Signal Gold Inc. T.SGNL

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Highlights of the Goldboro Gold Project PEA

• After-tax Net Present Value at a 5% discount rate ("NPV 5%") of $547 million and an after-tax Internal Rate of Return ("IRR") of 24.4%, with an after-tax payback of 3.2 years based on a gold price of $2,000 per ounce (US$1,550 at an exchange rate of 1.29 C$:US$);
• Pre-tax NPV 5% of $805 million and a pre-tax IRR of 29.0%, with a pre-tax payback period of 2.9 years;
• Total gold recovered of over 1,950,000 ounces over a 17.6-year life of mine, based on 15.0 Mt at 2.09 grams per tonne ("g/t") gold from surface mining, 6.0 Mt at 4.89 g/t gold from underground mining, and 3.2 Mt at 0.63 g/t gold from a low-grade stockpile;
• Goldboro could generate an estimated $3.9 billion of gross revenue, approximately $ 1.6 billion in undiscounted pre-tax net cash flow, and over $481 million in federal and provincial tax payments;
• Initial capital cost ("Capex") of $286 million resulting in an after-tax NPV 5% to Capex ratio of 1.9;
• Average gold production of over 89,500 ounces per year over the first 7 years of production from surface mining, increasing to average annual production of over 120,000 ounces in years 8 through 18;
• Life-of-Mine Operating Cash Costs of $862 (US$668) per ounce sold and All-In Sustaining Costs ("AISC") of $1,031 (US$799) per ounce sold;
• Mill capacity of 4,000 tonnes per day ("tpd") based on combined gravity and leaching circuit, demonstrating an average gold recovery of 96.4%; and
• At a gold price of $2,200 (US$1,705), Goldboro could generate cumulative after-tax net cash flows of approximately $1.4 billion, an after-tax NPV 5% of over $700 million and an after-tax IRR of 29.2%