Q4 '26
Drill program set to finish
Catalyst watch · Fall 2026
One gold restart. Six windows worth watching.
Goldgroup Mining Inc. (NYSE American: GORO) is working to bring its San Francisco mine in Sonora back online — and the company has put actual dates on the record. Buy Stocks laid them out on a single calendar, each one next to the thing that could push it back.
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The windows on the calendar
H2 '26
Plant commissioning contracted
Q1 '27
Outer edge of restart window
GORO price history
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1.23 Mozmeasured & indicated gold at San Francisco — NI 43-101, effective Apr 30, 2026
2mines producing in Mexico today — Don David and Cerro Prieto
US$43.9MQ1 2026 revenue at the operating subsidiary — Form 10-Q
US$31.0Mcash at quarter-end — Form 10-Q
Buy Stocks briefing · GORO in one screen
Why should GORO be on your calendar at all?
Because for once the story is datable. Goldgroup Mining Inc. (NYSE American: GORO) is a small gold producer that already earns money from two mines in Mexico and is working to bring a third asset back online on dates it has put on the public record. You are not being asked to take a narrative on faith — you are being handed a set of milestones you can check against filings. Here is the whole thing in one screen.
- 2 minesProducing today in Mexico — Don David in Oaxaca and Cerro Prieto in Sonora
- US$43.9MQ1 2026 revenue at the operating subsidiary, with US$4.7M net income and US$31.0M cash (Form 10-Q)
- 1.23 MozMeasured & indicated gold at the San Francisco mine it is restarting (NI 43-101, effective Apr 30, 2026)
- ~7.5%Held by Eric Sprott, undiluted — a widely followed resource investor (early-warning report, Jul 20, 2026)
- Jul 17 ’26Merger closed; the shares have traded on NYSE American since Jul 20, alongside the TSXV and Frankfurt
- 6 windowsDated milestones between now and early 2027 — each mapped below, next to what could push it back
The portfolio
Four assets sit behind the calendar
The windows below do not float in the abstract — each one belongs to a real property. Two are producing now, one is being restarted, and one is a longer-dated development option. One hard number apiece.
Producing
Don David (Arista)
Oaxaca, Mexico
25,726 mdrilled in 123 holes over seven months in 2026 — the group’s cash-generating core
The underground mine that anchors revenue today. The pace of drilling is the company’s bet on extending it — though drill intercepts are not mineral resources, and reserves here fell during 2025.
Sources: news release, Aug 17, 2026 · Form 10-K FY2025
Producing
Cerro Prieto
Sonora, Mexico
4,200–4,500 t/dOpen-pit heap-leach mine in Sonora, producing since 2013 — the group’s second producing source
An open-pit, heap-leach operation in northern Mexico. It gives the group a second producing centre rather than a single point of output, in steady production since 2013.
Source: Form 6-K, Aug 20, 2026
Restart
San Francisco
Sonora, Mexico
1.23 Mozmeasured & indicated gold — NI 43-101 technical report, effective Apr 30, 2026
The asset the whole calendar turns on: an idle mine with an independently reported resource, a signed commissioning contract and a declared restart window. The El Llano target beside it is conceptual, not a mineral resource.
Source: technical report by Micon
Development
Back Forty
Michigan, United States
Since May ’26feasibility study under way (SLR) — longer-dated development optionality
The project that could one day add a second country. Its counterweight is on the record too: it is unpermitted and is collateral for a US$95.6M streaming obligation — the detail lives in the Risk factors below.
Source: Form 10-K FY2025Why a small producer is a lever on the gold price
US$5,098/oz
Realized gold price, Q1 2026 — Form 10-Q
US$98.09/oz
Realized silver price, Q1 2026 — Form 10-Q
Gold and silver have been changing hands at unusually high levels, and Goldgroup felt it directly: those are the prices its metal actually realized last quarter, straight from the filing — a fact on the record, not a forecast. A small producer is geared to that number. When the metal price moves, a small operator’s margin tends to move more than a major’s, because a larger share of every ounce is profit or loss rather than fixed cost.
The lever works in both directions, and the same filing shows the other edge: all-in sustaining cost climbed to US$3,476 per gold-equivalent ounce, up from US$2,807. A profitable quarter, in other words, was as much a function of an exceptional price environment as of the operation itself — and this page makes no prediction about where the metal price goes next.
Source: Form 10-Q, Q1 2026The calendar
Why could the next two quarters matter for GORO?
Because the story stops being abstract. Between now and early 2027 there is a drill readout, a plant commissioning, a declared restart window and a first look at the combined company — each of them checkable against a filing. Here is every window, and what could push each one back.
01 · Q4 2026
The San Francisco drill program reads out
A 26,053-meter drill program at the San Francisco mine is scheduled to be completed in the fourth quarter of 2026. It is the data set the restart plan leans on — on top of a resource that already stands at 1.23 million measured-and-indicated gold ounces.
Sources: company news release, Aug 14, 2026 · NI 43-101 technical report by Micon, effective Apr 30, 2026
What could delay or prevent it
Drill schedules slip and assay labs back up. And results are results: drill intercepts are not mineral resources, and a program this size can read out thinner than hoped.
02 · H2 2026
The plant gets commissioned
The company has signed a US$850,000 contract to commission the San Francisco processing plant. Commissioning is the physical, verifiable step between an idle plant and a producing one — when it starts, the restart stops being a slide and becomes a work site.
Source: company news release, Aug 14, 2026
What could delay or prevent it
Commissioning an idle plant is exactly when hidden refurbishment needs surface. Scope and cost can grow, and a US$850,000 contract covers the commissioning work — not every repair the plant might still ask for.
03 · Late 2026 – Q1 2027
The declared restart window
The company has placed the San Francisco restart between late 2026 and the first quarter of 2027. From the company a restarted San Francisco is targeted at 50,000–60,000 AuEq oz per year, with a stated 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. No formal guidance has been published.
Source: company news release, Aug 14, 2026
What could delay or prevent it
It is a window, not a date — the company itself has given both ends of it. The restart depends on the commissioning going clean and the drill data cooperating, and targets from the company are targets, not production.
04 · Ongoing into Q4
Drilling keeps landing at Don David
At Don David in Oaxaca the company drilled a record 25,726 meters in 123 holes in seven months, with standout intercepts of 1.92 m ETW at 13.49 g/t gold plus 931 g/t silver, and 2.55 m ETW at 1,695 g/t silver. Alta Gracia resumed mining on Feb 20, 2026. From the company more than 50,000 meters are committed this year across its properties.
Sources: company news release, Aug 17, 2026 · Form 6-K, Aug 20, 2026
What could delay or prevent it
Drill intercepts are not mineral resources. Don David’s proven and probable reserves fell 42% during 2025 and reserve life is short — this drilling has to replace ounces before it can grow them (Form 10-K FY2025).
05 · No date set
Back Forty stays on the board
Back Forty in Michigan sits in the portfolio as development optionality — the project that could one day give the group a second country. A feasibility study is under way — an engineering firm was retained in April 2026 to complete it — and no completion date has been published, so this window has no date yet.
Source: Form 10-K FY2025
What could delay or prevent it
Back Forty is unpermitted, and it is collateral for the group’s streaming obligation — the detail lives in the Risk factors below. There is no date on this one because there is no permit.
06 · Next filings
The first consolidated numbers
The merger closed on Jul 17, 2026 and the shares have traded on NYSE American since Jul 20, alongside the TSXV and Frankfurt. The next reports will be the first to show the combined group — built on an operating subsidiary that earned US$4.7M net income on US$43.9M revenue in Q1 2026, with US$31.0M cash and working capital of +US$40.2M.
Sources: Form 8-K, merger closing · Form 10-Q, Q1 2026
What could delay or prevent it
Those margins rode realized prices of US$5,098/oz gold and US$98.09/oz silver in the quarter (10-Q) — a function of the price environment as much as the operation. And the parent’s audit carries a going-concern flag; see Risk factors.
The bull case
Why does GORO draw interest right now?
Set the calendar aside for a moment and the appeal is simple to state: a producing base that already makes money, a resource to grow into, and a fresh listing that just put the whole thing in front of United States investors.
- 1
It already produces, and it printed a profit
Two mines running in Mexico and a Q1 2026 with US$4.7M net income on US$43.9M revenue at the operating subsidiary (Form 10-Q). This is not a pre-revenue story.
- 2
There is a real resource to restart into
1.23 million measured-and-indicated gold ounces at San Francisco, independently reported under NI 43-101 — the base the restart plan leans on.
- 3
The drill bit is turning, hard
A record 25,726 m in 123 holes at Don David in seven months, and From the company more than 50,000 m committed across properties this year. Intercepts are not resources — but the activity is real.
- 4
A marquee holder and a new platform
Eric Sprott holds roughly 7.5% undiluted, and the merger that closed on Jul 17, 2026 put the shares on NYSE American from Jul 20, alongside the TSXV and Frankfurt.
From the company a restarted San Francisco is targeted at 50,000–60,000 AuEq oz per year, and management states an aspiration of roughly 100,000 oz within twelve months and 150,000+ oz in 2027. For scale, the same company reports that FY2025 group sales were 23,125 AuEq oz — so these are step-change ambitions, not an extrapolation of today. No formal guidance has been published.
Source: company news release, Aug 14, 2026None of that is assured. Windows slip, commissioning uncovers surprises, drill results owe nobody anything, and the numbers above are the company’s own aims — not production and not guidance. But the producing base is real, the resource is independently reported, and every date on the calendar is checkable against a filing. The same filings carry the risk factors set out in full below; weigh them with the same attention you give the calendar.
The calendar moves whether anyone watches it or not.
When the drill program reads out and the plant spins up, the filings will say so first. We flag each window as it opens or slips — with the primary source linked, every time.
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Why could a restart with dates be more interesting than a story without them?
Most small-cap gold stories ask you to trust a narrative. This one hands you a checklist. A drill program with a stated completion quarter, a commissioning contract with a stated price, a restart window with two stated ends — each item either happens on schedule or it visibly does not.
And the entity doing the restarting is not starting from zero: the operating subsidiary already runs two producing mines in Mexico and reported a profitable first quarter (Form 10-Q, linked below). Whether that profit says more about the operation or about an exceptional metal-price environment is a fair question — the honest answer is: both.
What belongs on a watchlist — and what does not
A watchlist is not a portfolio. Putting GORO on the radar costs nothing and commits you to nothing; it means checking, each quarter, whether the company did what it said in the window it named.
None of this is guaranteed — windows slip, commissioning uncovers surprises, and drill results owe nobody anything. But the asset base is real, the dates are on the record, and every one of them is checkable against a filing. That is precisely what a watchlist is for. The risk factors below are part of the same record — read them with the same attention as the calendar.
7
primary documents linked on this page — read them before acting on anything here
Where the shares trade
NYSE American
TSXV
Frankfurt
The restart program itself: 26,053 meters of drilling, the US$850,000 commissioning contract, and the company’s stated restart window.
Company news release, Aug 14, 2026 — sec.gov (exhibit 99.3)
The resource behind it: 1.23 million ounces of measured-and-indicated gold at San Francisco, independently prepared under NI 43-101.
Technical report by Micon, effective Apr 30, 2026 — sec.gov (exhibit 99.1)
The drilling record at Don David: 25,726 meters in 123 holes over seven months, intercepts included — and the reminder that intercepts are not resources.
Company news release, Aug 17, 2026 — sec.gov (exhibit 99.4)
The quarter the operator just printed: US$43.9M revenue, US$4.7M net income, US$31.0M cash, working capital +US$40.2M — and the realized prices behind it.
Form 10-Q, Q1 2026 — sec.gov
The platform: merger closed Jul 17, 2026; NYSE American listing since Jul 20; the full-year record and risk factors of the operating subsidiary.
Form 8-K + Form 10-K FY2025 — sec.gov (8-K) · sec.gov (10-K)
The current commitments: more than 50,000 meters of drilling committed across properties this year, per the company, plus the marketing agreements behind pages like this one.
Form 6-K, Aug 20, 2026 — sec.gov · issuer site: goldgroupmining.com