Mr. Frank Basa reports

GRANADA GOLD MINE ADVANCES TOWARDS OPEN PIT MINING WITH RENEWAL OF MINING DEVELOPMENT LEASE BM-813

Granada Gold Mine Inc. has made significant progress in its pursuit of open-pit mining with the submission of a renewal for mining development lease BM-813, which is now approved for signing. This renewal, facilitated through the Directorate of Development and Control of Mining Activity (DDCAM), part of the Ministry of Natural Resources and Forestry (MNRF), marks a critical milestone in the company's journey toward becoming a prominent gold producer on the Cadillac Break.

The renewal application for mining development lease BM-813, covering a 21.12-hectare area, has been submitted under the provisions outlined in Section 121 of the Mining Act. Granada Gold anticipates now that BM-813 is approved for signing, it is ready to see these consolidated mining leases (BM-813 and BM-852) monetized, underscoring the company's commitment to advancing its operations responsibly and in compliance with regulatory standards.

Mining lease BM-813 holds significant historical significance for Granada Gold, having previously yielded notable results from high-grade vein 1. A 500-tonne surface bulk sample extracted in 2022 showcased promising grades, with a reported gold content of 3.95 grams per tonne. This vein has a rich history dating back to the 1930s when it was mined underground, yielding impressive grades of nine g/t to 10 g/t gold. Subsequent open-pit mining endeavours in 1993 to 1994 and 1996 further demonstrated the area's potential, with grades ranging from 3.46 g/t to 5.17 g/t gold.

Frank Basa, president and chief executive officer of Granada Gold Mine, commented on the significance of the lease renewal: "We have made great strides this last year, we are pleased to see BM-813 coming through in conjunction with BM-852; the land package remains consolidated and permitted. We now have a timeline to work with. This is a critical step forward as we work towards open-pit mining and to solidify partnerships within our communities."

Granada Gold Mine is actively engaged in seeking a milling partner to support its operational endeavours. With the renewal of BM-813, the company is poised to accelerate its timeline toward production and capitalize on the abundant opportunities presented by the prolific Cadillac Break.

Qualified person

The technical information in this news release has been reviewed and approved by Claude Duplessis, PEng, GoldMinds Geoservices Inc., who is a member of the Quebec Order of Engineers and a qualified person in accordance with the National Instrument 43-101.

About Granada Gold Mine Inc.

Granada Gold Mine continues to develop and explore its 100-per-cent-owned Granada gold property near Rouyn-Noranda, Que., which is adjacent to the prolific Cadillac Break. The company owns 14.73 square kilometres of land in a combination of mining leases and claims. The company is undergoing a large drill program with 30,000 metres out of 120,000 metres complete. The drills are currently paused to provide the technical team with the necessary time to evaluate and assimilate existing data.

The Granada shear zone and the South shear zone contain, based on historical detailed mapping as well as from current and historical drilling, up to 22 mineralized structures trending east-west over 5.5 kilometres. Three of these structures were mined historically from four shafts and three open pits. Historical underground grades were eight grams per tonne to 10 grams per tonne gold from two shafts down to 236 m and 498 m with open-pit grades from 3.5 to five grams per tonne gold.

Mineral resource estimate

On Aug. 20, 2022, the company released an updated National Instrument 43-101 technical report supporting the resource estimate update for the Granada gold project (please see July 6, 2022, news release) reporting that the Granada deposit contains an updated mineral resource, at a base case cut-off grade of 0.55 g/t gold for pit-constrained mineral resources within a conceptual pit shell and at a base case cut-off grade of 2.5 g/t for underground mineral resources within reasonably minable volumes, of 543,000 ounces of gold (8.22 million tonnes at an average grade of 2.05 g/t Au) in the measured and indicated category, and 456,000 ounces of gold (3.01 million tonnes at an average grade of 4.71 g/t Au) in the inferred category. Please see the table entitled "Mineral resource estimate showing tonnes, average grade and gold ounces" for full details. Report reference: Granada gold project mineral resource estimate update, Rouyn-Noranda, Que., Canada, authored by Yann Camus, PEng, and Maxime Dupere, BSc, PGeo, SGS Canada, dated Aug. 20, 2022, and with an effective date of June 23, 2022.

The property includes the former Granada Gold underground mine, which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930s from two shafts before a fire destroyed the surface buildings. In the 1990s, Granada Resources extracted a bulk sample (pit No. 1) of 87,311 tonnes grading 5.17 g/t Au. It also extracted a bulk sample (pit No. 2) of 22,095 tonnes grading 3.46 g/t Au.

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