Gold Springs Resource Corp. Files Q1 2025 Financial Statements, MD&A and Provides Operations Update

Vancouver, British Columbia--(Newsfile Corp. - May 13, 2025) - Gold Springs Resource Corp. (TSX: GRC) (OTCQB: GRCAF) (the "Company"), reports the release of its unaudited consolidated financial statements for the three months ended March 31, 2025 and the related management's discussion and analysis of financial position and results of operations ("MD&A"). In this press release, all amounts are expressed in U.S. dollars, unless otherwise indicated.

During the three months ended March 31, 2025, general and administrative expenses, excluding non-cash share-based payments, decreased to $0.14 million compared with $0.15 million during the three months ended March 31, 2024. Exploration spending during the three months ended March 31, 2025, increased to $0.09 million, from $0.07 million incurred during the same period of 2024. During the three months ending March 31, 2025, the Company reported a net loss of $0.17 million ($nil loss per share) compared with net loss of $0.16 million ($nil loss per share), primarily resulting from an increase in foreign exchange losses. As of March 31, 2025, the Company had cash of $0.02 million.

Operations Update

The Company is pleased to announce that it has engaged ADT Environmental & Mineral Consultants and Global Resource Engineering to apply for permits to build a heap-leach processing pilot plant on private land and a starter pit at the South Jumbo area in Utah, where a resource estimate of 214,565 oz M&I Au has been identified*.

In addition, the Company plans to complete a water well near the processing facility, which will have the capacity to supply water for a large-scale operation.

* Please refer to the technical report: "Mineral Resource Estimate NI 43-101 Technical Report - Gold Springs Project - Utah-Nevada, USA" dated July 11, 2022 for additional information (Measured: 114,558 oz Au (6,456,000 tonnes with a grade of 0.55 gpt) - Indicated: 100,007 oz Au (5,657,000 tonnes with a grade of 0.55 gpt - M&I: 214,565 oz AU (12,115,000 tonnes with a grade of 0.55 gpt)).

About Gold Springs Resource Corp.

Gold Springs Resource Corp. (TSX: GRC) (OTCQB: GRCAF) is focused on the exploration and expansion of the gold and silver resources of its large Gold Springs project located on the border of Nevada and Utah, USA. The project is situated in the prolific Great Basin of Western USA, one of the best mining jurisdictions in the world.