A copy of the unaudited condensed consolidated interim financial statements for the three months ended March 31, 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.
First Quarter 2026 ("Q1 2026") Highlights:
mined 44,042 tonnes of ore from its Galaxy and Princeton ore bodies at an average grade of 3.03 grammes per tonne (g/t) compared to 36,073 tonnes at 3.43g/t in the three months ended December 31, 2025 ("Q4 2025");
completed 402 metres of development compared to 400 metres in Q4 2025;
produced 4,372 tonnes of concentrate at an average grade of 25.9 g/t containing 3,637 ounces of gold compared to 3,299 tonnes at 32.6 g/t containing 3,455 ounces of gold in Q4 2025, an increase of 5% in gold production;
generated revenue of $13.9 million at an operating cash cost of $1,819 per payable ounce compared to revenue of $10.5 million at an operating cash cost of $1,768 per payable ounce for Q4 2025(1);
generated net earnings of $5.5 million and fully diluted earnings per share ("EPS") of $0.07 compared to net earnings of $3.1 million and fully diluted EPS of $0.04 in Q4 2025;
generated operating cash flow of $6.8 million and repaid $2.6 million of debt compared to operating cash flow of $3.0 million in Q4 2025; and
progressed the Summit restart plan, with mine site generators and compressors being procured ahead of a planned re-start of mining in the second quarter of 2026.
Golconda Gold CEO, Ravi Sood commented: "Q1 2026 provided incremental gains on all operational and financial metrics, delivering record gold production and quarterly revenue and earnings. Mining at Galaxy 26 Level commenced at the end of 2025 and is expected to provide additional ore delivery and mining flexibility as it continues its ramp up through the remainder of 2026. We continued de-leveraging our balance sheet and ended Q1 2026 debt free. Significant progress was made at the Summit Mine in New Mexico, USA with mining expected to commence by the end of the second quarter of 2026, and processing expected to commence in the second half of 2026. 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.
