Mr. Ravi Sood reports

GOLCONDA GOLD RELEASES GALAXY FY 2025 PRODUCTION UPDATE

Golconda Gold Ltd. had production of 3,455 ounces of gold for the fourth quarter of 2025 and 13,020 ounces of gold for the year ended Dec. 31, 2025, at its Galaxy gold mine, a 69-per-cent increase in gold production compared with the year ended Dec. 31, 2024.

The production numbers for full-year 2025 are as follows.

Highlights for year ended Dec. 31, 2025:

• Mining:
  • Mined 135,428 tonnes of ore from its Galaxy and Princeton orebodies, with an average grade of 3.46 grams per tonne in FY 2025 compared with 87,695 tonnes at 3.18 g/t in FY 2024, an increase of 54 per cent in ore tonnes mined year over year at a 9 per cent 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 subvertical 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 LHDs (load-haul-dump machines) and two dump trucks during FY 2025;
  • 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 are expected to be processed in the first quarter of 2026.
• 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 with 6,661 tonnes at 36.0 g/t containing 7,712 ounces of gold in FY 2024, an increase of 69 per cent in gold production year over year;
  • Provisional gold sales of 10,143 ounces of payable gold at an average realized price of $3,458 per ounce in FY 2025, compared with gold sales of 6,049 ounces of payable gold at an average realized gold price of $$2,394 per ounce in FY 2024, an increase of 68 per cent in gold sold at a 44 per cent higher realized gold price.

Golconda Gold chief executive officer Ravi Sood commented: "Two thousand twenty-five 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 per cent compared to 2024. This significant increase in production, combined with the material increase in realized 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."

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 OTCQB exchange under the symbol GGGOF. Golconda Gold's management team comprises 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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