GG.V · 2026-01-15 12:00:00

Golconda Gold Releases Galaxy FY 2025 Production Update

Production Results

TORONTO, Jan. 15, 2026 -- Golconda Gold Ltd. (“Golconda Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is

pleased to announce production of 3,455 ounces of gold for the fourth quarter of 2025 (“Q4 2025”) and 13,020 ounces of gold

for the year ended December 31, 2025 (“FY 2025”) at its Galaxy Gold Mine (“Galaxy”), a 69% increase in gold production

compared to the year ended December 31, 2024 (“FY 2024”).

The production numbers for FY 2025 are as follows:

Mining

2025

2024

Princeton

Ore Mined (t) 8,472 12,346 22,303 16,307 59,428 25,212

Ore Grade (g/t) 3.50 4.63 3.39 4.18 3.88 3.73

Waste (t) 4,906 11,317 11,037 12,367 39,627 24,236

Galaxy

Ore Mined (t) 18,899 19,135 18,200 19,766 76,000 62,483

Ore Grade (g/t) 3.46 3.06 3.22 2.81 3.13 2.95

Waste (t) 8,905 10,410 7,253 5,318 31,886 42,541

Total

Ore Mined (t) 27,371 31,481 40,503 36,073 135,428 87,695

Ore Grade (g/t) 3.47 3.67 3.31 3.43 3.46 3.18

Waste (t) 13,811 21,727 18,290 17,685 71,513 66,777

Processing

2025

2024

Concentrate

produced (t) 2,281 2,480 3,229 3,299 11,289 6,661

Concentrate grade (g/t) 40.2 38.0 34.6 32.6 35.9 36.0

Gold produced (oz) 2,947 3,030 3,588 3,455 13,020 7,712

Year ended December 31, 2025 Highlights

Mining

• mined 135,428 tonnes of ore from its Galaxy and Princeton ore bodies, with an average grade of 3.46 g/t in FY 2025

compared to 87,695 tonnes at 3.18 g/t in FY 2024, an increase of 54% in ore tonnes mined year on year at a 9% higher

grade;

• established stoping at a new mining area, Princeton Top, in Q2 2025, contributing 16,477 tonnes of ore at a grade of

3.03 g/t during FY 2025;

• completed the refurbishment of the sub-vertical shaft and associated infrastructure on Galaxy 26 and 27 levels, with the

first ore development blast occurring in December 2025;

• increased the size of the mining fleet, with the addition of one new drill rig, three LHD’s and two dump trucks during FY

2025; and

• ended Q4 2025 with 6,410 tonnes of stockpiled ore on surface and underground at an average grade of 3.21 g/t,

representing approximately 660 ounces of contained gold that is expected to be processed in the first quarter of 2026(1).

Processing

• produced 11,289 tonnes of concentrate at an average grade of 35.9 g/t containing 13,020 ounces of gold in FY 2025

compared to 6,661 tonnes at 36.0 g/t containing 7,712 ounces of gold in FY 2024, an increase of 69% in gold

production year on year; and

• provisional gold sales of 10,143 ounces of payable gold at an average realised price of $3,458 per ounce in FY 2025

compared to gold sales of 6,049 ounces of payable gold at an average realised gold price of $$2,394 per ounce in FY

2024, an increase of 68% in gold sold at a 44% higher realised gold price.

Golconda Gold CEO, Ravi Sood, commented: “2025 was a transformational year for Galaxy and Golconda Gold. In line with

the Company’s development plan, 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, combined with

the material increase in realised gold price during 2025 has enabled the Company to invest further in the Galaxy development

plan and sustainable future production growth while also significantly improving the Company’s balance sheet and working

capital position. We are confident that our investments will continue to result in increasing production 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 the highest standards, 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, those statements regarding the

Company’s intention to process the stockpiled ore in the first quarter of 2026, the Company’s expectation that its investments

will result in increasing production at Galaxy, 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,

2024. 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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