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May 12 , 2021 PR # 19-2021 GoGold SILVER & GOLD NEWS RELEASE Shares Outstanding : Trading Symbols : 277,402,717 TSX : GGD OTCQX : GLGDF Parral Generates $ 6.3M US of Free Cash Flow for Quarter Ending March 31 , 2021 Halifax , NS - GoGold Resources Inc. ( TSX : GGD ) ( OTCQX : GLGDF ) ( “ GoGold " , " the Company ” ) is pleased to announce the release of financial results for the quarter ending March 31 , 2021 with revenue of $ 13.2 million ( all amounts are in U.S. dollars ) from the sale of 541,608 silver equivalent ounces which provided cash flow from operations of $ 3.3 million . " Parral had another great quarter , generating $ 6.3 million in free cash flow and $ 13.0 million for the first six months of the fiscal year , which is being reinvested into Los Ricos , which we believe will generate great value for our shareholders , " Brad Langille , President and CEO stated . " We have successfully renegotiated the Parral off - take agreement which we believe will increase quarterly cash flows by approximately $ 300,000 on a go - forward basis . " Financial Highlights for the quarter ending March 31 , 2021 : • Free cash flow from Parral of $ 6.3 million • Company cash flow from operations before working capital of $ 4.9 million , $ 3.3 million after working capital • Net income of $ 2.7 million ( $ 0.01 per share ) • Revenue of $ 13.2 million on the sale of 541,608 silver equivalent ounces at a realized price per ounce of $ 24.43 • Cash of $ 54.7 million USD , prior to financing • Production of 551,207 silver equivalent ounces , consisting of 302,933 silver ounces , 3,208 gold ounces , and 86 copper tonnes On May 7 , 2021 , the Company closed the previously announced bought deal financing for gross proceeds of $ 28.75 million CAD to strengthen the balance sheet and continue to de - risk the future development of the mine at Los Ricos South . On April 29 , 2021 , the Company amended and restated their off - take agreement where the Company was previously selling all of the production from Parral . Due to the high volatility of gold and silver prices , the agreement has cost the Company 3.6 % of revenue over the life of the project thus far . The amended agreement will cost 1.7 % of revenue going forward , for an estimated net savings of 1.9 % . Following are tables showing summarized financial information and key performance indicators :