Golconda Gold Ltd. Releases Financial and Operating Results for Q3 2023

TORONTO, Nov. 28, 2023 - Golconda Gold Ltd. ("Golconda Gold" or the "Company") (TSX-V: GG; OTCQB: GGGOF) is pleased to announce the release of its financial results for the three and nine months ended September 30, 2023.

A copy of the unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2023, prepared in accordance with International Financial Reporting Standards, and the corresponding management's discussion and analysis (the "MD&A"), are available under the Company's profile on www.sedarplus.ca. All references to "$" in this press release refer to United States dollars.

Third Quarter 2023 ("Q3 2023") Highlights:

• mined 15,817 tonnes of ore from its Galaxy and Princeton ore bodies, with an average grade of 3.82 grammes per tonne (g/t) a decrease of 17% compared to 19,171 tonnes at 3.11 g/t in the three months ended June, 2023 ("Q2 2023"), but at a 23% higher grade;
• produced 1,343 tonnes of concentrate at an average grade of 40.6 g/t containing 1,752 ounces of gold compared to 1,422 tonnes at 37.0 g/t containing 1,689 ounces of gold in Q2 2023, an increase of 4% in gold production quarter on quarter;
• generated revenue of $3.0 million from the sale of 1,814 contained ounces (1,461 payable ounces) of gold at an operating cash cost of $1,385 per payable ounce compared to $2.5 million revenue in Q2 2023 from the sale of 1,639 contained ounces (1,308 payable ounces) of gold at an operating cash cost of $1,571 per payable ounce, representing a 19% increase in revenue and 12% reduction in operating cash cost quarter on quarter;⁽¹⁾ and
• following the quarter end, as announced on November 23, 2023, the Company entered a metal purchase and sale agreement with Empress Royalty Holdings Corp. ("Empress"), a wholly-owned subsidiary of Empress Royalty Corp. under which the Company will receive an up-front cash payment of $5 million (the "Investment") for payable gold produced from the Galaxy mine which will be invested to facilitate the increase in mining volumes required for the new and larger milling circuit.⁽²⁾ The closing of the transaction and the funding of the Investment is subject to typical conditions precedent.

Golconda Gold CEO, Nick Brodie commented: "The third quarter of 2023 saw production increase over the second quarter and cash costs further reduce as we implement cost saving initiatives. We are looking forward to closing the recently announced Investment with Empress and the financial capacity this is expected to bring to improve equipment availabilities and to further develop the Galaxy and Princeton ore bodies to increase production. ⁽²⁾

With agreed financing signed up for Galaxy, we now turn our focus to Summit where we continue to work with financing providers and off-take partners to put in place a non-dilutive financing package to facilitate the re-start of operations at the Summit Property as soon as possible."⁽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 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.

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 closing of the transaction with Empress and the use of the Investment to facilitate an increase in mining volumes, the Company's ability to put in place a non-dilutive financing package to facilitate the re-start of operations at the Summit Property, 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.

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
Nick.Brodie@golcondagold.com
www.golcondagold.com