Mr. Brad Langille reports

GOGOLD PROVIDES OUTLOOK FOR 2024, PARRAL PRODUCTION AND UPDATE ON ZINC CIRCUIT COMMISSIONING

GoGold Resources Inc. has provided an outlook of milestones and deliverables for 2024.

"Two thousand twenty-three was another year of significant advancements of the Los Ricos district. In less than five years, we have taken the district from having no resources to having 186 million silver equivalent (AgEq) ounces of measured and indicated resources and 87 million AgEq ounces of inferred resources. We also completed two preliminary economic assessments (PEA), in each of Los Ricos South and Los Ricos North, which showed a combined total NPV [net present value] of $871-million (U.S.) for the district. Additionally, in 2023, we applied for a permit to construct a mine at Los Ricos South. We're very proud of our technical team's ability to achieve these significant accomplishments in less than five years at Los Ricos, and now we look to the future," Brad Langille, president and chief executive officer stated. "In 2024, we see the following key milestones:

• "Complete commissioning of SART [sulphidization, acidification, recycling and thickening] zinc circuit in January at Parral, as we enter our tenth year of production;
• "Advancing directly from the PEA completed at Los Ricos South in 2023 to a definitive feasibility study to be completed within first six months of 2024;
• "Completion of Los Ricos South mine permitting technical review process in first calendar quarter of 2024, anticipating receipt of permit by midyear pending governmental review;
• "Make construction decision at Los Ricos South after completion of feasibility study and receipt of mine permit;
• "Initiate construction of electrical and water infrastructure at Los Ricos South by end of 2024;
• "Enter into definitive agreement on debt financing for balance of funds required for construction of Los Ricos South, initial discussions with prospective lenders have generated significant interest;
• "Assess potential debt financing options that will allow flexibility to advance Los Ricos North towards a construction decision during the potential construction of Los Ricos South.

"With the above and supported by our strong balance sheet, including our year-end cash balance of $95-million (U.S.) (see financial results press release dated Dec. 19, 2023), 2024 is sure to be a transformational year for GoGold as it advances towards a substantial low-cost silver producer."

Parral update

At Parral, the SART zinc circuit was constructed on time and on budget over the previous two quarters, and the commissioning process should be completed by the end of January.

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 as planned 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;
• Completed on time and on budget.

"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 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 Mr. Langille, president and CEO.

Los Ricos South

During 2023, the company completed an updated mineral resource estimate (MRE) and updated PEA at Los Ricos South, with details provided below. For 2024, GoGold will work with its technical team and consultants to complete all engineering and technical work required to make a construction decision on the project in the coming year. As part of this work, the company is in the process of completing a definitive feasibility study and front-end engineering design which is expected to be released in the first six months of 2024, and advancing the mine permitting application process. P&E Mining Consultants Inc. has been selected as the lead author of the study, supported by Ausenco for the process and mill design.

2023 mineral resource estimate and PEA

The Los Ricos South mineral resource estimate and PEA were previously announced in a news release dated Sept. 12, 2023, with an effective date of the report of Sept. 12, 2023. See that news release or the National Instrument 43-101 compliant technical report filed on SEDAR+ on Oct. 27, 2023, for details, in addition to the following summary.

Highlights of the PEA, with a base case silver price of $23.75 (U.S.)/ounce and gold price of $1,850 (U.S.)/oz are as follows (all figures in U.S. dollars unless otherwise stated):

• After-tax net present value (using a discount rate of 5 per cent) of $458-million with an after-tax internal rate of return of 37 per cent (base case);
• 11-year mine life producing a total of 88 million payable silver equivalent ounces (AgEq), consisting of 47 million silver ounces, 493,000 gold ounces and 14 million pounds of copper;
• Initial capital costs of $148-million, including $19-million in contingency costs, over an expected 18-month build, additional expansion capital of $69-million and sustaining capital costs of $72-million over the life of mine (LOM);
• Average LOM operating cash costs of $8.15/oz AgEq, and all-in sustaining costs (AISC) of $9.02/oz AgEq;
• Average annual production of eight million AgEq oz;
• Approximately half of LOM metal production is long hole underground (UG), and approximately half is open-pit (OP) mining.

Highlights of the updated mineral resource:

• Increase of 55 per cent in measured and indicated silver equivalent ounces from initial January, 2021,, with 39-per-cent increase in measured and indicated AgEq grade;
• Inclusion of 1.9 million tonnes measured and indicated at excellent grade of 516 grams per tonne AgEq in underground Eagle deposit;
• Measured and indicated mineral resource at LRS of 98.6 million ounces AgEq grading 276 g/t AgEq contained in 11.1 million tonnes (Mt);
• Increased confidence in MRE, with conversion of approximately nine million ounces AgEq from initial January, 2021, inferred mineral resources to measured and indicated, resulting in 13.6 million ounces AgEq in inferred mineral resources at LRS grading 185 g/t AgEq contained in 2.3 Mt;
• Total Los Ricos measured and indicated mineral resources of 186 million ounces AgEq, including Los Ricos North;
• Total Los Ricos inferred mineral resources of 84 million ounces AgEq, including Los Ricos North.

Los Ricos South mineral resource estimate

The basis for the PEA is the mineral resource estimate completed by P&E for the Los Ricos South project located in Jalisco state, Mexico, which has an effective date of Sept. 12, 2023, which is available on SEDAR+. A summary of the mineral resource estimate is provided herein.

Los Ricos North

During 2023, the company completed an updated PEA at Los Ricos North. For 2024, the company will assess all technical and debt financing proposals that may allow the continued advancement of the project toward a construction decision, even during a potential construction phase of Los Ricos South should a construction decision be made on that project.

The highlights of the PEA were previously announced in a news release dated May 17, 2023, and the effective date of the report is May 17, 2023. See that news release or the NI 43-101 compliant technical report filed on SEDAR+ on June 30, 2023, for details, in addition to the following summary.

Highlights of the PEA, with a base case silver price of $23 (U.S.)/oz and gold price of $1,800 (U.S.)/oz are as follows (all figures in U.S. dollars unless otherwise stated):

• After-tax NPV (using a discount rate of 5 per cent) of $413-million with an after-tax IRR of 29 per cent (base case);
• 13-year mine life producing a total of 110.3 million payable silver equivalent ounces, consisting of 68 million silver ounces, 221,700 gold ounces, 22.8 million pounds of copper, 144.1 million pounds of lead and 242.2 million pounds of zinc;
• Initial capital costs of $221-million, including $29-million in contingency costs, over an expected 18-month build, additional expansion capital of $137-million and sustaining capital costs of $6-million over the life of mine;
• Average LOM operating cash costs of $9.50/oz AgEq, and all-in sustaining costs of $9.68/oz AgEq;
• Average annual production of 8.8 million AgEq oz in years one through 12;
• Approximately three-quarters of LOM production is from four open pits containing oxide mineralization and approximately one-quarter is from a separate open pit which contains only sulphide mineralization.

Los Ricos North -- mineral resource estimate

The basis for the PEA is the mineral resource estimate completed by P&E in the National Instrument 43-101 technical report on the initial mineral resource estimate for the Los Ricos North project located in Jalisco state, Mexico, which has an effective date of Dec. 1, 2021. A summary of the mineral resource estimate is provided herein.

Los Ricos district -- combined mineral resource estimate

The Los Ricos district, including both Los Ricos North and Los Ricos South, has a combined 186 million measured and indicated silver equivalent ounces and 84 million inferred silver equivalent ounces in mineral resource estimates.

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

David Duncan, PGeo, is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information of this release related to Los Ricos North and Los Ricos South.

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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