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Golconda Gold Releases Financial and Operating Results for Q1 2026
TORONTO, May 25, 2026 (GLOBE NEWSWIRE) -- Golconda Gold Ltd. (“Golconda Gold” or the “Company”) (TSX-V: GG; OTCQX: GGGOF) is pleased to announce the release
About this update from Golconda Gold Ltd
[{"type":"text","content":"\n \nTORONTO, May 25, 2026 (GLOBE NEWSWIRE) -- Golconda Gold Ltd. (“Golconda Gold” or the “Company”) (TSX-V: GG; OTCQX: GGGOF) is pleased to announce the release of its financial and operating results for the three months ended March 31, 2026.\nA copy of the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2026, prepared in accordance with International Financial Reporting Standards, and the corresponding management’s discussion and analysis (the “MD&A”), are available under the Company’s profile on www.sedarplus.ca. All references to “$” in this press release refer to United States dollars.\nFirst Quarter 2026 (“Q1 2026”) Highlights:\n\nmined 44,042 tonnes of ore from its Galaxy and Princeton ore bodies at an average grade of 3.03 grammes per tonne (g/t) compared to 36,073 tonnes at 3.43g/t in the three months ended December 31, 2025 (“Q4 2025”);\ncompleted 402 metres of development compared to 400 metres in Q4 2025;\nproduced 4,372 tonnes of concentrate at an average grade of 25.9 g/t containing 3,637 ounces of gold compared to 3,299 tonnes at 32.6 g/t containing 3,455 ounces of gold in Q4 2025, an increase of 5% in gold production;\ngenerated revenue of $13.9 million at an operating cash cost of $1,819 per payable ounce compared to revenue of $10.5 million at an operating cash cost of $1,768 per payable ounce for Q4 2025(1);\ngenerated net earnings of $5.5 million and fully diluted earnings per share (“EPS”) of $0.07 compared to net earnings of $3.1 million and fully diluted EPS of $0.04 in Q4 2025;\ngenerated operating cash flow of $6.8 million and repaid $2.6 million of debt compared to operating cash flow of $3.0 million in Q4 2025; and\nprogressed the Summit restart plan, with mine site generators and compressors being procured ahead of a planned re-start of mining in the second quarter of 2026.\n\nGolconda Gold CEO, Ravi Sood commented: “Q1 2026 provided incremental gains on all operational and financial metrics, delivering record gold production and quarterly revenue and earnings. Mining at Galaxy 26 Level commenced at the end of 2025 and is expected to provide additional ore delivery and mining flexibility as it continues its ramp up through the remainder of 2026. We continued de-leveraging our balance sheet and ended Q1 2026 debt free. Significant progress was made...