An anonymous director reports

GOLDGROUP ANNOUNCES CONVERSION OF CONVERTIBLE LOAN

Goldgroup Mining Inc. has issued 29,052,000 common shares upon conversion of the company's outstanding convertible loan which had a face value of $2.16-million (U.S.) and was converted into common shares of the company at 10 cents per share at a fixed FX rate of $1.345 (U.S.) to $1. The loan was originally announced in a news release issued on Dec. 12, 2023, and the conversion of the loan to common shares of the company was approved by shareholders at the company's annual and special meeting held on June 28, 2023, and the Toronto Stock Exchange on July 19, 2023. The common shares were issued to Calu Opportunity Fund LP, which is an insider of the company, and post conversion Calu owns 52.41 per cent of the issued and outstanding common shares of the company.

The securities issued in connection with the convertible debt loan are subject to a statutory four-month hold period expiring Nov. 29, 2023.

About Goldgroup Mining Inc.

Goldgroup is a Canadian-based mining company that operates a heap-leach gold mine, in Cerro Prieto in the state of Sonora, Mexico, and is led by a team of highly successful and seasoned individuals with extensive expertise in mine development, corporate finance and exploration in Mexico.

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