Golconda Gold Ltd. Releases Financial and Operating Results for 2024
Golconda Gold Ltd. Releases Financial and Operating Results for 2024
TORONTO, April 30, 2025 -- Golconda Gold Ltd. (“Golconda Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is
pleased to announce the release of its financial results for the year ended December 31, 2024. All amounts are in United
States dollars unless otherwise indicated.
A copy of the audited consolidated financial statements for the year ended December 31, 2024, prepared in accordance with
International Financial Reporting Standards, and the corresponding management’s discussion and analysis (“MD&A”) are
available under the Company’s profile on www.sedarplus.ca.
2024 Highlights
◾ For the year ended December 31, 2024, the Company:
◦ mined 87,695 tonnes of ore, from its Galaxy and Princeton ore bodies, with an average grade of 3.18 grammes
per tonne (g/t) compared to 63,386 tonnes at 3.30 g/t in the year ended December 31, 2023, a 38% increase in
ore tonnes mined;
◦ produced 6,661 tonnes of concentrate at an average grade of 36.0 g/t containing 7,712 ounces of gold compared
to 5,146 tonnes at 38.3 g/t containing 6,339 ounces of gold in the year ended December 31, 2023, a 22%
increase in gold production;
◦ generated revenue of $13.8 million from the sale of 7,652 contained ounces (6,049 payable ounces) of gold at an
operating cash cost of $1,721 per payable ounce compared to revenue of $9.4 million for the year ended
December 31, 2023 at an operating cash cost of $1,596 per payable ounce(1); and
◦ comparing the second half of 2024 with the first half of 2024, ore mined was 91% higher, waste development was
95% higher and gold produced was 49% higher.
Golconda Gold CEO, Ravi Sood commented: “2024 was a year of two halves for Golconda, with the significant improvements
seen in operating and financial performance at Galaxy in the second half setting us on the path to sustainable production
growth into the future. We are enjoying the benefits of record gold prices and are well positioned to further capitalise on our
production growth in 2025 and beyond.(2)”
About Golconda Gold
Golconda Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in South Africa
and New Mexico. Golconda Gold is a public company and its shares are quoted on the TSX Venture Exchange under the
symbol “GG” and the OTCQB under the symbol “GGGOF”. Golconda Gold’s management team is comprised of senior mining
professionals with extensive experience in managing mining and processing operations and large-scale exploration
programmes. Golconda Gold is committed to operating at world-class standards, focused on the safety of its employees,
respecting the environment, and contributing to the communities in which it operates.
Notes:
(1) Cash cost is a non-GAAP measure. Refer to the table below and to “Supplemental Information to the MD&A” for
reconciliation to measure reported in the Company’s financial statements.
FY 2024
Operating costs (US$) 11,950,037
Adjust for:
Depreciation and depletion (1,110,559)
Inventory movement (47,841)
Total operating cash cost 10,791,637
Royalties (285,382)
Total operating cash cost excluding royalties 10,506,255
Gold production (contained ozs) 7,712
Gold production (payable ozs) 6,103
Total operating cash cost excluding royalties per payable oz 1,721
(2) This is forward-looking information and is based on a number of assumptions. See “Cautionary Notes”.
Cautionary Notes
Certain statements contained in this press release constitute “forward-looking statements”. All statements other than
statements of historical fact contained in this press release, including, without limitation, those statements regarding the
Company’s ability to capitalize on production growth in 2025 and beyond, and the Company’s future financial position and
results of operations, strategy, proposed acquisitions, plans, objectives, goals and targets, and any statements preceded by,
followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”,
“estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking
statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and
projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks
and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or
forecasted in such forward-looking statements.
Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited
to the risk factors discussed in the MD&A. Management provides forward-looking statements because it believes they provide
useful information to investors when considering their investment objectives and cautions investors not to place undue reliance
on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by
these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that
the actual results or developments will be realized or, even if substantially realized, that they will have the expected
consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release
and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances
or otherwise, except as required by law.
Information of a technical and scientific nature that forms the basis of the disclosure in the press release has been approved
by Kevin Crossling Pr. Sci. Nat., MAusIMM. Geological Consultant for Golconda Gold, and a “qualified person” as defined by
National Instrument 43-101. Mr. Crossling has verified the technical and scientific data disclosed herein and has conducted
appropriate verification on the underlying data.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Ravi Sood
CEO, Golconda Gold Ltd.
+1 (647) 987-7663
www.golcondagold.com