Falco and Golden Queen Announce Golden Queen Shareholders’ Approval at the Special Meeting

MONTRÉAL, Québec (March 24, 2020) – Falco Resources Ltd. (TSX-V: FPC) (“Falco”) and Golden Queen Mining Consolidated Ltd. (NEX: GQM.H, OTCQB: GQMND) (“Golden Queen”) are pleased to announce that Golden Queen shareholders approved the plan of arrangement with Falco whereby Falco is to acquire all of the issued and outstanding shares of Golden Queen (the “Transaction”) at the special meeting of shareholders held earlier today (the “Meeting”), approving the Transaction announced on February 11, 2020.

The Transaction was approved by 99.64% of the votes cast by Golden Queen shareholders, with shareholders holding 6,033,912 shares or 44.59% of the outstanding shares of the Company present in person or represented by proxy at the Meeting.

On closing of the Transaction, Golden Queen shareholders will receive 1.35 Falco shares for each Golden Queen share held. The Transaction is subject to final approval by the TSX Venture Exchange and the Supreme Court of British Columbia (the “Court”), along with other customary conditions. As disclosed in Golden Queen’s management information circular dated February 20, 2020 related to the Meeting (the “Circular”) and provided for in the Interim Order granted by the Court in respect of the Meeting, Golden Queen intended to apply to the Court for the Final Order on March 26, 2020. In light of the suspension of operations at the courts in British Columbia due to Covid-19 the original court date may be delayed. Any Golden Queen securityholder seeking to appear at the hearing of the application for the Final Order must advise Sean K. Boyle of Blake, Cassels & Graydon LLP by email at sean.boyle@blakes.com. Only those persons who have advised Mr. Boyle of their intention to appear will be provided with notice of the new hearing date and any filed materials.

Additional information regarding the terms of the Transaction are set out the Circular which is available under Golden Queen’s profile at www.sedar.com.

About Falco

Falco Resources Ltd. is one of the largest mineral claim holders in the Province of Québec, with extensive land holdings in the Abitibi Greenstone Belt. Falco owns about approximately 67,000 hectares of land in the Rouyn-Noranda mining camp, which represents 70% of the entire camp and includes 13 former gold and base metal mine sites. Falco’s principal asset is the Horne 5 Project located in the former Horne mine that was operated by Noranda from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Osisko Gold Royalties Ltd is the largest shareholder of the Corporation and currently owns 19.9% of the issued and outstanding shares of the Corporation. The Corporation has 207,878,736 shares issued and outstanding.

For further information, please contact:

Luc Lessard

President and Chief Executive Officer

514-261-3336

info@falcores.com

Amélie Laliberté

Coordinator, Investor Relations

418-455-4775

info@falcores.com

About Golden Queen Mining Consolidated Ltd.

Golden Queen is a company existing under the laws of the province of British Columbia and is a “reporting issuer” in British Columbia, Alberta, Ontario and Quebec. The Golden Queen shares are currently listed for trading on the NEX under the symbol “GQM.H” and are quoted on the OTCQB under the symbol “GQMND”.

For further information, please contact:

Brenda Dayton
Senior Vice President, Corporate Affairs
Telephone: (604) 417-7952

bdayton@goldenqueen.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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein.

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