In Q1-2026 the operating subsidiary of Goldgroup Mining Inc. (NYSE American: GORO) realized US$5,098 per ounce of gold and US$98.09 per ounce of silver — and the quarter delivered US$4.7 million of net income on US$43.9 million of revenue (Form 10-Q). This page reads the cycle from both sides: the price, the margin it produced, the costs that rose underneath it, and the leverage that cuts both ways.
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Q1-2026, straight from the Form 10-Q
All four figures are the subsidiary's, for the quarter ended March 31, 2026. Note the third box: all-in sustaining cost was US$2,807 a year earlier. The cost side of this cycle is moving too — more on that below.
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Gold changed hands at extraordinary levels this year: the operating subsidiary of Goldgroup Mining Inc. (NYSE American: GORO) realized US$5,098 an ounce in Q1-2026 (Form 10-Q). On a small ounce base, a cycle like that lands with outsized force — and the same leverage cuts the other way if the metal retreats. Goldgroup walks into it already producing, already generating cash, with a fourth asset it is actively preparing to restart. Here is the shape of the story before the detail.
Every figure below is drawn from the company's own SEC filings and news releases, cited where it is used. Read the disclosure and the risk factors first — this page is paid advertising.
A spot headline is an abstraction until somebody sells real ounces into it. In Q1-2026, Gold Resource — Goldgroup's operating subsidiary — realized US$5,098/oz on gold and US$98.09/oz on silver from its Oaxaca and Sonora operations (Form 10-Q). That is the cycle arriving as an actual invoice.
It did, at the operating level: US$43.9 million of revenue, US$4.7 million of net income, US$31.0 million of cash and working capital of +US$40.2 million at quarter end (Form 10-Q). A small producer paying its own way through a cycle is a different animal from one that needs the cycle to raise money.
They rose. All-in sustaining cost came in at US$3,476 per AuEq ounce, up from US$2,807 a year earlier (Form 10-Q). Read that plainly: the margin is real, and it is a function of an exceptional price environment. If the metal retreats faster than costs, the same arithmetic runs in reverse.
Group sales in FY2025 were 23,125 AuEq oz (Form 10-K). On a base that small, every incremental ounce — and every hundred-dollar move in the realized price — lands with far more percentage force than it would at a major. That is why a name this size belongs on a gold-cycle watchlist, and why it never belongs there unexamined.
Two producing mines carry the group today; a third is being prepared to restart into the same price environment; a fourth sits further back as development optionality. One hard figure each — and the honest other side wherever there is one.
25,726 mdrilled in 123 holes over seven months
The underground engine of the group — an 1,800 tonne-per-day flotation plant that produces essentially all of the revenue, with the Alta Gracia area back in the mine plan since Feb 20, 2026 (drill results, Aug 17, 2026). Metres drilled are effort, not ounces: drill intercepts are not mineral resources.
4,200–4,500tonnes per day · open pit & heap leach
The steady second producer, in operation since 2013 (Form 10-K). It does the quiet work of keeping a second mine on the revenue line while the louder stories play out around it.
≈1.23 Mozmeasured & indicated gold · NI 43-101
Acquired outright in June 2026 and now the centre of a 26,053 m programme, with a US$850,000 contract signed to commission the plant (news release, Aug 14, 2026). The 1.23 Moz is a measured-and-indicated resource, not a reserve, and the company has named two restart dates — read the window, not a date.
US$95.6Mstreaming obligation on it, accruing 22.2% a year
The longer-dated option: a feasibility study under way since May 2026 (Form 10-Q). The other side is on the same line — Back Forty is not yet permitted, and it is the collateral behind that streaming obligation. The full detail sits in the risk factors below.
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Because the price is already here. An ounce that reaches the mill inside a US$5,000 gold environment books cycle economics from its first day — there is no waiting for the thesis to arrive. That is what makes the San Francisco restart the most cycle-sensitive item in this story: the company has signed a US$850,000 contract to commission the plant and has stated a restart window between late 2026 and Q1-2027 (news release, Aug 14, 2026).
From the company
Management has pointed to 50,000–60,000 AuEq oz per year from a restarted San Francisco, an aspiration of roughly 100,000 oz within 12 months, and 150,000+ oz in 2027. For scale, FY2025 group sales were 23,125 AuEq oz (Form 10-K). No formal guidance has been published — these are the company's stated ambitions, attributed here as exactly that, not forecasts of this page.
Hold the enthusiasm against the cost line. All-in sustaining cost went from US$2,807 to US$3,476 per AuEq ounce in a year (Form 10-Q), which means the celebrated margin is the spread between two moving numbers — and the bigger one is set by a world price nobody at the company controls.
None of the upside is guaranteed: costs have been rising, the realized price could give back what it gained, and the parent's own audit report carries a going-concern flag (see the risk factors at the foot of this page). But the asset base is real — two producing mines, the Alta Gracia area of Don David back in the mine plan since February, US$31.0 million of cash at the operating level, and a restart project aimed at a window the company itself has named. That combination is why this page exists.
US$850,000
committed to commissioning the San Francisco plant — the most cycle-facing catalyst on this page (news release, Aug 14, 2026). Three things worth watching, each with its own way of going wrong:
The San Francisco restart window
The company has named a restart window between late 2026 and Q1-2027 and signed the US$850,000 plant-commissioning contract (Aug 14, 2026 release). Every month inside the window is a month of this price environment.
What could delay or prevent itCommissioning can surface problems that take money and time to fix; the window is the company's statement, not a schedule; and a restart consumes capital while the parent's audit report carries a going-concern flag (see Risk factors below).
26,053 meters, wrapped by Q4-2026
The drill program supporting the San Francisco restart is slated to finish in Q4-2026 (Aug 14, 2026 release) — the data that turns a restart plan into a mine plan.
What could delay or prevent itAssays can run late and results can disappoint; drill intercepts are not mineral resources; and nothing in a drill hole is revenue until it is mined, milled and sold.
Restart ounces meet the tape
The Alta Gracia area of Don David resumed mining on Feb 20, 2026 (news release, Aug 17, 2026). The first full quarters consolidating those ounces at realized cycle prices are still ahead of us.
What could delay or prevent itAccess to the district has been physically blocked before (January 2026); realized prices may not hold at Q1 levels; and two customers took 99% of the main mine's revenue last year (Form 10-K).
Required reading
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.
The audit report on the parent's FY2025 statements includes a Material Uncertainty Related to Going Concern, citing an accumulated deficit of about US$227 million and a working-capital deficiency of about US$40 million. The audit opinion is not modified.
Audited statements FY2025 ↗The operating subsidiary states that its production comes from a single operating unit and that an interruption there would materially affect revenue.
Form 10-K FY2025, Item 1A ↗The company reported proven and probable reserves at Don David down 42% during 2025 — about a third from mining depletion, the rest from engineering deductions including a higher cut-off grade.
Form 10-K FY2025 ↗The streaming obligation stood at US$95.6 million and accrues at a fixed 22.2% a year, secured on the Michigan project.
Form 10-Q Q1 2026, Note 9 ↗The agreement required all material construction and operating permits for the Michigan project by June 20, 2026, with a grace period to November 30, 2026, and sets out the consequences of default.
Form 10-Q Q1 2026 ↗A claim filed in 2020 alleges lack of prior consultation and seeks cancellation of concessions; the company states these include the one where the operating mine sits.
Form 10-K FY2025 ↗The company reported a blockade that closed access to the operating mine in January 2026, lifted in early February, and attributed lower production in the quarter to it.
Company filings, Jan–Feb 2026 ↗An assessment of MXN 331 million, about US$18.4 million, relating to 2015 is in dispute. The company records no liability for it.
Form 10-K FY2025 ↗The subsidiary's share count rose 82% over two years through equity raises, one priced at US$0.45. The company states it requires further capital, with no assurance of favourable terms, and that future issuances could dilute holders.
Form 10-K FY2025 ↗The profitable quarter was reported on realised prices of US$5,098 an ounce for gold and US$98.09 for silver, with all-in sustaining cost of US$3,476 per gold-equivalent ounce, up from US$2,807.
Form 10-Q Q1 2026 ↗No published sell-side estimates or price targets were located as of August 25, 2026.
Verified absence; EDGAR filing index ↗The issuer reports as a foreign private issuer: no United States quarterly or annual reports, no United States proxy statement, and no Section 16 insider filings. Canadian filings replace them.
Form 8-K, July 2026 ↗The company announced at closing that the combined company would be ineligible for the United States index family.
Company announcement, July 17, 2026 ↗Two customers accounted for 99% of the main mine's revenue in the last full year.
Form 10-K FY2025 ↗The annual report filed in March 2026 does not mention the January access interruption or the February restart of the second mine in its subsequent-events note. Both were disclosed elsewhere.
Form 10-K FY2025 ↗In June 2026 the company disclosed that multiple lawsuits had been threatened challenging the completeness of the merger proxy, and filed supplemental disclosures while denying the allegations.
Supplemental proxy disclosures, June 2026 ↗A tribal petition asks federal agencies to evaluate whether they, rather than the State of Michigan, should have authority over certain permitted activities. A related study remains under administrative review.
Form 10-K FY2025 ↗The company reported two contractor fatalities at the same open pit within about ten weeks in 2024, and voluntarily suspended operations there after each.
Company news releases, March and May 2024 ↗A Mexican judgment of about US$48.3 million stands against a subsidiary of the issuer. No provision for it appears in the parent's financial statements. A treaty arbitration over the same dispute has been fully pleaded since November 2025.
Annual Information Form; counterparty's Form 10-K ↗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.
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