Mr. Nick Brodie reports

GOLCONDA GOLD LTD. RELEASES FINANCIAL AND OPERATING RESULTS FOR Q1 2023

Golconda Gold Ltd. has released its financial results for the three months ended March 31, 2023.

A copy of the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2023, prepared in accordance with international financial reporting standards, and the corresponding management discussion and analysis are available under the company's profile on SEDAR. All references to dollars in this press release refer to U.S. dollars.

Highlights

For the three months ended March 31, 2023, at its Galaxy property, the company:

• Mined 16,754 tonnes of ore from its Galaxy and Princeton orebodies, with an average grade of 3.30 grams per tonne;
• Reclaimed 6,347 tonnes of historic tailings with an average grade of 1.04 grams per tonne, completing the reclamation of one of Galaxy's historic tailings dumps;
• Produced 1,449 tonnes of concentrate at an average grade of 34.0 grams per tonne containing 1,584 ounces;
• Generated revenue of $2-million from the sale of 1,434 contained ounces (1,114 payable ounces) of gold at an operating cash cost of $1,790 per payable ounce.

Golconda Gold chief executive officer Nick Brodie commented: "The first quarter of 2023 was challenging due to flooding at Princeton in January as a result of unseasonably high rainfall, compounded with below planned availabilities on the mining equipment. As a result, Q1 2023 saw a number of initiatives instigated to improve equipment availabilities, including the appointment of a new maintenance contractor and the overhaul of several key items of mining equipment. We have seen improved availabilities and mining volumes through the start of Q2 2023 and are confident that this trend will continue. Progress was made in Q1 2023 on securing additional financing to facilitate the increase in mining volumes required for the new, larger, milling circuit that was commissioned in late 2022, which is expected to allow the true value of Galaxy to be realized in what remains a very strong gold price environment."

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 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 world-class standards and is focused on the safety of its employees, respecting the environment and contributing to the communities in which it operates.

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