Golconda Gold Ltd. Releases Financial and Operating Results for Q2 2023

TORONTO, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Golconda Gold Ltd. (“Golconda Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce the release of its financial results for the three and six months ended June 30, 2023.

A copy of the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2023, 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 2023 Highlights (“Q2 2023”):

• mined 19,171 tonnes of ore from its Galaxy and Princeton ore bodies, with an average grade of 3.11 grammes per tonne (g/t) an increase of 14% compared to 16,754 tonnes at 3.30 g/t in the three months ended March 31, 2023 (“Q1 2023”);
• produced 1,422 tonnes of concentrate at an average grade of 37.0 g/t containing 1,689 ounces of gold compared to 1,449 tonnes at 34.0 g/t containing 1,584 ounces of gold in Q1 2023, an increase of 7% in gold production quarter on quarter; and
• generated revenue of US$2.5 million from the sale of 1,639 contained ounces (1,308 payable ounces) of gold at an operating cash cost of US$1,571 per payable ounce compared to US$2.0 million revenue in Q1 2023 from the sale of 1,434 contained ounces (1,114 payable ounces) of gold at an operating cash cost of US$1,790 per payable ounce, representing a 25% increase in revenue and 12% reduction in operating cash cost quarter on quarter.⁽¹⁾

Golconda Gold CEO, Nick Brodie commented: “The second quarter of 2023 saw improvements in material mined and gold produced, despite a difficult operating environment while the team worked through the challenges presented in the first quarter of 2023. Equipment availabilities continue to increase, and we are confident that production will continue to ramp up as we further develop the Galaxy and Princeton ore bodies. Discussions are ongoing regarding securing further financial capacity at Galaxy which is expected to enable a dedicated development crew allowing the existing crew and fleet to focus purely on stoping, and to also fund development to a second level at the Galaxy ore body. ⁽²⁾