Anaconda Mining Inc. announced final results from an infill diamond drill program completed at the Company's 100%-owned Goldboro Gold Project ("Goldboro", or the "Project") located in the Municipality of the District of Guysborough, Nova Scotia. The Infill Drill Program was designed to upgrade both near-surface and underground Inferred Mineral Resources in an area between the two open pits outlined in the Feasibility Study for Goldboro announced on December 16, 2021. The drill program comprised 19 drill holes totaling 2,585.0 metres (BR-21-290 to 308).

Assay results have been received for the final 9 drill holes (BR-21-300 to 308) (Exhibit A) of the Infill Drill Program, with assays for the first 10 drill holes (BR-21-290 to 299) reported in a news release dated October 12, 2021. The Infill Drill Program successfully intersected several new zones of near-surface gold mineralization on the northern side of the Goldboro Deposit between the two proposed open pits, over a strike length of 200 metres, as well as infilled deeper sections of the Goldboro Deposit (Exhibits A, B, C). The new near-surface mineralized zones were not included within the Mineral Resource Estimate announced on December 16, 2021, and present near-term potential to upgrade both near surface and underground Inferred Mineral Resources, further optimize the pit design outlined in the Feasibility Study, reduce the strip ratio, and positively impact the value of the Project.

Successful intersection and infill drilling of deeper, underground Inferred Mineral Resource further highlights the potential for an underground mining phase for the Project. Only 5 of the 19 drill holes completed in this program were included in the recent Mineral Resource Estimate update with the remainder to contribute to future updates. Selected composited highlights (core length) from the drill program include: 26.10 grams per tonne ("g/t") over 0.5 metres within a broader zone consisting of 2.73 g/t gold over 6.5 metres (94.5 to 101.0 metres) in diamond drill hole BR-21-300; 17.20 g/t gold over 0.5 metres within a broader zone consisting of 3.91 g/t gold over 2.5 metres (137.5 to 140.0 metres) in diamond drill hole BR-21-301; 20.60 g/t gold over 0.5 metres within a broader zone consisting of 4.57 g/t gold over 3.0 metres (148.1 to 151.1 metres) in diamond drill hole BR-21-305; 13.30 g/t gold over 0.6 metres within a broader zone consisting of 1.49 g/t gold over 7.0 metres (157.5 to 164.5 metres) in diamond drill hole BR-21-305; 11.00 g/t gold over 0.5 metres (94.7 to 95.2 metres) in diamond drill hole BR-21-306; 31.30 g/t gold over 0.5 metres (126.2 to 126.7 metres) in diamond drill hole BR-21-307; 10.40 g/t gold over 1.0 metre (38.0 to 39.0 metres) in diamond drill hole BR-21-308; 34.80 g/t gold over 0.5 metres (145.7 to 146.2 metres) in diamond drill hole BR-21-308; and 24.50 g/t gold over 0.6 metres (235.6 to 236.2 metres) in diamond drill hole BR-21-308.