CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

THREE AND NINE MONTHS ENDED

JUNE 30, 2023

(in thousands of United States Dollars unless stated otherwise)

(unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited – in thousands of United States dollars)
June 30 September 30
2023 2022
ASSETS
Current assets:
Cash and cash equivalents $ 98,718 $ 73,344
Trade receivables 3,804 2,515
Input tax recoverable 1,272 1,101
Prepaid expenses 590 354
Inventories (Note 3) 18,482 11,851
122,866 89,165

Non-current assets:
Input tax recoverable 18,763 13,203
Inventories (Note 3) 26,209 35,665
Property, plant and equipment (Note 4) 51,299 53,353
Exploration and evaluation assets (Note 5) 85,505 73,292
Total assets $ 304,642 $ 264,678

LIABILITIES
Current liabilities:
Trade and other payables $ 5,420 $ 7,865
Current portion of long-term obligations (Note 6) 604 964
Current portion of onerous contract provision 532 545
Income taxes 4,603 2,435
11,159 11,809

Non-current liabilities:
Long-term obligations (Note 6) 1,244 1,508
Onerous contract provision 3,595 3,593
Derivative liability (Note 10(d)) 1,105 745
Provision for site restoration 1,912 2,040
Deferred tax liability - 4,652
Total liabilities 19,015 24,347

SHAREHOLDERS’ EQUITY
Share capital (Note 7) 310,708 264,044
Contributed surplus 13,260 12,110
Accumulated other comprehensive loss (8,242) (9,317)
Deficit (30,099) (26,506)
Total equity 285,627 240,331
Total liabilities and shareholders’ equity $ 304,642 $ 264,678

Commitments (Note 11)

See accompanying notes to the unaudited condensed consolidated interim financial statements.

3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME
(Unaudited – in thousands of United States dollars, except per share amounts)

Three months ended Nine months ended

June 30 June 30 June 30 June 30
2023 2022 2023 2022

Revenue from mining operations $ 8,485 $ 10,389 $ 24,570 $ 29,578

Cost of sales:
Production costs, except amortization and depletion 5,488 6,751 15,776 18,050
Inventory net realizable value adjustment (Note 3) - - 10,500 -
Amortization and depletion 784 1,211 2,520 3,352
6,272 7,962 28,796 21,402

General and administrative 1,968 2,206 5,923 6,075

Operating income (loss) 245 221 (10,149) 2,101

Finance costs (151) (140) (474) (399)

Foreign exchange gain 1,164 1,648 1,902 1,337
Gain (loss) on derivative liability 50 488 (360) 131
Interest income 1,522 159 3,004 276
2,585 2,155 4,072 1,345
Net income (loss) before income taxes 2,830 2,376 (6,077) 3,446

Current income tax expense (226) - (2,168) -

Deferred income tax recovery (expense) - (1,266) 4,652 (3,828)
(226) (1,266) 2,484 (3,828)

Net income (loss) 2,604 1,110 (3,593) (382)

Other comprehensive income (loss):

Foreign currency translation differences which may
subsequently be cycled through net income 189 (2,206) 1,075 (507)

Total comprehensive income (loss) for the period $ 2,793 $ (1,096) $ (2,518) $ (889)

Net income (loss) per share (Note 7 (h))

Basic $ 0.008 $ 0.004 $ (0.012) $ (0.001)
Diluted $ 0.008 $ 0.004 $ (0.012) $ (0.001)

See accompanying notes to the unaudited condensed consolidated interim financial statements.

4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited – in thousands of United States dollars)
Three months ended Nine months ended
June 30 June 30 June 30 June 30
2023 2022 2023 2022

Cash provided by (used in) the following activities:

Operating activities
Net income (loss) for the period $ 2,604 $ 1,110 $ (3,593) $ (382)
Items not involving cash:
Amortization and depletion 784 1,211 2,520 3,352
Deferred income taxes - 1,266 (4,652) 3,828
Finance costs 151 140 474 399
Interest paid (3) (9) (15) (17)
Inventory net realizable value adjustment (Note 3) - - 10,500 -
Foreign exchange gain (1,164) (1,648) (1,902) (1,337)
(Gain) loss on derivative liability (50) (488) 360 (131)
Settlement of onerous contract provision
by sale of Off-Take Ounces (78) (101) (227) (275)
Stock based compensation 413 476 1,533 1,500
2,657 1,957 4,998 6,937
Change in non-cash operating working capital (Note 8) (2,956) (3,147) (12,208) (14,404)
Net cash used in operating activities (299) (1,190) (7,210) (7,467)

Investing activities
Exploration and evaluation expenditures (Note 5) (1,809) (7,713) (12,041) (18,927)
Purchase of property, plant and equipment (Note 4) (9) (84) (27) (255)
Net cash used in investing activities (1,818) (7,797) (12,068) (19,182)

Financing activities
Net proceeds on equity issuance (Note 7) - - 45,362 33,423
Proceeds on stock option exercises (Note 7) - 6 56 213
Payments of leases (Note 6) (9) (10) (425) (430)
Payments of long-term obligations (Note 6) (147) (84) (441) (250)
Net cash (used in) provided by financing activities (156) (88) 44,552 32,956

Effect of exchange rate changes on cash 50 (415) 100 631

Net change in cash and cash equivalents (2,223) (9,490) 25,374 6,938

Cash and cash equivalents, beginning of period 100,941 83,265 73,344 66,837

Cash and cash equivalents, end of period $ 98,718 $ 73,775 $ 98,718 $ 73,775

5
 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited – in thousands of United States dollars)

Number of Share Contributed Accumulated other

shares capital surplus comprehensive loss Deficit Total equity
Balance at September 30, 2021 277,847,367 $ 227,520 $ 10,289 $ (4,350) $ (27,198) $ 206,261
Net loss - - - - (382) (382)
Other comprehensive income - - - (507) - (507)
Options exercised (Note 7) 687,639 362 (149) - - 213
Stock-based compensation (Note 7) - - 1,500 - - 1,500
Shares issued, net of issuance costs (Note 7) 16,902,250 35,112 - - - 35,112
Balance at June 30, 2022 295,437,256 262,994 11,640 (4,857) (27,580) 242,197

Balance at September 30, 2022 295,706,006 264,044 12,110 (9,317) (26,506) 240,331
Net loss - - - - (3,593) (3,593)
Other comprehensive income - - - 1,075 - 1,075
Options exercised (Note 7) 938,755 241 (146) - - 95
Stock-based compensation (Note 7) - - 1,296 - - 1,296
Shares issued, net of issuance costs (Note 7) 29,656,250 46,423 - - - 46,423
Balance at June 30, 2023 326,301,011 $ 310,708 $ 13,260 $ (8,242) $ (30,099) $ 285,627

See accompanying notes to the unaudited condensed consolidated interim financial statements.

6
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the three and nine months ended June 30, 2023
(Unaudited – in thousands of United States dollars unless otherwise stated)

1. NATURE OF OPERATIONS

GoGold Resources Inc. (the “Corporation”) is a company domiciled in Canada. The address of the Corporation’s registered
office is #1301-2000 Barrington Street, Cogswell Tower, Halifax, Nova Scotia, B3J 3K1. The Corporation’s common shares
are listed on the Toronto Stock Exchange trading under the symbol GGD and the OTCQX market in the United States under
the symbol GLGDF. The consolidated financial statements of the Corporation comprise the Corporation and its subsidiaries.
The principal business of the Corporation is the exploration, development, and production of silver, gold and copper primarily
in Mexico.

2. BASIS OF PREPARATION

These condensed consolidated interim financial statements are prepared in accordance with IAS 34, Interim Financial
Reporting (“IAS 34”).

These condensed consolidated interim financial statements do not include all disclosures required by International Financial
Reporting Standards (“IFRS”) for annual consolidated financial statements and accordingly should be read in conjunction with
the Corporation’s audited consolidated financial statements for the year ended September 30, 2022 prepared in accordance
with IFRS.

These condensed consolidated interim financial statements were approved by the directors of the Corporation on August 8,
2023.

These condensed consolidated interim financial statements were prepared using the same accounting policies and methods of
computation and are subject to the same use of estimates and judgments, as the Corporation’s consolidated annual financial
statements for the year ended September 30, 2022.

3. INVENTORIES
June 30, 2023 September 30, 2022
Current:
Supplies inventory $ 2,268 $ 1,762
In process inventory 14,929 9,066
Finished goods inventory 1,285 1,023
18,482 11,851

Long term:
In process inventory 26,209 35,665
$ 44,691 $ 47,516

The amount of inventory included in cost of sales for the three and nine months ended June 30, 2023 was $6,272 (2022 –
$7,962) and $28,796 (2022 - $21,402), respectively. An assessment of the net realizable value of in process inventory was
completed at each period end which resulted in a reduction of the carrying value of in process inventory by Nil and $10,500
for the three and nine months ended June 30, 2023, respectively (2022 – Nil and Nil). The reduction in carrying value included
Nil and $1,384 for the three and nine months ended June 30, 2023, respectively (2022 – Nil and Nil) which was related to
previously capitalized amortization and depletion. The calculation of net realizable value of inventory is sensitive to
fluctuations in the consensus future silver and gold prices, a change of 5% in future price would result in an estimated change
in carrying value of $2,493.

7
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the three and nine months ended June 30, 2023
(Unaudited – in thousands of United States dollars unless otherwise stated)

4. PROPERTY, PLANT AND EQUIPMENT

Plant &
Cost Equipment Mining Properties Total
At September 30, 2022 $ 50,287 $ 59,955 $ 110,242
Additions 106 27 133
Disposals (109) - (109)
Reclamation obligation adjustments - (627) (627)
At June 30, 2023 $ 50,284 $ 59,355 $ 109,639

Plant &
Accumulated Amortization Equipment Mining Properties Total
At September 30, 2022 $ 30,315 $ 26,574 $ 56,889
Amortization and depletion 668 892 1,560
Disposals (109) - (109)
At June 30, 2023 $ 30,874 $ 27,466 $ 58,340

Plant &
Net Carrying Value Equipment Mining Properties Total
At September 30, 2022 $ 19,972 $ 33,381 $ 53,353
At June 30, 2023 $ 19,410 $ 31,889 $ 51,299

For the three and nine months ended June 30, 2023, amortization and depletion of $733 and $961 (2022 - $55 and $1,294)
was capitalized to in process inventory. Additions for the three and nine months ended June 30, 2023 included Nil and $106
(2022 - Nil) of non-cash right of use assets. Disclosures related to right of use assets are shown in the following table:

Plant &
Right of Use Assets Equipment Mining Properties Total
Net Carrying Value – September 30, 2022 $ 6 $ 1,180 $ 1,186
Net Carrying Value – June 30, 2023 91 1,144 1,235
Amortization and depletion expensed – 2022 8 61 69
Amortization and depletion expensed – 2023 21 36 57

8
 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the three and nine months ended June 30, 2023
(Unaudited – in thousands of United States dollars unless otherwise stated)

5. EXPLORATION AND EVALUATION ASSETS

The Corporation’s exploration and evaluation assets consist of the Los Ricos property which consists of two projects, the Los
Ricos South project and the Los Ricos North project, which are approximately 25km apart.

A summary of the additions to the Los Ricos project for the nine months ended June 30, 2023 follows:

LOS RICOS NORTH LOS RICOS SOUTH TOTAL

Cash Share Cash Share Cash Share
Settled Settled Total Settled Settled Total Settled Settled Total
At September 30, 2022 $ 40,782 $ 2,676 $ 43,458 $ 21,628 $ 8,206 $ 29,834 $ 62,410 $ 10,882 $ 73,292
Concession requirements 1,112 514 1,626 1,227 547 1,774 2,339 1,061 3,400
Drilling, exploration and consulting 1,900 63 1,963 6,787 63 6,850 8,687 126 8,813
At June 30, 2023 $43,794 $3,253 $47,047 $29,642 $8,816 $38,458 $73,436 $12,069 $85,505

Cash-settled consideration includes amounts capitalized to exploration and evaluation assets which have been or will be settled
in cash, while share-settled consideration includes amounts which are settled by the issuance of common shares of the
Corporation. Cash-settled consideration includes $279 (2022 - $1,851) in trade and other payables at June 30, 2023.

Commitments
The Corporation has agreements with external consultants to act as a liaison with local concession holders in the Corporation’s
ongoing program of consolidation of concessions along the Los Ricos projects mineral trend. In addition, the consultants
provide environmental services, community relations, and aide in surface rights negotiations. As consideration for these
services, the Corporation is making payments of 81,250 common shares per month, contingent on the consultants providing
the agreed upon services, until October 2023.

The Corporation has entered into multiple option and acquisition agreements for certain concessions within the Los Ricos
projects. During the term of the option agreements the Corporation has exclusive exploration and drilling rights on the
concessions, and the Corporation has the right to terminate the agreements at any point with no further payment. The rights
to certain concessions transfer to the Corporation after completion of payments under the option agreements. Details of the
remaining payments required related to these option and acquisition agreements are provided in Notes 6 and 11.

9
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the three and nine months ended June 30, 2023
(Unaudited – in thousands of United States dollars unless otherwise stated)

6. LONG TERM OBLIGATIONS

Details of the payments, accretion, foreign exchange, and remaining long term obligations for the nine months ending June
30, 2023 along with the total annual payments are provided below:

Concession Leases Total

Discounted Discounted Discounted
Principal Amount Principal Amount Principal Amount
At September 30, 2022 $ 1,599 $ 1,447 $ 1,410 $ 1,025 $ 3,009 $ 2,472
Principal paid (441) (441) (425) (425) (866) (866)
Additions - - 120 109 120 109
Accretion - 68 - 65 - 133
At June 30, 2023 $ 1,158 $ 1,074 $ 1,105 $ 774 $ 2,263 $ 1,848

Current:
June 30, 2024 $ 588 $ 566 $ 40 $ 38 $ 628 $ 604

Long term:
June 30, 2025 420 379 40 36 460 415
June 30, 2026 150 129 23 20 173 149
June 30, 2027 - - - - - -
June 30, 2028 - - 500 356 500 356
Subsequent to June 30,
- - 500 324 500 324
2029
$ 570 $ 508 $ 1,063 $ 736 $ 1,633 $ 1,244

(a) Concession Agreements

The Corporation has obligations related to various concession agreements which are disclosed in the table above, are non-
interest bearing and discounted using the effective interest method with an effective average interest rate of 7%.

(b) Lease obligations

The Corporation has an obligation for the land lease for the Parral project, which provides the Corporation the use of the land
where the Parral heap leach and processing facilities are located until February 2028, with the Corporation’s option to extend
until February 2033, which the Corporation intends to exercise. Annual payments of $400 were required to be made until
February 2023. Payments of $500 to be paid in February 2028 and $500 to be paid in February 2029 are required to extend
the lease until February 2033. The lease is non-interest bearing and discounted using the effective interest method with an
effective average interest rate of 7%. There are no restrictions or covenants included in the land lease.

The Corporation had no short-term leases nor low-value leased assets in the nine months ended June 30, 2023.

10
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the three and nine months ended June 30, 2023
(Unaudited – in thousands of United States dollars unless otherwise stated)

7. SHARE CAPITAL

(a) Authorized
An unlimited number of common shares, without nominal or par value.

(b) Issued

The following table summarizes the changes in issued common shares of the Corporation:
Shares Value
Balance September 30, 2021 277,847,367 $ 227,520
Shares issued to consultants in exchange for services and agreements 756,250 1,689
Shares issued, net of issuance costs 16,146,000 33,423
Shares issued on exercise of options 687,639 362
Balance June 30, 2022 295,437,256 $ 262,994

Balance September 30, 2022 295,706,006 $ 264,044

Shares issued to consultants in exchange for services and agreements 756,250 1,061
Shares issued, net of issuance costs 28,900,000 45,362
Shares issued on exercise of options 938,755 241
Balance June 30, 2023 326,301,011 $ 310,708

During the nine months ended June 30, 2023, the Corporation issued 731,250 common shares (2022 – 731,250) valued at
$1,028 (2022 – $1,622) to consultants in exchange for services received and issued 25,000 common shares (2022 – 25,000)
valued at $33 (2022 – $67) in line with concession option agreements, at the Los Ricos projects – see Note 5.

On March 8, 2022, the Corporation closed a bought deal whereby a syndicate of underwriters purchased 16,146,000 common
shares at a price of $2.85 CAD per share for net proceeds of $33,423 after share issuance costs of $2,303.

On February 8, 2023 the Corporation closed a bought deal whereby a syndicate of underwriters purchased 28,900,000 common
shares at a price of $2.25 CAD per share for net proceeds of $45,362 after share issuance costs of $3,062.

(c) Omnibus equity incentive plan (“Omnibus Plan”)

The Corporation adopted an Omnibus Plan which was approved by the shareholders of the Corporation on March 24, 2022.
The Omnibus Plan provides the Corporation with a share-related mechanism to attract, retain and motivate qualified directors,
employees and consultants of the Corporation. Share-related mechanisms include incentive stock options, deferred share units
(“DSUs”), restricted share units (“RSUs”), and performance share units (“PSUs”). The Omnibus Plan replaced legacy plans
including a rolling 10% incentive stock option plan, DSU plan, and RSU plan (the “Legacy Plans”). Awards granted under
these legacy plans remain in place under the terms of their initial issuance.

The Omnibus Plan is a fixed plan which provides that the aggregate number of common shares that may be issued upon the
exercise or settlement of awards granted, together with awards outstanding under the Legacy Plans, shall not exceed
27,500,000 common shares. Sections (d), (e), and (f) below provide details on the outstanding awards under the Omnibus
Plan and Legacy Plans.

(d) Incentive stock options

The Corporation has options granted under the Omnibus and Legacy Plans. For both, the terms and conditions of each grant
of options were determined by the Board of Directors. Options were granted at a price no lower than the market price of the

11
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the three and nine months ended June 30, 2023
(Unaudited – in thousands of United States dollars unless otherwise stated)

common shares as defined in the Plan which was the five day weighted average of the Corporation’s common shares prior to
the date of grant rounded up to the nearest cent. Options granted under the plans typically vested over a three year period,
although the vesting period was at the Board of Directors’ discretion.

The changes in incentive stock options during the nine months ended June 30, 2023 and 2022 were as follows:
June 30, 2023 June 30, 2022
Number of Weighted Number of Weighted
incentive average incentive average
Plan options exercise price options exercise price
Opening balance 10,223,279 CAD $ 0.98 9,949,479 CAD $ 0.73
Granted Omnibus 1,450,100 2.25 - -
Granted Legacy - - 1,030,500 3.25
Cancelled Legacy (75,000) 2.42 - -
Exercised – cashless Legacy (638,333) 0.44 (350,000) 0.66
Exercised – cash Legacy (498,367) 0.34 (406,700) 0.67
Closing balance 10,461,679 CAD $ 1.21 10,223,279 CAD $ 0.98
Exercisable 7,823,109 CAD $ 0.79 7,056,504 CAD $ 0.54

During the nine months ended June 30, 2023, a total of 440,388 (2022 – 280,939) shares were issued to option holders who
exercised 638,333 (2022 – 350,000) options using the cashless manner. The average market price per common share on the
days of exercise during the nine months ended June 30, 2023 was CAD $2.01 (2022 – CAD $3.13).

The following table summarizes information concerning outstanding and exercisable incentive stock options at June 30, 2023:
Outstanding Exercisable
Exercise
Number of Exercise price Number of price
Expiry date Plan options (CAD $) options (CAD $)
December 28, 2023 Legacy 2,566,666 0.22 2,566,666 0.22
March 29, 2024 Legacy 478,334 0.40 478,334 0.40
June 21, 2024 Legacy 300,000 0.45 300,000 0.45
August 27, 2024 Legacy 50,000 0.70 50,000 0.70
December 23, 2024 Legacy 3,066,667 0.70 3,066,667 0.70
December 28, 2025 Legacy 1,544,412 2.00 1,026,275 2.00
December 30, 2026 Legacy 1,005,500 3.25 335,167 3.25
December 27, 2027 Omnibus 1,450,100 2.25 - -
10,461,679 CAD $ 1.21 7,823,109 CAD $ 0.79

The compensation cost for the incentive stock options granted during the nine months ended June 30, 2023 and June 30, 2022
were determined based on the fair value of the options at the date of grant using the Black-Scholes option pricing model with
the following assumptions:

Option grant date Dec. 27, 2022 Dec. 30, 2021

Options granted 1,450,100 1,030,500
Exercise price CAD $ 2.25 CAD $ 3.25
Risk-free rate 3.37% 1.30%
Expected volatility of share price 66% 65%

12
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the three and nine months ended June 30, 2023
(Unaudited – in thousands of United States dollars unless otherwise stated)

Expected dividend yield 0.00% 0.00%

Expected life of each option 5 years 5 years
Weighted average grant date fair value CAD $ 1.19 CAD $ 1.58

The expected volatility was determined based on the historical share price volatility from the date of the grant over a period
of time equal to the expected life of the option. The expected forfeiture rate for all grants was nil. The options granted on
December 27, 2022 were granted through the Omnibus Plan, which allows settlement of the option either by the issuance of
common shares, cash, or a combination thereof, at the election of the Corporation. As the Corporation does not have a stated
intent of which settlement method will be used, the options were accounted for based on past practice, whereby all options
have been settled through the issuance of shares.

(e) Deferred share units

The Corporation’s Omnibus Plan allows, and DSU Legacy Plan allowed, DSU awards which entitles the participant to receive
one common share of the Corporation issued from treasury upon redemption. DSUs typically vest over a 3-year period from
grant date, although the vesting period is at the Board of Directors’ discretion. DSUs issued under the Omnibus Plan allow
settlement of the DSU by the issuance of common shares, cash equal to the market value of the common shares at settlement,
or a combination thereof, at the election of the Corporation. As the Corporation does not have a stated intent of which method
will be used, the DSUs issued on December 27, 2022 were accounted for based on past practice, whereby all DSUs have been
settled through the issuance of common shares.

The changes in DSUs for the nine months ended June 30, 2023 and 2022 were as follows:
June 30, 2023 June 30, 2022
Opening balance 4,862,500 4,722,500
Granted 235,000 140,000
Closing balance 5,097,500 4,862,500
Exercisable 4,478,333 3,524,167

Following is a summary of the DSUs outstanding at June 30, 2023:

Compensation
Number of Market price cost over 3-year Unrecognized portion
Grant date Plan DSUs at grant date vesting term of compensation cost
March 27, 2018 Legacy 450,000 CAD $ 0.425 $ 150 $ -
December 28, 2018 Legacy 1,450,000 0.215 253 -
June 21, 2019 Legacy 100,000 0.395 30 -
August 27, 2019 Legacy 25,000 0.620 12 -
December 23, 2019 Legacy 1,825,000 0.630 873 -
December 28, 2020 Legacy 872,500 1.950 1,331 70
December 30, 2021 Legacy 140,000 3.030 321 80
December 27, 2022 Omnibus 235,000 2.105 371 256
5,097,500 CAD $ 0.849 $ 3,341 $ 406

(f) Restricted share units (“RSUs”)

The Omnibus Plan allows for, and the RSU Legacy Plan which was approved on December 30, 2021 allowed for, the award
of RSUs as an alternative form of compensation for employees, officers, and directors of the Corporation. Each RSU entitles
the participant to receive a cash payment equal to the value of one common share of the Corporation on the vesting date, which

13
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the three and nine months ended June 30, 2023
(Unaudited – in thousands of United States dollars unless otherwise stated)

is to be made within 30 days of vesting of each RSU. RSUs under the Legacy Plan are required to be settled in cash, while
RSUs under the Omnibus Plan can be settled by the issuance of common shares, cash, or a combination thereof, at the election
of the Corporation. As the Corporation does not have a stated intent of which method will be used, the RSUs issued on
December 27, 2022 were accounted for based on past practice, whereby all RSUs have been settled by cash. RSUs typically
vest and become exercisable over a 3-year period from the grant date, with one-third vesting on each of the first, second and
third anniversaries of the grant date.

The changes in RSUs for the nine months ended June 30, 2023 and 2022 were as follows:
June 30, 2023 June 30, 2022
Opening balance 322,516 -
Granted 524,514 322,516
Exercised (98,508) -
Closing balance 748,522 322,516
Exercisable 8,997 -

Following is a summary of the RSUs and the associated liability outstanding, which is included in trade and other payables,
based on the market closing price of $1.52 CAD per common share at June 30, 2023:

Number of Market price Outstanding liability

Grant date Plan RSUs at grant date (USD)
December 30, 2021 Legacy 224,008 CAD $ 3.03 $ 162
December 27, 2022 Omnibus 524,514 2.11 181
748,522 CAD $ 2.38 $ 343

(g) Stock based compensation

The Corporation has recorded total stock based compensation during the three and nine months ended June 30, 2023 and 2022
categorized as follows:
Three months ended Nine months ended
June 30 June 30 June 30 June 30
2023 2022 2023 2022
Cash-settled, through general and administrative expense $ 30 $ 45 $ 362 $ 160
Equity-settled, through general and administrative expense 383 431 1,171 1,340
Equity-settled, additions to exploration and evaluation assets 40 48 125 160
$ 453 $ 524 $ 1,658 $ 1,660

(h) Net income (loss) per share

Basic net income (loss) per share is calculated based on the weighted average number of shares outstanding during the year.
Diluted net income (loss) per share is based on the assumption that stock options and DSUs have been exercised on the later
of the beginning of the period and the date granted. For the three months ended June 30, 2023, Nil DSUs and Nil options
(2022 – Nil and Nil, respectively) and for the nine months ended June 30, 2023, 5,019,167 DSUs and 4,848,186 options (2022
– 4,816,346 and 6,882,344, respectively) were excluded from the computation of diluted net income per share because their
effect would have been anti-dilutive. Following is a reconciliation from the weighted average number of shares outstanding
to the diluted weighted average number of shares outstanding:

14
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the three and nine months ended June 30, 2023
(Unaudited – in thousands of United States dollars unless otherwise stated)

Three Months Ended Nine Months Ended

June 30 June 30 June 30 June 30
2023 2022 2023 2022
Weighted average number of shares outstanding 326,128,079 295,255,978 311,538,027 285,240,299
Dilutive effect of weighted average DSUs outstanding 5,097,500 4,862,500 - -
Dilutive effect of in-the-money options outstanding 4,706,812 6,507,448 - -
Diluted weighted average number of shares outstanding 335,932,391 306,625,926 311,538,027 285,240,299

8. SUPPLEMENTAL CASH FLOW INFORMATION

Three months ended Nine months ended

June 30 June 30 June 30 June 30
2023 2022 2023 2022
Change in non-cash operating working capital:
Trade receivables $ 1,655 $ 1,283 $ (1,289) $ 616
Input tax recoverable (165) (1,028) (2,568) (4,292)
Prepaid expenses (97) (144) (238) 140
Inventories (3,034) (2,080) (8,635) (10,429)
Income taxes payable 226 - 2,168 -
Trade and other payables (1,541) (1,178) (1,646) (439)
$ (2,956) $ (3,147) $ (12,208) $ (14,404)

Exploration and evaluation expenditures for the three and nine months ended June 30, 2023 are presented net of decreases of
$59 and $1,000 (2022 – decreases of $297 and $85) of amounts included in trade and other payables.

9. SEGMENTED INFORMATION

The Corporation’s reportable segments are consistent with the Corporation’s geographic regions in which the Corporation
operates. In determining the Corporation’s segment structure, the Corporation considered the basis on which management
reviews the financial and operational performance and whether any of the Corporation’s mining operations share similar
economic, operational and regulatory characteristics. The Corporation considers the Parral project and the Los Ricos project
as the Mexico segment, and the Corporation’s corporate offices as the Canadian segment.

Mexico Canada Total

For the three months ended June 30, 2023:
Revenue $ 8,485 $ - $ 8,485
Amortization and depletion 775 9 784
Interest income - 1,523 1,523
Finance costs 150 1 151
Segment net income 2,540 64 2,604
Expenditures on non-current assets 1,818 - 1,818
For the three months ended June 30, 2022:
Revenue $ 10,389 $ - $ 10,389
Amortization and depletion 1,211 - 1,211
Interest income - 159 159

15
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the three and nine months ended June 30, 2023
(Unaudited – in thousands of United States dollars unless otherwise stated)

Mexico Canada Total

Finance costs 137 3 140
Segment net income 1,030 80 1,110
Expenditures on non-current assets 7,797 - 7,797
For the nine months ended June 30, 2023:
Revenue $ 24,570 $ - $ 24,570
Amortization and depletion 2,499 21 2,520
Interest income - 3,004 3,004
Finance costs 471 3 474
Segment net loss (1,503) (2,090) (3,593)
Expenditures on non-current assets 12,068 - 12,068
For the nine months ended June 30, 2022:
Revenue $ 29,578 $ - $ 29,578
Amortization and depletion 3,352 - 3,352
Interest income 10 266 276
Finance costs 389 10 399
Segment net income (loss) 3,449 (3,831) (382)
Expenditures on non-current assets 19,182 - 19,182
Reportable segment assets (June 30, 2023) $ 206,867 $ 97,775 $ 304,642
Reportable segment liabilities (June 30, 2023) 17,437 1,578 19,015

Reportable segment assets (September 30, 2022) $ 196,674 $ 68,004 $ 264,678

Reportable segment liabilities (September 30, 2022) 22,624 1,723 24,347

10. FINANCIAL INSTRUMENTS

(a) Fair value of financial instruments:

The following table provides the disclosures of the fair value and the level in the hierarchy for financial instruments valued at
fair value through profit or loss on a recurring basis.

June 30, 2023 September 30, 2022

Level 1 Level 2 Level 1 Level 2
Long-term obligations - $ 1,848 - $ 2,472
Derivative liabilities - 1,105 - 745

Long-term obligations are valued based on the discounted present value of the future cash flows.

Derivative liabilities are valued at fair value through profit or loss on a recurring basis. For both, the Corporation performs
valuations internally and calculates a debt valuation adjustment or a credit valuation adjustment by considering the risk of
non-performance by the counterparties and the Corporation’s own credit risk. Valuations are based on forward rates
considering the market price, rate of interest and volatility, and take into account the credit risk of the financial instrument,
and are therefore classified within Level 2 of the fair value hierarchy.

16
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the three and nine months ended June 30, 2023
(Unaudited – in thousands of United States dollars unless otherwise stated)

(b) Capital management:

The Corporation's objective when managing capital is to maintain adequate levels of funding to support the acquisition,
exploration and operation of resource properties and maintain the necessary corporate and administrative functions to facilitate
these activities. These activities are primarily funded through operations, equity financing or debt. Potential future financings
are dependent on market conditions and there can be no assurance the Corporation will be able to raise funds in the future,
should the need arise. The Corporation invests all capital that is surplus to its immediate operational needs in high interest
savings accounts.

The capital of the Corporation consists of items included in shareholders’ equity and debt, net of cash as follows:

June 30, 2023 September 30, 2022

Shareholders’ equity $ 285,627 $ 240,331
Less: cash (98,718) (73,344)
$ 186,909 $ 166,987

(c) Financial risks:

The Corporation's financial risk exposures and the impact on the Corporation's financial instruments are summarized below:

Commodity price risk

The profitability of the Corporation’s mining operations is significantly affected by changes in the market price for silver,
gold and copper (“Metal”). Metal prices fluctuate on a daily basis and are affected by numerous factors beyond the
Corporation’s control. The supply and demand for Metal, the level of interest rates, the rate of inflation, investment decisions
by large holders of Metal including governmental reserves, and the stability of exchange rates can all cause significant
fluctuations in Metal prices. Such external economic factors are in turn influenced by changes in international investment
patterns and monetary systems, and political developments.

Credit Risk
The Corporation's credit risk is primarily attributable to cash, input tax recoverable and trade receivables. Input tax recoverable
consists of harmonized sales tax due from the Federal Government of Canada of $55 and value added tax (“VAT”) receivable
from the Federal Government of Mexico of $19,980. Timing of collection on VAT receivables is uncertain as VAT refund
procedures require a significant amount of information and follow-up. The Corporation assesses the recoverability of amounts
receivable at each reporting date. Changes in these estimates can materially affect the amount recognized as VAT receivable
and could result in a change in net income. As at June 30, 2023, the Corporation determined the full balance to be recoverable.
Significant judgment is required to determine the presentation of current and non-current input tax recoverable. Exposure on
trade receivables is limited as all receivables are with two customers who the Corporation has a strong working relationship
with and are reputable large international companies with a history of timely payment. Management believes the risk of loss
with respect to financial instruments consisting of cash, input tax recoverable and trade receivables to be low.

Foreign Currency Risk

The Corporation's major purchases are transacted in Canadian dollars (“CAD”), US dollars (“USD”), and Mexican Pesos
(“MXN”). The Corporation funds certain operations, exploration and administrative expenses in Mexico using USD and
MXN currency converted from its CAD and USD bank accounts. Excess cash is held predominantly in USD, although also
held in CAD and MXN based on future spending requirements. The Corporation’s subsidiaries in Mexico have a functional
currency of USD, and therefore net monetary assets held in MXN in those entities are affected by foreign exchange fluctuations
and will affect the Corporation’s net income. At June 30, 2023, the Corporation had net monetary assets in MXN of
approximately $17,371 (September 30, 2022 – $17,758), for which a 10% change in MXN exchange rates would change net
income by approximately $1,737.

17
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the three and nine months ended June 30, 2023
(Unaudited – in thousands of United States dollars unless otherwise stated)

As GoGold Resources Inc., the parent corporate entity, has a functional currency of CAD, net monetary assets held in USD
are affected by foreign exchange fluctuations recorded through the Corporation’s net income. At June 30, 2023, GoGold
Resources Inc. had net monetary assets in USD of $88,985 (September 30, 2022 – $56,144), for which a 10% change in US
exchange rates would change net income by approximately $8,898. As the Corporation’s reporting currency is USD, these
changes to net income attributed to fluctuations in the US exchange rates would be offset by an equal opposite change to other
comprehensive income. Net monetary assets held in CAD by the parent corporation are affected by foreign exchange
fluctuations recorded through other comprehensive income. At June 30, 2023, the parent corporation held net monetary assets
in CAD of $8,564 (September 30, 2022 - $9,689), for which a 10% change in CAD exchange rates would change other
comprehensive income by approximately $856.

Interest Rate Risk

The Corporation has cash balances and the current policy is to invest excess cash in Canadian bank high interest savings
accounts and GICs. Excess cash is held in USD, CAD, or MXN based on future spending requirements and consensus foreign
exchange estimates. Fluctuations in market interest rates could impact the amount of interest income earned on funds held in
savings accounts. The Corporation has no interest bearing liabilities.

Liquidity Risk
The Corporation's general objective when managing liquidity risk is to ensure that it will have sufficient liquidity to meet
liabilities when due. As at June 30, 2023, the Corporation had cash balances of $98,718, current input tax recoverable of
$1,272, and trade receivables of $3,804 for settling current liabilities of $11,159, and therefore liquidity is expected to be
sufficient to fund the operations of the Corporation for the next twelve months.

(d) Derivatives:

The Corporation, through its subsidiary Coanzamex, has an agreement with the Municipality of Parral, Mexico (“Town”) to
mine and process tailings material for precious metal recovery. The Corporation makes payments of $48 per month to the
Town which increases based on the average market silver price, with payments continuing until tailings are completely mined.
As the monthly royalty payment increases based on the average market silver price, from a minimum of $48 per month to a
maximum of $88 per month, the variable payment portion of the obligation is accounted for as an embedded derivative
liability. The fair value of the liability has been accounted for using a Monte Carlo simulation based on the spot price of silver
at June 30, 2023 of $22.47 (September 30, 2022 - $19.02), as well as the historical volatility of silver market prices. The fair
value of the derivative liability under this method at June 30, 2023 was $1,105 (September 30, 2022 - $745).

11. COMMITMENTS
The Corporation has the following minimum annual cash payment commitments for the next five years:

Description 2024 2025 2026 2027 2028

Minimum royalty and land payments – Parral (Note 10(d)) $ 570 $ 570 $ 570 $ 570 $ 570
Los Ricos option payments (Note 5) 1,050 1,300 - - -

$ 1,620 $ 1,870 $ 570 $ 570 $ 570

18