GGM:CC - Record Gold Price Significantly Enhances Granada Gold Mines Potential for More Open-Pit Ounces

(TheNewswire)

April 24, 2025 - TheNewswire - RouynNoranda, Quebec - Granada Gold Mine Inc. (TSXV:GGM) (the “Company” or “Granada”) ispleased to announce, that with the recent increase in the price ofgold, the Company is reviewing previous resource calculations from May16, 2017.

The price of gold on May 15, 2017 was 1,260 US dollars per ounce ofgold and on April 23, 2025 was 3,324 US dollars per ounce of gold - anincrease of 164 percent. This significantly improves the resourcepotential of the deposit.

“The calculated 43-101 resource done on May16, 2017* for Measured and Indicated ounces gold is 48 percent higherat 807,700 ounces than the current 2022 resource, and the Inferred is228 percent higher at 1.5 million ounces.” commented Frank J. Basa,President and CEO of Granada Gold Mines. “With the property only 20percent explored, there remains significant potential moving to theEast towards the historic Aukeko and Austin-Rouyn shafts.”

The earlier resource estimate, completed in 2017, features open pitand high-grade underground resources, immediately north ofnear-surface deposit ( May 16, 2017 NR ). ThisResource Estimate, prepared by GoldMinds Geoservices Inc., isconsidered relevant considering the increase in the price of goldbecause it affects the potential size of the open pit shell and isreliable as all work was done in accordance with NI 43-101 standards.* See table of related 2017 parameters.

• 807,700 ounces of measured and indicated gold averaging 1.16 g/tpit-constrained consisting of 625,000 ounces Measured @ 1.14 g/t goldand 182,700 ounces Indicated @ 1.26 g/t gold at a cut-off grade of0.39 g/t gold

• 1.5 million ounces of gold averaging 4.56 g/t underground in theInferred category at a cut-off grade of 1.5 g/t gold

The data used in the 2017 resource was and is still available and isused in the 2022 resource estimate however, different miningparameters were applied.  The Company believes that minimal work isrequired to update the 2017 estimate by reconsidering economicparameters for underground and open pit scenarios.

Redoing the economic parameters for open pit andunderground is required to upgrade and verify the 2017 estimate ascurrent mineral resources. A qualified person has not done sufficientwork to classify the 2017 estimate as current mineral resources. Theissuer is not treating the 2017 estimate as current mineralresources.

The current ResourceEstimate , completed in 2022, featuresin-pit and underground resources ( July 6, 2022NR ).

• 425,000 ounces of measured and indicated pit-constrained goldaveraging 1.81 g/t consisting of 261,000 ounces Measured @ 1.68 g/tgold and 164,000 ounces Indicated @ 2.09 g/t gold at a cut-off gradeof 0.55 g/t gold

• 118,000 ounces of measured and indicated underground gold averaging3.92 g/t consisting of 8, 000 ounces Measured @ 3.84 g/t gold and110,000 ounces Indicated @ 3.939 g/t gold at a cut-off grade of 2.5g/t gold

• 456,000 ounces of inferred combined pit-constrained and undergroundgold averaging 4.71 g/t with a cut-off grade of 0.55 g/t gold forin-pit ounces and 2.5 g/t gold for underground ounces

* Notes for 2017 Resource Estimate Tableof Parameters

1. Original assays have been capped at 60 g/t forcalculation of the 1.5 m composites for the estimation of mineralresources.

2. The density to convert volume to tonnage is2.7.

3. Drill hole spacing varies from 6 meters up to 225meters while most of the drill holes are on 30 m cross sections forthe upper 400 m.

4. Gold recoveries are 94.1% for the full mill cyanidationof the whole mineralized material.

5. Assumes gold price of $1,250 U.S/oz and exchange rateof $1.37 CDN/$1 U.S.

6. The open-pit constrained resources were modeled on 10mEx 5mN x 5mZ block size while underground resources below elevation-135 meters were modeled on 10mE x 3mNx 3Mz. The block models arewithin an envelope.

7. Search ellipsoid estimation ID2 are: 50x50x5,100x100x10, 200x200x15 and 300x300x20 to enable connection of thestructure of the deep holes to the highly drilled package. Saucersdipping north at 47 degrees.

8. Classification: a minimum of 4 holes with 2 compositesper hole for Measured, 3 holes with minimum of 2 composites per holefor Indicated, the remaining Inferred.

9. The database used for this estimate includes drillresults obtained from drill programs in 2009, 2010, 2011, 2012, 2016and 2017, trenches of 2014 and 2015 plus many of the historic holes(1990’s) where sufficiently long sections of the core had beenanalyzed.

10. The statement includes the historical production of51,476 ounces (181,744 sT @ 0.28 oz/sT) from 1930 to 1935. They cannotbe physically removed in 3D. However, this amount is now considered tobe included in the Measured mineral resources.

11. GoldMinds is not aware of any known environmental,permitting, legal, title-related, taxation, socio-political, marketingor other relevant issues that could materially affect the mineralresource estimate.

Qualified person

The technical information in this news release wasreviewed and approved by Matthew Halliday, P.Geo., Director ofGranada Gold Mine Inc., and member of the Ordre des Géologues duQuébec, who is a Qualified Person in accordance with NationalInstrument 43-101.

Mineral Resource Estimate

On August 22, 2022 the Company filed an updated NI43-101 technical report supporting the resource estimate update forthe Granada Gold project (Please see July 6, 2022news release ) reporting that the Granadadeposit contains an updated mineral resource, at a base case cut-offgrade of 0.55 g/t Au for pit constrained mineral resources within aconceptual pit shell and at a base case cut-off grade of 2.5 g/t forunderground mineral resources within reasonably mineablevolumes, of 543,000 ounces of gold (8,220,000 tonnes at an averagegrade of 2.05 g/t Au) in the Measured and Indicated category, and456,000 ounces of gold (3,010,000 tonnes at an average grade of 4.71g/t Au) in the Inferred category. Please see Table 1 below for fulldetails. Report reference : Granada Gold Project Mineral Resource Estimate Update,Rouyn-Noranda, Quebec, Canada authored by Yann Camus, P.Eng. andMaxime Dupéré, B.Sc, P.Geo., SGS Canada Inc. dated August 20th,2022 and with an effective date of June 23rd, 2022.

Table 1: Mineral Resource Estimate Showing Tonnes,Average Grade, and Gold Ounces

About Granada Gold Mine Inc.

Granada Gold Mine Inc. continues to develop and exploreits 100% owned Granada Gold Property near Rouyn-Noranda, Quebec, andis adjacent to the prolific Cadillac Break. The Company owns 14.73square kilometers of land in a combination of mining leases andclaims. The Company is currently undergoing a large drill program with 18,000m out of 120,000m complete.The drills are currently paused to provide the technical team with thenecessary time to evaluate, assimilate existing data and wait forimproved market conditions.

The Granada Shear Zone and the South Shear Zonecontain, based on historical detailed mapping as well as from currentand historical drilling, up to twenty-two mineralized structurestrending east-west over five and a half kilometers. Three of thesestructures were mined historically from four shafts and three openpits. Historical underground grades were 8 to 10 grams per tonne goldfrom two shafts down to 236 m and 498 m with open pit grades from 3.5to 5 grams per tonne gold ( 43-101 reference ).

The property includes the former Granada Goldunderground mine which produced more than 50,000 ounces of gold at 10grams per tonne gold in the 1930’s from two shafts before a firedestroyed the surface buildings.  In the 1990s, Granada Resourcesextracted a bulk sample (Pit #1) of 87,311 tonnes grading 5.17 g/t Au. They also extracted a bulk sample (Pit # 2) of 22,095 tonnes grading3.46 g/t Au.  Details available in 43-101report and on Company website: https://granadagoldmine.com/

For further information, Contact:

Frank J. Basa, P.Eng. member of ProfessionalEngineers Ontario

Chief Executive Officer

P: 416-625-2342

Or:

Wayne Cheveldayoff,

Corporate Communications

P: 416-710-2410

E: waynecheveldayoff@gmail.com

Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. This news release may containforward-looking statements which include, but are not limited to,comments that involve future events and conditions, which are subjectto various risks and uncertainties. Except for statements ofhistorical facts, comments that address resource potential, upcomingwork programs, geological interpretations, receipt and security ofmineral property titles, availability of funds, and others areforward-looking. Forward-looking statements are not guarantees offuture performance and actual results may vary materially from thosestatements. General business conditions are factors that could causeactual results to vary materially from forward-looking statements. The Company does notundertake to update any forward-looking information in this newsrelease or other communications unless required by law.

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