Austral Gold : 28 October 2016 - Notice of Annual General Meeting & Proxy Forms

MEDIA RELEASE

Austral Gold Limited

28 October 2016

Austral Gold Limited (ASX: AGD) advises that the following documents will be dispatched to shareholders today:

• 2016 Notice of Annual General Meeting

• Proxy Form

• Annual Report (to those shareholders who have requested it)

*The Notice of Annual General Meeting and sample Proxy Forms are attached.

For more information please contact:

Alison Crealy

Austral Gold Limited, Australia info@australgold.com.au

61 (2) 9380 7233

Jose Bordogna

Austral Gold Argentina SA, South America jbordogna@australgold.com.au

54 (11) 4323-7558

Austral Gold Limited ABN 30 075 860 472 ASX:AGD

Suite 203, 80 William St, Sydney NSW 2011 | T +61 2 9380 7233 | F +61 2 8354 0992 | info@australgold.com.au | www.australgold.com.au

cover sheet 28 Oct 16 Page 0 / 1

28 October 2016

Dear Shareholder

On behalf of the Board, I am pleased to invite you to attend the Annual General Meeting of Austral Gold Limited. This meeting will be held at 8.00am (AEDT) on Wednesday 30 November 2016 at:

BDO Office Level 11

1 Margaret Street

Sydney NSW 2000 Australia

Enclosed are the following documents:

• Notice of Meeting and Explanatory Statement;

• Proxy Form for the Annual General Meeting; and

• Annual Report for the year ended 30 June 2016, for those Shareholders who have requested a printed copy.

If you are unable to attend the Meeting, I encourage you to appoint a proxy by following the instructions on pages 3 and 4 of the Notice of Meeting. You may also provide questions or comments in advance of the Meeting, by contacting the Company Secretary, using the details set out on page 18 of the Notice.

2016 Annual Report

Shareholders are reminded that the Annual Report is only mailed to those Shareholders who have elected to receive it in hard copy. If you have not elected to receive it in hardcopy, please find a copy of the 2016 Annual Report on the Company's website at http://www.australgold.com.au/

We look forward to seeing you at the Annual General Meeting. Yours faithfully,

1

ABN 30 075 860 472

1 Margaret Street

Sydney NSW 2000 Australia

This Notice of Meeting should be read in its entirety. If Shareholders are in doubt as to how they should vote, they should seek advice from their professional advisers prior to voting.

In accordance with National Instrument 71-102 adopted by the British Columbia Securities Commission ("NI 71-102"), Austral Gold Limited confirms that it is a designated foreign user as defined in NI 71-102 and it is subject to the regulatory requirements of the Australian Securities Exchange Limited. The Company confirms that, in accordance with Section 3.2 of NI 71-102, this Notice of Meeting has been sent to all shareholders with a registered address in Canada in the same manner and at the same time, or as soon as practicable after, it was sent to holders of securities of that class in the Company's local jurisdiction, being Australia.

Should you wish to discuss the matters in this Notice of Meeting please do not hesitate to contact the Company Secretary, using the contact details on page 18.

Notice of Annual General Meeting (setting out the proposed Resolutions) 5

Explanatory Statement (explaining the proposed Resolutions) 9

Proxy Form Separate