African Gold Group Seeks Dual ASX Listing And Announces Board Changes

View this email in your browser AFRICAN GOLD GROUP SEEKS DUAL ASX LISTING AND ANNOUNCES BOARD CHANGES   May 4, 2022, Toronto, Ontario – African Gold Group, Inc. (TSX-V: AGG, OTC: AGGFF, FRA: 3A61) ("AGG" or the "Company") is pleased to announce that it intends to seek a dual listing on the Australian Securities Exchange ("ASX").   ASX Listing   The Company intends to seek to list on ASX in the coming months and has received in-principle advice from ASX indicating that subject to satisfaction of certain conditions, the Company would be suitable for listing on ASX. Whilst the final approval of the listing is subject to the Company meeting certain customary requirements of the ASX, the receipt of the in-principle advice allows the Company to move forward with its plans for and preparation of a prospectus for the ASX listing.   Danny Callow, CEO of AGG, commented:   "We are very excited to receive the in-principle approval from the ASX, the first step in the process to securing an ASX listing. Our decision to seek a dual listing on the ASX is a result of significant support from Australian investors into our Kobada Project in South-Western Mali. We believe that a dual listing will unlock further opportunities through access to a broader pool of informed capital, and for AGG to unlock its full value for shareholders. Following our ASX listing, AGG will focus on expanding our total 3.2-million-ounce mineral resource along multiple highly prospective drill targets, and further enhancing our current definitive feasibility study which shows attractive economics for a 100,000oz per annum gold project over the first 10 years of production."   Board Update   The Company has also decided to strengthen its board of directors (the "Board") with the addition of an Australian domiciled, independent director well known in the investment community and very experienced in guiding companies through the process from developer to producer. The Company is pleased to announce the appointment of Tim Kestell to the Board.   Mr. Kestell is an accomplished executive with over 25 years of experience in the capital markets, including working for HSBC, Patersons Securities and Euroz Securities Limited. Mr. Kestell played an instrumental role as a director and an investor in a number of companies in the mining sector, including Capricorn Metals and Emerald Resources NL, enabling the transition from explorer to producer stage.   After serving for almost two years and guiding the Company through a critical stage of its strategic process, Mr. Scott Eldridge, Non-Executive Chairman of the Company has made the decision to step down from the Board to pursue other interests. Scott will continue as a consultant on an as-required basis and will maintain existing options awards to expiry. Mr. Jan-Erik Back, Deputy Chairman of the Board will step up to the Chairman role.   The Company has granted a total of 1,446,666 stock options to certain directors of the Company pursuant to the Company`s stock option plan. The stock options vest immediately and may be exercised at a price of $0.10 per option for a period of five years from the date of grant. This grant of options is subject to the approval of the TSX Venture Exchange   Danny Callow, CEO of AGG, commented:   "Over the past two and a half years we have spent a significant amount of time in restructuring the Company. This has involved spending a significant amount of time in delivering an economically attractive definitive feasibility study on our flagship Kobada Project, as well as growing the mineral resource by 40% and the ore reserves by more than 140%. At the same time, the Company has streamlined the Board, significantly reduced corporate and overhead costs and positioned the company for the next stage of its growth strategy. The decision to appoint Tim to the Board, who is well known and respected in the Australian investor community will set the Company on its trajectory to achieve its strategic goals. I would personally like to welcome Tim to the Company and wish him well as he transitions into the new role. Finally, on behalf of the Company, I would like to thank our outgoing Chairman, Mr. Scott Eldridge for his unwavering support over the past two years guiding the structural corporate changes and wish him all the very best in his future endeavours."   About African Gold Group   African Gold Group is a TSX Venture Exchange (TSX-V: AGG) listed exploration and development company with a focus on building Africa's next mid-tier gold producer. The Company has a highly experienced board and management team with a proven track record in the African mining sector operating mines from development through to production. AGG's principal asset is the Kobada Project in southern Mali, which is in an advanced stage of development having completed the 2021 definitive feasibility study and is targeting gold production of 100,000 oz per annum. As well as the initial Kobada Gold Project, other exploration locations have been identified on the Kobada, Farada and Kobada Est concessions, offering potential for an increase in resource. For more information regarding African Gold Group visit our website at www.africangoldgroup.com.   For more information: Danny Callow President and Chief Executive Officer + (27) 76 411 3803 Danny.Callow@africangoldgroup.com Daniyal Baizak Vice President, Corporate Development +1 (647) 835 9617 Daniyal.Baizak@africangoldgroup.com     Jan-Erik Back Non-Executive Chairman of the Board Jan-Erik.Back@africangoldgroup.com Camarco (Financial PR) Gordon Poole / Charlotte Hollinshead +44 (0) 20 3757 4997 AfricanGoldGroup@camarco.co.uk     Cautionary statements   This press release contains "forward‑looking information" within the meaning of applicable Canadian securities legislation. Forward‑looking information includes, but is not limited to, statements regarding, the dual-listing of the Company on the ASX, filing of a prospectus in Australia, appointment of directors of the Company, grant of incentive stock options, expansion of mineral resources and reserves, upside potential of the Project, drilling and exploration plans of the Company, and development timetable with respect the Project. Generally, forward‑looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".  Forward‑looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of AGG to be materially different from those expressed or implied by such forward‑looking information, including but not limited to: receipt of necessary approvals from the ASX and Australian regulatory authorities; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages; available infrastructure and supplies; the COVID-19 pandemic and other risks of the mining industry. Although AGG has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‑looking information. AGG does not undertake to update any forward-looking information, except in accordance with applicable securities laws.     NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.     Follow on Twitter LinkedIn Follow on Instagram Our mailing address is: info@africangoldgroup.com Want to change how you receive these emails? 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Guanajuato Silver Reports Q4 and Year End 2021 Financial Results

Guanajuato Silver Reports Q4 and Year End 2021 Financial Results VANCOUVER, BC / ACCESSWIRE / April 26, 2022 / Guanajuato Silver Company Ltd. (the "Company" or "GSilver") (TSXV:GSVR)(OTCQX:GSVRF) announces selected financial information and production results for the Company's fourth quarter, and year ended December 31, 2021. The Company's consolidated financial statements for the year ended December 31, 2021 and Management's Discussion and Analysis ("MD&A") thereon can be viewed at www.sedar.com. Production results are from the Company's wholly owned El Cubo Mine Complex and El Pinguico project in Guanajuato, Mexico. Selected 2021 Q4 Highlights: (All figures in US Dollars) All production results continue to be in-line with modelled ramp-up expectations. Revenue from mining operations at El Cubo generated $4.1 million in Q4. 105,203 ounces of silver and 1,179 ounces of gold were sold in Q4, totalling 199,526(1) silver-equivalent ounces (AgEq) sold at a realized silver price of $23.35(5) per ounce. Q4 Cash Costs of $20.36(2) and AISC of $33.31(3) (Reflective of Company's ongoing ramp-up). December 31, 2021 cash balance of $8.23 million plus $1.6 million held as silver and gold bullion. "2021 saw Guanajuato Silver successfully complete the transition from explorer to producer status", said GSilver Chairman and CEO James Anderson. "Our revitalization of the El Cubo Mine represents an extremely efficient restart within our industry, as the Company continues to adhere to its ‘On Track, On Time, On Budget' mantra. After purchasing the El Cubo mining complex in April 2021, we were mining and stockpiling mineralized material by August, processing that material in September, and had completed our first sale of precious metals concentrate before the end of October. Driven by ongoing sales of silver and gold and a ramp-up process that continues to unfold on plan, GSilver ended 2021 with a strong balance sheet and renewed confidence that we are moving towards becoming a significant Mexican mid-tier producer." Table of Selected 2021 Q4 and Year End Data: (All figures in US Dollars) Three Months Ended Year Ended Dec 31 2021 Dec 31 2020 Dec 31 2021 Dec 31 2020 Revenue 4,116,811 nil 4,116,811 nil Net loss (4,746,245 ) (913,110 ) (11,849,800 ) (1,721,817 ) Cost per tonne(4)(6) 63.35 - 79.10 - Cash cost per AgEq ounce(1)(2)(6) 20.36 - 25.45 - AISC per AgEq ounce(1)(3)(6) 33.31 - 73.70 - Silver ounces sold 105,203 - 105,203 - Gold ounces sold 1,179 - 1,179 - Silver equivalent ("AgEq") ounces sold(1) 199,526 - 199,526 - Realized silver price per ounce(5) 23.35 - 23.35 - Silver equivalents are calculated using an 80:1 (Ag/Au) ratio. Cash cost per silver equivalent ounce includes mining, processing, and direct overhead. The production costs for the year ended December 31, 2021 include mining cost from July to September 2021, prior to the commencement of milling and concentrate production, and therefore differ from the production costs for the three months ended December 31, 2021. See Reconciliation to IFRS in the Company's Management Discussion and Analysis. AlSC per oz include mining, processing, direct overhead, corporate general and administration expenses, on-site exploration, reclamation and sustaining capital. The production costs for the year ended December 31, 2021 include mining costs from July to September 2021, prior to the commencement of milling and concentrate production, and therefore differ from the production costs for the three months ended December 31, 2021. See Reconciliation to IFRS in the Company's Management Discussion and Analysis. Production costs include mining, milling (including transportation and selling costs), and direct overhead at the operation sites. See Reconciliation to IFRS in the Company's Management Discussion and Analysis. Based on provisional sales before final price adjustments, before payable metal deductions, treatment, and refining charges. These are non-IFRS financial measures and ratios. Further details on these non-IFRS financial measures and ratios are provided at the end of this press release and in the MD&A accompanying the Company's financial statements on SEDAR at www.sedar.com. Commercial production at the El Cubo Mine commenced on October 1, 2021, hence there are no previous comparable operational and financial results for the previous quarter or year-end periods. The Company generated revenue of $4.1 million for the 4th quarter and year ended December 31, 2021 on sales of 199,526(1) AgEq ounces at a realized price of $23.35(5) per ounce. AISC for Q4 and the year ended December 31, 2021 were $33.31(3) and $73.70(3) respectively, with the year ended December 31, 2021 AISC figure including costs from mid-July of 2021 as the Company commenced mining operations, expending $10.6 million on sustaining capital in the year end period, while sustaining capital of $2.2 million was expended in the 4th quarter of 2021. Cash Balance The Company continues to maintain ample financial liquidity and flexibility. The cash balance at year end totaled $8.23 million plus the Company had an additional $1.6 million held as silver and gold bullion. Production Summary A total of 89,082 tonnes were mined from El Cubo and from existing stockpiles at El Pinguico in Q4, with 77,524 tonnes milled resulting in the production of 124,750 ounces of silver and 1,440 ounces of gold; 80% of this production was sold in Q4. Average silver recoveries for this period were 82.9%, which is 96% of the target and historical recovery rate at El Cubo; gold recoveries averaged 78.8%, representing 90% of the target recovery rate. Q4 gold recoveries are reflective of the early stage of the ramp-up phase and demonstrate an opportunity for improved project economics with rising metallurgical recovery. Cash cost per silver-equivalent ounce(2) mined during Q4 was $20.36(3); cash cost per tonne mined in Q4 was $63.35(5); these numbers are in-line with the Company's expectations and financial model. Corporate Update Guanajuato Silver Company Ltd. is pleased to announce the appointment of Israel Munoz as Vice-President of Finance for the Company. Mr. Munoz is a Chartered Professional Accountant (CPA-CA) with more than 20 years experience, including 10 years working for Canadian silver and gold producing companies operating in the USA, Mexico and Latin America. During this time, Mr. Munoz held progressively senior positions and played a key role in such companies' debt and equity financings, and merger and acquisition activities, while leading initiatives on financial reporting, regulatory compliance, corporate governance, and commercial negotiations. Mr. Munoz was previously Corporate Controller of the Company. Prior to joining GSilver, he was Corporate Controller for Fortuna Silver Mines, and previously held senior leadership roles at Golden Queen Mining Co. and First Majestic Silver Corp. Mr. Munoz is a graduate of the National Autonomous University of Mexico. Technical Information Hernan Dorado Smith, a director and officer of GSilver and a "qualified person" as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, has approved the scientific and technical information contained in this news release. About Guanajuato Silver GSilver is a precious metals producer engaged in reactivating past producing silver and gold mines near the city of Guanajuato, Mexico. The Company is currently producing silver and gold from its 100% owned El Cubo and El Pinguico projects, while simultaneously advancing the El Pinguico Mine to restart. Both projects are located within 11km of the city of Guanajuato, which has an established 480-year mining history. ON BEHALF OF THE BOARD OF DIRECTORS "James Anderson" Chairman and CEO For further information regarding Guanajuato Silver Company Ltd., please contact: JJ Jennex, Gerente de Comunicaciones T: 604 723 1433 E: jjj@GSilver.com Gsilver.com Endnotes Silver equivalents are calculated using an 80:1 (Ag/Au) ratio. Cash cost per silver equivalent ounce includes mining, processing, and direct overhead. The production costs for the year ended December 31, 2021 include mining costs from July to September 2021, prior to the commencement of milling and concentrate production, and therefore differ from the production costs for the three months ended December 31, 2021. See Reconciliation to IFRS in the Company's Management Discussion and Analysis. AlSC per oz include mining, processing, direct overhead, corporate general and administration expenses, on-site exploration, reclamation and sustaining capital. The production costs for the year ended December 31, 2021 include mining costs from July to September 2021, prior to the commencement of milling and concentrate production, and therefore differ from the production costs for the three months ended December 31, 2021. See Reconciliation to IFRS in the Company's Management Discussion and Analysis Production costs include mining, milling and direct overhead at the operation sites. See Reconciliation to IFRS in the Company's Management Discussion and Analysis. Based on provisional sales before final price adjustments, before payable metal deductions, treatment, and refining charges. Non-IFRS and Other Financial Measures and ratios Certain non-IFRS and other non-financial measures and ratios are included in this press release, including cash costs per silver equivalent ounce, all-in sustaining cost ("AISC") per ounce, costs per tonne, realized silver price per ounce, and sustaining capital. Please see the December 31, 2021 MD&A for explanations and discussion of these non-IFRS and other non-financial measures and ratios. The Company believes that these measures and ratios, in addition to conventional measures and ratios prepared in accordance with International Financial Reporting Standards ("IFRS"), provide management and investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS and other non-financial measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures or ratios of performance prepared in accordance with IFRS. These measures and ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Certain additional disclosures for these non-IFRS measures have been incorporated by reference and can be found in the section "Non-IFRS Measures" in the December 31, 2021 MD&A available on SEDAR at www.sedar.com. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements This news release contains certain forward-looking statements and information, which relate to future events or future performance including, but not limited to, the current and projected mined output from El Cubo and the Company's development towards becoming a significant mid-tier Mexican silver and gold producer, the ability of the Company to source mineralized material from additional sources within the Guanajuato area for processing through the El Cubo mill to generate additional revenue streams, the ability of the Company to increase production of mineralized material from El Cubo, El Pinguico and additional sources to successfully ramp-up and maintain production at 100% capacity of the El Cubo mill and the timing and schedule thereof; the ability of the Company to improve metallurgical recovery rates of silver and gold and reduce production costs consistent with the Company's expectations and production model, the Company's ability to restart production from the El Pinguico mine, the Company's future development and production activities; estimates of mineral resources and the accessibility, attractiveness, mineral content and metallurgical characteristics thereof; the opportunities for future exploration, development and production at El Cubo and El Pinguico and the proposed exploration, development and production programs therefor and the timing and costs thereof; and the success related to any future exploration, development and/or production programs. Such forward-looking statements and information reflect management's current beliefs and are based on information currently available to and assumptions made by the Company; which assumptions, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: our mineral resource estimates at El Cubo and El Pinguico and the assumptions upon which they are based, including geotechnical and metallurgical characteristics of rock conforming to sampled results and metallurgical performance; available tonnage of mineralized material to be mined and processed; resource grades and recoveries; assumptions and discount rates being appropriately applied to production estimates; success of the Company's combined El Cubo / El Pinguico operation; the Company's ability to secure additional sources of mineralized material for processing, prices for silver and gold remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company's projects and to satisfy current liabilities and obligations including debt repayments; capital, decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation) and inflation rates remaining as estimated; no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive. Readers are cautioned that such forward-looking statements and information are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, currency rate fluctuations, rising inflation, geopolitical conflicts including wars, actual results of exploration, development and production activities, actual resource grades and recoveries of silver and gold, availability of third party mineralized material for processing, unanticipated geological or structural formations and characteristics, environmental risks, future prices of gold, silver and other metals, operating risks, accidents, labor issues, equipment or personnel delays, delays in obtaining governmental or regulatory approvals and permits, inadequate insurance, and other risks in the mining industry. There are no assurances that GSilver will be able to successfully ramp-up and maintain production at the El Cubo mill to process mineralized materials to produce silver and gold concentrate in the amounts, grades, recoveries, costs and timetable anticipated. In addition, GSilver's decision to process mineralized material from its estimated resources at El Cubo and above and underground stockpiles at El Pinguico through the El Cubo mill is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and therefore is subject to increased uncertainty and risk of failure, both economically and technically. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, are considered too speculative geologically to have the economic considerations applied to them, and may be materially affected by environmental, permitting, legal, title, socio-political, marketing, and other relevant issues. There are no assurances that the results of the Company's 2021 preliminary economic assessment and projected production of silver and gold will be realized. In addition, there are no assurances that the Company will meet its production forecasts or generate the anticipated cash flows from operations to satisfy its scheduled debt payments or other liabilities when due or meet financial covenants to which the Company is subject or to fund its exploration programs and corporate initiatives as planned. There is also uncertainty about the continued spread of COVID-19 and ongoing war in Ukraine and the impact they will have on the Company's operations, supply chains, ability to access El Pinguico and/or El Cubo or procure equipment, contractors and other personnel on a timely basis or at all and economic activity in general. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com including the Company's annual information form for its fiscal year ended December 31, 2020. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by law. SOURCE: Guanajuato Silver Company Ltd. View source version on accesswire.com: https://www.accesswire.com/698872/Guanajuato-Silver-Reports-Q4-and-Year-End-2021-Financial-Results Copyright © 2022 Guanajuato Silver Company Ltd., All rights reserved. You are receiving this email because you opted in via our website. Our mailing address is: Guanajuato Silver Company Ltd. 578 – 999 Canada Place Vancouver, BC V6C 3E1 Canada Add us to your address book Want to change how you receive these emails? 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