GG.V · 2025-04-14 12:00:00

Golconda Gold Ltd. Releases Q1 2025 Production Update

Production Results

TORONTO, April 14, 2025 -- Golconda Gold Ltd. (“Golconda Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is

pleased to announce production of 2,947 ounces of gold for the first quarter of 2025 (“Q1”) at its Galaxy Gold Mine (“Galaxy”),

a 32% increase in gold production compared to Q4 2024 and a 96% increase on Q1 2024.

The Q1 production numbers are as follow:

Mining

2025

2024

Princeton Ore Mined (t) 8,472 10,536 25,212

Ore Grade (g/t) 3.50 3.51 3.73

Waste (t) 4,906 8,316 24,236

Galaxy Ore Mined (t) 18,899 18,943 62,483

Ore Grade (g/t) 3.46 2.98 2.95

Waste (t) 8,905 10,542 42,541

Total Ore Mined (t) 27,371 29,479 87,695

Ore Grade (g/t) 3.47 3.17 3.18

Waste (t) 13,811 18,858 66,777

Processing

2025

2024

Concentrate produced (t) 2,281 1,923 6,661

Concentrate grade (g/t) 40.2 36.1 36.0

Gold produced (oz) 2,947 2,230 7,712

Golconda Gold CEO, Ravi Sood commented: “We have had a strong start to 2025, with a 32% increase in production

compared to the previous quarter, selling into a record gold price market, enabling Galaxy to further invest in new mining

machines, equipment refurbishments and critical stock. Two additional loaders and a drill rig were put into service during Q1,

with additional equipment scheduled for Q21. Importantly, US$950,000 of debt was also paid down in Q1, an important step in

deleveraging the Company. The team at Galaxy continues to work hard, and we are excited to continue our positive trend in

increasing production further through the remainder of 20251.”

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 and is focused on the safety of its

employees, respecting the environment, and contributing to the communities in which it operates.

Note:

(1) 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, statements regarding the Company’s

anticipated additional equipment in Q2, the Company’s anticipated production in the remainder of 2025, 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 Company’s management’s discussion and analysis for the year ended December 31,

2023. 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

[email protected]

www.golcondagold.com

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