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December 16 , 2021 PR # 44 - 2021 GoGold SILVER & GOLD NEWS RELEASE Shares Outstanding : Trading Symbols : 278,009,867 TSX : GGD OTCQX : GLGDF Parral Generates Record $ 24.8M USD of Free Cash Flow for Year Ending September 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 year ending September 30 , 2021 with record revenue of $ 53.2 million ( all amounts are in U.S. dollars ) from the sale of 2.2 million silver equivalent ounces . " With the cash flow from Parral covering our general and administrative expenses as well as a large portion of our exploration costs at Los Ricos for 2021 , we were able to increase our market capitalization by 98 % . Our discovery cost at Los Ricos was only $ 0.12 per silver equivalent ounce , " said Brad Langille , President and CEO stated . " In 2022 , we see the opportunity to continue achieving an exceptional return on exploration dollars invested in Los Ricos . " Highlights for the year ending September 30 , 2021 : • Free cash flow from Parral of $ 24.8 million • • • Company cash flow from operations before working capital of $ 18.9 million , $ 12.4 million after working capital Adjusted net income of $ 11.0 million , adjusted for a one - time loss related to the non - cash off- take agreement amendment of $ 3.9 million Revenue of $ 53.2 million on the sale of 2.2 million silver equivalent ounces at a realized price per ounce of $ 24.33 per oz • Cash of $ 66.8 million USD • Production of 2,270,073 silver equivalent ounces , consisting of 1,138,358 silver ounces , 13,447 gold ounces , and 470 copper tonnes At Los Ricos , the Company drilled 86,915 metres on the project compared to 36,100 metres in the prior year . The Company capitalized $ 21.3 million to the projects for drilling , exploration and consulting for the year ending September 30 , 2021 , compared to $ 8.3 million in the prior year . This included $ 17.5 million at Los Ricos North and $ 3.8 million at Los Ricos South . The increased drilling culminated with the release of the Company's initial Mineral Resource Estimate at Los Ricos North which showed an Indicated Resource of 87.8 million silver equivalent ounces ( “ AgEq ” ) , grading 122 g / t AgEq in 22.3 million tonnes , as well as an Inferred Resource of 73.2 million ounces AgEq , grading 111 g / t AgEq in 20.5 million tonnes . See press release dated December 7 , 2021 for additional details regarding the Los Ricos North Mineral Resource Estimate . The Company's discovery cost at Los Ricos North was $ 0.12 / oz AgEq . The Corporation amended the off - take agreement on April 29 , 2021 whereby 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 amended