Golconda Taps Veteran Engineer for New Mexico Mine Restart, Eyes Silver Boom

TORONTO, ON – January 14, 2026 – Golconda Gold Ltd. is making a significant strategic move to reactivate its Summit mine in New Mexico, appointing seasoned mining engineer Alan Linden as General Manager to lead the charge. The appointment signals a crucial step towards the targeted Q2 2026 restart of the underground gold and silver operation, a project poised to diversify the company's portfolio and capitalize on bullish precious metals markets.

The move marks a pivotal moment for Golconda, primarily known for its gold production in South Africa. By bringing the Summit mine online, the company will add a second operating asset in what it deems a "tier 1 jurisdiction" and gain what CEO Ravi Sood calls "significant exposure to silver going forward."

A Veteran Hand for a Complex Revival

At the heart of this ambitious plan is Alan Linden, a professional engineer with over 35 years of experience in the mining sector. His career, built largely in the United States and Canada, has been defined by a focus on underground mining, particularly the complex and often challenging projects involving mine restarts and expansions. Linden, a graduate of Queen's University in Ontario, joins Golconda from a large multi-national mining contractor and will be based on-site in New Mexico.

His expertise is considered critical for reviving the Summit mine, which has been under care and maintenance since its previous operator ceased activities in November 2013. Historical challenges, including a costly streaming contract and undercapitalization that led to high dilution rates, previously hampered the mine's success. Linden's track record in navigating such operational and financial hurdles was a key factor in his appointment.

"Alan’s extensive experience in underground mining and project restarts and expansions will be invaluable to the Company as we start up operations at Summit," CEO Ravi Sood stated in the official announcement.

The task ahead involves more than simply turning the lights back on. Since acquiring the mine in 2021, Golconda has been laying the groundwork for a successful restart. This includes detailed mine planning, re-surveying the 15,000 feet of existing underground workings, and analyzing the restart requirements for the permitted 240-ton-per-day mill and flotation plant. Linden will now oversee the final execution of this plan, transitioning key operations to an owner-operator model to better control costs and efficiency.

Unlocking Summit's Silver Potential

The restart of the Summit mine represents a calculated pivot for Golconda Gold. While the company remains an un-hedged gold producer, this project will fundamentally reshape its commodity exposure. The mine, located in the historic Steeple Rock Mining District, is rich in both gold and silver.

A 2022 technical report, updated by the company, projects a six-year mine life with impressive production potential: over 1 million ounces of silver and 16,000 ounces of gold annually. This output would not only boost Golconda's overall production figures but also significantly re-weight its revenue streams toward silver, a metal experiencing a surge in both industrial and investment demand.

This diversification is a strategic hedge, allowing the company to benefit from the unique market drivers of two distinct precious metals. While gold is primarily a monetary and safe-haven asset, silver's role is increasingly dual-purpose, with more than half of its annual demand coming from industrial applications.

Riding the Precious Metals Wave

Golconda's timing for the Summit restart appears particularly astute, aligning with a highly optimistic outlook for both gold and silver in 2026. Market analysts are forecasting a strong year for precious metals, driven by a confluence of geopolitical uncertainty, sustained central bank buying, and a potential pivot toward lower interest rates by global central banks.

J.P. Morgan and Goldman Sachs have issued bullish forecasts for gold, with price targets approaching or exceeding $5,000 per ounce. This sentiment is fueled by expectations of continued safe-haven demand and significant inflows into gold-backed ETFs.

The outlook for silver is arguably even more dramatic. Some analysts are predicting prices could surge into triple digits, with forecasts ranging from a conservative $68 per ounce from HSBC to more aggressive predictions of over $100 or even $200 per ounce. This optimism is underpinned by a deepening supply deficit and accelerating industrial demand from green energy and technology sectors. Silver is a critical component in solar panels, electric vehicles, and the data centers powering the artificial intelligence boom, creating a robust demand floor that complements its traditional role as an investment asset. By bringing over a million ounces of new silver supply online annually, the Summit mine is positioned to directly capitalize on this trend.

Financing the Future in a Tier-1 Jurisdiction

Executing the restart requires capital, but Golconda appears to be in a solid financial position to deliver. The estimated capital expenditure for the project is a relatively modest US$4.1 million, a figure consistent with previous technical reports. According to recent financial disclosures, the company holds sufficient cash and generated strong free cash flow in the third quarter of 2025, suggesting it can cover the restart costs without resorting to dilutive equity financing. The company has indicated it may seek an off-take agreement or a streaming deal to secure the final funding package.

The choice of New Mexico is also strategic. Described as a "tier 1 jurisdiction," the state offers a stable regulatory framework for mining. Critically, the Summit mine has maintained all necessary permits required to resume operations, clearing a major potential hurdle.

However, operating in New Mexico also comes with heightened environmental scrutiny. The state has a long and complicated history with mining, particularly the legacy of abandoned uranium mines that caused lasting environmental damage. While the Summit project is a different type of operation, any modern mining activity in the region is subject to close observation regarding its impact on water resources and local communities. Golconda's stated commitment to high standards for safety and environmental respect will be essential as it brings the Summit mine back to life and begins a new chapter in its corporate growth.