Mr. Frank Basa reports

RECORD GOLD PRICE SIGNIFICANTLY ENHANCES GRANADA GOLD MINES POTENTIAL FOR MORE OPEN-PIT OUNCES

With the recent increase in the price of gold, Granada Gold Mine Inc. is reviewing previous resource calculations from May 16, 2017.

The price of gold on May 15, 2017, was $1,260 (U.S.) per ounce of gold and on April 23, 2025, was $3,324 (U.S.) dollars per ounce of gold -- an increase of 164 per cent. This significantly improves the resource potential of the deposit.

"The calculated 43-101 resource done on May 16, 2017, for measured and indicated ounces gold is 48 per cent higher at 807,700 ounces than the current 2022 resource, and the inferred is 228 per cent higher at 1.5 million ounces," commented Frank J. Basa, president and chief executive officer of Granada Gold Mines. "With the property only 20-per-cent explored, there remains significant potential moving to the east towards the historic Aukeko and Austin-Rouyn shafts."

The earlier resource estimate, completed in 2017, features open pit and high-grade underground resources, immediately north of near-surface deposit (May 16, 2017, NR). This resource estimate, prepared by GoldMinds Geoservices Inc., is considered relevant considering the increase in the price of gold because it affects the potential size of the open pit shell and is reliable as all work was done in accordance with NI 43-101 standards.

• 807,700 ounces of measured and indicated gold averaging 1.16 grams per tonne pit constrained consisting of 625,000 ounces measured at 1.14 g/t gold and 182,700 ounces indicated at 1.26 g/t gold at a cut-off grade of 0.39 g/t gold;
• 1.5 million ounces of gold averaging 4.56 g/t underground in the inferred category at a cut-off grade of 1.5 g/t gold.

The data used in the 2017 resource were and are still available and are used in the 2022 resource estimate, however, different mining parameters were applied. The company believes that minimal work is required to update the 2017 estimate by reconsidering economic parameters for underground and open pit scenarios.

Redoing the economic parameters for open pit and underground is required to upgrade and verify the 2017 estimate as current mineral resources. A qualified person has not done sufficient work to classify the 2017 estimate as current mineral resources. The issuer is not treating the 2017 estimate as current mineral resources.

The current resource estimate, completed in 2022, features in-pit and underground resources (July 6, 2022, NR).

• 425,000 ounces of measured and indicated pit-constrained gold averaging 1.81 g/t consisting of 261,000 ounces measured at 1.68 g/t gold and 164,000 ounces indicated at 2.09 g/t gold at a cut-off grade of 0.55 g/t gold;
• 118,000 ounces of measured and indicated underground gold averaging 3.92 g/t consisting of 8,000 ounces measured at 3.84 g/t gold and 110,000 ounces indicated at 3.939 g/t gold at a cut-off grade of 2.5 g/t gold;
• 456,000 ounces of inferred combined pit constrained and underground gold averaging 4.71 g/t with a cut-off grade of 0.55 g/t gold for in-pit ounces and 2.5 g/t gold for underground ounces.

Qualified person

The technical information in this news release was reviewed and approved by Matthew Halliday, PGeo, director of Granada Gold Mine, and member of the Ordre des Geologues du Quebec, who is a qualified person in accordance with National Instrument 43-101.

Mineral resource estimate

On Aug. 22, 2022, the company filed an updated NI 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 Au 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 mineable 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 Table 1 for full details.

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., and 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 currently undergoing a large drill program with 18,000 metres out of 120,000 metres complete. The drills are currently paused to provide the technical team with the necessary time to evaluate, assimilate existing data and wait for improved market conditions.

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 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 (National Instrument 43-101 reference).

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. They also extracted a bulk sample (pit No. 2) of 22,095 tonnes grading 3.46 g/t Au.

We seek Safe Harbor.