Granada Gold Mine Inc. announced that it has completed stripping of overburden and outcrop cleaning on mining lease BM 813 as part of its ongoing work to assess the grade on the structure East of former open pit #1 which was mined at a grade of 3.5 to 5.0 grams per tonne gold. Based on high-grade drill results, both down-dip within the structure and across the structure, the Company outlined the zone for the recovery of a 500-tonne bulk sample of mineralized material on mining lease BM 813 in September 2022. This work should enable extraction and sampling of the mineralized structures which links to the structure on the mining lease BM 852 where a previous bulk sample was taken 250m to the East and returned a grade 4.33 grams per tonne gold.

The Company is targeting 500,000 ounces of pit-constrained resource (presently 425,000 ounces of gold M+I) with an average open pit grade of 2 grams per tonne gold. The just-completed stripping of the area is now free of overburden. The final cleaning of the surface with a smaller excavator is also now completed.

A geological team has been mobilized to conduct detailed surface mapping and identify the area for bulk sample. Location The Granada Gold project is located in an established mining district 5 km south of Rouyn-Noranda adjacent to the prolific Cadillac Break shear zone, which is hosted in Pontiac metasedimentary rocks, granites, and younger syenite sills along the Granada shear zone (LONG Bars Zone). The project is located on the same side of the Cadillac Fault as the Canadian Malartic mine property, which has historically produced 12.7 million Ounces of gold from 1935 to 2010 with an additional 5 million ounces as of June 18, 2020 (Canadian Malartic Technical Report of March 25, 2021 & Le Citoyen June 19, 2020 Mineral Resource Estimates ¡ Gold and Rubidium On August 20, 2022 the Company released an updated NI 43-101 technical report supporting the resource estimate update for the Granada Gold project reporting that the Granada deposit contains an updated mineral resource, at a base case cut-off grade of 0.55 g/t Au for pit constrained mineral resources within a conceptual pit shell and at a base case cut-off grade of 2.5 g/t for underground mineral resources within reasonably mineable volumes, of 543,000 ounces of gold (8,220,000 tonnes at an average grade of 2.05 g/t Au) in the Measured and Indicated category, and 456,000 ounces of gold (3,010,000 tonnes at an average grade of 4.71 g/t Au) in the Inferred category.

The Company has also recently released a Resource Estimate for Rubidium. The Inferred underground mineral resources are estimated at 5,300,000 tonnes grading 295 grams/tonne rubidium, containing 1,600 tonnes rubidium. The inferred mineral resource was estimated using one zone of 21 zones of rubidium mineralization in one 1.6-kilometer-deep drill hole.

A second drill hole, which was collared 1.6 kilometers away on strike and which also intercepted rubidium mineralization over multiple zones, was not used in the resource estimation. The inferred resource was estimated in a 185-meter zone around the drill hole. Metallurgical tests conducted on drill core at SGS Lakefield facilities were positive and prove the rubidium can be recovered at a high recovery of 99%.

This result allowed the disclosure of the first (maiden) mineral resource estimate for rubidium reported herein. The potential In-Situ value of the inferred rubidium resource is the equivalent of 690,000 ounces gold (at 0.75 USD/g Rb) and 1,280,000 ounces gold (at 1.4 USD/g Rb) using a 1710.4 USD/oz Au for the comparison. Limited analysis for rubidium mineralization was undertaken as it was an unexpected discovery.

The Company has analyzed 2 holes in the Big Claim and one in the mining Lease BM 813 which all show rubidium mineralization of interest over an extensive surface area. A more extensive assaying program is to be put in place with the sampling of historic holes.