Mr. Brad Langille reports

GOGOLD RELEASES FINANCIAL RESULTS FOR QUARTER ENDING JUNE 30, 2023

GoGold Resources Inc. has released the financial results for the quarter ending June 30, 2023, including net income of $2.6-million (all amounts are in United States dollars) and Parral generating $8.6-million from the sale of 360,011 silver equivalent ounces.

"GoGold maintains a strong balance sheet with $98.7-million (U.S.) in cash which continues to allow us to advance our Los Ricos projects in an expeditious manner. Our main focus at GoGold is our flagship assets at Los Ricos. With the upcoming addition of our zinc circuit at Parral, which is in its 10th year of production, Parral is expected to remain a meaningful contributor of cash flow over the next seven years of mine life. The savings and additional revenue which the zinc circuit will provide should significantly reduce our all in sustaining cost at Parral," said Brad Langille, president and chief executive officer. "We continue to focus on completing the studies required for the upcoming updated mineral resource estimate and preliminary economic assessment at Los Ricos South to be completed by end of summer."

Financial highlights for the quarter ending June 30, 2023:

• Cash of $98.7 million (U.S.);
• Net income of $2.6-million, including interest income of $1.5-million;
• Revenue of $8.5-million on the sale of 360,011 silver equivalent ounces at a realized price per ounce of $21.39 per ounce;
• Production of 375,112 silver equivalent ounces, consisting of 203,894 silver ounces, 1,512 gold ounces and 135 copper tonnes;
• Adjusted cash cost per silver equivalent ounce of $15.24;
• Adjusted all-in sustaining cost per silver equivalent ounce of $20.85.

Proposed SART zinc circuit

As originally reported on July 12, 2023, the company has begun the process of adding a zinc circuit to the existing SART plant at Parral. Bench-scale and in-field heap leach testing has demonstrated that an addition of a zinc circuit to the SART plant should produce a saleable zinc product and more importantly regenerate cyanide that is expected to increase cash flow at Parral over the next seven years of mine life.

Summary of zinc circuit effects:

• Saleable zinc precipitate to be added to the revenue stream;
• Regeneration of approximately 750 tons of cyanide per quarter;
• Anticipated to generate net increased cash flows of $1.5-million per quarter;
• Zinc circuit capital expenditure estimated at $2-million over six-month construction period;
• Project payback expected within six months after construction;
• Construction of zinc circuit is independent of current SART operations, therefore no interruption to current operations is expected;
• Parral up to end of its mine life will be a producer of silver, gold, copper and zinc.

The attached tables show summarized financial information and key performance indicators.

This news release should be read in conjunction with the interim condensed consolidated financial statements for the three and nine months ended June 30, 2023, notes to the financial statements, and management's discussion and analysis for the quarter ended June 30, 2023, which have been filed on SEDAR and are available on the company's website.

Technical information contained in this news release with respect to GoGold has been reviewed and approved by Bob Harris, PEng, who is a qualified person for the purposes of National Instrument 43-101.

About GoGold Resources Inc.

GoGold Resources (TSX: GGD) is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high-quality projects in Mexico. The company operates the Parral tailings mine in the state of Chihuahua, and has the Los Ricos South and Los Ricos North exploration projects in the state of Jalisco. Headquartered in Halifax, N.S., GoGold is building a portfolio of low-cost, high-margin projects.

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