Mr. Javier Reyes reports

GOLDGROUP CLOSES RECORD US$122 MILLION NON-BROKERED PRIVATE PLACEMENT

Goldgroup Mining Inc. has closed its previously announced non-brokered private placement, issuing 33,382,326 units at $3.65 (U.S.) per unit for aggregate gross proceeds of $121,845,490 (U.S.).

Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one common share at an exercise price of $5.10 (U.S.) until March 25, 2028.

The company intends to use the net proceeds for working capital and general corporate purposes, including advancing its existing mining and development portfolio and evaluating strategic investments and merger and acquisition opportunities in the mining sector. The offering exceeded Goldgroup's initial $75-million (U.S.) target by more than 60 per cent, strengthening the company's balance sheet and increasing its financial flexibility. Goldgroup has not made a final allocation of the net proceeds, and may reallocate them in response to business opportunities, market conditions and other circumstances. Pending deployment, the net proceeds may be held in cash, cash equivalents or short-term investments. There can be no assurance that any acquisition, investment or other transaction will be identified or completed on acceptable terms or at all.

Javier Reyes, chairman and chief executive officer, commented: "This financing is an important milestone for Goldgroup. Raising approximately $122-million (U.S.) on a non-brokered basis -- more than 60 per cent above our initial target and the largest financing in the company's history -- reflects strong support from new and existing shareholders and gives us greater flexibility to advance our portfolio and evaluate strategic opportunities. We believe it reflects Goldgroup's growing profile in the mining investment community. The participation of leading institutional and sophisticated mining investors is especially meaningful to us, and we do not take their trust for granted.

"Our priority now is disciplined execution. We intend to deploy this capital to support production growth, project advancement and carefully selected external opportunities. We intend to repay the confidence investors have placed in us through disciplined capital allocation, operational performance and a relentless focus on creating long-term value per share. We are grateful to every investor who has chosen to join us on this journey and to our employees and partners whose work has made this milestone possible."

Goldgroup's four wholly owned assets include the producing Don David gold mine in Oaxaca and Cerro Prieto gold mine in Sonora, Mexico; the San Francisco gold project in Sonora, which is being advanced toward a potential production restart; and the Back Forty project in Michigan, which is advancing through permitting and feasibility. The company's strategy is to build a larger-scale mid-tier mining company through production growth, exploration, mine optimization, project development, and disciplined M&A.

The shares and warrants comprising the units, and the warrant shares issuable upon exercise of the warrants, are subject to a statutory hold period under applicable Canadian securities laws ending four months and one day after the closing. The company received conditional approval from the TSX Venture Exchange to close the offering, with final TSX-V approval subject to completion of the company's remaining filing requirements with the TSX-V.

In connection with the offering, the company agreed to pay eligible finders a cash commission equal to 5 per cent of the gross proceeds raised from subscribers introduced by those finders in accordance with applicable securities laws and TSX-V policies. The company paid eligible finders aggregate cash commissions of $4,219,785.04 (U.S.).

About Goldgroup Mining Inc.

Goldgroup is a precious metal producer and growth-oriented mining company with four wholly owned assets in Mexico and the United States. The company owns and operates the Don David gold mine in Oaxaca and the Cerro Prieto gold mine in Sonora, Mexico, and is advancing the San Francisco gold project in Sonora toward a potential production restart and the Back Forty project in Michigan toward permitting and feasibility.

Goldgroup's strategy is to build a larger-scale intermediate mining company through production growth, exploration, mine optimization, project development, and disciplined M&A. The company is listed on the TSX-V and NYSE American under the symbol GORO and on the Frankfurt Stock Exchange under the symbol 55G.

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