Mr. Junhu Tong reports

CHINA GOLD INTERNATIONAL RESOURCES REPORTS 2023 FIRST QUARTER RESULTS

China Gold International Resources Corp. Ltd. has released its financial and operational results for the three months ended March 31, 2023. This news release should be read in conjunction with the company's financial statements, notes to the financial statements, and management's discussion and analysis (MD&A).

For detailed information, please read the company's financial statements and MD&A for the quarter ended March 31, 2023, which are available on SEDAR's website, The Stock Exchange of Hong Kong Ltd.'s website, the company's website, or call the company at 1-604-609-0598 and e-mail to info@chinagoldintl.com.

2023 first quarter financial highlights

• Revenue decreased by 17 per cent to $252.8-million (U.S.) from $304.0-million (U.S.) for the same period in 2022.
• Mine operating earnings decreased by 3 per cent to $102.7-million (U.S.) from $105.5-million (U.S.) for the same period in 2022.
• Net income increased by 10 per cent to $78.7-million (U.S.) from $71.8-million (U.S.) for the same period in 2022.

2023 first quarter production and operation highlights

• Total gold production decreased by 10 per cent to 52,827 ounces from 58,583 ounces for the same period in 2022.
• Total copper production decreased by 9 per cent to 44.1 million pounds (approximately 20,025 tonnes) from 48.3 million pounds (approximately 21,923 tonnes) for the same period in 2022.
• The total production cost of gold of CSH gold mine decreased by 13 per cent to $1,339 (U.S.) per ounce from $1,537 (U.S.) and the cash production cost of gold decreased by 26 per cent to $712 (U.S.) per ounce from $961 (U.S.) for the same period in 2022.
• The total production cost of copper per pound after byproducts of Jiama mine decreased by 22 per cent to $1.67 (U.S.) from $2.13 (U.S.) and cash production cost of copper per pound after byproduct decreased by 34 per cent to 96 U.S. cents from $1.46 (U.S.) for the same period in 2022.
• On March 27, 2023, an overflow occurred at the Guolanggou tailings dam at Jiama mine. The company quickly contained and repaired the breach to ensure no damage to the environment or neighbouring communities. Subsequent to the overflow, Jiama mine has suspended its operations while the company takes the opportunity to conduct a comprehensive safety assessment of and repair work on its tailings dam with the assistance and supervision of government safety authorities. Due to the uncertainty of the date of resumption of production at Jiama mine, the company has withdrawn its annual production guidance for 2023 as set out in the announcement of the company dated Jan. 20, 2023. Once the impact of tailings overflow on the operation can be more clearly evaluated, the company will reissue its production guidance.

The company's chairman and chief executive officer, Junhu Tong, stated: "In the first quarter of 2023, the company maintained a stable performance, achieved positive results in cost control and materially improved operating profit margin. The company has been giving great attention and efforts on the overflow occurred at the tailings dam at Jiama mine and is doing its best to conduct a comprehensive safety assessment and repair work and strive for an early resumption of production; At CSH gold mine, while continuing to maintain a high production level, we are vigorously advancing the development of the deeper underground resources to create additional value and extend the mine life. We will continue to operate our business with a high degree of responsibility. Thanks to our shareholders and stakeholders for their understanding and support."

About China Gold International Resources Corp. Ltd.

China Gold International Resources is a gold-mining and base-metal-mining company incorporated in British Columbia, Canada, and operates two mines: the Chang Shan Hao gold mine in Inner Mongolia, China, and the Jiama copper-gold mine in Tibet, China. The company's objective is to build shareholder value through: growing production at its current mining operations; expanding its resource base; and acquiring and developing new projects internationally.

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