GoGold Resources Inc. announced the results of its updated Preliminary Economic Assessment and Mineral Resource Estimate at its Los Ricos South Project located in Jalisco State, Mexico. The updated PEA and MRE include the addition of the Eagle concession to the Project, acquired in October 2022, as well as additional drilling completed in the Main Zone of the Project since the release of the initial PEA in January 2021. Highlights of the PEA, with a base case silver price of USD 23.75/oz and gold price of USD 1,850/oz are as follows: After-Tax net present value of USD 458 Million with an After-Tax IRR of 37% (Base Case);.

11-year mine life producing a total of 88 Million payable silver equivalent ounces, consisting of 47 Million silver ounces, 493 Thousand gold ounces, and 14 Million pounds of copper;. The projected cash flows are very substantial, especially when combined with Los Ricos North PEA that was completed in March of this year. With an NPV of USD458 million at LRS and USD413 million at LRN, now have a total NPV of USD 871 million in Los Ricos district.

The updated PEA Summary. The updated PEA was prepared by independent consultants P&E Mining Consultants Inc. ("P&E"), with metallurgical test work completed by SGS Canada Inc.'s Lakefield office, geotechnical study by Golder & Associates of Tucson, process plant design and costing by D.E.N.M. Engineering Ltd., and environmental and permitting led by CIMA Mexico. Following are tables and figures showing key assumptions, results, and sensitivities.

The program included grinding and leaching as well as comminution testing. The leach samples comprised of drill core sampling rejects representing the various zones of the Mineral Resource and whole HQ drill core for the comminution work. This preliminary test program estimated average gold and silver respective metallurgical recoveries of 95% and 85%.

Mineral Resource Estimate. The basis for the PEA is the Mineral Resource Estimate completed by P&E for the Los Ricos South Project located in Jalisco State Inc, which has an effective date of September 8, 2023, with an NI 43-101 compliant Technical Report to be filed within 45 days of this news release. A summary of the Mineral Resource Estimate is provided in Table 6: Los Ricos South Mineral Resource Estimate - Pit Constrained and Out-of-Pit(1-7) Mining Area, Category, Tonnes, Average Grade, Contained Metal, Au, Ag, Cu, AuEq, AgEq, AgEQ, (M), (g/t), (g/t), ("g/t), (g-t), (g/t"), It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.

The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIMStandards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM standing Committee on Reserve Definitions and adopted by the CIM Council. Historically mined areas were depleted from the Mineral Resource model. A total of 585 drill holes totaling 93,591 metres were used in the MRE.

P&E collaborated with GoGold personnel to develop the mineralization models, estimates, and reporting criteria for the Resources at Los Ricos. Mineralization models were initially used in the MRE. Mineralization models were initially developed in October 2022.