Including 4.75 meters grading 5.26 g/t gold, as the Company advances its 26,000-meter drilling program and technical studies supporting a potential restart.

Goldgroup Mining Inc. (TSX-V: GORO) (NYSE American: GORO) (FSE: 55G) is pleased to announce additional assay results from its ongoing 26,000-meter diamond drilling program at the formerly producing San Francisco Gold Project in Sonora, Mexico.

The latest results highlight broad zones of gold mineralization, including higher-grade intervals, within the La Chicharra Pit, one of two historically producing open pits at the San Francisco Project. These results follow the Company’s September 8, 2026 announcement of initial drill results from the San Francisco Pit and highlight encouraging gold intercepts from a second principal mineralized area of the project.

The ongoing drilling program is providing important geological, structural and geotechnical information to refine the Company’s geological and resource models, evaluate potential extensions of known mineralization, and support mine planning and technical studies assessing a potential restart and optimization of the San Francisco operation.

Results

The latest assay results from La Chicharra and the adjacent northwest pit area highlight broad zones of gold mineralization, including localized higher-grade intervals. Significant results include:

• GGD-194: 57.0 meters grading 1.02 g/t gold, including 4.75 meters grading 5.26 g/t gold.
• GGD-204: 19.0 meters grading 1.49 g/t gold, including 3.80 meters grading 3.28 g/t gold.
• GGD-192: 16.50 meters grading 1.00 g/t gold, together with additional mineralized intervals of 14.72 meters grading 0.60 g/t gold and 15.90 meters grading 0.40 g/t gold.
• GGD-187: 16.22 meters grading 1.11 g/t gold.
• GGD-214: 9.58 meters grading 1.35 g/t gold, including 2.72 meters grading 3.82 g/t gold.

The results provide additional information on the distribution, grade and geometry of gold mineralization across the La Chicharra area. The results are being integrated with historical drilling and updated geological interpretations to refine the mineral resource models and support ongoing mine planning and technical studies.

Ongoing Drilling and Technical Studies

The Company continues to make significant progress with its 26,000-meter diamond drilling program at the San Francisco Gold Project. As of October 31, 2026, a total of 19,556 meters had been completed in 112 drill holes, representing approximately 75% of the planned program. Drilling activities accelerated during October, with approximately 7,121 meters completed during the month.

In parallel, Goldgroup has commissioned a geotechnical study to support final pit wall design criteria and engaged mine engineering support to evaluate alternative optimized pit configurations and resource shells under a range of gold-price and operating-cost assumptions. These studies will help assess potential mining scenarios and support the broader technical evaluation of a potential restart of operations.

Drilling and associated technical studies continue, with additional assay results to be reported as they become available.

Figure 1 – San Francisco, La Chicharra Pits and Expansion Targets

Javier Reyes, Chairman and Chief Executive Officer of Goldgroup, commented, “These results are particularly encouraging because they demonstrate broad gold mineralization at La Chicharra, including a substantial interval of 57 metres grading 1.02 g/t gold and a higher-grade interval within it. Importantly, this drilling is helping us build a more complete understanding of the mineralized system across both principal pit areas.

“With approximately 75% of our 26,000-metre program completed, we are advancing the geological work alongside geotechnical and mine-planning studies that will help us evaluate the potential to optimize San Francisco and make a well-informed restart decision. Our focus is on establishing the technical foundation for a potential return to production while continuing to assess the project’s broader resource and exploration opportunities.

“In combination with the geotechnical and mine engineering studies, we are building a stronger foundation for a potential restart, while continuing to evaluate opportunities for longer-term resource growth.”

Drilling Results

The latest drilling results provide additional information on the distribution and grade of gold mineralization within the La Chicharra and San Francisco pit areas. The principal intercepts are discussed below in relation to their locations and geological significance, with particular emphasis on the new results from La Chicharra.

La Chicharra Pit

Drilling at La Chicharra has intersected several significant gold-bearing intervals, with the strongest results returned from drill holes GGD-194 and GGD-204 in the southern portion of the pit.

GGD-194 returned 57.0 meters grading 1.02 g/t gold, including 4.75 meters grading 5.26 g/t gold, representing the broadest mineralized intercept among the results being reported in this release. Nearby drill hole GGD-204 intersected 19.0 meters grading 1.49 g/t gold, including 3.80 meters grading 3.28 g/t gold. Together, these results provide additional information on the distribution and grade of mineralization in the southern La Chicharra area.

Additional significant results were returned from other portions of the pit. GGD-192 intersected three separate mineralized intervals of 14.72 meters grading 0.60 g/t gold, 15.90 meters grading 0.40 g/t gold, and 16.50 meters grading 1.00 g/t gold. The deepest interval extends to the end of the hole at 148.0 meters, warranting further evaluation of the mineralization at depth.

In the northeastern portion of La Chicharra, GGD-187 returned 16.22 meters grading 1.11 g/t gold, while GGD-214, located in the adjacent northwest pit area, intersected 9.58 meters grading 1.35 g/t gold, including 2.72 meters grading 3.82 g/t gold.

Collectively, these results provide additional information on the distribution, grade and geometry of mineralization across the La Chicharra and northwest pit areas. The results are being evaluated alongside historical drilling, geological mapping and structural interpretations to refine the geological model and assess potential implications for mineral resource estimation and future mine planning.

Figure 2 – La Chicharra pit drill-hole plan showing significant assay results

 Figure 3 – GGD-194 geological cross-section

 Figure 4 – GGD-201 and GGD-204 geological cross-section

San Francisco Pit

Additional drilling results from the San Francisco Pit complement the initial results reported in September 2026. These include GGD-181, which intersected 35.5 meters grading 0.62 g/t gold, including several higher-grade intervals.

The results provide further information on the distribution and geometry of known mineralization within the San Francisco Pit and are being incorporated into updated geologic and resource models to support ongoing mine planning and evaluation of potential future pit configurations.

Table 1 – Selected Drill Results from the La Chicharra Pit Drilling

 Table 1 – Selected Drill Results from the La Chicharra Pit Drilling (Continued)

 Table 2 – Selected Drill Results from the San Francisco Pit Drilling

 Table 2 – Selected Drill Results from the San Francisco Pit Drilling (Continued)

 Table 3 – Drill-Hole Collar and Orientation Information

Note: coordinate datum and projection NAD27 / UTM Zone 12N

Geological Interpretation

Gold mineralization at the San Francisco Project is associated with a structurally controlled system developed within intrusive and metamorphic rocks. Mineralization at the San Francisco Pit is predominantly associated with leucocratic granite and related structures, whereas mineralization at La Chicharra is principally hosted within strongly sheared and altered gabbro, where gold occurs in association with quartz veins, veinlets and pegmatite lenses.

Historical geological interpretations describe the mineralized gabbroic body at La Chicharra as a northwest-striking, northeast-dipping tabular unit, with dips generally ranging from 30° to 40°. Mineralization has historically been interpreted as having potential extensions along strike and down dip. The latest drilling results, particularly the broad intercepts encountered in GGD-194 and GGD-204, provide additional information to evaluate the geometry, grade distribution and continuity of mineralization within this geological framework.

The Company is integrating these results with historical drilling, geological pit mapping and structural interpretations to refine the geological and resource models, assess potential extensions of known mineralization and support future planning.

Reported drill intercept lengths are downhole core lengths; estimated true widths are provided in Tables 1 and 2. Reported gold grades are uncapped.

Geotechnical and Mine Planning Studies

In parallel with the drilling program, Goldgroup has commissioned a geotechnical study to evaluate pit wall stability and develop slope design criteria for potential future mining operations at the San Francisco Project.

The Company has also engaged mine engineering support to evaluate alternative open-pit configurations and optimized pit shells under a range of gold price and operating-cost assumptions. This work will help assess potential mining scenarios and opportunities for pit optimization.

These studies, together with the updated geological and mineral resource models, will contribute to the broader technical evaluation of a potential restart for the San Francisco operation.

Ongoing Drilling and Next Steps

With approximately 75% of the planned 26,000-meter diamond drilling program completed as of October 31, 2026, drilling continues within and around the San Francisco and La Chicharra pits. Additional assay results are expected as the remaining drilling progresses.

The Company will continue integrating new drilling results with historical geological and structural information to refine its geological and resource models. This work, together with the ongoing geotechnical and mine-planning studies, will support the evaluation of potential pit optimization, mineral resource development and a possible restart of operations.

Beyond the immediate restart evaluation, Goldgroup continues to assess brownfield and regional exploration opportunities across the broader San Francisco property. The improved geological and structural understanding developed through the current program will help guide future exploration targeting and prioritization.

About Goldgroup Mining Inc.

Goldgroup Mining Inc. is a precious-metals producer with four wholly owned assets in Mexico and the United States. The Company owns and operates the Don David Gold/Silver Mine in Oaxaca and the Cerro Prieto Gold Mine in Sonora, Mexico, and is advancing the San Francisco Gold Project in Sonora toward a potential production restart and is advancing the Back Forty Project in Michigan through permitting and feasibility. Goldgroup’s strategy is to build an intermediate mining company through production growth, exploration, mine optimization, project development and disciplined M&A. The Company is listed on the TSXV and NYSE American under the symbol “GORO” and on the Frankfurt Stock Exchange under the symbol “55G.” For more information, visit www.goldgroupmining.com.

Qualified Person

The scientific and technical information contained in this news release was prepared under the supervision of and has been reviewed and approved by Christopher Richings, P.Eng, Vice President Technical Services of Goldgroup Mining Inc., a Qualified Person as defined by National Instrument 43-101. Mr. Richings is an employee of the Company and is not independent of the Company.

Quality Assurance, Quality Control and Data Verification

All drill core samples reported in this release were collected under the supervision of qualified geological personnel at the San Francisco project site. Drill core was logged, photographed, marked for sampling and typically halved using a diamond saw. Sample security and chain-of-custody procedures were maintained from the drill site through delivery to the analytical laboratory. The quality assurance and quality control program included the regular insertion of certified reference materials, blanks and duplicate samples.

All selected results presented in Tables 1 and 2 and throughout this release are based on analyses performed by ALS Global (Vancouver, BC, Canada), an independent laboratory accredited to ISO/IEC 17025:2017. The Company maintains a rigorous QA/QC program, including the insertion of certified reference materials, blanks, and duplicates, to monitor assay accuracy and precision across both laboratories.

Samples were prepared at ALS Global in Hermosillo, Mexico and analyzed at ALS Global in Vancouver, Canada, an independent laboratory accredited to ISO/IEC 17025:2017 and ISO 9001:2015. At ALS, gold was analyzed using a 30- gram fire assay with an atomic absorption spectroscopy finish.