Mr. Nick Brodie reports

GOLCONDA GOLD LTD. RELEASES FINANCIAL AND OPERATING RESULTS FOR Q3 2023

Golconda Gold Ltd. has released its financial results for the three and nine months ended Sept. 30, 2023.

A copy of the unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2023, prepared in accordance with International Financial Reporting Standards, and the corresponding management's discussion and analysis (the "MD&A"), are available under the Company's profile on www.sedarplus.ca. All references to "$" in this press release refer to United States dollars.

Third Quarter 2023 ("Q3 2023") Highlights:

mined 15,817 tonnes of ore from its Galaxy and Princeton ore bodies, with an average grade of 3.82 grammes per tonne (g/t) a decrease of 17% compared to 19,171 tonnes at 3.11 g/t in the three months ended June, 2023 ("Q2 2023"), but at a 23% higher grade;

produced 1,343 tonnes of concentrate at an average grade of 40.6 g/t containing 1,752 ounces of gold compared to 1,422 tonnes at 37.0 g/t containing 1,689 ounces of gold in Q2 2023, an increase of 4% in gold production quarter on quarter;

generated revenue of $3.0 million from the sale of 1,814 contained ounces (1,461 payable ounces) of gold at an operating cash cost of $1,385 per payable ounce compared to $2.5 million revenue in Q2 2023 from the sale of 1,639 contained ounces (1,308 payable ounces) of gold at an operating cash cost of $1,571 per payable ounce, representing a 19% increase in revenue and 12% reduction in operating cash cost quarter on quarter;(1) and

following the quarter end, as announced on November 23, 2023, the Company entered a metal purchase and sale agreement with Empress Royalty Holdings Corp. ("Empress"), a wholly-owned subsidiary of Empress Royalty Corp. under which the Company will receive an up-front cash payment of $5 million (the "Investment") for payable gold produced from the Galaxy mine which will be invested to facilitate the increase in mining volumes required for the new and larger milling circuit.(2) The closing of the transaction and the funding of the Investment is subject to typical conditions precedent.

Golconda Gold CEO, Nick Brodie commented: "The third quarter of 2023 saw production increase over the second quarter and cash costs further reduce as we implement cost saving initiatives. We are looking forward to closing the recently announced Investment with Empress and the financial capacity this is expected to bring to improve equipment availabilities and to further develop the Galaxy and Princeton ore bodies to increase production. (2)

With agreed financing signed up for Galaxy, we now turn our focus to Summit where we continue to work with financing providers and off-take partners to put in place a non-dilutive financing package to facilitate the re-start of operations at the Summit Property as soon as possible."(2)

About Golconda Gold

Golconda Gold is an un-hedged 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 is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programmes. 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.

We seek Safe Harbor.