Mr. Ralph Shearing reports

GOLDGROUP ANNOUNCES NON-BROKERED PRIVATE PLACEMENT TO FUEL STRATEGIC ACQUISITIONS AND GROWTH

Goldgroup Mining Inc. has arranged a non-brokered private placement of up to 15 million units of the company at a price of 80 cents per unit for aggregate gross proceeds of up to $12-million. Each unit will consist of one common share and one-half common share purchase warrant, with each full warrant being exercisable to purchase one additional common share at a price of $1.10 for 24 months from the date of issuance; provided that if the closing price of the company's common shares on the TSX Venture Exchange (or any other stock exchange or quotation system on which the company's common shares are then listed or quoted) for a period of 10 consecutive trading days is $1.25 or higher, the expiry date of the warrants will be accelerated and notice given by press release, at which point the warrants will thereafter expire on the 30th calendar day after the date of the press release.

The company intends to pay finders' fees to eligible finders, in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The private placement is subject to approval of the TSX-V, and all securities issued under the private placement will be subject to statutory hold periods expiring four months and one day from the date of closing of the private placement.

Strategic vision: fuelling growth through targeted acquisitions

Goldgroup Mining is strategically positioning itself for significant expansion through targeted acquisitions in the mining sector. The net proceeds from this private placement will be primarily dedicated to the diligent assessment and strategic pursuit of acquisition opportunities. With a focus on enhancing shareholder value, the company aims to leverage these funds to acquire promising mining assets, potentially including operating mines or strategic stakes in other mining companies. The company cautions that it has been searching for and conducting due diligence on mineral projects that Management believes would enhance the company's portfolio of existing projects for some time, but to date has not proceeded past the due diligence stage. Accordingly, the company warns that there is no assurance that a suitable project will be identified, satisfactory due diligence conducted and any acquisition transaction completed. Further, investors should be aware that completing a transaction in most circumstances can take many months.

Quote from CEO

Ralph Shearing, chief executive officer of Goldgroup, commented: "This private placement marks a pivotal step in Goldgroup's growth strategy. We are committed to deploying this capital effectively to secure assets that complement our existing operations and offer substantial upside potential. Our team is actively evaluating a range of opportunities, with a particular emphasis on assets within Mexico that align with our operational expertise."

About Goldgroup Mining Inc.

Goldgroup is a Canadian-based mining company that owns and operates the Cerro Prieto heap-leach gold mine located 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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