Mr. Brad Langille reports

GOGOLD UPDATES ON PARRAL ZINC CIRCUIT AND REPORTS PARRAL PRODUCTION

GoGold Resources Inc. has released its production for the quarter ending Sept. 30, 2023. During the quarter, GoGold completed a rehandling program at Parral where old pad material was rehandled and restacked, which resulted in the reclamation of new pad space which will defer further pad capital expenditure. Production was impacted as a result of the rehandling program, as the rehandled material was a lower grade than stacking new material. Production during the quarter was 300,789 silver equivalent ounces, consisting of 169,443 silver ounces, 1,106 gold ounces and 115 tonnes of copper. Currently, only new material is being stacked at Parral.

SART (sulphidization, acidification, recycling and thickening) zinc circuit

Construction of a zinc circuit addition to the SART plant at Parral is well under way and projected to be completed by the end of this year, with the project on budget and on schedule. Testing completed 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 greatly increase cash flow at Parral operation 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;
• Parral, up to end of its mine life, will be a producer of silver, gold, copper and zinc;
• Expected to result in better precious metals recovery.

"The completion of the zinc circuit in the SART is important as it expected to generate approximately $500,000 per month for cash flow, which will pay back the $2-million capex [capital expenditures] quickly. We believe it will improve the metallurgical recoveries of gold and silver on the material, which we are processing currently, so we expect to see production increase once commissioning is completed," said Brad Langille, president and chief executive officer. "The team has been successful on maintaining schedule and budget on their construction. This discipline to schedule and budget we believe will serve us well as we move closer to a construction decision on Los Ricos South."

Robert Harris, PEng, is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information of this release.

About GoGold Resources Inc.

GoGold Resources 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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