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August 12 , 2021 PR # 32 - 2021 GoGold SILVER & GOLD NEWS RELEASE Shares Outstanding : Trading Symbols : 277,659,867 TSX : GGD OTCQX : GLGDF Parral Generates Record $ 7.5M USD of Free Cash Flow for Quarter Ending June 30 , 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 June 30 , 2021 with record revenue of $ 15 million ( all amounts are in U.S. dollars ) from the sale of 563,401 silver equivalent ounces . " Parral had another great quarter , generating a record $ 7.5 million in free cash flow , or a record $ 27.1 million for the last 12 months . These funds are being reinvested into Los Ricos , which we believe is generating great value for our shareholders , " Brad Langille , President and CEO stated . “ Renegotiating the Parral off - take agreement provided cash savings of $ 194,000 in the two months since amendment . ” Financial Highlights for the quarter ending June 30 , 2021 : • Free cash flow from Parral of $ 7.5 million • • • Company cash flow from operations before working capital of $ 6.0 million , $ 2.7 million after working capital Adjusted net income of $ 3.9 million , adjusted for a one - time loss related to the off - take agreement amendment of $ 3.4 million Revenue of $ 15 million on the sale of 563,401 silver equivalent ounces at a realized price per ounce of $ 26.58 • Cash of $ 73.5 million USD • Production of 575,302 silver equivalent ounces , consisting of 315,632 silver ounces , 3,170 gold ounces , and 120 copper tonnes The Corporation has an off - take agreement ( “ Off - Take Agreement " ) which was amended on April 29 , 2021. Prior to amendment , the Off - Take Agreement resulted in an average of approximately 3.6 % lower realized prices for gold and silver as compared to spot market pricing . Under the amended and restated Off - Take Agreement , the Corporation has agreed to sell to the counterparty 2.4 % of all the refined gold and refined silver produced at Parral over the remaining life of the operation at a price equal to 30 % of the prevailing market price . The difference between net income and adjusted net income is due to a one- time adjustment of $ 3.4 million due to an onerous contract provision required for the Off - Take Amendment . Management estimates the amendment will provide a net cash benefit to the Corporation of approximately 2 % of revenue on a monthly basis going forward . In the two months from amendment until June 30 , the savings were $ 194,000 . Following are tables showing summarized financial information and key performance indicators :