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Sonora · Oaxaca · Michigan — one ticker Paid advertisement · Published by GORO.gold
GORO.gold The four-asset briefing Get the briefing
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One ticker.
Four gold assets. Two pour today.

Goldgroup Mining Inc. runs two producing mines in Mexico, is preparing the restart of a third that carries 1.23 million ounces of measured-and-indicated gold (NI 43-101, effective April 30, 2026), and holds a development project in Michigan. This page walks the portfolio asset by asset — every figure tied to the company's own filings, and the full risk record at the bottom.

Email only — GORO.gold collects no phone numbers. Read the full disclosure and disclaimer and the risk factors before acting on anything here.

The portfolio at a glance
2Producing mines
1.23MM&I oz, San Francisco
26,053Meter program to Q4
135.4MShares outstanding
Sources: NI 43-101 technical report, effective Apr 30, 2026 (Micon); San Francisco news release, Aug 14, 2026; company investor page, Aug 19, 2026.
Plate I. — Four assets, one ticker the restart window
The portfolio, sketched: two producers, one restart, one option on the future.
GORO price history
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The reader's case

Why keep a small gold producer on the watchlist?

Because this one is unusually easy to follow: two mines already sell gold, the operator turned a profit last quarter, and a fully counted third mine is being switched back on — each step tied to a filing you can open for yourself. Here is the short version, before the asset-by-asset detail.

2Producing gold mines in Mexico, pouring today — Don David in Oaxaca and Cerro Prieto in Sonora.Source: Form 10-K, FY2025.
1.23M ozMeasured & indicated gold at San Francisco, the mine now being restarted (NI 43-101, effective Apr 30, 2026).Source: NI 43-101 technical report.
US$43.9MOperator revenue in Q1 2026, with US$4.7M net income and US$31.0M cash on hand.Source: Form 10-Q, Q1 2026.
US$5,098Realized gold price per ounce in Q1 2026 (US$98.09 for silver) — an unusually strong metal cycle.Source: Form 10-Q, Q1 2026.
NYSE AmericanWhere GORO has traded since Jul 20, 2026, alongside the TSX Venture Exchange and Frankfurt; Eric Sprott holds about 7.5%.Source: Form 8-K, merger closing.
23,125 ozFY2025 group sales in gold-equivalent ounces — the honest yardstick; the company publishes no formal guidance.Source: Form 10-K, FY2025.
The bull case, in the company's words

From the company: a restarted San Francisco is targeted at 50,000–60,000 gold-equivalent ounces a year, and management states an aspiration of roughly 100,000 ounces within twelve months and 150,000-plus in 2027. These are framed as ambitions, not commitments — for scale, FY2025 group sales were 23,125 AuEq oz, and no formal guidance has been published. The nearer, checkable step is concrete: a US$850,000 contract is signed to commission the San Francisco plant, and a 26,053-meter drill program finishes in Q4 2026.

Company statements per its 2026 news releases and Form 6-K, Aug 20, 2026. None of it is assured; the full risk record is in Risk factors.
The portfolio

Four assets. One question: what does each one actually hold?

Card by card, with hard numbers and their sources — and, for each next step, what could delay or prevent it.

The index first, the detail below — each asset with one hard figure, and its full source inside the card.

AssetWhereStatusOne hard figure
Don DavidOaxaca, MexicoProducing25,726 m drilled, 123 holes in 2026
Cerro PrietoSonora, MexicoProducing4,200–4,500 tpd, open pit since 2013
San FranciscoSonora, MexicoRestart underway1.23M oz measured & indicated
Back FortyMichigan, USADevelopment optionUS$95.6M streaming obligation attached
Producing
Asset I. — Oaxaca, Mexico

Don David: the workhorse with a drill fleet

The Arista mine anchors the group's gold-and-silver complex in Oaxaca — and 2026 has been its busiest drilling stretch on record: 25,726 meters across 123 holes in seven months, with standout 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. Nearby, Alta Gracia resumed mining on February 20, 2026.

Source: Don David news release, Aug 17, 2026 (SEC exhibit 99.4).

Worth watchingAssay flow through year-end: the company says more than 50,000 meters of drilling are committed across its properties in 2026. From the company — Form 6-K, Aug 20, 2026.

What could delay or prevent itAssays can disappoint, and the drilling addresses a real problem: Don David's proven and probable reserves fell 42% during 2025 (Form 10-K). Meters committed are a plan, not a result — see Risk factors.

Producing
Asset II. — Sonora, Mexico

Cerro Prieto: the quieter second engine

The group's other producing gold mine gives the platform a second stream of sales in Mexico. An open pit with heap leaching, running 4,200 to 4,500 tonnes per day through its crushing circuits and operating since 2013 (company project disclosure). The honest yardstick for everything that follows: FY2025 group sales were 23,125 AuEq oz (Form 10-K for FY2025). Small today — which is precisely why each of the other three cards matters.

Scale anchor and operating detail in the Form 10-K for FY2025.

Worth watchingWhether the producing pair holds the base while San Francisco comes back: the company's stated aspiration is roughly 100,000 AuEq oz within 12 months. From the company — no formal guidance has been published.

What could delay or prevent itAn aspiration is not guidance, and the distance between 23,125 sold ounces and a six-figure run-rate is exactly the part that has not happened yet. Metal prices, community relations and site access all reach into Sonora and Oaxaca alike — the early-2026 access blockade is in Risk factors.

Restart underway
Asset III. — Sonora, Mexico

San Francisco: 1.23 million ounces, waking up

The prize of the portfolio is a past producer with a fresh count: 1.23 million ounces of measured-and-indicated gold — 48.3 Mt at 0.37 g/t measured plus 56.8 Mt at 0.35 g/t indicated — and a further 178 koz inferred in 17.3 Mt at 0.32 g/t. A US$850,000 contract is signed to commission the plant, and a 26,053-meter drill program wraps in Q4 2026. Beyond that sits the El Llano target of 40–78 Mt at 0.38–0.61 g/t — conceptual in nature, not a mineral resource.

Sources: NI 43-101 technical report, effective Apr 30, 2026, prepared by Micon; San Francisco news release, Aug 14, 2026 (SEC exhibit 99.3).

Worth watchingThe stated restart window runs from late 2026 to the first quarter of 2027, with plant commissioning under the US$850,000 contract as the visible first step. From the company — news release, Aug 14, 2026.

What could delay or prevent itRestart windows move. Commissioning can surface problems that cost money the balance sheet then has to find — and the auditor's going-concern language below is the reminder that financing is not automatic. See Risk factors.

Development option
Asset IV. — Michigan, USA

Back Forty: the option that comes with homework

The one asset outside Mexico is a development-stage project in Michigan. It is optionality, not production — and it arrives with its counterweight attached: the project holds no permits today, and it stands as collateral for a streaming obligation of US$95.6 million that accrues at 22.2% a year.

Source: Form 10-Q for Q1 2026; the full record is in Risk factors.

Worth watchingAny concrete step on permitting or an updated project study — that is what would move this card from footnote to feature.

What could delay or prevent itEverything that matters here is unresolved: permits do not exist, a tribal petition asks whether federal rather than state agencies should control parts of the process, and the streaming agreement's deadline turns on permits. Details in Risk factors.

The metal cycle

Why the gold price does the heavy lifting

A note on the environment every figure above depends on — and why the same force works in both directions.

Gold and silver are trading at historically high levels, and a reader does not have to take a forecaster's word for it: the operator booked realized prices of US$5,098 an ounce for gold and US$98.09 an ounce for silver in the first quarter of 2026. Those are prices the company actually received, printed in its own filing.

A producer this size is a lever on that price. It sells a modest number of ounces, so most of each extra dollar of metal price falls through to the margin instead of being absorbed by scale — which is exactly how a single strong quarter turned into real cash on the balance sheet.

Source: Form 10-Q, Q1 2026 (SEC).

The lever cuts both ways

The same leverage runs in reverse. All-in sustaining cost rose to US$3,476 per gold-equivalent ounce, up from US$2,807, so costs are climbing alongside the metal — and a cooler cycle would compress the margin about as fast as this one widened it.

So the honest framing is plain: the margin is real, and it is a function of an exceptional price environment. Neither this page nor the company offers any forecast of where the metal price goes from here.

Cost and price detail in the Form 10-Q, Q1 2026; the cost side is also in Risk factors.
Free email briefing

Put the four-asset map on your radar.

One email when there is something worth reading on any of the four assets — a filing, an assay batch, a restart milestone. No noise, and nothing for sale here: this page is paid advertising, and the briefing is free.

Email only — no phone numbers are collected. Full disclosure and disclaimer · Risk factors.

Does the operating business actually make money?

It did last quarter. The operating subsidiary, Gold Resource, reported Q1 2026 revenue of US$43.9 million, net income of US$4.7 million, cash of US$31.0 million and positive working capital of US$40.2 million. For a small producer, a profitable quarter with cash on hand is the difference between funding its own plans and passing the hat.

Be fair about the why: realized prices in the quarter were US$5,098 per ounce of gold and US$98.09 per ounce of silver. The margin is real, and it is also a function of an exceptional price environment — the risk section below spells that out with the cost side attached.

Source: Gold Resource Form 10-Q for Q1 2026 (SEC).

How big does the company say this can get?

From the company: a restarted San Francisco is targeted at 50,000–60,000 AuEq ounces a year; the stated aspiration is roughly 100,000 ounces within 12 months and 150,000-plus in 2027. For scale, FY2025 group sales were 23,125 AuEq oz — and no formal guidance has been published.

None of that is guaranteed. Restart windows slip, assays disappoint, and the risk list at the bottom of this page is long and specific — a going-concern flag included. But the asset base is real: two mines selling gold today, a third with 1.23 million measured-and-indicated ounces and a signed commissioning contract, and an option in Michigan. That is what a watchlist is for: watch it, read the filings, and decide with your own adviser — not with this page.

Company statements per its 2026 news releases and Form 6-K, Aug 20, 2026 (SEC).
4 assets on one ticker — two producing, one restarting, one in development

More than 50,000 meters of drilling are committed across the properties this year.

From the company — Form 6-K, Aug 20, 2026

Mining resumed at Alta Gracia on February 20, 2026.

From the company — news release, Aug 17, 2026
Where GORO trades
NYSE American: GORO TSX Venture Exchange Frankfurt 135,419,619 shares outstanding
Merger closed Jul 17, 2026 (Form 8-K); NYSE American trading began Jul 20, 2026; share count per the company's investor page, Aug 19, 2026.

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 GORO.gold 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

No advice, no recommendation

GORO.gold is not a registered investment adviser, broker-dealer, or analyst, and is not registered with the Securities and Exchange Commission or with any state securities regulator. Nothing on this page is personalized investment, legal, accounting or tax advice, an offer to sell or a solicitation of an offer to buy any security, or a recommendation to buy, hold or sell anything.

Positions

The publisher and its principals hold no position in the security discussed and will not trade it during the distribution period.

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.

What this page is, and what it is not

GORO.gold is a commercial publisher of paid investor-awareness content. It is not a newsroom, not a research firm, and not independent of the company it writes about: it is paid to distribute this page. Nothing here was written by an outside analyst, journalist or third-party reviewer, and nothing here should be read as coming from one.

GORO.gold is not affiliated with, endorsed by, authorised by, or operated by Goldgroup Mining Inc.. The issuer's own website and its filings with securities regulators are its authoritative channels; this page is neither.

Editorial control

This has not been described, and that gap is itself material: assume nothing about who reviewed or approved this text before it was published.

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.

Disclosure and disclaimer  ·  Risk factors

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