Parral Reports Annual Production of 2.3M AgEq Oz and Quarterly Production of 526K AgEq Oz

Rhea-AI Summary

GoGold Resources announced production results for the fiscal year ending September 30, 2021, achieving 2.27 million silver equivalent ounces and generating over $22 million in free cash flow. Quarterly production reached 526,044 AgEq ounces, with a notable increase in copper production to 138 tonnes. The year maintained production stability similar to the prior year, highlighting operational efficiency. GoGold plans to reinvest free cash flow into the Los Ricos project, aiming for significant value growth for shareholders.

Positive

• Achieved 2.27 million silver equivalent ounces for the year.
• Generated over $22 million in free cash flow.
• Quarterly production reached 526,044 AgEq ounces.
• Increased copper production to 138 tonnes.

Negative

• Silver production decreased from 1.31 million ounces in 2020 to 1.14 million ounces in 2021.
• Gold production increased but remains volatile.

Shares Outstanding:      277,847,367
Trading Symbols:        TSX: GGD
OTCQX: GLGDF

HALIFAX, NS, Oct. 6, 2021 /PRNewswire/ - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is pleased to report production for the year ending September 30, 2021 of 2,270,073 silver equivalent ounces ("AgEq"), consisting of 1,138,358 silver ounces, 13,447 gold ounces, and 470 tonnes of copper.  Quarterly production at Parral was 526,044 silver equivalent ounces, consisting of 221,202 silver ounces, 3,437 gold ounces, and a record 138 tonnes of copper.

"Parral in 2021 proved to be a very stable operation, producing 2.3 million silver equivalent ounces similar to the prior year, and generated in excess of $US 22 million in free cash flow over the year," said Brad Langille, President and CEO. "We believe that the reinvestment of this free cash flow into the Los Ricos project is generating exceptional value growth for our shareholders."

Table 1: Quarterly Production Summary

Quarter Ended	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021
Silver Production (oz)	270,044	300,740	298,591	302,933	315,632	221,202
Gold Production (oz)	1,914	3,414	3,632	3,208	3,170	3,437
Copper Production (tonnes)	104	128	125	86	120	138
Silver Equivalent Production (oz)1	504,444	605,287	614,149	551,207	575,302	526,044

1.

"Silver equivalent production" include gold ounces and copper tons produced and converted to a silver equivalent based on a ratio of the average market metal price for each period.  The gold:silver ratio for each of the periods presented was:  Jun 2020 – 105, Sep 2020 – 79, Dec 2020 – 76, Mar 2021 – 69, Jun 2021 – 68, Sep 2021 – 73.  The copper:silver ratios were: Mar 2020 – 340, June 2020 – 326, Sep 2020 – 274, Dec 2020 – 305, Mar 2021 – 320, June 2021 – 369, Sep 2021 – 383.

Table 2: Annual Production Summary

Quarter Ended	Sep 2019	Sep 2020	Sep 2021
Silver Production (oz)	1,059,438	1,315,661	1,138,358
Gold Production (oz)	9,149	10,089	13,447
Copper Production (tonnes)	-	260	470
Silver Equivalent Production (oz)1	1,847,835	2,295,416	2,270,073

1.

"Silver equivalent production" include gold ounces and copper tons produced and converted to a silver equivalent based on a ratio of the average market metal price for each period.  The gold:silver ratio for each of the periods presented was:  Sep 2019 – 86, Sep 2020 – 89, Sep 2021 – 72.  The copper:silver ratio for the periods presented was: Sep 2020 – 302, Sep 2021 – 348.

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.

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 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.

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 production and cash flows of the Parral tailings mine, the ability of GoGold to self fund its ongoing exploration and administrative costs, 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 project. 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 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.

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SOURCE GoGold Resources Inc.

FAQ

What are the production results for GoGold Resources in 2021 (GLGDF)?

GoGold reported production of 2.27 million silver equivalent ounces for the year ending September 30, 2021.

How much free cash flow did GoGold generate in 2021 (GLGDF)?

GoGold generated over $22 million in free cash flow during the year.

What was GoGold's quarterly production in Q3 2021 (GLGDF)?

GoGold's quarterly production for Q3 2021 reached 526,044 silver equivalent ounces.

What is the significance of the Los Ricos project for GoGold (GLGDF)?

GoGold plans to reinvest free cash flow from operations into the Los Ricos project to enhance shareholder value.