Golconda Gold Ltd. Releases Q3 2025 Production Update

Executive Summary

• Golconda Gold reported Q3 2025 gold production of 3,588 ounces, an 18% increase vs. Q2 2025 and a 51% increase vs. Q3 2024.
• The production boost was driven by an 81% rise in ore mined at the Princeton orebody, following the start of mining at the Princeton Top section.
• Management highlighted strong cash flow generation, balance‑sheet de‑leveraging, and plans to refurbish the sub‑vertical shaft for second‑level mining at Galaxy by year‑end 2025.

Key Details

• Total Ore Mined (Q3 2025): 40,503 t (up from 31,481 t in Q2 2025).
• Ore Grade (Q3 2025): 3.31 g/t (vs. 3.67 g/t in Q2 2025 and 3.18 g/t in Q3 2024).

• Waste Tonnage (Q3 2025): 18,290 t.

• Princeton Segment:

• Ore Mined: 22,303 t (up 81% from Q2 2025’s 12,346 t).

• Ore Grade: 3.39 g/t (down slightly from 4.63 g/t in Q2 2025).

• Galaxy Segment:

• Ore Mined: 18,200 t (down modestly vs. 19,135 t in Q2 2025).

• Ore Grade: 3.22 g/t (slightly higher than 3.06 g/t in Q2 2025).

• Processing Results (Q3 2025):

• Concentrate Produced: 3,229 t (vs. 2,480 t in Q2 2025).
• Concentrate Grade: 34.6 g/t (down from 38.0 g/t in Q2 2025).

• Gold Produced: 3,588 oz (up from 3,030 oz in Q2 2025 and 2,384 oz in Q3 2024).

• Operational Cash Flow: Higher gold price and increased production are generating “significant operational cash flow” used to de‑leverage the balance sheet.

• Future Expansion Plans:

• Refurbishment of existing sub‑vertical shaft and related infrastructure.
• Target to commence mining on a second level at the Galaxy orebody by end‑2025, adding an additional ore source to the processing plant, which has spare capacity.

Notable Quotes

• Ravi Sood, CEO: “Galaxy achieved record gold production in Q3… With the materially higher gold price, the Company is generating significant operational cash flow and continues to de‑leverage its balance sheet and invest in further expansion at Galaxy…”