South Atlantic holders Phoenix, Alwaha boost holdings

Executive Summary

• Phoenix Gold Fund and Alwaha Fund collectively purchased 22 million common shares of South Atlantic Gold Inc. at C$0.05 per share.
• Post‑transaction, the two funds hold approximately 16.84 % of South Atlantic Gold’s outstanding common equity on an undiluted basis.
• The acquisition was executed via debt conversion and private placements; related disclosures are filed under NI 62‑103/62‑104.

Key Details

• Purchase price: C$0.05 per share (total $1,100,000).
• Phoenix Gold Fund acquisition: 12 million shares for $600,000 – 10 million via conversion of existing debt principal, 2 million through a non‑brokered private placement.
• Alwaha Fund acquisition: 10 million shares for $500,000 via a non‑brokered private placement.
• Pre‑acquisition holdings: Phoenix owned 12,998,000 shares (≈11.85 % of outstanding shares); Alwaha held none.
• Post‑acquisition holdings:
• Phoenix: 24,998,000 shares ≈12.03 % of outstanding shares.
• Alwaha: 10,000,000 shares ≈4.81 % of outstanding shares.
• Combined ownership: Approximately 16.84 % of all issued and outstanding common shares on an undiluted basis (as of March 13 2026, assuming no further issuances).
• Purpose: Investment; funds may later participate in financings or buy/sell additional securities of South Atlantic Gold.
• Regulatory filing: Disclosure made pursuant to National Instrument 62‑103 and/or 62‑104; report to be filed on Canadian SEDAR+.