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*Disseminated on Behalf of Goldgroup Mining Inc.
Goldgroup Mining Inc. (NYSE American: GORO; TSXV: GORO) Just Landed On Our Watchlist This Morning
—Thursday, September 3, 2026…
Don’t Miss Our Next Update—Get Real-Time Alerts Sent Directly To Your Phone. Up To 10X Faster Than Email. Take A Look At (GORO) While It’s Still Early… September 3, 2026 Dear Reader, Goldgroup Mining Inc. (NYSE American: GORO; TSXV: GORO) just gave the market something new to chew on… Late yesterday afternoon, the Company released fresh details highlighting the district-scale exploration potential at its Don David operations — revealing a regional land package spanning approximately 55 kilometres along the San José structural corridor, with multiple known vein systems and several highly prospective targets including Margaritas and El Rey that have yet to be fully tested. This morning, as the session gets underway, (GORO) touched $4.10 per share — an approximately 13% overnight move from yesterday's $3.60 range. That kind of momentum deserves attention… And it comes on top of everything we flagged earlier this morning — the four-asset post-merger portfolio, two producing mines, the San Francisco restart evaluation, Back Forty's development pathway, Eric Sprott's continued accumulation, and a balance sheet carrying no material debt. CEO Javier Reyes put it directly in yesterday's release: the Company is looking at a district-scale land package with multiple known vein systems and compelling targets that remain to be tested — and believes it is only beginning to unlock the full exploration potential of the Don David district. (GORO) is no longer just a production and restart story… It may also be an exploration story with district-scale upside that the market is only now starting to appreciate. Keep Goldgroup Mining Inc. (NYSE American: GORO; TSXV: GORO) on your screen today. 
Goldgroup Mining Inc. (NYSE American: GORO) now combines current production, exploration upside, potential production growth, and longer-term development optionality across four principal assets. And with the outlook for gold increasingly constructive, the timing of this transformation could turn out to be significant. The next chapter is about execution… Operating its producing assets. Advancing exploration. Evaluating the San Francisco restart. And continuing to move Back Forty through its development path. A Bigger Portfolio. A Bigger Production Base.
More Paths to Growth.
The July 2026 combination with Gold Resource significantly expanded Goldgroup's asset base. Today, the Company's portfolio includes four cornerstones… Don David — a producing underground gold-silver-rich polymetallic operation in Oaxaca, Mexico. Cerro Prieto — a producing open-pit heap-leach gold mine in Sonora, Mexico. San Francisco — a formerly producing open-pit gold operation in Sonora being evaluated for a potential restart. Back Forty — a large-scale gold-rich VMS development project in Michigan. The result is a portfolio that spans production, potential production, and development. For anyone looking at (GORO) today, that broader platform represents a fundamentally different company from the one that existed before the merger. The Company's longer-term strategic vision is to build Goldgroup Mining Inc. (NYSE American: GORO) into an intermediate gold producer — and the pieces are now in place to pursue exactly that. GORO's Four-Asset Portfolio Creates Multiple Growth Paths
Don David — Multi-Metal Production + Exploration Don David is an underground gold-silver polymetallic operation in Oaxaca producing gold, silver, copper, lead, and zinc. The Arista complex includes multiple mineralized systems — including Arista, Three Sisters, and Switchback — giving (GORO) additional exploration potential across its concessions. The Company is also pursuing operating improvements, including mining methods that have reduced dilution from approximately 40% to 17% in areas where cut-and-fill mining has been implemented. Here's the takeaway… Don David provides current production alongside real room for exploration, optimization, and potentially improved mine performance. That combination — production today plus exploration potential for tomorrow — is exactly what you want to see in a cornerstone asset. Cerro Prieto — Another Producing Gold Asset
Cerro Prieto is a 100%-owned open-pit heap-leach gold mine in Sonora that has been in production since 2013. GORO is evaluating ways to expand resources and potentially extend mine life, including the reprocessing and releaching of existing leach pads. Exploration targets include a mineralized shear zone extending more than two kilometres, as well as Nueva Esperanza and Reyna. To be clear — these are exploration-stage targets, not established additional reserves or production. But the fact that they exist alongside a producing asset means Cerro Prieto could have more to give. San Francisco — Where the Real Upside Potential May Be San Francisco could become one of GORO's most important future growth drivers… And this may be the part of the story that deserves the most attention right now. The formerly producing open-pit gold operation in Sonora has substantial existing infrastructure — crushing and processing facilities, leach pads, power, and haul roads — potentially providing a foundation for evaluating a restart. The April 30, 2026 Mineral Resource Estimate reports approximately 1.23M ounces of Measured and Indicated Mineral Resources, plus 178,400 ounces of Inferred Mineral Resources. GORO is undertaking drilling and mine-planning work as it evaluates a potential restart. And the existing infrastructure means this wouldn't be a ground-up build… That distinction matters. When you already have the bones of a mine in place, the path to production looks fundamentally different from starting from scratch — especially with gold where it is right now. Back Forty — A Major North American Development Angle Located in Michigan's Upper Peninsula, Back Forty is a 100%-owned VMS development project containing gold, silver, copper, and zinc across approximately 1,304 hectares. The project contains approximately 14.5M tonnes of total Mineral Resources across Indicated and Inferred categories. Its September 30, 2023 PEA estimated an after-tax NPV of approximately US$214M and an after-tax IRR of 25.7% at a US$1,800/oz gold figure. But here's where it gets interesting… At US$2,700 gold, that NPV jumps to approximately US$433M and the IRR climbs to 44.7%. Gold is currently well above $2,700. The PEA is preliminary and the project still needs additional technical work, permitting, financing, and development decisions — but the economics at current metal levels suggest this asset deserves serious attention as a longer-term growth contributor. For (GORO), Back Forty adds a significant U.S.-based development angle and further commodity and geographic diversification. Each of these four assets carries its own requirements and timeline… But together, they give Goldgroup Mining Inc. (NYSE American: GORO) multiple potential pathways to expand its production profile. Why the Gold Environment Matters Right Now
Gold has returned to center stage as analysts have published increasingly constructive forecasts for the metal. Some analysts have projected gold could approach $6,000 per ounce by the end of 2026. There's no assurance gold will reach that level — or that the run continues from here. But if gold remains structurally elevated, the environment could be meaningfully supportive for precious-metals producers and developers. For Goldgroup, the relevance is particularly notable because the Company already has two producing mines generating ounces into this environment — while simultaneously evaluating additional production pathways and advancing a major development project. That's a different conversation entirely from a company that's purely pre-revenue. A Balance Sheet That Gives Room to Move Goldgroup does not currently carry a material amount of debt. That kind of balance-sheet flexibility can provide real room to maneuver as the Company advances exploration, mine-planning activities, and its broader portfolio. For a mining company pursuing multiple fronts simultaneously, that matters more than most people realize. A Russell 2000 Deletion May Have Created a Disconnect There's something that happened recently with (GORO) that's worth addressing… Following the Company's removal from the Russell 2000 index, the shares experienced significant downward pressure in a compressed timeframe. According to precious-metals commentator Brien Lundin, the deletion may have contributed to unusual market activity, as funds and other participants that track or benchmark against the index adjusted their holdings. Index deletions can result in mechanical selling by participants that mirror an index, regardless of changes in a company's underlying business. The timing is worth noting… This activity occurred after Goldgroup had completed its transformational merger — expanding its portfolio to four 100%-owned principal assets, including two producing mines, a formerly producing operation being evaluated for a potential restart, and a major development project. That creates an important question: has share performance fully reflected the transformation of the underlying company? Nobody has a definitive answer to that yet… But it may be the right question to be asking. New Coverage and a Familiar Name
Research Capital initiated coverage of Goldgroup Mining Inc. (NYSE American: GORO) on August 12, 2026, following the merger. That kind of institutional attention tends to bring more eyes to a name — and for a newly transformed company, visibility matters. Meanwhile, Eric Sprott's involvement with GORO predates the 2026 merger. Based on public filings, Sprott allocated approximately C$6.75M into Goldgroup's March 2025 private placement and added another C$1.5M in a subsequent placement in August 2025. In connection with the merger, he received 2.55M Goldgroup shares for his Gold Resource holdings. He then picked up an additional 325,000 shares in the open market on August 14, 2026 — for approximately C$1.27M. That continued involvement makes Sprott a notable shareholder as Goldgroup enters its next phase… And when someone with his track record keeps adding to a position, it tends to get noticed. A Team That Knows the Ground Goldgroup is not entering Mexico and learning the mining business from scratch. The Company's technical and operating team brings experience in mine development, operations, exploration, and corporate finance throughout Mexico and the Americas. That experience matters when operating mines and advancing projects in established mining districts, where successful execution involves far more than geology. Permitting, infrastructure, contractors, workforce, communities, and local operating realities all factor in. One notable member of the team is Armando Alexandri, GORO's COO, who brings more than 40 years of mining experience — much of it in Mexico. 7 Reasons Why (GORO) Is Topping Our Watchlist This Morning—Thursday, September 3, 2026…
1. Expanded Portfolio: Following its July 2026 merger, GORO now controls four principal assets spanning current production, potential production, and development. 2. Two Producers: With Don David and Cerro Prieto already producing, GORO enters its next phase with two operating mines rather than relying solely on future development. 3. Restart Potential: The San Francisco operation gives GORO a potential additional production pathway backed by existing processing facilities, leach pads, power, haul roads, and approximately 1.23M ounces of Measured and Indicated Mineral Resources. 4. Michigan Project: Back Forty gives GORO a 100%-owned U.S. development project with approximately 14.5M tonnes of reported Mineral Resources and exposure to gold, silver, copper, and zinc. 5. Stronger Gold: With gold well above the US$2,700 level used in one Back Forty sensitivity case, GORO has multiple precious-metals assets operating or advancing against an elevated gold backdrop. 6. Limited Debt: Goldgroup currently reports no material amount of debt, giving GORO added financial flexibility while advancing exploration, mine planning, and its broader asset portfolio. 7. Sprott Involvement: Eric Sprott remained involved with GORO after the merger, receiving 2.55M shares through the combination and purchasing another 325,000 shares in the open market on August 14, 2026. Take A Look At (GORO) While It’s Still Early…
Goldgroup's transformation during 2026 has created a substantially different company. Two producing assets today. A potential restart ahead. A major North American development project. Exploration across the portfolio. And exposure to gold, silver, and base metals. That is a much broader story than a traditional junior exploration company… Goldgroup Mining Inc. (NYSE American: GORO) now has current production, operating infrastructure, mining experience, exploration upside, and development optionality. The Company also carries no material debt, providing financial flexibility as it advances its portfolio. And with gold back in the spotlight — and some analysts projecting per-ounce figures as high as $6,000 — the backdrop for precious-metals companies remains one worth watching closely. For anyone focused on precious metals beyond the next quarter, (GORO) offers a broader platform with multiple potential drivers that could shape the company's next phase of growth. The company is bigger. The portfolio is broader. Production is already underway. And the next chapter is about execution. Take a look at (GORO) while it’s still early. Sincerely, Jeff Ackerman
Managing Editor
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