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Sonora · Oaxaca · Michigan — one ticker Paid advertisement · Published by GORO.gold
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Four gold assets.
Two producing today.

Goldgroup Mining Inc. runs two producing mines in Mexico — Don David in Oaxaca and Cerro Prieto in Sonora — is pursuing the restart of a third, San Francisco, a development-stage project that carries 1.23 million ounces of measured-and-indicated gold (NI 43-101 Technical Report, effective April 30, 2026) — and holds a fourth, Back Forty, a development project in Michigan where a feasibility study has been under way since May 2026. This page walks the portfolio asset by asset — every figure tied to the company's own filings.

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

The portfolio at a glance
2Producing mines — Don David, Cerro Prieto
652 ktDon David — proven & probable reserves at 1.19 g/t Au, 195.7 g/t Ag, plus M&I resources exclusive of reserves of 63 kt (Arista) and 168 kt (Alta Gracia) (Form 10-K, FY2025)
Cerro PrietoAlthough Cero Prieto has not published new resources since depleting its most recently published resource, it continues to mine newly defines zones outlined with drilling over the past year.
1.23M ozSan Francisco — measured & indicated (“NI 43-101 Technical Report for the San Francisco Project, Sonora, Mexico”, report date May 1, 2026, effective Apr 30, 2026, prepared by Micon International Limited)
May 2026Back Forty, Michigan — feasibility study under way since; development stage, not in production (detail in the company’s filings)
26,053Metre Drill programme underway — San Francisco, completion estimated Q4, 2026
25,726Metres drilled at Don David — 123 holes, 7 months
135.6MShares outstanding
Sources: Don David reserves and resources from the Form 10-K for FY2025 (mineral reserve and resource tables under S-K 1300, resources exclusive of reserves); San Francisco from the NI 43-101 technical report, effective Apr 30, 2026 (Micon), and the San Francisco news release, Aug 14, 2026; Don David drilling from the news release, Aug 17, 2026; shares from the company investor page, Sept 1, 2026. Each category is quoted on its own and none are added together; mineral resources are not mineral reserves and do not have demonstrated economic viability.
Plate I. — Four assets, one ticker (stylised illustration, not data) illustrative only
The portfolio, sketched: two producers, one restart, one option on the future.
GORO price history
GORO interactive chart

Live, interactive price data from TradingView (AMEX:GORO) — scroll on the chart to zoom, drag to pan. Shown for information only. No support levels, price targets, or technical predictions are shown or implied. This page is paid advertising, and it shows no forecast; a chart of past and current price is not a prediction of future price. Track GORO on TradingView.

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 third mine is under evaluation for restart — each step tied to a filing you can open for yourself. Here is the short version, before the asset-by-asset detail.

2Gold mines in Mexico producing today — Don David in Oaxaca and Cerro Prieto in Sonora.Source: Form 10-K, FY2025.
1.23M ozMeasured & indicated gold at San Francisco, (NI 43-101, effective Apr 30, 2026) — a development-stage project, not one of the two mines in production. Don David’s 652 kt of proven and probable reserves at 1.19 g/t Au and 195.7 g/t Ag, and its measured and indicated resources exclusive of reserves, are from the Form 10-K for FY2025. Although Cero Prieto has not published new resources since depleting its most recently published resource, it continues to mine newly defines zones outlined with drilling over the past year. Mineral resources are not mineral reserves.Source: NI 43-101 technical report.
US$43.9MRevenue at the operating subsidiary, Gold Resource Corp., in Q1 2026 — with US$4.7M net income and US$31.0M cash. Pre-merger figures for that entity, not the post merger combined company: the first consolidated accounts for the combined group are not due until November 2026. Goldgroup itself, for the quarter before the merger closed, reported Q2-2026 gold sales of US$21.0 million, a net loss of US$6.1 million and cash of US$15.7 million at June 30, 2026; those statements do not include Gold Resource.Source: Form 10-Q, Q1 2026.
US$5,098Gold price per ounce realized by Gold Resource Corp., the pre-merger operating subsidiary, 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 has disclosed a stake of 8.02% as of September 1, 2026.Source: Form 8-K, merger closing.
23,125 ozFY2025 sales in gold-equivalent ounces at Gold Resource Corp., the pre-merger operating subsidiary — the honest yardstick for scale.Source: Form 10-K, FY2025.
The bull case, in the company's words

From the company: San Francisco, if restarted, is put at 40,000–60,000 ounces of gold a year — a figure the company labels based on historic data, and although the project has significant recently published resources, although it has no demonstrated reserves, so its production rates are conceptual only. At group level the company targets roughly 60,000 gold-equivalent ounces in 2026 and more than 100,000 by the end of 2027, with a longer-term goal of 250,000. These are the company’s own estimates and ambitions, not commitments, and it states expressly that San Francisco’s potential production is too early to be considered official guidance. For scale, FY2025 sales at Gold Resource Corp., the pre-merger operating subsidiary, were 23,125 AuEq oz. The nearer, checkable step is the 26,053-metre drill programme at San Francisco, due to complete in Q4 2026; the restart itself is being evaluated and pursued, and the company has signed a contract to re-commission the plant with work underway.

Company statements per its 2026 news releases and Form 6-K, Aug 20, 2026. More information about GORO is on the company’s own site: More info ↗.
The portfolio

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

Card by card, with hard numbers and their sources.

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

AssetWhereStatusOne hard figure
Don DavidOaxaca, MexicoProducing652 kt proven & probable reserves at 1.19 g/t Au, 195.7 g/t Ag, plus M&I resources exclusive of reserves (Form 10-K, FY2025)
Cerro PrietoSonora, MexicoProducingAlthough Cero Prieto has not published new resources since depleting its most recently published resource, it continues to mine newly defines zones outlined with drilling over the past year.
San FranciscoSonora, MexicoDevelopment · potential restart Q1 20271.23M oz M&I (NI 43-101) + 26,053 m drilling
Back FortyMichigan, United StatesDevelopment · feasibility study under wayFeasibility study under way since May 2026
Producing
Asset I. — Oaxaca, Mexico

Don David: the workhorse with a drill fleet

The Arista mine anchors the group's Don David gold-and-silver mine complex in Oaxaca — and 2026 has been its busiest drilling stretch on record: 25,726 meters across 123 holes completed 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 zone resumed mining on February 20, 2026.

Don David has 652 kt of proven and probable mineral reserves at 1.19 g/t Au and 195.7 g/t Ag, plus measured and indicated mineral resources, exclusive of reserves, of 63 kt at 1.65 g/t Au and 245.7 g/t Ag (Arista) and 168 kt at 0.54 g/t Au and 286.1 g/t Ag (Alta Gracia), as of December 31, 2025 (Form 10-K, FY2025); mineral resources are not mineral reserves.

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

Worth watchingDrilling at Don David is well advanced: 25,726 metres across 123 holes were completed over seven months, and the company says more than 50,000 metres are committed across its properties in 2026. What is still to come are the assay results flowing through to year-end and beyind. From the company — Form 6-K, Aug 20, 2026.

Producing
Asset II. — Sonora, Mexico

Cerro Prieto: the quieter second engine

The group's other producing gold mine gives the platform a second source of sales in Mexico. An open pit with heap leach gold mine, 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 sales at Gold Resource Corp., the pre-merger operating subsidiary, were 23,125 AuEq oz (Form 10-K for FY2025). Small today — which is precisely why each of the other three cards matters.

Although Cero Prieto has not published new resources since depleting its most recently published resource, it continues to mine newly defines zones outlined with drilling over the past year.

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

Worth watchingWhile the producing pair holds the base San Francisco progresses towards re-start: the company's stated aspiration is roughly 100,000 AuEq oz within 12 months. From the company — no formal guidance has been published.

Development
Asset III. — Sonora, Mexico

San Francisco: 1.23 million ounces, under evaluation progressing toward re-start

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 26,053-metre drill programme wraps up in Q4 2026, and a progression towards a potential restart is being evaluated — no production decision has been announced. Beyond that sits the El Llano exploration 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 — “NI 43-101 Technical Report for the San Francisco Project, Sonora, Mexico”, report date May 1, 2026, effective Apr 30, 2026, prepared by Micon International Limited, also on the company’s SEDAR+ profile and website; San Francisco news release, Aug 14, 2026 (SEC exhibit 99.3).

Worth watchingThe company puts a potential restart of mining in Q1 2027, subject to the evaluation now under way; the visible steps before it are the drill programme through Q4 2026 and plant re-commissioning contract signed with work underway. From the company — news release, Aug 14, 2026.

Development · feasibility study under way
Asset IV. — Michigan, United States

Back Forty: A large scale project with an independent feasibility study under way

A 100%-owned, gold-rich volcanogenic massive sulphide (VMS) project in Michigan’s Upper Peninsula. It is optionality, not in production: a feasibility study has been under way since May 2026, with no completion date published. Back Forty hosts indicated mineral resources of 9,360 kt at 2.41 g/t Au, 28.1 g/t Ag, 0.36% Cu and 3.74% Zn (open pit) and 5,137 kt at 1.86 g/t Au, 24.1 g/t Ag, 0.41% Cu and 2.65% Zn (underground), and inferred mineral resources of 566 kt at 2.70 g/t Au, 48.8 g/t Ag, 0.35% Cu and 1.31% Zn (open pit) and 627 kt at 2.00 g/t Au, 26.1 g/t Ag, 0.37% Cu and 2.89% Zn (underground), as of December 31, 2025 (Form 10-K, FY2025). No measured resources or mineral reserves have been established; mineral resources are not mineral reserves. More detail is in the company’s filings: More info ↗.

Sources: Gold Resource Corp. Form 10-Q for Q1 2026 (SEC); Form 10-K for FY2025 (SEC); the full record is in important information.

Worth watchingThe feasibility study itself — no completion date has been published; more detail is in the company’s filings.

The metal cycle

Why the gold price does the heavy lifting

A note on the commodity 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: Gold Resource Corp., the pre-merger operating subsidiary, booked realized selling 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 that subsidiary actually received, printed in its own Form 10-Q. Goldgroup’s own Cerro Prieto operation realised US$4,429 per gold ounce in Q2-2026.

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. A producer that sells few ounces feels every dollar of metal price on each of them, so a weaker metal price would compress results just as quickly as this cycle widened them.

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.

Price detail in the Form 10-Q, Q1 2026 of Gold Resource Corp., the pre-merger operating subsidiary.
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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.

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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 today, 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 and implementation of a more efficient mine plan and improved operational leadership at the mine.

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

How big does the company say this can get?

From the company: San Francisco, if restarted, is put at 40,000–60,000 ounces of gold a year, a figure the company labels based on historic data; at group level it targets roughly 60,000 gold-equivalent ounces in 2026 and more than 100,000 by the end of 2027, with a longer-term goal of 250,000. For scale, FY2025 sales at Gold Resource Corp., the pre-merger operating subsidiary, were 23,125 AuEq oz. The company states expressly that San Francisco’s potential production is too early to be considered official guidance, and that the project has no demonstrated reserves.

The asset base is real: two mines selling gold today, a third with 1.23 million measured-and-indicated ounces and a signed re-commissioning contract where work is underway, and a fourth project, Back Forty in Michigan, with a feasibility study under way. That is what a watchlist is for: watch it, read the filings, and decide with your own adviser. The important information at the foot of this page is part of the same record.

Company statements per its 2026 news releases and Form 6-K, Aug 20, 2026 (SEC).
Four assets on one ticker — two producing, one past producer under evaluation for restart, one in development

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

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

Mining resumed at Don David Min’s Alta Gracia Zone on February 20, 2026.

From the company — news release, Aug 17, 2026
Where GORO trades
NYSE American: GORO TSX Venture Exchange: GORO Frankfurt: 55GO 135,647,119 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, Sept 1, 2026.

Additional information

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Every company figure on this page comes from the issuer's own public record. Read the originals in full — they govern, and this page does not:

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18 · Important information — technical & forward-looking

Scientific and technical information regarding the subject company is that of the company and its Qualified Persons under National Instrument 43-101 (“NI 43-101”), as set out in the company's technical reports (including reports on its Don David, Cerro Prieto, San Francisco and Back Forty projects) filed on SEDAR+. Readers are encouraged to read each technical report in its entirety, including all qualifications, assumptions, exclusions and risk factors; each report is intended to be read as a whole and sections should not be relied on out of context.

The company states that the technical aspects of its September 2026 corporate presentation were reviewed and approved by Craig Gibson of Goldgroup Mining Inc., a Qualified Person under NI 43-101. The estimates it publishes rest on: the San Francisco NI 43-101 technical report dated May 1, 2026 with an effective date of April 30, 2026, prepared by Micon International Limited; the Cerro Prieto technical report with an effective date of April 4, 2025, prepared by Rodrigo R. Carneiro, José A. Olmedo and Cristian Garcia; the Don David S-K 1300 technical report as at December 31, 2025.

On the production figures quoted anywhere on this page. The company labels a portion of them in-house estimates (San Francisco, and the heap-leach and expansion programmes at Cerro Prieto) and others based on historic data. San Francisco does not have demonstrated mineral reserves and its production rates are conceptual only; the company states expressly that its potential production is too early to be considered official guidance, and that the group targets assume a positive decision on and execution of the restart. Stated mine lives are conceptual, rest on existing mineral resource estimates that may not have demonstrated economic viability, and assume an inferred-conversion rate; there is no guarantee that resources can be converted into economical reserves.

Mineral resources that are not mineral reserves do not have demonstrated economic viability, and a preliminary economic assessment is preliminary in nature and may include inferred mineral resources that are too speculative geologically to be categorised as mineral reserves; there is no certainty that the results, assumptions or conclusions of any such assessment will be realised. Resource and reserve estimates may be materially affected by geological, metallurgical, environmental, permitting, legal, title, taxation, socio-political, marketing and other factors.

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