TORONTO, ON / ACCESSWIRE / November 2, 2023 / Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL)(OTCQX:SGNLF) is pleased to report its financial and operating results for the three and nine months ended September 30, 2023 ("Q3 2023"). The condensed interim consolidated financial statements and management discussion and analysis documents can be found at www.sedarplus.com and the Company's website, www.signalgold.com. All dollar amounts are in Canadian dollars unless otherwise noted.

Highlights for the Period Ended September 30, 2023

Signal Gold invested $5,519,585 in the Goldboro Project relating to submission of key development permits, growth exploration drilling, geotechnical programs, and the expansion of the Goldboro Gold District.
The Company has achieved several key permitting milestones to advance the Goldboro Project with the submission of the Mineral Lease Application, Industrial Approval Application, and Fisheries Act Authorization during the third quarter of 2023.
The Company initiated its largest ever exploration drill program of 12,000 metres during the third quarter of 2023 to test the expansion potential west of the Goldboro Deposit toward the past producing Dolliver Mountain Mine, resulting in the discovery of further gold mineralization in the same style, structure, and host environment as the Goldboro Deposit.
Signal Gold consolidated the majority of the Goldboro Gold District, expanding its exploration license area to approximately 19,450 hectares (195 km2) through staking and third-party transactions, making Goldboro one of Canada's larger scale, development-stage gold districts.
The Company also initiated a 2,700-line kilometre airborne magnetic and very low frequency electromagnetic ("VLF") survey over the Goldboro Gold District, covering the entirety of the Company's recently expanded land position.
Signal Gold completed the sale of the Point Rousse Project to Maritime Resources Corp. for $3,000,000 in cash, 23,970,218 common shares of Maritime, and Maritime's assumption of the reclamation liabilities of Point Rousse.
Net loss for the three months ended September 30, 2023 was $5,499,947, or $0.02 per share, relating predominantly to corporate administration, finance expense and deferred income tax expenses, compared to a loss of $1,168,037, or $0.01 per share, for the three months ended September 30, 2022, when Point Rousse was operating the Argyle Mine. The net loss for the nine months ended September 30, 2023 was $12,865,883 compared to $5,048,563 for the nine months ended September 30, 2022.
As of September 30, 2023, the Company had a cash balance of $10,070,353 and working capital* of $6,989,003.
*Refer to Non-IFRS Measures section below.
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