Announcement • Jun 24

Granada Gold Mine Inc. Provides Updated Mineral Resource Estimate for Granada Gold Project

Granada Gold Mine Inc. has provided an updated Mineral Resource Estimate for its 100%-owned Granada Gold Project, a past-producing property located adjacent to the Cadillac Break in the Abitibi greenstone belt near Rouyn-Noranda, Quebec. The 2026 Mineral Resource Estimate combines in-pit (open-pit-constrained) and underground Mineral Resources. It re-evaluates the independent SGS Canada Inc. block model that supported the Company’s 2022 estimate, applying updated economic parameters, principally the current gold price, revised cut-off grades, and updated processing and site assumptions, to reflect the current gold price environment. Measured and Indicated in-pit and underground Mineral Resources are 890,600 ounces of gold (15,982,000 tonnes grading 1.73 g/t Au), a 64% increase over the 2022 estimate of 543,000 ounces (8,220,000 tonnes at 2.05 g/t Au). Inferred in-pit and underground Mineral Resources are 865,500 ounces of gold (20,096,000 tonnes grading 1.34 g/t Au), a 90% increase over the 2022 estimate of 456,000 ounces (3,010,000 tonnes at 4.71 g/t Au). The increase is driven primarily by the substantial rise in the gold price since the 2022 estimate, which supports lower economic cut-off grades (0.25 g/t Au in-pit and 1.4 g/t Au underground, versus 0.55 g/t and 2.5 g/t in 2022), together with updated cost and processing assumptions. The deposit remains open along strike and at depth. Mineral Resources have been delineated over approximately 2 km of an estimated 5.5 km mineralized east-west structure, and roughly 20% of the property has been explored to date. The Company intends to incorporate this estimate into a forthcoming NI 43-101 technical report, to be filed on SEDAR+ within 45 days of this news release. Compared with the Company’s most recent Mineral Resource Estimate of record, prepared by SGS Canada Inc. (Yann Camus, P.Eng.) with an effective date of June 23, 2022, and reporting 543,000 ounces Measured and Indicated (8,220,000 tonnes at 2.05 g/t Au) and 456,000 ounces Inferred (3,010,000 tonnes at 4.71 g/t Au), the 2026 Mineral Resource Estimate represents a 64% increase in Measured and Indicated contained gold and a 90% increase in Inferred contained gold. When a deposit is re-evaluated at a materially higher gold price, the average grade of the reported resource is lower than in 2022, because lower-grade material that was previously below the cut-off grades applied in 2022 is captured within the reported resource at the lower cut-off grades applied in 2026. The contained-ounce increase reflects the larger tonnage captured at the lower cut-off grades, consistent with how mineral resources across the sector are being re-stated in the current gold-price environment. Table 2 – Comparison with the 2022 Mineral Resource Estimate Category Estimate Tonnes Grade (g/t Au) Contained oz Au Change Measured & Indicated 2022 Mineral Resource Estimate 8,220,000 2.05 543,000 2026 Mineral Resource Estimate 15,982,000 1.73 890,600 +64% Inferred 2022 Mineral Resource Estimate 3,010,000 4.71 456,000 2026 Mineral Resource Estimate 20,096,000 1.34 865,500 +90%. The Company holds a Certificate of Authorization issued by the Québec Ministère du Développement durable, de l’Environnement et de la Lutte contre les changements climatiques authorizing mining of 550 tonnes per day for a total of approximately 590,000 tonnes, structured as a phased “Rolling Start” bulk-sample pathway. The independent ore-sorting program completed at the Saskatchewan Research Council demonstrated a 2.7-times gold-grade uplift at 88% recovery, with roughly two-thirds of the material rejected as waste before milling. The Company expects these results to enhance the economics of the Rolling Start and of the broader project, and to support on-site processing with a reduced surface and tailings footprint per ounce. The Granada property includes the former Granada Gold underground mine, which produced more than 50,000 ounces of gold at approximately 10 g/t Au from two shafts in the 1930s before a fire destroyed the surface buildings. In the 1990s, bulk samples returned open-pit grades of 5.17 g/t Au (Pit #1, 87,311 tonnes) and 3.46 g/t Au (Pit #2, 22,095 tonnes). The Granada Shear Zone and South Shear Zone host up to twenty-two mineralized structures trending east-west over approximately 5.5 kilometres, three of which were mined historically from four shafts and three open pits. The property remains substantially under-explored, with significant potential along strike to the east toward the historic Aukeko and Austin-Rouyn shafts and at depth to the north of the existing pit. The Mineral Resource Estimate disclosed in this news release was prepared by Claude Duplessis, ing. (P.Eng.), of GoldMinds Geoservices Inc., an independent Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, who has reviewed and approved the scientific and technical information contained in this news release. A technical report supporting the 2026 Mineral Resource Estimate will be filed on SEDAR+ under the Company’s issuer profile within 45 days of the date of this news release. The independent Qualified Person for this Mineral Resource Estimate is Claude Duplessis, ing. (P.Eng.), of GoldMinds Geoservices Inc. The estimate has an effective date of June 8, 2026. Mineral Resources are reported in accordance with CIM Definition Standards (2019) and CIM Estimation Best Practice Guidelines. Pit-constrained Mineral Resources are reported at a cut-off grade of 0.25 g/t Au within a conceptual optimized pit shell. Underground Mineral Resources are reported at a cut-off grade of 1.4 g/t Au within reasonably mineable volumes. Cut-off grades are based on a gold price of CAD 176 per gram (approximately USD 4,270 per ounce at an assumed exchange rate of USD 0.78 = CAD 1) and a process gold recovery of 90%. Pit optimization parameters: mining cost of CAD 6.00/t, processing cost of CAD 40.00/t, mining recovery of 95%, mining dilution of 5%, and an overall pit slope angle of 50 degrees. The operating-cost basis used to derive the in-pit cut-off comprises processing CAD 28/t, general and administrative CAD 5/t, a reclamation provision of CAD 4/t, and calcite addition for neutral tailings of CAD 2/t. A mill recovery of 90% is applied. Grade estimates were capped (top-cut) at 21 g/t Au prior to estimation. A fixed bulk density (specific gravity) of 2.78 g/cm3 was used to estimate tonnage from block-model volumes.

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Granada Gold Mine Inc. Provides Updated Mineral Resource Estimate for Granada Gold Project

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