GG.V · 2024-10-17 12:00:00

Golconda Gold Ltd. Releases Q3 2024 Production Update

Production Results

TORONTO, Oct. 17, 2024 -- Golconda Gold Ltd. (“Golconda Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is

pleased to announce production of 2,384 ounces of gold for the third quarter of 2024 (“Q3”) at its Galaxy Gold Mine (“Galaxy”),

approximately a 50% increase in gold production compared to the previous quarter.

The production numbers for the first three quarters and the year to date are:

Ore Source

2024

YTD

2024

Princeton UG

Ore Mined (t) 2,317 5,128 7,231 14,676

Ore Grade (g/t) 3.84 3.80 3.95 3.88

Waste (t) 2,510 2,741 10,669 15,920

Galaxy UG

Ore Mined (t) 11,175 11,495 20,870 43,540

Ore Grade (g/t) 3.28 2.68 2.91 2.94

Waste (t) 5,453 11,966 14,580 31,999

Total UG

Ore Mined (t) 13,492 16,623 28,101 58,216

Ore Grade (g/t) 3.37 3.03 3.18 3.18

Waste (t) 7,963 14,707 25,249 47,919

Processing

2024

YTD

2024

Concentrate produced (t) 1,095 1,514 2,129 4,738

Concentrate grade (g/t) 42.8 32.7 34.8 36.0

Gold produced (oz) 1,507 1,591 2,384 5,482

Golconda Gold CEO, Nick Brodie commented: “This is the third quarter in a row we have seen an increase in production

compared to the previous quarter. A 50% increase in ounces, a 69% increase in ore mined and a 72% increase in

development waste in Q3. In addition, we are on target to increase production by over 40% this year.(1)

I would like to acknowledge the dedication and hard work of the Galaxy team in achieving this impressive increase in

production. I have no doubt that this team can carry on from this point to meet our long term goal of an annual production of

over 40,000 ounces at Galaxy.”(1)

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 production increase, 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 Company’s dependence on two mineral projects; gold price volatility; risks associated with the conduct of the

Company’s mining activities in South Africa and New Mexico; regulatory, consent or permitting delays; risks relating to the

Company’s exploration, development and mining activities being situated in South Africa and New Mexico; risks relating to

reliance on the Company’s management team and outside contractors; risks regarding mineral resources and reserves; the

Company’s inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations;

risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity

issuances; risks arising from the Company’s fair value estimates with respect to the carrying amount of mineral interests;

mining tax regimes; risks arising from holding derivative instruments; the Company’s need to replace reserves depleted by

production; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources,

metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to

undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in

which the Company operates to manage and cope with the implications of COVID-19; the economic and financial implications

of COVID-19 to the Company; operating or technical difficulties in connection with mining or development activities; lack of

infrastructure; employee relations, labour unrest or unavailability; health risks in Africa; the Company’s interactions with

surrounding communities and artisanal miners; the Company’s ability to successfully integrate acquired assets; risks related

to restarting production; the speculative nature of exploration and development, including the risks of diminishing quantities or

grades of reserves; development of the Company’s exploration properties into commercially viable mines; stock market

volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; risks

related to the market perception of junior gold companies; and litigation risk. 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:

Nick Brodie

CEO, Golconda Gold Ltd.

+ 44 7905 089878

[email protected]

www.golcondagold.com

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