GoGold Announces Closing of C$144 Million Bought Deal Financing

On November 27, 2025, GoGold Resources announced the closing of its previously announced bought deal public offering. The company issued 54,245,500 units at a price of C$2.65 per unit for aggregate gross proceeds of approximately C$144 million, which includes the full exercise of the over-allotment option. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at an exercise price of C$3.50 for a period of 36 months following the closing of the offering. The proceeds will be used for exploration and development of the Los Ricos projects and for general corporate purposes.

This financing is a material and positive event for GoGold Resources. It represents a major de-risking milestone for the company's flagship Los Ricos South project.

• Fully Funded for Construction: The Los Ricos South Feasibility Study (FS) from January 2025 outlined an initial capital requirement of US$227 million. As of the end of fiscal Q4 2025 (September 30, 2025), the company reported a cash balance of US$141 million. The gross proceeds of C$144 million from this financing convert to approximately US$105 million (assuming a 0.73 USD/CAD exchange rate). This brings the pro-forma cash position to approximately US$246 million, fully covering the initial capex with a surplus. By securing these funds through equity, the company avoids the need for potentially restrictive and costly project debt financing.

• Dilution and Warrant Overhang: The positive of being fully funded is tempered by significant shareholder dilution. This single financing increases the basic share count by approximately 14% (from ~378M to ~433M shares). Additionally, the issuance of 27.1 million warrants exercisable at C$3.50 creates a future overhang. This price level will likely act as a resistance point for the stock, and the exercise of these warrants will cause further dilution.

• Financing Progression: The company has executed two major financings in 2025. The first, in April, raised C$86 million at C$1.82 per share. The latest financing was done at a 46% higher price of C$2.65 per unit, demonstrating market confidence and the company's ability to raise capital at progressively better terms. However, the deal was priced at a discount to the pre-announcement trading price of C$2.81, leading to immediate post-financing weakness in the stock, which is a common occurrence.

In conclusion, while the dilution is a clear negative, the act of fully funding the path to becoming a mid-tier silver producer is a transformational and strategically sound move. It removes the largest uncertainty—financing risk—and shifts the market's focus to the final hurdles of permitting and construction execution. The positive impact of securing the full construction capital outweighs the negative of dilution.

GoGold Resources Inc. is a Canadian-based silver and gold producer with projects in Mexico. The company operates the Parral Tailings project in Chihuahua, which provides steady production and cash flow.

The company's primary focus and flagship asset is the Los Ricos District in Jalisco, Mexico, which is divided into two projects: 1. Los Ricos South (LRS): This is the more advanced project. The January 2025 Feasibility Study (FS) outlines a 15-year mine life with an after-tax NPV(5%) of US$355 million and an IRR of 28%. The project has Proven and Probable reserves of 91 million AgEq ounces. Initial capex is estimated at US$227 million. The project is now fully funded and awaiting final permits for a construction decision. 2. Los Ricos North (LRN): This is an earlier-stage exploration project with a large mineral resource. The May 2023 PEA showed a potential after-tax NPV(5%) of US$413 million. This project offers significant long-term growth potential for the company.

All projects are located in Mexico and are royalty-free, except for an obligation related to the Parral tailings material.