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Follow the drill story
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How fast can
a gold resource
actually grow?

Goldgroup Mining Inc. (NYSE American: GORO) has spent 2026 finding out. Seven months of drilling at its Don David mine — 25,726 meters across 123 holes (company news release, Aug 17, 2026) — while a fresh technical report counts 1.23 million measured-and-indicated gold ounces at its San Francisco mine (NI 43-101, effective Apr 30, 2026). Best Stocks put the whole campaign on the watchlist. Here is what the filings show.

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The drill scoreboard — every figure sourced

1.23Moz M&I · San Francisco
25,726meters · 7 months
123holes · Don David

Sources: NI 43-101 technical report, Micon, effective Apr 30, 2026; company news release, Aug 17, 2026. Drill intercepts are not mineral resources.

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GORO · NYSE American · TSXV · Frankfurt — two mines producing · a third under evaluation for restart · drills turning on multiple fronts

Start here

The checklist you'd run on any small producer — filled in for goldgroup mining inc.

Comparing junior gold names comes down to the same handful of checks every time: is anything actually in production, is there a defined resource or only a story, are the drills turning, and does the balance sheet pay for them? Here is how Goldgroup Mining Inc. (NYSE American: GORO) fills in that scorecard — every figure traced to a filing — with the context needed for a fair comparison.

In production?Two minesDon David in Oaxaca and Cerro Prieto in Sonora are both producing today.
Defined resource?1.23 MozMeasured-and-indicated gold at San Francisco (NI 43-101, effective Apr 30, 2026); Don David 652 kt of proven and probable reserves at 1.19 g/t Au, 195.7 g/t Ag, plus measured and indicated resources exclusive of reserves of 63 kt (Arista) and 168 kt (Alta Gracia) (Form 10-K, FY2025) and Cerro Prieto and 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.; Back Forty at feasibility-study stage, with indicated mineral resources of 9,360 kt at 2.41 g/t Au (open pit) and 5,137 kt at 1.86 g/t Au (underground) and inferred mineral resources of 566 kt at 2.70 g/t Au (open pit) and 627 kt at 2.00 g/t Au (underground), as of Dec 31, 2025 (Form 10-K, FY2025). Mineral resources are not mineral reserves.
Drills turning?25,726 m123 holes in seven months at Don David, per the company's news release. Numerous exploration holes have also been drilled at Cerro Prieto over the past year.
Who funds it?US$43.9MCompany is self funded from cash generated in operations. Q1 2026 revenue at Gold Resource Corp., the pre-merger operating subsidiary, with US$31.0M of cash on hand at March 31, 2026; adding Goldgroup Mining Inc.’s own US$15.7M of cash at June 30, 2026 gives US$46.7M of combined cash on hand for the combined company, from balances reported at those two different dates (Form 10-Q; MD&A, Q2 2026).
Clean to compare?Mind the basisMeasured-and-indicated ounces are not reserves, and gold-equivalent assumptions differ company to company based on metal prices and recoveries — the basis behind every peer table.

Sources: NI 43-101 technical report (San Francisco), effective Apr 30, 2026; Form 10-Q, Q1 2026; company news release, Aug 17, 2026; Form 10-K, FY2025; Goldgroup MD&A, Q2 2026. Two producing mines and a defined resource are on the record.

Why GORO is on the drill radar

Four numbers that put a small miner on the watchlist

01

1.23 million ounces, measured & indicated

The San Francisco mine in Sonora now stands at 48.3 Mt at 0.37 g/t measured plus 56.8 Mt at 0.35 g/t indicated — 1.23 million ounces of M&I gold — with another 178,000 ounces inferred (17.3 Mt at 0.32 g/t). That is the defined base the restart plan is built on. Source: NI 43-101 technical report, prepared by Micon, effective Apr 30, 2026.

02

El Llano: the conceptual next door Target at San francisco

Contiguous to the San Francisco main open piy sits an exploration target of 40 to 78 Mt at 0.38 to 0.61 g/t gold. Read the label twice: the target is conceptual in nature and is not a mineral resource — it is an exploration opportunity where drilling outline the target and where more drilling should move it into a published resource; more detail is in the company’s technical report: More info ↗. Source: NI 43-101 technical report, effective Apr 30, 2026.

03

The drill pace at Don David

25,726 meters across 123 drill holes in seven months at the Oaxaca operation, with highlight 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. Drills continue exploration drilling through remainder of 2026 and beyond. Drill intercepts are not mineral resources — but they are the raw material resources are made from. Source: company news release, Aug 17, 2026.

04

50,000+ meters committed this year

From the company
Goldgroup says it has committed more than 50,000 meters of drilling across its properties this year, including a 26,053-meter program at San Francisco slated to finish in Q4 2026. Company plans, not outcomes — programs can be cut, slowed or re-aimed. Sources: Form 6-K, Aug 20, 2026; news release, Aug 14, 2026.

Four assets, four jobs

The portfolio, one hard number at a time

A useful comparison starts with what a company actually owns and what stage each piece is at. GORO's base breaks into four parts — two earning cash now, one under evaluation for restart, one working through feasibility studies to determine potential capital costs and profitably to build and operate a new mine — and each carries a single figure worth writing down.

Producing · cash engine

Don David / Arista

Oaxaca, Mexico

US$43.9M

The group's revenue engine: Gold Resource Corp., the pre-merger operating subsidiary, reported US$43.9M of revenue and US$4.7M of net income for Q1 2026, and this is where the 25,726 +-meter drill campaign continues turning. Concentration is real — the subsidiary discloses that its production comes from a single operating unit. Sources: Form 10-Q, Q1 2026; news release, Aug 17, 2026.

Reserves: 652 kt @ 1.19 g/t Au, 195.7 g/t Ag — proven & probable mineral reserves at Dec 31, 2025, plus measured & 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) (Form 10-K, FY2025). Mineral resources are not mineral reserves.

Producing · since 2013

Cerro Prieto

Sonora, Mexico

4,200–4,500 t/d

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..

This second producing operation: an open-pit, heap-leach gold mine in Sonora running 4,200–4,500 tonnes a day and producing since 2013 — a steady second source of ounces feeding the group. Source: company news release, Aug 17, 2026.

Restart under evaluation

San Francisco

Sonora, Mexico

1.23 Moz

The growth piece: 1.23 million ounces of measured-and-indicated gold on the record, a 26,053-meter program slated to finish in Q4 2026, and a signed plant re-commissioning contract with work well advanced. The company has pointed to a restart window between late 2026 and Q1 2027 — its window, not ours. Sources: NI 43-101 technical report; news release, Aug 14, 2026.

Development · feasibility study under way

Back Forty

Michigan, United States

Since May 2026

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. Sources: Form 10-Q, Q1 2026; Form 10-K, FY2025.

Assay results don't schedule themselves around your weekend.

Best Stocks follows GORO's drill flow filing by filing — figures with sources, intercepts with labels, and the counterarguments printed right next to the catalysts. Free, email only, unsubscribe anytime.

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The Best Stocks read

Fast drilling is easy to announce. Funded drilling is the part worth checking.

Who pays for 50,000 meters?

Here the drilling is funded from operations: the operating subsidiary, Gold Resource Corp., reported revenue of US$43.9 million, net income of US$4.7 million, cash of US$31.0 million and working capital of +US$40.2 million for Q1 2026 (Form 10-Q). Two mines are producing today — Don David/Arista in Oaxaca and Cerro Prieto in Sonora — and the Alta Gracia zone of Don David resumed mining on February 20, 2026 (news release, Aug 17, 2026).

The concession before you get excited: those margins ride an exceptional metal-price environment, and the group's own accounts carry heavy items — the important information at the foot of this page list them one by one. A drill campaign funded by operations is still a drill campaign exposed to the price of gold.

ASSAY

Stylized illustration. Not actual drill data, prices or results.

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 for a project with no demonstrated reserves and conceptual production rates. At group level it targets roughly 60,000 AuEq ounces in 2026 and more than 100,000 by end-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, and the company states its San Francisco figures are too early to be considered official guidance. Source: company materials; Form 6-K, Aug 20, 2026; goldgroupmining.com.

What the drills could deliver next

Assays from the 26,053-meter San Francisco program

The restart-focused program is slated to finish in Q4 2026, feeding the data behind commissioning. A contract to re-commission the plant is already underway and well advanced, and the company has pointed to a restart window between late 2026 and Q1 2027 — its window, not ours (From the company; news release, Aug 14, 2026).

A resource update that captures the Don David meters

123 holes of new data are the raw feed for the next geological model at the Oaxaca operation, where more than 50,000 meters are committed across the group's properties this year (From the company; Form 6-K, Aug 20, 2026).

First real answers at El Llano

The conceptual 40–78 Mt target beside San Francisco has a defined range but no resource. Drilling is what turns a concept into a number — or into nothing (NI 43-101 technical report, effective Apr 30, 2026).

The metal cycle

A small producer is a lever on the gold price — and it cuts both ways

Gold has traded at historically high levels through 2026, and you don't have to take an outside estimate for it: Gold Resource Corp., the pre-merger operating subsidiary, reported realized prices of US$5,098 an ounce for gold and US$98.09 an ounce for silver in Q1 2026 — the prices it actually banked, straight from its Form 10-Q, not a forecast. Goldgroup’s own Cerro Prieto operation realised US$4,429 per gold ounce in Q2-2026. (news release, Aug 31, 2026)

Why the size matters for a comparison. A small producer's results move almost one-for-one with the metal price, so when the metal runs high the quarter — and the cash it throws off — expands faster than at a diversified major carrying hedges and scale. That gearing is exactly what draws attention to names this size. It works in reverse just as fast: a weaker metal price would compress results just as quickly as a strong one lifts them.

This page makes no forecast of where the gold price goes next — that is not knowable, and a page paid for by the issuer is the last place to look for one. The point is narrower: the margins described on this page are a function of the price environment, and that environment can change. Source: Form 10-Q, Q1 2026.

US$5,098
Realized gold price / oz · Q1 2026
US$98.09
Realized silver price / oz · Q1 2026
US$4,429
Realized gold price / oz · Q2 2026 · Goldgroup’s own Cerro Prieto, pre-merger

Realized prices are the line a small producer's quarter rides on — and that line is not fixed. Both Q1 figures are Gold Resource Corp.'s own, the pre-merger Don David mine operating subsidiary, from its Q1 2026 Form 10-Q; the Q2 figure is Goldgroup’s own Cerro Prieto operation, before the merger (news release, Aug 31, 2026).

Why it draws a second look

The bull case, laid out plainly

A short list of genuine strengths. None of it is a recommendation; it is the case a reader can then test against the important information printed in full at the foot of this page.

From the company Management points to 40,000–60,000 ounces of gold a year from a restarted San Francisco — labelled based on historic data, for a project with no demonstrated reserves — and roughly 60,000 gold-equivalent ounces at group level in 2026, more than 100,000 by end-2027, with a longer-term goal of 250,000. Keep the scale anchor in plain view while reading those numbers: FY2025 sales at Gold Resource Corp., the pre-merger Don David mine operating subsidiary, were 23,125 AuEq oz, and no formal guidance has been published. These are the company's own aspirations — not forecasts, and not ours. Sources: Form 6-K, Aug 20, 2026; goldgroupmining.com.

What is not in dispute is the base underneath the case: two producing mines, a defined 1.23-million-ounce M&I resource, and a seven-month drill program. These are the company’s own figures, each cited to its filing — line them up against the important information below and read the originals in full.

25,726 Meters in seven months Don David — news release, Aug 17, 2026
1.92 m estimated true width grading 13.49 g/t gold plus 931 g/t silver. Highlight intercept — Don David
2.55 m estimated true width grading 1,695 g/t silver. Highlight intercept — Don David

Drill intercepts are not mineral resources. Source: company news release, Aug 17, 2026.

The asset base is real — two producing mines, a defined 1.23-million-ounce M&I base, and a seven-month drill campaign. That is what a watchlist is for: watching, with the sources open.

Additional information

Primary sources

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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Figures on this page are as of September 2, 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.

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