Mr. Junhu Tong reports

CHINA GOLD INTERNATIONAL RESOURCES REPORTS 2023 THIRD QUARTER RESULTS

China Gold International Resources Corp. Ltd. has released its financial and operational results for the three months and nine months ended Sept. 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 third quarter production and financial highlights

• Revenue decreased by 76 per cent to $62.3-million (U.S.) from $255.0-million (U.S.) for the same period in 2022.
• Mine operating loss of $14.3-million (U.S.), decreased by $90.0-million (U.S.) from mine operating earnings of $75.7-million (U.S.) for the same period in 2022.
• Net loss of $30.8-million (U.S.), decreased by $54.2-million (U.S.) from net income of $23.4-million (U.S.) for the same period in 2022.
• Cash flow used in operation of $31.7-million (U.S.), decreased by $121.5-million (U.S.) from cash flow from operation of $89.8-million (U.S.) for the same period in 2022.
• Total gold production decreased by 40 per cent to 33,110 ounces from 54,734 ounces for the same period in 2022.
• Total copper production was nil as all production was halted at the Jiama mine during Q3. Copper production was 46.9 million pounds (approximately 21,254 tonnes) for the same period in 2022.

2023 nine months production and financial highlights

• Revenue decreased by 54 per cent to $388.1-million (U.S.) from $851.0-million (U.S.) for the same period in 2022.
• Mine operating earnings decreased by 72 per cent to $82.3-million (U.S.) from $298.9-million (U.S.) for the same period in 2022.
• Net loss of $5.5-million (U.S.), decreased by $182.4-million (U.S.) from net income of $176.9-million (U.S.) for the same period in 2022.
• Cash flow from operation decreased by 94 per cent to $22.5-million (U.S.) from $358.2-million (U.S.) for the same period in 2022.
• Total gold production decreased by 32 per cent to 122,463 ounces from 178,844 ounces for the same period in 2022.
• Total copper production decreased by 69 per cent to 44.0 million pounds (approximately 19,967 tonnes) from 142.3 millio pounds (approximately 64,532 tonnes) for the same period in 2022.

The decrease in production and profit was mainly attributed to the suspension of operations 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 Q2 and Q3 2023, with the exception of a minor amount of molybdenum.

The repair and reinforcement works at the Guolanggou tailings dam have been fully completed, and the mine is ready to resume production upon receipt of the government's review and acceptance. The plan for underground backfilling has been submitted to the Lhasa Municipal Emergency Management Bureau and is currently in the pro cess of review and approval. Alternative tailings disposal plans are under the government's review for compliance with relevant standards before implementation. The construction of the phase III tailings dam at the Jiama mine is on schedule.

Operations at CSH gold mine remain stable. The open-pit operations at the CSH gold mine are nearing the end of its mine life. With increased pit's depth, the stability of the open pit slopes is becoming more and more prominent in determining the operations plan. Ensuring slope stability and avoiding systematic risks at this stage are the company's top priority to ensure safe and sustainable production. CSH gold mine plans to reduce the mining rate at the end of the third quarter and in the fourth quarter in order to enhance the management and maintenance of slopes. Ore stripping, as well as heap leach and processing plant processes, will continue to operate as usual during the mining volume adjustment period.

The company's chairman and chief executive officer, Junhu Tong, stated: "Due to the suspension of the production of the Jiama mine, the company's performance for the third quarter of 2023 continues to show an expected decline. The Jiama mine has basically met the conditions for resumption of production, and the company is maintaining efficient communication with the government to strive for an early resumption of production. CSH gold mine will continue to maintain a stable production level while ensuring safe production. We are vigorously advancing the mine development of the underground resources to create additional value and extend the mine life of CSH gold mine. 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.

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