Mr. Ravi Sood reports

GOLCONDA GOLD RELEASES FINANCIAL AND OPERATING RESULTS FOR Q2 2026

Golconda Gold Ltd. has released its financial and operating results for the three and six months ended June 30, 2026.

A copy of the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2026, 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 SEDAR+. All references to currency in this press release refer to United States dollars.

Second quarter 2026 (Q2 2026) highlights:

• Mined 40,159 tonnes of ore from its Galaxy and Princeton orebodies at an average grade of 2.98 grams per tonne (g/t) compared with 44,042 tonnes at 3.03 grams per tonne in the three months ended March 31, 2026 (Q1 2026);
• Completed 387 metres of development compared with 402 metres in Q1 2026;
• Processed 44,811 tonnes of ore compared with 41,180 in Q1 2026;
• Produced 3,602 tonnes of concentrate at an average grade of 31.5 g/t containing 3,648 ounces of gold compared with 4,372 tonnes at 25.9 g/t containing 3,637 ounces of gold in Q1 2026;
• Generated revenue of $12.0-million at an average realized gold price of $4,668 per payable ounce and an operating cash cost of $1,830 per payable ounce compared with revenue of $13.9-million at an average realized gold price of $5,025 per payable ounce and an operating cash cost of $1,819 per payable ounce for Q1 2026;
• Generated net earnings of $3.9-million and fully diluted earnings per share (FDEPS) of five cents compared with net earnings of $5.5-million and FDEPS of seven cents in Q1 2026;
• Progressed the Summit mine restart with the appointment of the mining contractor and significant investment in capital equipment and mining establishment, with first ore being delivered to the surface on July 7, 2026.

Golconda Gold chief executive officer Ravi Sood commented: "Q2 2026 provided solid operational and financial results, with 2026 year to date showing a 22-per-cent increase in gold production compared with 2025 year to date and operating cash flow for the first six months of 2026 of $8.7-million. This strong cash generation enabled the company to become debt-free in Q1 2026 and continue investment in our fleet replenishment and standardization program at Galaxy. In Q2 we took delivery of and commissioned three new loaders, one dump truck and one drill rig. This was the largest ever single quarter capital equipment expenditure at Galaxy and is an important part of our ongoing production growth. Additionally, we are pleased to announce commencement of underground mining operations at the Summit mine in New Mexico, USA, with our mining contractor mobilized, mining fleet delivered and commissioned and first ore being delivered in July. Processing operations are expected to commence in the near future and this is expected to increase our production, revenue and ultimately profitability, while diversifying geographically and adding significant exposure to silver."

About Golconda Gold Ltd.

Golconda Gold is an unhedged 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 comprise senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programs. 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.

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