Golconda GOLD Releases Financial and Operating Results FOR 2025
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GOLCONDA GOLD RELEASES FINANCIAL AND OPERATING RESULTS FOR 2025
TORONTO, ONTARIO – April 23, 2026: G olconda Gold Ltd. (“G olconda Gold” or the
“Company”) (TSX -V: GG; OTCQ X: GGGOF ) is pleased to announce the release of its
financial results for the year ended December 31, 202 5. All amounts are in United States
dollars unless otherwise indicated.
A copy of the audited consolidated financial statements for the year ended December 31,
2025, 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.
2025 Highlights
▪ For the year ended December 31, 2025, the Company:
o mined 135,428 tonnes of ore, from its Galaxy and Princeton ore bodies, with
an average grade of 3.46 grammes per tonne (g/t) compared to 87,695
tonnes at 3.18 g/t in the year ended December 31, 202 4, a 54% increase
in ore tonnes mined;
o completed 1,323 metres of development compared to 702 metres in the
year ended December 31, 2024, an increase of 88%;
o produced 11,289 tonnes of concentrate at an average grade of 3 5.9 g/t
containing 13,020 ounces of gold compared to 6,661 tonnes at 3 6.0 g/t
containing 7,712 ounces of gold in the year ended December 31, 202 4, a
69% increase in gold production;
o generated revenue of $33.8 million at an operating cash cost of $1,534 per
payable ounce compared to revenue of $13.8 million for the year ended
December 3 1, 202 4 at an operating cash cost of $1, 721 per payable
ounce(1);
o generated operating cash flow of $10.4 million and repaid $2.3 million of
debt compared to operating cash flow of $4.5 million in the year ended
December 31, 2024; and
o progressed key workstreams on the Summit Property re-start project, with
mining operations expected to commence in the second quarter of 2026.(2)
Golconda Gold CEO, Ravi Sood commented: “2025 was a transformational year for Galaxy
and Golconda Gold. Two historic mining areas were re -established during the year,
Princeton Top and Galaxy 26/27 levels, which along with significant investment in mining
equipment from both a capital and preventative maintenance perspective enabled gold
production to increase 69% compared to 2024. This significant increase in production, and
the material increase in realised gold price during 2025 has enabled the Company to invest
further at Galaxy and has significantly improved the Company’s balance sheet and working
capital position. Significant progress was also made in 2025 on the Summit Property re -
start project and we are excited to bring our second project into production in the very
near future.(2)”
About Golconda Gold
Golconda Gold is an un -hedged gold producer and explorer with mining operations and
exploration tenements in South Africa and New Mexico. Golconda Gold is a public company
and its shares are quoted on the TSX Venture Exchange under the symbol “GG” and the
OTCQX under the symbol “GGGOF”. Golconda Gold’s management team is comprised of
senior mining professionals with extensive experience in managing mining and processing
operations and large -scale exploration programmes. Golconda Gold is committed to
operating at the highest standards, focused on the safety of its employees, respecting the
environment, and contributing to the communities in which it operates.
Notes:
(1) Cash cost is a non-GAAP measure. Refer to the table below and to “Supplemental
Information to the MD&A” for reconciliation to measure reported in the Company’s
financial statements.
FY 2025
Operating costs (US$) 18,738,781
Adjust for:
Depreciation and depletion (1,718,132)
Inventory movement 458,714
Total operating cash cost 17,479,363
Royalties (1,693,905)
Total operating cash cost excluding royalties 15,785,458
Gold production (contained ozs) 13,020
Gold production (payable ozs) 10,292
Total operating cash cost excluding royalties per
payable oz 1,534
(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
expectation that mining operations will recommence at the Summit Property in the second
quarter of 2026 , and the Company’s future financial position and results of operations,
strategy, proposed acquisitions, plans, objectives, goals and targets, and any stat ements
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 invol ve 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, 202 5.
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 reflec t
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 Nation al 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