Couloir Capital Is Pleased to Announce It Has Updated Its Research Coverage on China Gold

Vancouver, British Columbia--(Newsfile Corp. - May 8, 2023) - Couloir Capital is pleased to announce it has updated its research coverage on China Gold International Resources Corp. Ltd. (TSX: CGG) (HKG: 2099) ("CGG", or "Company"). The new report is titled, "Anticipate Improving Profitability on Higher Gold Prices."

Report excerpt: "China Gold reported resilient Q4 and full-year 2022 results despite the negative impact of COVID-19 restrictions and volatile metal prices. CGG missed its 2022 gold production guidance but reported copper production in line with the stated guidance.

• CGG continues to focus its efforts on optimizing the operation at both mines, stabilizing the Jiama Mine's production, and potentially extending the mine life of Chang Shan Hao (CSH) Gold Mine.

• Given strong free cash flow generation, we expect CGG to continue to return capital to shareholders and pursue opportunistic M&A.

On a forward basis, investors can expect CGG to offer exposure to improved earnings leverage as market gold prices continue their upwards tear, whilst also providing diversification through exposure to key base metal volumes. CGG expects to produce 212,000 ounces of gold and 145 million pounds of copper in calendar 2020, offering investors production scale as well the opportunity for upside on ongoing exploration initiatives."

The report can be accessed through Couloir Capital's portal: https://www.couloircapital.com/research-portal

About Couloir Capital Ltd.

Couloir Capital Ltd. is an investment research firm comprised of a team of veteran investment professionals dedicated to providing opportunities in the natural resource exploration and development sectors. Couloir Capital Ltd. is affiliated with a registered securities dealer, Couloir Securities Ltd.

For further information, please contact:

Rob Stitt, Managing Director, Couloir Capital Ltd.

Email: rstitt@couloircapital.com

www.couloircapital.com

Analyst Disclosure: The analyst and/or Couloir Capital do not hold shares or options in the Company.

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