Mr. Ravi Sood reports

GOLCONDA GOLD RELEASES FINANCIAL AND OPERATING RESULTS FOR Q1 2026

Golconda Gold Ltd. has released of its financial and operating results for the three months ended March 31, 2026.

A copy of the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2026, 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.

First quarter 2026 highlights:

• Mined 44,042 tonnes of ore from its Galaxy and Princeton orebodies at an average grade of 3.03 grams per tonne, compared with 36,073 tonnes at 3.43 g/t in the three months ended Dec. 31, 2025;
• Completed 402 metres of development compared with 400 metres in Q4 2025;
• Produced 4,372 tonnes of concentrate at an average grade of 25.9 g/t containing 3,637 ounces of gold compared with 3,299 tonnes at 32.6 g/t containing 3,455 ounces of gold in Q4 2025, an increase of 5 per cent in gold production;
• Generated revenue of $13.9-million at an operating cash cost of $1,819 per payable ounce compared with revenue of $10.5-million at an operating cash cost of $1,768 per payable ounce for Q4 2025;
• Generated net earnings of $5.5-million and fully diluted earnings per share (EPS) of seven cents compared with net earnings of $3.1-million and fully diluted EPS of four cents in Q4 2025;
• Generated operating cash flow of $6.8-million and repaid $2.6-million of debt compared with operating cash flow of $3-million in Q4 2025;
• Progressed the Summit restart plan, with mine site generators and compressors being procured ahead of a planned restart of mining in the second quarter of 2026.

Golconda Gold chief executive officer Ravi Sood commented: "Q1 2026 provided incremental gains on all operational and financial metrics, delivering record gold production and quarterly revenue and earnings. Mining at Galaxy 26 level commenced at the end of 2025 and is expected to provide additional ore delivery and mining flexibility as it continues its ramp-up through the remainder of 2026. We continued deleveraging our balance sheet and ended Q1 2026 debt-free. Significant progress was made at the Summit mine in New Mexico, USA, with mining expected to commence by the end of the second quarter of 2026, and processing expected to commence in the second half of 2026. This is expected to increase our production, revenue and, ultimately, profitability while diversifying geographically and adding significant exposure to silver."

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 OTCQX 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 the highest standards, focused on the safety of its employees, respecting the environment and contributing to the communities in which it operates.

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