Golconda Gold Releases Financial and Operating Results for Q2 2026

TORONTO, Aug. 28, 2026 (GLOBE NEWSWIRE) -- Golconda Gold Ltd. (“Golconda Gold” or the “Company”) (TSX-V: GG; OTCQX: GGGOF) is pleased to announce the release of its financial and operating results for the three and six months ended June 30, 2026.

A copy of the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2026, prepared in accordance with International Financial Reporting Standards, and the corresponding management’s discussion and analysis (the “MD&A”), are available under the Company’s profile on www.sedarplus.ca. All references to “$” in this press release refer to United States dollars.

Second Quarter 2026 (“Q2 2026”) Highlights:

• mined 40,159 tonnes of ore from its Galaxy and Princeton ore bodies at an average grade of 2.98 grammes per tonne (g/t) compared to 44,042 tonnes at 3.03 g/t in the three months ended March 31, 2026 (“Q1 2026”);
• completed 387 metres of development compared to 402 metres in Q1 2026;
• processed 44,811 tonnes of ore compared to 41,180 in Q1 2026;
• produced 3,602 tonnes of concentrate at an average grade of 31.5 g/t containing 3,648 ounces of gold compared to 4,372 tonnes at 25.9 g/t containing 3,637 ounces of gold in Q1 2026;
• generated revenue of $12.0 million at an average realised gold price of $4,668 per payable ounce and an operating cash cost of $1,830 per payable ounce compared to revenue of $13.9 million at an average realised gold price of $5,025 per payable ounce and an operating cash cost of $1,819 per payable ounce for Q1 2026⁽¹⁾;
• generated net earnings of $3.9 million and fully diluted earnings per share (“FDEPS”) of $0.05 compared to net earnings of $5.5 million and FDEPS of $0.07 in Q1 2026; and
• progressed the Summit Mine restart with the appointment of the mining contractor and significant investment in capital equipment and mining establishment, with first ore being delivered to the surface on July 7, 2026.
  

Golconda Gold CEO, Ravi Sood commented: “Q2 2026 provided solid operational and financial results, with 2026 year-to-date showing a 22% increase in gold production compared to 2025 year-to-date and operating cash flow for the first six months of 2026 of $8.7 million. This strong cash generation enabled the Company to become debt-free in Q1 2026 and continue investment in our fleet replenishment and standardisation program at Galaxy. In Q2 we took delivery of and commissioned three new loaders, one dump truck and one drill rig. This was the largest ever single quarter capital equipment expenditure at Galaxy and is an important part of our ongoing production growth. Additionally, we are pleased to announce commencement of underground mining operations at the Summit Mine in New Mexico, USA, with our mining contractor mobilised, mining fleet delivered and commissioned and first ore being delivered in July. Processing operations are expected to commence in the near future and this is expected to increase our production, revenue and, ultimately profitability, while diversifying geographically and adding significant exposure to silver.” ⁽²⁾

About Golconda Gold

Golconda Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in South Africa and New Mexico. Golconda Gold is a public company and its shares are quoted on the TSX Venture Exchange under the symbol “GG” and the OTCQX under the symbol “GGGOF”. Golconda Gold’s management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programmes. Golconda Gold is committed to operating at the highest standards, focused on the safety of its employees, respecting the environment, and contributing to the communities in which it operates.

Notes:
(1) Cash cost is a non-GAAP measure. Refer to the table below and to “Supplemental Information to the MD&A” for reconciliation to measure reported in the Company’s financial statements.

(2) This is forward-looking information and is based on a number of assumptions. See “Cautionary Notes”.

Cautionary Notes

Certain statements contained in this press release constitute “forward-looking statements”. All statements other than statements of historical fact contained in this press release, including, without limitation, those statements regarding the Company’s expectation that processing operations at the Summit Mine will commence in the near future and the Company’s expectation that this will increase production, revenue, and profitability while diversifying geographically and adding significant exposure to silver, and the Company’s future financial position and results of operations, strategy, proposed acquisitions, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements.

Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the Company’s management’s discussion and analysis for the year ended December 31, 2025. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.

Information of a technical and scientific nature that forms the basis of the disclosure in the press release has been approved by Kevin Crossling Pr. Sci. Nat., MAusIMM. Geological Consultant for Golconda Gold, and a “qualified person” as defined by National Instrument 43-101. Mr. Crossling has verified the technical and scientific data disclosed herein and has conducted appropriate verification on the underlying data.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information please contact:
Ravi Sood
CEO, Golconda Gold Ltd.
+1 (647) 987-7663
ravi@golcondagold.com
www.golcondagold.com