Mr. Ravi Sood reports

GOLCONDA GOLD LTD. RELEASES Q3 2025 PRODUCTION UPDATE

Golconda Gold Ltd. had production of 3,588 ounces of gold for the third quarter of 2025 (Q3) at its Galaxy gold mine, an 18-per-cent increase in gold production compared with Q2 2025 and a 51-per-cent increase compared with Q3 2024.

The Q3 production numbers are as shown in the attached table.

Golconda Gold chief executive officer Ravi Sood commented: "Galaxy achieved record gold production in Q3, totalling 3,588 ounces of gold, an 18-per-cent increase on Q2 2025 and a 51-per-cent increase on Q3 2024. This was largely due to increased ore mined from the Princeton orebody, increasing 81 per cent compared with Q2 2025 due to commencing mining at the Princeton Top section during the quarter. Production in the first three quarters of 2025 is 74 per cent ahead of the same period in 2024. With the materially higher gold price, the company is generating significant operational cash flow and continues to deleverage its balance sheet and invest in further expansion at Galaxy, including refurbishment of the existing subvertical shaft and associated infrastructure to allow mining on a second level at the Galaxy orebody by the end of 2025, adding an additional ore source to the processing plant, which has significant spare capacity."

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 comprised 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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