Mr. Junhu Tong reports

CHINA GOLD INTERNATIONAL RESOURCES REPORTS 2023 SECOND QUARTER AND FIRST HALF RESULTS

China Gold International Resources Corp. Ltd. has released its financial and operational results for the three months and six months ended June 30, 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 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 second quarter operation and financial highlights

• Revenue decreased by 75 per cent to $73.0-million (U.S.) from $292.0-million for the same period in 2022.
• Mine operating loss of $6.2-million (U.S.), decreased by 105 per cent from mine operating earnings of $117.7-million (U.S.) for the same period in 2022.
• Net loss of $53.3-million (U.S.), decreased by 165 per cent or $135.0-million (U.S.) from net income of $81.7-million (U.S.) for the same period in 2022.
• Cash flow used in operation of $73.5-million (U.S.), decreased by 168 per cent from cash flow from operation of $107.6-million (U.S.) for the same period in 2022.
• Total gold production decreased by 44 per cent to 36,490 ounces from 65,527 ounces for the same period in 2022.
• Total copper production was nil as all production was halted at the Jiama mine. Copper production was 47.1 million pounds (approximately 21,356 tonnes) for the same period in 2022.

2023 first half operation and financial highlights

• Revenue decreased by 45 per cent to $325.8-million (U.S.) from $596.0-million (U.S.) for the same period in 2022.
• Mine operating earnings decreased by 57 per cent to $96.6-million (U.S.) from $223.2-million (U.S.) for the same period in 2022.
• Net income of $25.3-million (U.S.), decreased by 84 per cent or $128.2-million (U.S.) from $153.5-million (U.S.) for the same period in 2022.
• Cash flow from operation decreased by 80 per cent to $54.2-million (U.S.) from $268.4-million (U.S.) for the same period in 2022.
• Total gold production decreased by 28 per cent to 89,317 ounces from 124,110 ounces for the same period in 2022.
• Total copper production decreased by 54 per cent to 44.1 million pounds (approximately 20,019 tonnes) from 95.4 million pounds (approximately 43,279 tonnes) for the same period in 2022.

The decrease in net profit is mainly attributable to the suspension of the production of the Jiama mine since March 27, 2023, due to the overflow at the Guolanggou tailings pond. As a result of the suspension, the company did not record any product sales from the Jiama mine during 2023 Q2, with the exception of a minor amount of molybdenum, leading to a sharp decline in the company's net profit for the first half of 2023.

The repair and major reinforcement works of tailings dam have been completed and some reinforcement works are still in the final stage. The company is committed to submitting a safety assessment report to the regulatory authority on or around the end of August, 2023. The overall progress is on schedule with the timeline as disclosed in the company's announcement dated on May 5, 2023. Production operations at CSH gold mine remain stable.

The company's chairman and chief executive officer, Mr. Junhu Tong, stated: "Due to the suspension of the production of the Jiama mine, the company's performance for the first half of 2023 showed an expected decline. The company is actively striving for an early resumption of production of Jiama mine. 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.

China Gold International Resources is a gold and base metal mining company incorporated in British Columbia, Canada, and operates two mines, the CSH gold mine in Inner Mongolia, China, and the Jiama copper-gold polymetallic 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.

We seek Safe Harbor.