Mr. Allen Palmiere reports

GOLDGROUP MINING AND GOLD RESOURCE CORPORATION ANNOUNCE CLOSING OF BUSINESS COMBINATION AND GOLDGROUP'S ANTICIPATED LISTING ON THE NYSE AMERICAN

Goldgroup Mining Inc. and Gold Resource Corp. (GRC) have closed the previously announced merger pursuant to the arrangement agreement and plan of merger, dated Jan. 25, 2026, and amended on May 15, 2026, by and among GRC, Goldgroup and Goldgroup Merger Sub Inc., a wholly owned subsidiary of Goldgroup. At the effective time of the merger, GRC merged with and into Merger Sub, with GRC surviving as a wholly owned subsidiary of Goldgroup. As a result of the merger, GRC shareholders are entitled to receive 0.3619 common share of Goldgroup for each share of GRC's common stock.

Allen Palmiere, Goldgroup's new president and chief executive officer, remarked: "The business combination of Goldgroup and GRC represents a transformational milestone. With the combined assets and resources of both entities, we expect Goldgroup to become a leading, Mexico-focused junior precious metals producer. This represents a tremendous opportunity and we look forward to the continued growth and development of the company."

The completion of the merger follows the satisfaction of all closing conditions, including receipt of approval by the shareholders of each of GRC and Goldgroup on July 2, 2026, approval by the Mexican National Antitrust Commission (Comision Nacional Antimonopolio) (the NAC) on April 23, 2026, final approval by the Supreme Court of British Columbia on July 6, 2026, and approval by the TSX Venture Exchange. In accordance with the NAC ruling, the company must deliver certain closing documentation to the NAC within 30 business days of the closing of the merger and the elements to determine final tariffs; otherwise, the company may be subject to potential daily coercive penalties.

As a result of the merger, GRC will be delisted from the NYSE American LLC prior to market open on or about July 20, 2026. Immediately following the delisting, Goldgroup will commence trading under the ticker symbol GORO on the NYSE American. Goldgroup's common shares will no longer be quoted on the OTC Markets upon commencement of trading on the NYSE American. GRC will also apply to cease to be a reporting issuer in the applicable jurisdictions in Canada.

In connection with the completion of the merger, the TSX Venture Exchange has approved the change of Goldgroup's ticker symbol from GGA to GORO, which ticker symbol change is expected to become effective on or around Wednesday, July 22, 2026.

Board of directors and management

Upon closing of the merger, Goldgroup's board of directors and executive management was reconstituted. Goldgroup is pleased to confirm the appointment of Ron Little, Lila Manassa Murphy, Nicole Adshead-Bell, Luis Felipe Medina Aguirre and Francisco Javier Reyes de la Campa to its board of directors, and the appointment of Allen Palmiere as president and chief executive officer, Chet Holyoak as chief financial officer, and Armando Alexandri as chief operating officer of the company. Consequential changes have also been made to the boards of directors and officers of Goldgroup's subsidiaries.

Goldgroup would like to thank the company's outgoing directors and executive officers for their dedicated service and contributions over the years and wish them all the best in their future endeavours.

About Goldgroup Mining Inc.

Goldgroup is a Canadian-based mining company with three high-growth gold assets in Mexico. The company holds a 100-per-cent interest in the recently acquired San Francisco project located in the state of Sonora. The project is fully permitted for a rapid restart of mining operations and comprised two open pits together with heap leach processing facilities and associated infrastructure. It is a robust project with significant gold resources and strong upside in terms of optimized development and multiple, large-scale exploration targets. In addition to the San Francisco gold project, the company has a 100-per-cent interest in the producing Cerro Prieto heap leach gold mine located in the state of Sonora and the producing Don David gold mine in Oaxaca, Mexico.

Goldgroup 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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