Dear Shareholders and Interested Parties

Pilar Gold is pleased to provide production guidance for 2023 of 110,000-120,000 ounces with an expected AISC of $1,350-1,400 per ounce. Our ounces are expected to more than double this year as we restart one of the highest grading gold mines in the industry, Sertão and switch back on our Laiva Gold mine in Finland. Laiva boasts the largest gold mill in Europe with 6,000 tonnes per day capacity.

The link below is a replay of a video we made last week which provides more colour on our production plans for this year and next. We would like to thank Red Cloud Securities for giving us this opportunity to tell our story.

Our guidance is subject to the completion of our C$8 million fund raising which values our group at C$250 million post money. With a replacement cost of about C$1 billion for our Brazilian and Finnish operations we think this provides good upside especially given the raise includes a C$1.50 full warrant.

We are excited about 2023 and will continue to look for more value accretive acquisitions. We are planning investor trips to Finland in April and Brazil in August and will confirm dates soon. Canaccord Genuity are kindly organising a roadshow for us in London next week on the 25th so if you’re in town please let James Asensio know.

Regards,

Jeremy Gray | CEO
jeremy.gray@pilargold.com

Edward Balme | Head of Investor Relations
edward.balme@pilargold.com

Previous Pilar Gold emails:

• 01/10/2023 - Pilar Gold to restart Laiva Gold Mine in Finland

• 11/21/2022 - Pilar Gold completes Acquisition of Laiva Gold Mine in Finland

• 10/21/2022 - Pilar Gold announces Acquisition of the Laiva Gold Mine in Finland

• 10/01/2022 - Bulk sampling at Eliseo to restart after 4 year wait

• 09/21/2022 - Sertão hits 2.1m @ 36 g/t 200m from old pit

• 07/25/2022 - Gold Rush at Sertão

• 07/09/2022 - Pilar Gold’s first ever Broker Report from GOLDINVEST.de

• 07/02/2022 - Pilar Gold Achieves Strongest Production Rate in 3 Years

• 05/31/2022 - More High-Grade Results at Sertão

• 05/09/2022 - New Video of Pilar Gold’s 7 Mines and 4 Mills

• 05/01/2022 - Pilar Gold Orders MRS Dry Stack Tailings System

• 04/10/2022 - Tungsten's Looming Price Spike

• 03/17/2022 - Pilar Gold Bonanza Discovery Webinar

• 03/08/2022 - Pilar Gold closing 70 cent round this Friday

• 03/05/2022 - China + Russia = 87% of Global Tungsten Supply

• 02/17/2022 - Pilar Gold’s MLSE Drilling Update

• 02/13/2022 - Pilar Gold Signs Offtake with Trafigura Pte Ltd

• 01/27/2022 - Tungsten Price Update

• 01/25/2022 - Launch of Pilar Gold Website

• 01/21/2022 - Sertão Drilling Resumes Today

• 01/17/2022 - Pilar Gold Inc Completes the Acquisition of Bodó Mineração in Brazil

• 12/27/2021 - New Video on Pilar Gold's Sertão Drilling

• 12/17/2021 - Pilar Gold Hits 2.5m @ 33.8 g/t at Sertão

• 12/15/2021 - Drilling Starts at Maria Lázara South East

• 12/07/2021 - Pilar Gold - Bonanza Grade Drill Results at Sertão

• 11/26/2021 - Pilar Gold Update and Private Placement