GoGold Advances the Development of their Los Ricos South Project

Rhea-AI Summary

GoGold (OTCQX: GLGDF) has advanced Los Ricos South to execution phase with detailed design work and long‑lead orders underway. Key engineering milestones: plant design 55% complete, SART design 70% complete, underground contractor selected, paste plant design contract issued, and water and geotech programs finished.

The company says it holds approximately $250 million USD in cash and expects to commence site construction once required permits are issued.

Positive

• $250 million USD cash on hand
• Detailed plant design 55% complete
• Detailed SART plant design 70% complete
• Underground contractor selected (Cominvi)
• Supply contract reached for grid power from Yesca Hydro

Negative

• Construction contingent on permit issuance
• Design work incomplete (major systems at 55%–70%)
• 100% operations located in Mexico (geographic concentration risk)

Halifax, Nova Scotia--(Newsfile Corp. - February 23, 2026) - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is pleased to report that it has advanced to the execution phase of the Los Ricos South Project located in the Jalisco State, Mexico by launching detailed design activities and initiating the placement of orders for long lead items.

Significant progress has been made to date including:

1. Underground Mexican mining contractor selected (Cominvi, S.A. de C.V.).
2. Detailed underground mine design and planning advanced.
3. Detailed plant design by M3 Mexicana, S de RL de CV, has advanced to 55% complete.
4. Detailed SART (sulfidization, acidification, recycling, and thickening) plant design has advanced to 70% complete.
5. Identified suppliers and preparing to order a new SAG grinding mill in the coming weeks.
6. Design of the DSTF (dry stack tailings facilities) has advanced.
7. Contract issued for the detailed design of the Paste Plant.
8. All site geo-tech work to support the design programs has been competed.
9. Supply contract reached with the local utility company, Comision Federal de Electricidad ("CFE"), over project grid power supply from the Yesca Hydro dam. Engineering of the line is in progress with the local electrical company Sistema, and most of the routing will be covered by existing CFE easements/right of ways.
10. Water supply assessments, both surface and ground supplies, are well advanced.

"The advancement of the Los Ricos underground project marks an important milestone in the growth of the company," Brad Langille, President and CEO stated. "The progress to date will ensure a quick launching of site construction once the permit is issued, we are shovel ready. We have assembled a strong Mexican team to construct, commission and ramp up production. With approximately $250 million USD in the bank and the cash flow that our Parral operation is generating, we look forward to getting underway in Los Ricos to the benefit of the local community and all the stakeholders. We will continue to make substantial investments in the Mexican economy, where 100% of our operations are located."

Mr. Robert Harris, P.Eng. is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information of this release related to Parral.

About GoGold Resources

GoGold Resources (TSX: GGD) is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high quality projects in Mexico. The Company operates the Parral Tailings mine in the state of Chihuahua and has the Los Ricos South and Los Ricos North exploration and development projects in the state of Jalisco. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin projects. For more information visit gogoldresources.com.

For further information please contact:

Steve Low, Corporate Development
GoGold Resources Inc.
T: 416 855 0435

Email : steve@gogoldresources.com
Or visit : www.gogoldresources.com

CAUTIONARY STATEMENT:
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to exemptions therefrom. This release does not constitute an offer to sell or a solicitation of an offer to buy of any of GoGold's securities in the United States.

This news release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Parral tailings mine, the Los Ricos projects, future operating margins, future production and processing, and future plans and objectives of GoGold, constitute forward looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of GoGold and its subsidiaries as a going concern, general economic and market conditions, mineral prices, the accuracy of mineral resource estimates, and the performance of the Parral tailings mine. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.

Important factors that could cause actual results to differ materially from GoGold's expectations include exploration and development risks associated with the GoGold's projects, the failure to establish estimated mineral resources or mineral reserves, volatility of commodity prices, variations of recovery rates, and global economic conditions. For additional information with respect to risk factors applicable to GoGold, reference should be made to GoGold's continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, GoGold's Annual Information Form. The forward-looking information contained in this release is made as of the date of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284796

FAQ

What development progress did GoGold (GLGDF) report for Los Ricos South on February 23, 2026?

GoGold reported moving to execution with detailed designs and long‑lead orders initiated. According to the company, plant design is 55% complete and SART design is 70% complete, with an underground contractor selected and geotech work finished.

How much cash does GoGold (GLGDF) say it has to fund Los Ricos South construction?

GoGold says it holds approximately $250 million USD in cash. According to the company, that cash plus Parral operation cash flow supports being shovel‑ready once permits are secured.

Has GoGold (GLGDF) secured power for the Los Ricos South project?

GoGold reached a supply contract with the local utility for grid power from Yesca Hydro. According to the company, engineering of the line is in progress and routing uses existing CFE easements.

What key contractors and equipment commitments has GoGold (GLGDF) made for Los Ricos South?

GoGold selected Cominvi as the underground contractor and has issued a paste plant design contract. According to the company, suppliers identified and a SAG mill order is planned in coming weeks.

When will GoGold (GLGDF) start site construction at Los Ricos South?

Site construction is planned to start after required permits are issued. According to the company, current progress makes the project "shovel ready" once permitting is complete.

What technical work is complete for GoGold's (GLGDF) Los Ricos South project?

Geotechnical and water supply assessments are complete or well advanced. According to the company, all site geo‑tech work supporting designs has been completed and water assessments are well advanced.