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    This Gold Producer Just Hit Our Radar
    NYSE American: GORO

    TopStocks Alert: (NYSE: GORO) Goldgroup Mining Inc.

    Goldgroup produces gold and silver in Mexico and is advancing the San Francisco project in Sonora and the Back Forty project in Michigan.

    Read the Full Story
    +6.33%$3.19
    Terraced open-pit gold mine in the Sonoran desert at golden hour
    Gold & Silver Mining · Precious Metals Production
    Ticker
    GORO
    Exchange
    NYSE American
    Share Price
    $3.19

    Last figure we can attribute is the August 19, 2026 close — verify against a live NYSE American quote before acting. Snapshot figures from public market-data providers; see the interactive chart below for live pricing.

    The TopStocks Quick Take

    GORO in 60 seconds

    What The Company Does

    Goldgroup mines gold and silver in Mexico from the Don David complex in Oaxaca and the Cerro Prieto heap-leach mine in Sonora, while advancing the fully permitted San Francisco project toward a potential restart and the Back Forty project in Michigan through feasibility.

    Why It's Getting Attention

    On September 8, 2026 the company announced a private placement of up to approximately US$75 million with roughly US$60 million already committed by well-known natural resource investors, and on the same day reported the first assay results from its 26,000-metre drill program at San Francisco.

    Biggest Upcoming Catalyst

    The San Francisco technical study, expected in Q4 2026. Management has also developed a plan for potential refurbishment of the crushing circuit and ADR plant that, subject to the study and a subsequent development decision, could support a restart of operations as early as Q1 2027.

    Why The Bull Case Stands Out

    What stands out is the asset stack plus the capital behind it: two producing mines, a permitted restart candidate hosting approximately 1.23 million ounces of Measured and Indicated gold, a U.S. development project in feasibility, and a financing backed by named institutional resource investors.

    This summary is informational only and is not a recommendation to buy or sell any security.
    The Business

    What Does Goldgroup Mining Inc. Actually Do?

    Goldgroup Mining Inc. (NYSE American: GORO; TSXV: GORO) is a Canadian-based precious metals producer and developer whose assets are concentrated in Mexico, with one development-stage project in the United States.

    What they sell or develop

    The company mines, processes and sells gold and silver. Production currently comes from the underground Arista and Alta Gracia mines at the Don David complex in Oaxaca and from the Cerro Prieto heap-leach operation in Sonora.

    Who their customers are

    Output is dore and concentrate sold into the global precious metals market, so realized results track spot gold and silver prices rather than any single customer relationship.

    How they generate revenue

    Revenue is generated from the sale of gold and silver produced at its operating mines, with future growth intended to come from resource expansion, the potential restart of San Francisco and the development of Back Forty.

    Where they operate

    Head office in Vancouver, British Columbia, with operations in Oaxaca and Sonora, Mexico, and the Back Forty project in Michigan's Upper Peninsula. Shares trade on the NYSE American and the TSX Venture Exchange under GORO and on the Frankfurt exchange under 55G.

    Current stage of development

    Goldgroup is a revenue-generating producer following the July 17, 2026 merger with Gold Resource Corporation. Management describes the company as having producing assets, a development pipeline, an active exploration program and financial resources to execute its business plan, with the stated objective of building a leading intermediate precious metals producer.

    Company Card
    Company
    Goldgroup Mining Inc.
    Ticker
    NYSE American: GORO
    Headquarters
    Vancouver, British Columbia, Canada
    Industry
    Gold & Silver Mining · Precious Metals Production
    Website
    Visit company site
    SEC Filings
    View on SEC.gov
    The Opportunity

    Why Could GORO Be Interesting?

    The points below draw on the company's public disclosures, its recent operational updates, and TopStocks commentary. We distinguish between confirmed facts, company statements, and our own editorial framing.

    1. 01

      Up To US$75M Financing With ~US$60M Already Committed

      Goldgroup announced a private placement for gross proceeds of up to approximately US$75 million, with roughly US$60 million already committed. The company said participants include entities representing or affiliated with Trafigura, Eric Sprott, Rick Rule and other natural-resource investors.

    2. 02

      A Merger Created A Four-Asset Precious-Metals Company

      Goldgroup completed its merger with Gold Resource Corporation on July 17, 2026. The combined company now owns four precious-metals assets across Mexico and the United States, including two producing mines and two development-stage assets.

    3. 03

      Two Mines Are Producing Today

      Goldgroup currently owns and operates two producing mines: the Don David Gold Mine in Oaxaca and the Cerro Prieto Gold Mine in Sonora. Management is also pursuing exploration and operational improvements across both assets.

    4. 04

      San Francisco Is Permitted And Being Evaluated For Restart

      The 100%-owned San Francisco Gold Project is a formerly producing open-pit mine with existing infrastructure and permitted mining operations. Goldgroup is advancing drilling, technical studies and mine planning as it evaluates a potential production restart.

    5. 05

      Approximately 1.23M Ounces Of Measured + Indicated Gold Resources

      San Francisco hosts approximately 582,000 ounces of Measured and 645,000 ounces of Indicated Gold Mineral Resources, totaling approximately 1.23 million ounces of Measured + Indicated gold.

    6. 06

      First Results Are In From A 26,000-Metre Drill Program

      Goldgroup has reported assay results from the first six holes of its ongoing 26,000-metre San Francisco drilling program. The initial results included higher-grade intervals and broader zones of gold mineralization within areas of known mineralization, with results being incorporated into the company's geological and resource models.

    7. 07

      Don David Offers District-Scale Exploration Potential

      The Don David Gold Mine sits within a roughly 55-kilometre land package along the San Jose structural corridor, with the producing Arista and Alta Gracia systems plus exploration targets including Margaritas and El Rey. Through July 31, 2026, Goldgroup completed 25,726 metres of drilling in 123 holes, primarily focused on infill and expansion drilling at Arista and Alta Gracia.

    8. 08

      Back Forty Is Advancing Through Feasibility

      Goldgroup's 100%-owned Back Forty project in Michigan's Upper Peninsula is advancing through a definitive feasibility study and permitting toward a potential development decision. The project contains gold, silver, copper and zinc mineralization, with the current feasibility work building on a 2023 Preliminary Economic Assessment.

    Important context for the points above: the announced private placement has not closed, remains subject to TSX Venture Exchange and NYSE American approval, will dilute existing shareholders, and there is no assurance it closes on the announced terms or that any warrants are exercised. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Reported drill intercepts are downhole core lengths with uncapped grades and are not mineral resources. No decision has been made to restart production at San Francisco or to develop Back Forty, and exploration targets such as Margaritas and El Rey have no defined mineral resource. Figures should be confirmed against the company's latest filings on SEDAR+ and with the SEC.

    From The Company

    Investment Highlights

    The following points are presented by Goldgroup Mining Inc. on its corporate website and in its investor materials, updated for the company's September 2026 announcements and reproduced here as the company states them.

    Producing Miner

    A producing precious-metals miner with established operations and great leverage to gold and silver.

    Resource Base

    Solid multi-million-ounce gold resource base with significant growth potential.

    Board & Execution

    Exceptional board, well known for their proven execution and successful turnaround initiatives.

    Financing

    Announced a non-brokered private placement of up to approximately US$75 million on September 8, 2026, with roughly US$60 million already committed by leading natural resource investors.

    Balance Sheet

    Zero debt.

    Low Capex

    Projected low capex, particularly at San Francisco.

    Catalysts

    Multiple near-term value catalysts.

    These highlights are management's own characterization of the business and have not been independently verified. The private placement announced on September 8, 2026 has not closed, remains subject to TSX Venture Exchange and NYSE American approval, and would dilute existing shareholders; there is no assurance the warrants will be exercised. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Investors should confirm all figures against the company's latest filings on SEDAR+ and with the SEC before making any investment decision.

    The Portfolio

    Four Gold And Silver Assets Under One Ticker

    The July 17, 2026 merger with Gold Resource Corporation combined Goldgroup's Sonora assets with the producing Don David complex in Oaxaca and the Back Forty development project in Michigan. The result is two mines producing today, one permitted restart candidate, and one U.S. project in feasibility - with drill rigs turning on all of them.

    Don David Gold Mine

    Producing
    Oaxaca, Mexico

    The 100%-owned Don David complex operates the underground Arista and Alta Gracia mines. Mining restarted at Alta Gracia on February 20, 2026. Management has said operations continue to perform in line with expectations, providing the operational foundation for the combined company.

    25,726 m drilled

    123 holes over the seven months ended July 31, 2026, with more than 97% infill and expansion.

    Cerro Prieto

    Producing
    Sonora, Mexico

    A 100%-owned heap-leach gold mine where three drill rigs are deployed - two focused on resource expansion and one on confirmatory drilling to support an updated mineral resource. Management sees opportunities to increase production, improve efficiencies and enhance cash flow.

    3 drill rigs

    Two on resource expansion, one on confirmatory drilling for an updated resource estimate.

    San Francisco Project

    Permitted - Restart Study
    Sonora, Mexico

    A large-scale, formerly producing open-pit operation with two pits, heap-leach processing facilities and associated infrastructure already in place, fully permitted for a rapid restart. A 26,053-metre drill program and a parallel technical study are underway, with drilling expected to finish in Q4 2026.

    ~1.23 Moz M&I

    Measured 48.3 Mt at 0.37 g/t Au (~582koz) plus Indicated 56.8 Mt at 0.35 g/t Au (~645koz), effective April 30, 2026.

    Back Forty Project

    Feasibility Underway
    Michigan, USA

    A 100%-owned gold-silver development project in Michigan's Upper Peninsula. A comprehensive feasibility study commenced in May 2026 under SLR Engineering, building on the positive Preliminary Economic Assessment completed in 2023.

    Feasibility since May 2026

    Led by SLR Engineering, following the 2023 Preliminary Economic Assessment.

    The El Llano Exploration Target

    San Francisco's 46,932-hectare concession package includes El Llano, immediately contiguous to the San Francisco pit and drillable from surface. The company's current technical report identifies an exploration target there of possibly 40 million to 78 million tonnes grading 0.38 to 0.61 g/t gold. The potential quantity and grade of the El Llano exploration target are conceptual in nature. There has been insufficient exploration to define a Mineral Resource at El Llano, and it is uncertain whether further exploration will result in the target being delineated as a Mineral Resource.

    Mineral Resource figures are drawn from the NI 43-101 technical report entitled "Technical Report for the San Francisco Project, Sonora, Mexico," with an effective date of April 30, 2026, available under the Company's profile on SEDAR+. Mineral resources are not mineral reserves and do not have demonstrated economic viability. No decision has been made to restart production at San Francisco, and there can be no assurance that a restart will be approved, financed or achieved on any timeline. Read the San Francisco release.

    The Latest Developments

    Recent GORO Press Releases

    September 8, 2026

    Goldgroup Announces US$75 Million Private Placement With US$60 Million Already Committed

    Goldgroup announced a non-brokered private placement of up to 20,547,945 units at US$3.65 per unit for gross proceeds of up to approximately US$75 million, with roughly US$60 million already committed. The company said cornerstone participants include entities representing or affiliated with Trafigura, Eric Sprott, Rick Rule, Fiscal Wisdom, Calu Opportunity Fund and two additional institutional natural resource funds. Each unit includes one-half of a warrant exercisable at US$5.10 for 18 months. Proceeds are intended for exploration and resource expansion, advancing San Francisco toward a potential restart, work at Don David, Cerro Prieto and Back Forty, and general working capital.

    Original Announcement
    Why Investors May Be Paying Attention

    The financing is expected to close on or about September 30, 2026 and remains subject to TSX Venture Exchange and NYSE American approval. It would materially strengthen the balance sheet but will also dilute existing shareholders, and there is no assurance the offering closes on the announced terms or that the warrants are exercised.

    Summary written by TopStocks based on company disclosures.

    More Recent Headlines
    September 8, 2026

    Goldgroup Reports First Results From The 26,000-Metre San Francisco Drill Program

    Assays from the first six holes, all drilled within the existing pit, returned GGD-174 at 23.4 m grading 1.71 g/t gold (including 6.4 m at 4.84 g/t); GGD-178 at 16.8 m grading 4.36 g/t gold (including 10.9 m at 6.34 g/t) plus 10.0 m at 2.00 g/t (including 2.2 m at 7.83 g/t); and GGD-179 at 51.0 m grading 0.58 g/t gold (including 3.9 m at 2.53 g/t). The program is budgeted at approximately US$8.5 million, with assays for the remaining holes pending.

    Read announcement
    September 2, 2026

    Goldgroup Highlights Exploration Potential At Don David

    The company summarized the exploration potential of its Oaxaca district, which spans approximately 55 kilometres along the San Jose structural corridor. It described the polymetallic Arista system (Arista, Switchback and Three Sisters veins), the silver-rich low-sulfidation Alta Gracia system (Mirador and Independencia), and the advanced regional targets Margaritas and El Rey, where historical drilling intersected locally high-grade gold and silver.

    Read announcement
    August 17, 2026

    Goldgroup Reports Selected Drill Results Highlighting Growth Potential At Don David

    The company reported selected results from 25,726 metres of diamond drilling in 123 holes completed during the seven months ended July 31, 2026 at the Don David complex. Highlights included Arista's Three Sisters–Gloria system hole 525086 at 1.92 m ETW grading 13.49 g/t Au and 931 g/t Ag (26.78 g/t AuEq), and Alta Gracia hole 426014 at 2.55 m ETW grading 1.66 g/t Au and 1,695 g/t Ag (25.85 g/t AuEq). Drilling continued to define the Marena North, Splay 31 and Viridiana vein extensions and advance the newly identified Isabel SE and Laura targets.

    Read announcement
    August 14, 2026

    Goldgroup Advances San Francisco Toward A Potential Production Restart

    Goldgroup announced a 26,053-metre diamond drilling program at its 100%-owned San Francisco Gold Project in Sonora — the first significant new campaign there in many years — alongside a parallel technical study evaluating a restart of mining and processing. The release detailed Measured and Indicated Mineral Resources of approximately 1.23 million ounces of gold effective April 30, 2026, a 46,932-hectare concession package, and the conceptual El Llano exploration target of 40–78 Mt at 0.38–0.61 g/t Au. Drilling is expected to be completed in the fourth quarter of 2026.

    Read announcement
    July 27, 2026

    Javier Reyes Appointed Chief Executive Officer

    The Board appointed Chair Javier Reyes as Chief Executive Officer. Allen Palmiere transitioned from President and CEO and was expected to remain in an advisory capacity to support an orderly leadership transition. The company's subsequent releases identify Mr. Reyes as Chairman and CEO.

    Read announcement
    July 23, 2026

    Goldgroup Accelerates Growth Strategy Following Transformational Merger

    In its first corporate update as a combined company, Goldgroup reported more than 23,000 metres of drilling year-to-date at Don David with six underground rigs and one surface rig operating, three rigs on a 24,000-metre program at San Francisco, three rigs at Cerro Prieto, and the start of feasibility work at Back Forty under SLR Engineering. The company also launched a new corporate website reflecting the expanded portfolio.

    Read announcement
    July 17, 2026

    Goldgroup And Gold Resource Corporation Close Business Combination

    Goldgroup and Gold Resource Corporation closed their merger after market close on July 17, 2026. Goldgroup's common shares commenced trading on the NYSE American under the ticker GORO before market open on July 20, 2026, GRC's common stock was delisted, and Goldgroup's shares ceased to be quoted on the OTC Markets. Goldgroup also trades on the TSX Venture Exchange under GORO and in Frankfurt under 55G.

    Read announcement
    Looking Ahead

    Potential Catalysts Ahead

    Upcoming events retail investors are monitoring for GORO. None of these outcomes are guaranteed.

    On Or About September 30, 2026

    Closing Of The US$75 Million Private Placement

    The non-brokered offering of up to approximately US$75 million at US$3.65 per unit, roughly US$60 million of it already committed, is expected to close on or about September 30, 2026, subject to TSX Venture Exchange and NYSE American approval. Each unit includes a half warrant exercisable at US$5.10 for 18 months.

    Why it could matter: Closing would fund the exploration programs, the San Francisco restart work and Back Forty development without relying on operating cash flow alone, and brings in named institutional resource investors.
    What could delay or prevent it: The offering has not closed and remains subject to regulatory approval. Issuing units dilutes existing shareholders, warrants may add further dilution, and there is no assurance the warrants will be exercised or the offering completed on the announced terms.
    Q4 2026 Study · Possible Q1 2027 Restart

    San Francisco Assays, Technical Study And Possible Restart

    Assays from the first six holes of the 26,000-metre program were reported on September 8, 2026, with results from the remaining holes pending as drilling continues. The technical study integrating geology, mine planning, geotechnical, metallurgical, processing, infrastructure and cost work is expected in Q4 2026. The company has also developed a plan for potential refurbishment of the crushing circuit and ADR plant.

    Why it could matter: Subject to the study and a subsequent development decision, that refurbishment work could support a restart of operations as early as Q1 2027 at an already-permitted, formerly producing operation.
    What could delay or prevent it: No restart decision has been made and there is no assurance that a restart will be approved, financed or achieved on any timeline. Drill results may not support the current resource model, and reported intercepts are downhole core lengths with uncapped grades.
    Ongoing Through 2026

    Resource Growth At Don David And Cerro Prieto

    Infill and expansion drilling continues across the Arista and Alta Gracia vein systems at Don David, within a district-scale land package spanning roughly 55 kilometres of the San Jose structural corridor that also hosts the Margaritas and El Rey targets. Three rigs at Cerro Prieto are supporting resource expansion and an updated mineral resource estimate.

    Why it could matter: Replacing and extending mineable ounces at producing mines is what sustains the revenue base and can extend mine life without new permitting.
    What could delay or prevent it: Exploration results are inherently uncertain. Drill intercepts are not mineral resources, and mineral resources are not mineral reserves and do not have demonstrated economic viability.
    2026 – 2027

    Back Forty Feasibility Study

    A comprehensive feasibility study on the Back Forty project in Michigan commenced in May 2026 under SLR Engineering, building on the 2023 Preliminary Economic Assessment.

    Why it could matter: Feasibility results would define the economics of the company's principal U.S. development asset, and the announced financing lists Back Forty among the intended uses of proceeds.
    What could delay or prevent it: Feasibility studies can produce economics that do not support development, and permitting for Back Forty has historically been contested.

    Potential catalysts may be delayed, changed, unsuccessful, or already reflected in the stock's market price.

    The Bull Case

    Why Investors Are Bullish

    What Could Go Right?

    The Bull Case

    • Announced a private placement of up to approximately US$75 million on September 8, 2026, with roughly US$60 million already committed.
    • Cornerstone participation from entities representing or affiliated with Trafigura, Eric Sprott, Rick Rule, Fiscal Wisdom, Calu Opportunity Fund and two additional institutional natural resource funds.
    • First San Francisco assays returned 16.8 m at 4.36 g/t gold including 10.9 m at 6.34 g/t (GGD-178) and 23.4 m at 1.71 g/t gold including 6.4 m at 4.84 g/t (GGD-174).
    • The San Francisco technical study is expected in Q4 2026, with a plan developed that could support a restart as early as Q1 2027 subject to that study and a development decision.
    • Two producing mines generating revenue today: the Don David complex in Oaxaca and the Cerro Prieto heap-leach mine in Sonora.
    • San Francisco hosts approximately 1.23 million ounces of Measured and Indicated gold plus approximately 178,000 ounces Inferred, effective April 30, 2026.
    • San Francisco is fully permitted for a rapid restart, with two open pits, heap-leach facilities and associated infrastructure already in place.
    • A district-scale Oaxaca land package spanning roughly 55 kilometres of the San Jose structural corridor, including the Margaritas and El Rey exploration targets.
    • 25,726 metres drilled in 123 holes at Don David over the seven months ended July 31, 2026, with more than 97% directed to infill and expansion.
    • A comprehensive feasibility study on the Back Forty project in Michigan commenced in May 2026 under SLR Engineering.
    The Bottom Line

    GORO Belongs on the Watchlist

    Two producing mines, a fully permitted restart candidate holding roughly 1.23 million ounces of Measured and Indicated gold, first drill assays from San Francisco that include 16.8 metres at 4.36 g/t gold, a U.S. development project in feasibility, and an announced US$75 million financing with roughly US$60 million already committed by well-known resource investors.

    None of that guarantees a closing, a restart, a resource upgrade or profitability, and the company's own technical and forward-looking disclosures deserve a careful read. But the asset base is real, and GORO stays on our radar heading into the Q4 technical study.

    This is sponsored editorial content, not investment advice. The GORO ticker has represented Goldgroup Mining Inc. since July 20, 2026; earlier price history reflects the predecessor company, Gold Resource Corporation. See the full disclosure below before making any investment decision.

    By The Numbers

    Financial Snapshot

    Share Price
    $3.19

    Live quote.

    52-Week Range
    $1.87 – $6.56

    Live quote.

    Financial figures should be verified against the company's latest SEC filings. Historical performance does not guarantee future results.

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    Price History

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    Required Reading

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    Last Updated: Sep 10 24, 2026

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    Subject Company: Goldgroup Mining Inc (GORO)

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    18. IMPORTANT INFORMATION

    Qualified Person and Technical Reports

    The scientific and technical information contained in this communication has been reviewed and approved by Christopher Richings, Professional Engineer, member of the Professional Engineers of Ontario and Engineers and Geoscientists British Columbia and Goldgroup's Vice President Technical Services, a Qualified Person as defined by National Instrument 43-101 ("NI 43-101"). Mr. Richings is an employee of the Company and is not independent of the Company.

    This communication contains information and extracts from (i) the technical report titled "NI 43-101 Technical Report on the Don David Gold Mine, Oaxaca, Mexico" with an effective date of December 31, 2025 and a report date of March 30, 2026 (the "Don David Technical Report"), (ii) the technical report titled "Cerro Prieto Project, Heap Leach Project, Magdalena de Kino, State of Sonora, Mexico" with an effective date of April 4, 2025 (the "Cerro Prieto Technical Report"), (iii) the technical report titled "NI 43-101 Technical Report for the San Francisco Project, Sonora, Mexico" with an effective date of April 30, 2026 and a report date of May 1, 2026 (the "San Francisco Technical Report"), and (iv) the technical report titled "NI 43-101 Preliminary Economic Assessment on the Back Forty Mine Project, Michigan, USA" with an effective date of September 30, 2023 and a report date of November 15, 2023 (the "Back Forty Technical Report", and together with the Don David Technical Report, the Cerro Prieto Technical Report and the San Francisco Technical Report, the "Technical Reports").

    All of the technical reports have been filed on SEDAR+ and readers are encouraged to read each of the Technical Reports in their entirety, including all qualifications, assumptions, exclusions and risk factors that relate to the Mineral Resources, Mineral Reserves and the PEA for the relevant project. Each of the Technical Reports is intended to be read as a whole, and sections should not be read or relied upon out of context.

    The Mineral Resource estimate for San Francisco has an effective date of April 30, 2026. For additional information regarding the Mineral Resource estimate, including the key assumptions, parameters and methods used, please refer to the San Francisco Technical Report.

    The Mineral Resource estimate for Don David and the PEA for the Back Forty project have an effective date of September 30, 2023. For additional information regarding the PEA and the Mineral Resource estimate, including the key assumptions, parameters and methods used, please refer to the Back Forty Technical Report.

    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 that the results assumptions or conclusions of the PEA will be realized.

    Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues.

    Forward-Looking Information

    Certain information contained in this communication constitutes "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking information"). Forward-looking information relates to future events or future performance and reflects management's current expectations, estimates, projections and assumptions. All statements, other than statements of historical fact, are forward-looking information.

    Forward-looking information in this communication includes, without limitation, statements regarding: the Company's strategic objectives and growth plans; the anticipated benefits of the merger with Gold Resource; future production levels, operating performance and cash flow generation; potential increases in production; opportunities to improve mining performance and reduce dilution; exploration, resource expansion and mine-life extension opportunities at Don David, Cerro Prieto, San Francisco and other properties; the potential restart, timing, economics, viability and production profile of the San Francisco project; future drilling, mine-planning, technical studies and development activities; the advancement, permitting, financing, development and construction of the Back Forty project; the potential realization of the results of the PEA; future capital allocation and growth opportunities; the impact of commodity prices on the Company's operations and projects; the future significance, value and development potential of Mineral Resources; the Company's ability to build toward becoming an intermediate producer; future shareholder value creation; future investor interest; and potential market recognition or re-rating of the Company's shares.

    In certain cases, forward-looking information can be identified by the use of words such as "believes", "expects", "plans", "anticipates", "intends", "estimates", "targets", "forecasts", "outlook", "guidance", "goal", "projects", "potential", "could", "may", "might", "will", "would", "should" and similar expressions or the negative of such expressions.

    Forward-looking information is based on a number of assumptions that management believes are reasonable as of the date hereof, including, among others: the accuracy of Mineral Resource and other technical estimates; anticipated exploration, development, operating and economic results; the continuation of existing mining, processing and exploration activities; reasonable commodity price and foreign exchange assumptions; the availability of financing, labour, equipment, infrastructure and supplies on acceptable terms; the timely receipt of necessary permits, approvals and authorizations; successful integration and management of acquired assets; and the Company's ability to execute its business and operational plans.

    Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking information. These risks and uncertainties include, without limitation: fluctuations in gold, silver, copper, lead and zinc prices; changes in foreign exchange rates; inflationary pressures and increased operating and capital costs; exploration, development and mining risks; uncertainty in Mineral Resource estimates and the ability to convert Mineral Resources into Mineral Reserves; geological, geotechnical, hydrological, metallurgical and operational risks; uncertainty regarding drilling, engineering, metallurgical testing and economic study results; risks associated with the restart of the San Francisco project, including the possibility that a restart may not occur or may not occur within expected timeframes or on anticipated terms; risks that anticipated operating improvements, production increases or cost reductions may not be achieved or may not have the expected impact; permitting, environmental, reclamation, community relations, title, regulatory and legal risks; labour shortages and workforce disruptions; supply-chain interruptions; financing risks; risks associated with the advancement of the Back Forty project, including development, permitting, financing and construction risks; the risk that the assumptions, estimates or conclusions contained in the PEA may not be realized; risks associated with integrating and realizing benefits from the merger with Gold Resource; political, economic and security risks in the jurisdictions in which the Company operates; and the other risks disclosed in the Company's public filings, including its annual information form dated June 10, 2026 available under the Company's profile on SEDAR+.

    Statements regarding future production growth, future operating performance, potential project restarts, project economics, future cash flow, development opportunities, future shareholder value, investor interest, market recognition or any potential re-rating of the Company's shares are inherently uncertain and involve numerous assumptions, risks and uncertainties. There can be no assurance that any such outcomes will occur.

    References in this communication to commodity-price forecasts, analyst expectations or potential impacts of higher commodity prices are provided solely for contextual purposes. Commodity-price forecasts are inherently uncertain, and there can be no assurance that future commodity prices will reach or maintain any forecast levels or that changes in commodity prices will have the anticipated effect on the Company's operations, projects or financial performance.

    Although Goldgroup believes that the forward-looking information contained herein is based on reasonable assumptions, readers should not place undue reliance on such information as actual results may differ materially from those expressed or implied therein. Forward-looking information is made as of the date hereof and Goldgroup undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

    Investors should review Goldgroup's public disclosure and the Technical Reports in their entirety before making any investment decision.

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