GG.V · 2026-07-09 12:00:00

Golconda Gold Releases Q2 2026 Production Update at Galaxy And Announces Mobilisation of Mining Contractor at Summit

Production Results Marketing Announcement

Golconda Gold Releases Q2 2026 Production Update at Galaxy And

Announces Mobilisation of Mining Contractor at Summit

TORONTO, July 09, 2026 -- Golconda Gold Ltd. (“Golconda Gold” or the “Company”) (TSX-V: GG; OTCQX: GGGOF) is

pleased to announce quarterly production of 3,648 ounces of gold for the second quarter of 2026 (“Q2”) at its Galaxy Gold

Mine (“Galaxy”), consistent with gold production compared to Q1 2026 and a 20% increase on Q2 2025.

The Q2 production numbers are as follow:

Mining

2026

YTD

2026

2025

Princeton Ore Mined (t) 14,110 17,953 32,063 59,428 12,346

Ore Grade (g/t) 3.75 3.41 3.56 3.88 4.63

Waste (t) 244 274 518 952 243

Galaxy Ore Mined (t) 26,049 26,089 52,138 76,000 19,135

Ore Grade (g/t) 2.56 2.77 2.66 3.13 3.05

Waste (t) 143 128 271 371 113

Total Ore Mined (t) 40,159 44,042 84,201 135,428 31,481

Ore Grade (g/t) 2.98 3.03 3.01 3.46 3.67

Waste (t) 387 402 789 1,323 356

Processing

2026

YTD

2026

2025

Ore processed (t) 44,811 41,180 85,991 130,637 29,429

Concentrate produced (t) 3,602 4,372 7,974 11,289 2,480

Concentrate grade (g/t) 31.5 25.9 28.4 35.9 38.0

Gold produced (oz) 3,648 3,637 7,285 13,020 3,030

Golconda Gold CEO, Ravi Sood commented: “We are pleased to announce we have maintained gold production levels at

Galaxy for Q2 while also focusing on required waste movement at Princeton. We expect ore tonnes to increase in the second

half of 2026, (1) as, in late Q2, we took delivery of additional mining equipment, including one drill rig, three loaders and one

dump truck, which is continuing our fleet enhancement and standardisation program. We also progressed well with

infrastructure enhancements including a new engineering workshop and management and administration block.

We are also very pleased to announce that we have appointed High Desert Mining LLC (“High Desert”) as mining contractor at

the Summit Mine in New Mexico, USA. High Desert has been on site since May 25 and underground establishment activities

are underway with key mining equipment having been mobilised. First ore was delivered to surface on July 7, mining faces are

readily accessible and we expect to begin to build a stockpile. Wet commissioning of the plant and first concentrate

production is expected by the end of September. Restarting Summit is a major milestone for Golconda Gold and is expected

to increase our production, revenue, and ultimately profitability while diversifying geographically and adding significant

exposure to silver.” (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 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.

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 expectation that ore tonnes mined will increase in the second half of 2026 at Galaxy, the Company’s expectations

regarding building a stockpile, wet commissioning of the plant, and the first concentrate production at Summit, and the

Company’s expectation that restarting operations at Summit will increase production, revenue, profitability, geographic

diversity, and exposure to silver, 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,

2025. 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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