background) South Atlantic GOLD a oooo 0000 00 15 O 。 。 90 87200 56400 D D a b DOOD a 55200 54300 53000 -53200 -52300 INSET 0 0.5 D D a 080889 DD 099658 Increasing Cu-in- Soil Continues to North 1 km Big Kidd F DODO DO P C D O DB G D . 0000000000000 5537000 5535000 Continuation along strike of Big Kidd of Cu-in-Soil anomaly with chargeability high suggesting the potential for deeper seated mineralization 3km magnetic low cross cutting linear magnetic high similar to the discovery zone at Kodiak Coppers' MPD Gold-Copper Porphyry Project Continuation of As-in-Soil values over magnetic low suggesting potentially deep and intact mineralizing system ✓ Historic drilling at the Big Sioux was shallow and noted high grade mineralized zones including bornite mineralization 5537000 5535000 LEGEND Big Kidd Property 2019 Collars. Historic Collars 672000 Magnetic Low Cross Cutting Linear Magnetic High Chargeability Anomaly ם South Atlantic GOLD As-in-Soil (ppm) 0-2.5 ° 2.5-10 D 10-25 25-50 50-119 Q DOO a ㅁ a o O D D D 1 D D D D D 9 0 D D D O D 13 口 a 9 D a a D O D 0 D 口 D D םם D DD D D 0 .0 .י .odd000םםים DO D D POD D ODDO OD OOOOO D Big Sioux D 10 DOOOOO 57600 $2800 OD D D ם םםםם DD DD D a D □ O DDED 806 Big Kidd INSET 0 0.5 1 km PD 00 o 673000 Big Sioux Exploration Potential As-in-soil (TMI Background) South Atlantic GOLD 0 00 00 00 00 D DA 000 Increasing As-in- Soil to North o D 888888 D Co a po 00 00 00 00 00 00 00 00 00 00° 0° 0° 00 673000 25 672000 673000 TSX-V:SAO 5535000 5536000 5537000#26A DEPTH EXPLORATION POTENTIAL Big Kidd Drilling with 2018 IP Chargeability Section Looking AZ 016 BK-19-007 Big Brother Zone open @ depth Big Kidd Breccia Zone AuEq 600 × 10- Chargeabili ty (ms) Plan View +5540000 N 500 x 10-3 51 A' 47.5 400 x 10- 44 300 x 10-3 40.5 200 x 10- 37 North (Y) 33.5 100 x 10-3 +5537000 30 2.580672 x 10- 26.5 23 19.5 BK-19-009 Second mineralization zone beginning "470m from surface extending 124m to end of hole +5535985900 A +670000 E South Atlantic GOLD 16 Big Brother Zone 12.5 +5534000 9 671000 672000 Elev (27 5.5 2 AuEq calculated using Au and Cu prices of $1,700/oz and $4.00/lb, respectively Section thickness = 125m southatlanticgold.com Plunge +11 Azimuth 016 0 100 200 300 2019 Drilling into the Big Kidd Breccia area showing mineralization potential at depth 26 +5540000 N Chargeability Anomaly 673000 A 15535000 N 674000 1250 2500 3750 5000 TSX-V:SAO#27DEPTH EXPLORATION POTENTIAL B Big Kidd 2018 IP Chargeability Section Looking AZ 016 ~100m SW of A-A' Big Brother Zone Chargeabili ty (ms) Plan View +5540000 N B' m 51 47.5 44 40.5 37 37 South Atlantic GOLD +5540000 N North (Y) 33.5 +5537000 30 Chargeability Anomaly 26.5 +5536000 B 23 Big Kidd Breccia Zone 19.5 B5535000 N 16 Big Brother Zone 12.5 +5534000 9 671000 -672000 467400 Fast (Y) Elev (27 5.5 2 0 100 Plunge +11 Azimuth 016 200 300 1250 2500 3750 5000 Section thickness = 125m Cross section of high chargeability Big Brother Zone - approximately 500m East of the Big Kidd Breccia Zone southatlanticgold.com 27 TSX-V:SAO#28TSX.V:SAO South Atlantic GOLD $ * & iii ATTRACTIVE HIGH-GRADE GOLD & ENTRY POINT FOR AN EXCITING EXPLORATION COPPER IN BRAZIL & CLEAR EXPLORATION & GROWTH PATH EXPERIENCED LEADERSHIP WITH DEFINED GOAL OPPORTUNITY southatlanticgold.com CANADA 28 TSX-V:SAO#29South Atlantic GOLD Explore, Grow. 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