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Follow the drill story
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How fast can
a gold resource
actually grow?

Goldgroup Mining Inc. (NYSE American: GORO) has spent 2026 finding out. A record seven months of drilling at its Don David mine — 25,726 meters across 123 holes (company news release, Aug 17, 2026) — while a fresh technical report counts 1.23 million measured-and-indicated ounces at its San Francisco mine (NI 43-101, effective Apr 30, 2026). Best Stocks put the whole campaign on the watchlist. Here is what the filings say — and what they don't.

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The drill scoreboard — every figure sourced

1.23Moz M&I · San Francisco
25,726meters · 7 months
123holes · Don David

Sources: NI 43-101 technical report, Micon, effective Apr 30, 2026; company news release, Aug 17, 2026. Drill intercepts are not mineral resources.

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GORO · NYSE American · TSXV · Frankfurt — two mines producing · a third being recommissioned · drills turning on multiple fronts

Start here

The checklist you'd run on any small producer — filled in for GORO

Comparing junior gold names comes down to the same handful of checks every time: is anything actually in production, is there a defined resource or only a story, are the drills turning, and does the balance sheet pay for them? Here is how Goldgroup Mining Inc. (NYSE American: GORO) fills in that scorecard — every figure traced to a filing — plus the one caveat that makes lining companies up against each other harder than a table suggests.

In production?Two minesDon David in Oaxaca and Cerro Prieto in Sonora are both producing today.
Defined resource?1.23 MozMeasured-and-indicated gold at San Francisco, per an NI 43-101 technical report effective Apr 30, 2026.
Drills turning?25,726 m123 holes in seven months at Don David — a pace the company calls a record.
Who funds it?US$43.9MQ1 2026 revenue at the operating subsidiary, with US$31.0M of cash on hand.
Clean to compare?Mind the basisMeasured-and-indicated ounces are not reserves, and gold-equivalent assumptions differ company to company — the honest caveat behind every peer table.

Sources: NI 43-101 technical report (San Francisco), effective Apr 30, 2026; Form 10-Q, Q1 2026; company news release, Aug 17, 2026. Two producing mines and a defined resource are on the record; whether they add up to a good investment is a judgment this page does not make. Drill intercepts are not mineral resources.

Why GORO is on the drill radar

Four numbers that put a small miner on the watchlist

01

1.23 million ounces, measured & indicated

The San Francisco mine in Sonora now stands at 48.3 Mt at 0.37 g/t measured plus 56.8 Mt at 0.35 g/t indicated — 1.23 million ounces of M&I gold — with another 178,000 ounces inferred (17.3 Mt at 0.32 g/t). That is the defined base the restart plan is built on. Source: NI 43-101 technical report, prepared by Micon, effective Apr 30, 2026.

02

A record drill pace at Don David

25,726 meters across 123 drill holes in seven months at the Oaxaca operation, with highlight intercepts of 1.92 m estimated true width at 13.49 g/t gold plus 931 g/t silver, and 2.55 m at 1,695 g/t silver. Drill intercepts are not mineral resources — but they are the raw material resources are made from. Source: company news release, Aug 17, 2026.

03

El Llano: the conceptual next door

Beside San Francisco sits an exploration target of 40 to 78 Mt at 0.38 to 0.61 g/t gold. Read the label twice: the target is conceptual in nature and is not a mineral resource — there has been insufficient exploration to define one, and further drilling may or may not convert it. It is a question the drills can answer either way. Source: NI 43-101 technical report, effective Apr 30, 2026.

04

50,000+ meters committed this year

From the company
Goldgroup says it has committed more than 50,000 meters of drilling across its properties this year, including a 26,053-meter program at San Francisco slated to finish in Q4 2026. Company plans, not outcomes — programs can be cut, slowed or re-aimed. Sources: Form 6-K, Aug 20, 2026; news release, Aug 14, 2026.

Four assets, four jobs

The portfolio, one hard number at a time

A useful comparison starts with what a company actually owns and what stage each piece is at. GORO's base breaks into four parts — two earning cash now, one being brought back, one held for later — and each carries a single figure worth writing down.

Producing · cash engine

Don David / Arista

Oaxaca, Mexico

US$43.9M

The group's revenue engine: the operating subsidiary reported US$43.9M of revenue and US$4.7M of net income for Q1 2026, and this is where the record 25,726-meter drill campaign is turning. Concentration is real — the subsidiary discloses that its production comes from a single operating unit. Sources: Form 10-Q, Q1 2026; news release, Aug 17, 2026.

Producing · since 2013

Cerro Prieto

Sonora, Mexico

Feb 20, 2026

The second producing operation: an open-pit, heap-leach gold mine in Sonora running 4,200–4,500 tonnes a day and producing since 2013 — a steady second source of ounces feeding the group. Source: company news release, Aug 17, 2026.

Restart in progress

San Francisco

Sonora, Mexico

1.23 Moz

The growth piece: 1.23 million ounces of measured-and-indicated gold on the record, a 26,053-meter program slated to finish in Q4 2026, and a US$850,000 contract signed to commission the plant. The company has pointed to a restart window between late 2026 and Q1 2027 — its window, not ours. Sources: NI 43-101 technical report; news release, Aug 14, 2026.

Development · optionality

Back Forty

Michigan, United States

US$95.6M

Held for later, with a feasibility study underway since May 2026 (SLR). Read it with its counterweight in the same breath: the project is unpermitted, and it is the collateral for a US$95.6M streaming obligation that accrues at a fixed 22.2% a year. Optionality, not a producing asset. Source: Form 10-Q, Q1 2026, Note 9; company disclosure.

Assay results don't schedule themselves around your weekend.

Best Stocks follows GORO's drill flow filing by filing — figures with sources, intercepts with labels, and the counterarguments printed right next to the catalysts. Free, email only, unsubscribe anytime.

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The Best Stocks read

Fast drilling is easy to announce. Funded drilling is the part worth checking.

Who pays for 50,000 meters?

Drilling burns cash, and small explorers usually pay for it with dilution. Here the picture is different: the operating subsidiary, Gold Resource Corp., reported revenue of US$43.9 million, net income of US$4.7 million, cash of US$31.0 million and working capital of +US$40.2 million for Q1 2026 (Form 10-Q). Two mines are producing today — Don David/Arista in Oaxaca and Cerro Prieto in Sonora — and the Alta Gracia area of Don David resumed mining on February 20, 2026 (news release, Aug 17, 2026).

The concession before you get excited: those margins ride an exceptional metal-price environment, and the group's own accounts carry heavy items — the risk factors at the foot of this page list them one by one. A drill campaign funded by operations is still a drill campaign exposed to the price of gold.

ASSAY

Stylized illustration. Not actual drill data, prices or results.

From the company
A restarted San Francisco is targeted at 50–60,000 AuEq ounces a year, with a stated aspiration of roughly 100,000 ounces within 12 months of restart and 150,000-plus in 2027. For scale: FY2025 group sales were 23,125 AuEq oz — and no formal guidance has been published. Source: company materials; Form 6-K, Aug 20, 2026; goldgroupmining.com.

What the drills could deliver next

Assays from the 26,053-meter San Francisco program

The restart-focused program is slated to finish in Q4 2026, feeding the data behind commissioning. A US$850,000 contract to commission the plant is already signed, and the company has pointed to a restart window between late 2026 and Q1 2027 — its window, not ours (From the company; news release, Aug 14, 2026).

What could delay or prevent it: completion dates are plans, not facts; assays can lag the rigs by months; results may come in below the grades that justified the program; and commissioning an idled plant routinely uncovers work no contract anticipated.

A resource update that captures the Don David meters

123 holes of new data are the raw feed for the next geological model at the Oaxaca operation, where more than 50,000 meters are committed across the group's properties this year (From the company; Form 6-K, Aug 20, 2026).

What could delay or prevent it: intercepts are not mineral resources, and models move both ways — the operator's last annual update cut Don David reserves by 42% on depletion and engineering changes (Form 10-K FY2025). New meters can confirm, shrink or redraw what is there.

First real answers at El Llano

The conceptual 40–78 Mt target beside San Francisco has a defined range but no resource. Drilling is what turns a concept into a number — or into nothing (NI 43-101 technical report, effective Apr 30, 2026).

What could delay or prevent it: the target is conceptual in nature; there has been insufficient exploration to define a mineral resource, and it is uncertain whether further exploration will ever define one. Capital could also be re-prioritized toward the restart.

The metal cycle

A small producer is a lever on the gold price — and it cuts both ways

Gold has traded at historically high levels through 2026, and you don't have to take an outside estimate for it: GORO's operating subsidiary reported realized prices of US$5,098 an ounce for gold and US$98.09 an ounce for silver in Q1 2026 — the prices it actually banked, straight from its Form 10-Q, not a forecast.

Why the size matters for a comparison. A small producer's profit is the narrow gap between the metal price and its cost to pull an ounce out of the ground, so when the metal runs high that gap — and the cash it throws off — widens faster than at a diversified major carrying hedges and scale. That gearing is exactly what draws attention to names this size. It works in reverse just as fast: in the very same quarter, all-in sustaining cost rose to US$3,476 per gold-equivalent ounce from US$2,807, so a softer metal price would compress the margin as quickly as a strong one expands it.

This page makes no forecast of where the gold price goes next — that is not knowable, and a page paid for by the issuer is the last place to look for one. The point is narrower: the margins described on this page are a function of the price environment, and that environment can change. Source: Form 10-Q, Q1 2026.

US$5,098
Realized gold price · Q1 2026
US$3,476
All-in sustaining cost / AuEq oz · up from US$2,807

The spread between those two lines is the whole story of a small producer's quarter — and neither line is fixed. Both figures are the operating subsidiary's own, from its Q1 2026 Form 10-Q.

Why it draws a second look

The bull case, laid out next to the caveats

Strip the enthusiasm and a short list of genuine strengths remains. None of it is a recommendation; it is the case a reader can then test against the risk factors printed in full at the foot of this page.

From the company Management states it is aiming for 50,000–60,000 gold-equivalent ounces a year from a restarted San Francisco, with a stated aspiration of roughly 100,000 ounces within twelve months of restart and 150,000-plus in 2027. Keep the scale anchor in plain view while reading those numbers: FY2025 group sales were 23,125 AuEq oz, and no formal guidance has been published. These are the company's own aspirations — not forecasts, and not ours. Sources: Form 6-K, Aug 20, 2026; goldgroupmining.com.

None of those targets is promised, and a company this size can miss every one of them. What is not in dispute is the base underneath the case: two producing mines, a defined 1.23-million-ounce M&I resource, and a drill program the company itself calls a record. Comparison, not conviction, is the job here — line these facts up against the risk factors below, including a going-concern paragraph and a 42% reserve cut, and decide for yourself.

25,726 Meters in seven months Don David — news release, Aug 17, 2026

Read the primary sources

Form 10-K FY2025 Form 10-Q Q1 2026 Form 6-K Aug 2026 NI 43-101 Report
1.92 m estimated true width grading 13.49 g/t gold plus 931 g/t silver. Highlight intercept — Don David
2.55 m estimated true width grading 1,695 g/t silver. Highlight intercept — Don David

Drill intercepts are not mineral resources. Source: company news release, Aug 17, 2026.

None of it is guaranteed. Assays can disappoint, conceptual targets can stay conceptual forever, and the same engineering that grows a resource can cut one. But the asset base is real — two producing mines, a defined 1.23-million-ounce M&I base, and a drill campaign the company itself calls a record. That is what a watchlist is for: watching, with the sources open.

Required reading

The fine print, in full

Good decisions use the whole picture, so here is the rest of it in one place: who paid for this page, and every point Goldgroup Mining Inc. has itself put on the public record that a buyer would want to weigh. Each line is a one-sentence summary that links straight to the document it comes from — read the original rather than take a summary's word for it. The company's filings govern; this is only an index to them.

Disclosure and disclaimer

Draft build — not for publication. This page is not cleared to run: the compensation disclosure required of paid securities promotion is incomplete. Missing: the amount of compensation and who received it.

This page is paid advertising. It is published by Best Stocks and its distribution was paid for by the issuer of the security it discusses. Read this section before acting on anything else on this page.

Who paid for this distribution
Goldgroup Mining Inc. — the issuer of the security discussed on this page
What it paid for
the preparation and paid distribution of this page, including the design and hosting of the page itself
Distribution period
September 1-14, 2026

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Forward-looking statements

Statements about future production, permitting, financing, exploration results, costs or operating plans are forward-looking. They are not facts. They rest on assumptions that may prove wrong, and actual outcomes may differ materially. The issuer's own filings set out the risk factors that apply, and those filings — not this page — are the authoritative record.

Risk of loss

Securities of small-capitalization mining companies are volatile and illiquid. Metal prices, grade, permitting, currency and country risk can each impair results independently. You can lose your entire investment. Past performance of any metal, sector, index or security does not indicate future results.

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Company figures on this page are taken from the issuer's public filings and news releases, each cited at the point of use, and are not updated in real time. Verify every figure against the primary source before acting on it.

Figures on this page are as of August 25, 2026. This page carries no live quote and no price target. For a current price use your broker or the exchange, and note the security trades in more than one currency on more than one exchange.

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