GoGold Releases Q2 2024 Financial Results and Announces Board Changes

Shares outstanding: 328,612,319
Trading Symbols: TSX: GGD
OTCQX:GLGDF

HALIFAX, NS, May 8, 2024 /PRNewswire/ – GoGold Inc. Resources (TSX: GGD) (OTCQX: GLGDF) (“GoGold”, “the Company”) is pleased to announce financial results for the quarter ended March 31, 2024. The Company generated net income of $1.3 million on revenue of $8.9 million (all amounts are in U.S. dollars) with sale of 374,140 ounces of silver equivalent.

GoGold Resources Inc. (CNW Group/GoGold Resources Inc.) logo

“At Parral, we are seeing the benefits of increased production and rising metals prices, along with the successful addition of the SART zinc circuit. With our production expected to continue to increase in the coming quarters, we see this contributing to our strong balance sheet and ability to execute on our Los Ricos South project,” said Brad Langille, president and CEO.

Highlights from the quarter ended March 31, 2024:

• Money of $80.8 million dollars

• Revenue of US$8.9 million from the sale of 374,140 ounces of silver equivalent at a realized price per ounce of US$23.90 per ounce

• Net profit of US$1.3 million

• Production of 375,745 ounces of silver equivalent, consisting of 138,657 ounces of silver, 2,184 ounces of gold and 93 tonnes of copper

• First quarter producing zinc precipitate, with 92 tons produced

• Adjusted cash cost per ounce of silver equivalent of $17.29

• Adjusted all to sustaining cost per ounce of silver equivalent of $24.20

The following are tables showing summary financial information and key performance indicators:

Changes to the Board of Directors (“Board”)

The Company is announcing the retirement of George Waye, FCPA, FCA from its Board. Waye has provided invaluable experience and guidance over 14 years serving on the Company’s Board, originally joining in June 2010. His financial experience combined with strategic knowledge helped transform GoGold from a shell company into a silver and gold producer for over 10 years at Parral is well positioned for the upcoming development of the Los Ricos district. “We would like to thank George for his many years of service and for all the valuable knowledge and contributions he has provided over 14 years to help the company grow to the strong position we are in today,” said John Turner, Chairman of the Board .

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The Company has appointed Douglas Reid to its Board, effective May 7, 2024. Mr. Reid is a former partner at KPMG Canada, where he served in various leadership roles, including managing partner of Atlantic and as a member of the Board of Management of KPMG Canada. . During his 40-year career at KPMG, Mr. Reid has provided professional services to many of Atlantic Canada’s leading public and private companies, including entities in the mining sector and entities with international operations. Mr. Reid currently serves on the board of directors of the Halifax Port Authority. “We are extremely pleased to have Doug joining the team. With his exceptional experience and skill set, coupled with his familiarity with GoGold, we are confident that his addition as a director of the Company will be very beneficial to shareholders,” said Mr. . Langille.

This press release should be read in conjunction with the interim condensed consolidated financial statements for the quarter ended March 31, 2024, notes to the financial statements, and management’s discussion and analysis for the quarter ended March 31, 2024, which were filed on SEDAR and are available on the Company’s website.

The technical information contained in this press release with respect to GoGold has been reviewed and approved by Mr. Bob Harris, P.Eng., who is a qualified person for purposes of NI 43-101.

About GoGold Resources

GoGold Resources (TSX: GGD) is a Canadian silver and gold producer focused on the operation, development, exploration and acquisition of high-quality projects in Mexico. The Company operates the Parral Tailings mine, in the state of Chihuahua, and has the Los Ricos Sul and Los Ricos Norte exploratory projects, in the state of Jalisco. Headquartered in Halifax, NS, GoGold is building a portfolio of low-cost, high-margin projects. For more information visit gogoldresources.com.

CAUTION STATEMENT:

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and may not be offered or sold within the United States. States or for, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act), except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws ​​or in accordance with its exemptions. This communication does not constitute an offer to sell or a solicitation of an offer to buy any of GoGold’s securities in the United States.

This press release may contain “forward-looking information” as defined in applicable Canadian securities legislation. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding the Parral tailings project, the Los Ricos project, future operating margins, future production and processing, and GoGold’s future plans and objectives, constitute forward-looking statements seeking information that involve a number of risks and uncertainties. Forward-looking information is based on a number of factors and assumptions that were used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions regarding the continued existence of GoGold and its subsidiaries as a going concern. concern, general economic and market conditions, mineral prices, the accuracy of mineral resource estimates and the performance of the Parral project. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.

Important factors that could cause actual results to differ materially from GoGold’s expectations include exploration and development risks associated with GoGold’s projects, the failure to establish estimated mineral resources or mineral reserves, commodity price volatility, variations in recovery rates and global economic conditions. For additional information regarding risk factors applicable to GoGold, reference should be made to GoGold’s continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, GoGold’s Annual Information Form. The forward-looking information contained in this release is made as of the date of this release.

Non-GAAP Injunctive Measures and Additional GAAP Measures

Please note that for purposes of this section, GAAP refers to IFRS. The Company believes that investors use certain non-GAAP measures and additional GAAP measures as indicators to evaluate mining companies. They are intended to provide additional information and should not be considered in isolation or as a substitute for performance measures prepared using GAAP. Non-GAAP and additional GAAP measures do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies.

Additional GAAP measures presented in the Company’s consolidated statements of comprehensive income include “Operating profit (loss).” These measures are intended to provide an indication of the Company’s mine and operational performance. Measurements per ounce are calculated by dividing relevant mining and processing costs and total costs by the tons of ore processed in the period. “Adjusted cash costs per ounce” and “Adjusted total carrying costs per ounce” are used in this analysis and are non-GAAP terms typically used by mining companies to evaluate the level of gross margin available to the Company, subtracting these costs from the unit price realized during the period. These non-GAAP terms are also used to evaluate a mining company’s ability to generate cash flow from operations. There may be some variation in the method of calculating these metrics, as determined by the Company, compared to other mining companies. In this context, “Adjusted cash costs per ounce” reflect the cash operating costs allocated from in-process and in-stock inventories associated with the ounces of silver and gold sold in the period. “Adjusted cash costs per ounce” may vary from period to period due to operational efficiencies, grade of material processed and silver/gold recovery rates in the period. “Adjusted total sustaining costs per ounce” include total cash, exploration, corporate and administrative costs, share-based compensation and sustaining capital costs. For a reconciliation of non-GAAP and GAAP measures, see Management’s Discussion and Analysis dated May 7, 2024 for the three months ended March 31, 2024, as presented on SEDAR.

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