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Gold Group

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Goldgroup Mining Inc.

Investor website: https://goldgroupmining.com/

About

Goldgroup Mining Inc. is a gold and silver producer with four 100%-owned assets across Mexico and the United States, fast-tracking toward intermediate-producer scale. The company operates two producing mines, a restart-ready mine, and an advanced development project, with a vision to produce over 250,000 oz AuEq.

Verified company data

Cash position
Exact figure not available
Shares outstanding
301,504,908
Fully diluted shares
135169869
Mineral resource
Measured & Indicated mineral resources of 1.49 million tonnes grading 3.88 g/t gold-equivalent, with meaningful silver and base-metal credits. Gold: 56.3 Koz, 1.2 g/t; Silver: 7.8 Moz, 167 g/t; Zinc: 65.9 Mlbs, 2.0%; Copper: 6.2 Mlbs, 0.2%; Lead: 21.5 Mlbs, 0.7%. Global M&I 1,490 Kt. Contained-metal figures shown on a Measured & Indicated basis. Mineral resource estimates prepared under S-K 1300 (effective December 31, 2024); mineral resources are not mineral reserves and do not have demonstrated economic viability.
Projects
["Don David Gold Mine: A 100%-owned, producing underground gold-silver mine, the Arista complex, in the mining-friendly state of Oaxaca, Mexico, with material silver and base-metal by-products. Producing. Overview. Precious & base metals from Oaxaca. Don David is a 100%-owned, producing underground mine on a 55,000-hectare land package in Oaxaca. The Arista complex hosts a structurally-controlled, intermediate-sulfidation epithermal vein system that yields gold, silver, copper, lead and zinc, mined by a combination of cut-and-fill and long-hole methods and trucked roughly two kilometres to the Aguila mill. An estimated 37,000–52,000 ounces of gold-equivalent are expected in 2026, supported by a deep regional exploration pipeline. Arista District · Oaxaca, Mexico. 100% Ownership. 55,000 ha Property. Underground Mine type. 1,800 tpd Processing. 37–52k 2026 output. 5+ yrs Mine life. 3% Royalty. Au·Ag·Zn·Cu·Pb Metals. Resource. A polymetallic M&I resource. Measured & Indicated mineral resources of 1.49 million tonnes grading 3.88 g/t gold-equivalent, with meaningful silver and base-metal credits. Gold 56.3 Koz 1.2 g/t Silver 7.8 Moz 167 g/t Zinc 65.9 Mlbs 2.0% Copper 6.2 Mlbs 0.2% Lead 21.5 Mlbs 0.7% Global M&I 1,490 Kt. Contained-metal figures shown on a Measured & Indicated basis. Mineral resource estimates prepared under S-K 1300 (effective December 31, 2024); mineral resources are not mineral reserves and do not have demonstrated economic viability. Operations. The Arista mine complex. A network of high-grade epithermal veins across the Arista, Three Sisters and Switchback systems, mined underground and processed at the nearby Aguila mill. Underground development at Arista. Expand. Mining is focused on the Viridiana, Chuy, Splay 5 and Splay 31 veins of the Arista system; the Sandy's veins of the Three Sisters system; and the Susana vein of the Switchback system, with an excess of a 5-year mine life and infill expansion probable. On-site infrastructure includes a flotation plant (1,800 tpd) and agitated-leach circuit (300 tpd), grid power, paste and dry-stack facilities, producing three concentrates: zinc, lead-silver, and copper-gold. Vein systems. AristaThree SistersSwitchback. Exploration & development. A district-scale pipeline. Exploration reaches beyond the producing veins into a district-scale pipeline that begins underground at the Arista complex, where the San Juan vein is being developed and stepped out toward the Victoria system, then extends to a series of ranked greenfield targets along the San José structural corridor. Longitudinal section: San Juan underground development toward the Victoria system. Expand. San Juan underground development. A dedicated underground program is advancing the narrow, high-grade San Juan vein system, reached off the main ramp access and anchored by a high-grade, low-angle mineralized zone at Independencia. Development began in early 2026, with a planned step-out extension eastward toward the Victoria system, opening a new front for resource growth inside the existing complex. San Juan Vein in development Main ramp Underground access Victoria Planned step-out Regional project. Alta Gracia. High-priority greenfield target. Alta Gracia ranks among the property's highest-priority greenfield prospects, set within the same San José structural corridor that hosts the producing Arista complex. Targets across the pipeline are ranked on a consistent set of factors, prioritizing those with the strongest potential to advance from early exploration toward a productive deposit. Ranking factors. Geological potentialStage of explorationRisk mitigationEconomic viabilityStakeholder engagement. Greenfield exploration targets across the Don David property along the San José corridor, including Alta Gracia, El Rey and Margaritas. Expand. Regional project. Margaritas. A broad target area 5–12 kilometres northwest of the Arista mine, centrally located within the San José structural corridor. A 2012–2016 program completed 21,299 metres of core drilling across 52 holes, confirming significant gold-silver mineralization. 5–12 km NW of Arista. 21,299 m Core drilled. 52 Drill holes. 27.9 g/t Best Au. Headline results reached up to 27.9 g/t Au and 2,600 g/t Ag over 2.85 m, with intercepts including 0.3 m @ 7.1 g/t Au & 4,010 g/t Ag (hole 315002) and 2.2 m @ 1.2 g/t Au & 599 g/t Ag (hole 315003). A 2020 estimate outlined 59,200 tonnes grading 0.53 g/t Au and 295 g/t Ag across Measured, Indicated and Inferred categories. Las Margaritas geology map showing La Tapada, La Victoria and surrounding vein targets. Expand. El Rey. Situated 44 kilometres northwest of the Arista mine within the San José structural corridor. A Phase 1 campaign in 2007–2008 completed 5,273 metres of core drilling across 48 holes, testing a 235-metre strike length of the vein system. A follow-up program has been designed and is pending execution. 44 km NW of Arista. 5,273 m Phase 1 drilling. 48 Drill holes. 132.5 g/t Best Au. Phase 1 returned individual samples up to 132.5 g/t Au and 1,585 g/t Ag, with composite highlights of 5.0 m @ 45.2 g/t Au & 123 g/t Ag (hole 208024), 9.0 m @ 19.4 g/t Au & 75 g/t Ag (hole 207002) and 7.8 m @ 20.3 g/t Au & 78 g/t Ag (hole 208018). A cornerstone producing asset. Back Forty Project: A 100%-owned, gold-rich volcanogenic massive sulphide (VMS) project in the Upper Peninsula of Michigan, USA, a combined open-pit and underground operation with a definitive feasibility study underway. Development · DFS underway. Overview. A large-scale North American VMS project. Back Forty is a 100%-owned, gold-rich volcanogenic massive sulphide deposit on a 1,304-hectare land package in the Upper Peninsula of Michigan. The mine plan contemplates two open pits and an underground mine feeding a 2,500-tonne-per-day processing plant. Acquired through the purchase of Aquila Resources in 2021, after more than US$95M of prior exploration, the project has a definitive feasibility study underway and offers North American optionality and diversification. Upper Peninsula of Michigan, USA. 100% Ownership. 1,304 ha Land package. Gold-rich VMS Deposit. Open pit + UG Mining. ~120k oz/yr LOM output. 2,500 tpd Processing. 9+ yrs Mine life. DFS underway Study. Resource. 14.5 million tonnes of polymetallic mineralization. A combined Measured, Indicated & Inferred resource of 14.5 Mt carrying gold, silver, copper and zinc. Gold 2.21 g/t Silver 27 g/t Copper 0.38% Zinc 3.35%. 14.5 Mt at 2.21 g/t Au, 27 g/t Ag, 0.38% Cu and 3.35% Zn (Measured + Indicated + Inferred). Mineral resource estimates prepared under S-K 1300 (effective September 30, 2023); mineral resources are not mineral reserves and do not have demonstrated economic viability. Compelling project economics. Preliminary Economic Assessment (PEA) results show after-tax NPV and IRR strengthening sharply with the gold price, from the base case to spot and consensus pricing. Base case US$1,800/oz Au US$214M After-tax NPV₆% 25.7% After-tax IRR 2.4 yrs Payback. Spot case US$2,700/oz Au US$433M After-tax NPV₆% 44.7% After-tax IRR 1.4 yrs Payback. Consensus case US$3,036/oz Au US$556M After-tax NPV₆% 56.4% After-tax IRR 1.2 yrs Payback. ~120k oz Gold-eq / year ~US$920/oz Co-product AISC US$325M Initial capital. Source: Preliminary Economic Assessment (S-K 1300 Technical Report Summary) on the Back Forty Mine Project, effective September 20, 2023. Base-case metal prices US$1,800/oz Au, US$23.30/oz Ag, US$3.90/lb Cu, US$1.25/lb Zn. The PEA is preliminary in nature and includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves; there is no certainty the PEA results will be realized. The deposit. An extensive, gold-rich VMS system. Back Forty is advancing through a definitive feasibility study and permitting toward a development decision. The mine plan contemplates two open pits and an underground mine feeding a 2,500 tpd plant, producing gold-rich concentrate alongside silver, copper and zinc credits, a genuine polymetallic operation. A precious-metals stream with Osisko Gold Royalties (18.5% gold, 85% silver) provides development funding flexibility, and a 2023 U.S. Supreme Court ruling (Sackett v. EPA) is expected to streamline the wetland-permitting pathway. San Francisco Project: A large-scale, past-producing open-pit gold mine in Sonora, Mexico, 100%-owned and restart-ready, with 1.23 million ounces of Measured & Indicated gold. Restart-ready · targeting 2027. Overview. A restart-ready Sonoran gold mine. Acquired 100% in June 2026 through the purchase of Molimentales del Noroeste, the San Francisco Project is a large-scale, formerly-producing open-pit gold mine located approximately 150 kilometres north of Hermosillo, Sonora. The property comprises 13 concessions totalling 33,667 hectares, plus 13,284 hectares of regional concessions, and hosts a mesothermal gold deposit across two former pits, San Francisco and La Chicharra, with further upside in the North Pit and Llano extensions. Installed infrastructure includes 16,875 tpd of crushing capacity, twin ADR plants, grid power and haul roads contiguous with the highway, pointing to a low-capital restart producing gold doré with potential output of 50,000–60,000 ounces of gold-equivalent per year. Sonora, Mexico · ~150 km north of Hermosillo. 100% Ownership. 33,667 ha Concessions. 1.23 Moz M&I gold. 50–60k oz/yr Potential output. 16,875 tpd Processing. Open pit Mine type. 7 yrs Possible LOM. 2027 Targeted restart. Resource. Mineral Resource Estimate. Independent NI 43-101 mineral resource estimate with an effective date of April 30, 2026. Measured & Indicated 1.23Moz contained gold @ 0.36 g/t Au +178 Koz Inferred (additional) Measured582 KozIndicated645 Koz. Effective date April 30, 2026. Break-even cut-off grades range 0.10–0.12 g/t Au; marginal cut-off grades 0.07–0.09 g/t Au depending on pit. Qualified Persons: William J. Lewis, P.Geo.; Richard M. Gowans, P.Eng.; Tudorel Ciuculescu, P.Geo. Mineral resources are not mineral reserves and do not have demonstrated economic viability. The Company has not made a production decision on San Francisco; references to production potential are conceptual, and any restart decision made without established mineral reserves and a completed feasibility study carries a higher risk of economic or technical failure. The mine complex. San Francisco is a built mine, not a greenfield prospect. Open pits, crushing circuits, gold-recovery plants and supporting infrastructure are already on the ground, underpinning a low-capital path back to production. All infrastructure in place for a cost-effective, timely restart: San Francisco open pit, La Chicharra open pit, North Pit & Llano extensions, 16,875 tpd crushing capacity, Twin ADR gold-recovery plants, Grid power & on-site wells, ROM & crushed-ore pads, Assay lab & workshops, Haul roads to the highway. Highlights. Why San Francisco. Large-scale upside. A large-scale project with significant upside potential and multiple exploration targets. Two former pits. Two pits, San Francisco and La Chicharra, were in operation, hosting large-volume disseminated gold deposits. Infrastructure in place. Heap-leach processing facilities and associated infrastructure are already in place for a cost-effective, timely restart. Resource upside. Resource upside with multiple high-priority exploration targets identified across the concession package. Path forward. The road to restart. A staged plan advances San Francisco from technical work today toward full gold production, leveraging infrastructure already in place. 2026 Drill & confirm 24,000 m diamond drilling to optimize the mine plan. Late 2026 Refurbish plant Crushing circuit & ADR plant readied for production. Q1 2027 Restart mining Mining recommences across the open pits. H2 2027 Full production Ramp to full output and gold doré. ~US$8.5M Drilling & definition ~US$15M Plant refurbishment US$40–50M Estimated production working capital. Cerro Prieto Gold Mine: A 100%-owned, producing heap-leach gold mine in the Cucurpe District of Sonora, Mexico, in operation since 2013. Producing since 2013. Overview. Producing gold in the Cucurpe District. The Cerro Prieto Project is a 100%-owned, ~4,335-hectare property in the Cucurpe Mining District of Sonora, Mexico, just 52 road kilometres from the regional centre of Magdalena de Kino and 150 kilometres northeast of Hermosillo. It is a shallow open-pit heap-leach operation on a mesothermal vein system, producing gold-silver doré through two crushing circuits and an adsorption-desorption-recovery (ADR) plant. It has been in production since 2013 at roughly 11,500 ounces per year, with an in-house 2026 estimate of 17,000–20,000+ ounces. Cucurpe Mining District · Sonora, Mexico. 100% Ownership. ~4,335 ha Property. Shallow open pit Mine type. 2013 Producing since. 4,200 tpd Processing. ~11,500 oz/yr Current output. 17–20k oz 2026E output. 2% Royalty. On the ground. Inside the operation. A producing mine with infrastructure (open pits, crushing circuits, heap-leach pads and an ADR recovery plant) in the heart of Sonora's mining country. Exploration. A district-scale opportunity. Cerro Prieto sits on a 2.5-kilometre-plus mineralized shear zone that has only been partially tested. Mining is focused today on the Esperanza zone, with a deep pipeline of advanced and early-stage targets stepping out along trend."]
Leadership
Management Information / Background / Experience: Ralph Shearing CEO Mr. Shearing is an experienced and accomplished exploration and mining executive holding a designation of Professional Geologist registered in Alberta (APEGA). Since 1987 he has held senior executive positions of CEO and/or President with public junior mining and exploration companies, primarily with Luca Mining Corp., a company he founded in 1986 and successfully guided the company through the exploration and initial development phase of the Tahuehueto mine located in northwestern Durango México. Recently Mr. Shearing resigned as CEO and president of Luca Mining in place of mining professionals more qualified and experienced in operating underground mining assets. Mr. Shearing’s extensive experience of managing junior public companies, overseeing project exploration combined with his keen insight to identify quality mineral exploration and mining assets are a welcome addition to Goldgroup. Anthony Balic CFO Mr. Balic was previously the Director of Finance of Goldgroup, where he managed the entire finance and accounting function of the Company. Prior to this position, he was a Senior Manager at Deloitte LLP in Vancouver, where he specialized in assurance and advisory for mining companies. Board of Directors Information / Background / Experience: Anthony Balic CFO and Director Corry Silbernagel, P.Eng, MBA Director Mr. Silbernagel is a Vancouver-based specialist in finance. Mr. Silbernagel was most recently CFO of Cabo Drilling Corp., one of Canada's largest exploration drilling services companies. Prior to Cabo, Mr. Silbernagel was a management and financial consultant working as a corporate advisor in strategy, finance, business development and marketing. As a professional engineer, Mr. Silbernagel has managed large-scale projects in excess of $100 million in the mining and oil and gas industry for companies such as Suncor Energy and TransAlta Energy. Mr. Silbernagel holds an MBA from INSEAD in Fontainbleau, France and a Bachelors degree in Applied Science in Civil Engineering from the University of British Columbia. Blair Jordan Director Mr. Jordan is currently the Managing Partner of Restructur Advisors, a boutique restructuring and turnaround advisory firm with specific expertise in the industrial, cleantech, technology, transportation, cannabis and biotech/pharma sectors. He was the CFO of HeyBryan Media Inc. from October 2019 to November 2020. Previously, Mr. Jordan was Vice President, Corporate Development, and later CFO and Interim CEO, of Ascent Industries Corp. (January 2018 to April 2019), and Managing Director, Investment Banking at Echelon Wealth Partners Inc. (February 2012 to December 17, 2020). Roberto Guzman Director Mr. Guzmán obtained a master's degree in Finance from the Universidad Tecnologica de Mexico in 1989 and has more than 25 years of experience in the Financial Sector, primarily in Mexico. Initially working as finance manager for several Mexican publicly traded companies as well as other private Mexican financial companies. Investor Relations (IR) Contact: Sophia Shane Email: sshane@goldgroupmining.com Tel: 1.604.306.6867

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