Mr. Ravi Sood reports

GOLCONDA GOLD LTD. RELEASES Q2 2025 PRODUCTION UPDATE

Golconda Gold Ltd. produced 3,030 ounces of gold for the second quarter of 2025 (Q2) at its Galaxy gold mine, a 3-per-cent increase in gold production compared with the first quarter of 2025 (Q1) and a 90-per-cent increase in Q2 2024.

The Q2 production numbers are detailed in the attached table.

Golconda Gold chief executive officer Ravi Sood commented: "We are excited to share our second quarter production numbers, which show further growth at Galaxy, with a 3-per-cent increase in production versus Q1 2025 and a 90-per-cent increase versus Q2 2024. Importantly, we started mining at Princeton Top, adding a third working area to the Galaxy mine, which is expected to provide additional production and flexibility going forward. Additional mining equipment was commissioned and put into service during Q2, increasing equipment availabilities and allowing a record quarter for development, with a total of 258 metres advanced, a 69-per-cent increase over Q1 2025 and a 269-per-cent increase over Q2 2024. The continued positive trend in gold production and development, along with the record realized gold price in Q2, is providing meaningful cash generation allowing continued investment in Galaxy and repayment of debt. Galaxy is well positioned to continue increasing production, especially with the addition of new working faces, and to generate material cash flow now and into the future."

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.

Information of a technical and scientific nature that forms the basis of the disclosure in the news release has been approved by Kevin Crossling, PrSciNat, MAusIMM, geological consultant for Golconda Gold and a qualified person as defined by National Instrument 43-101. Mr. Crossling has verified the technical and scientific data disclosed herein and has conducted appropriate verification on the underlying data.

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