Goldgroup Mining Inc. has appointed Javier Reyes as permanent chief executive officer by a unanimous board decision and filed its second-quarter financial statements, reporting a pro forma cash balance of US$59 million with zero debt following its transformational business combination with Gold Resource Corporation.

The closing of the transaction on July 17, 2026, expanded the company’s portfolio to four 100%-owned assets across Mexico and the United States. These include the producing Don David Gold Mine in Oaxaca and the Cerro Prieto mine in Sonora, alongside the San Francisco open-pit project in Sonora and the Back Forty development project in Michigan.

For the three months ended June 30, 2026, which cover operations prior to the completion of the merger, Goldgroup generated US$21.03 million in gold sales revenue from 3,843 ounces of gold produced. This compares with US$5.32 million in gold sales revenue from 1,446 ounces produced during the same period in 2025. The company recorded a net loss of US$6.08 million for the second quarter.

“The filing of our second quarter financial results marks an important reporting milestone for Goldgroup. However, shareholders should recognize that these results represent Goldgroup as it existed prior to the completion of our combination with Gold Resource and therefore do not reflect the financial contribution or operating performance of Don David or Back Forty.”

“The real significance for shareholders is what has happened since quarter-end. We have completed the transformational combination and are now operating a substantially larger company with two producing mines, a formerly producing operation being evaluated for a potential restart and a major development project. At the same time, we are advancing aggressive exploration and development programs across the portfolio.”
— Javier Reyes, Chief Executive Officer and Chair of the Board

With the expanded asset base, the company is advancing active technical programs across its portfolio. At the Don David complex, Goldgroup recently completed 25,726 metres of diamond drilling across 123 holes, targeting infill and expansion zones at the underground Arista and Alta Gracia operations.

In Sonora, technical studies and a 26,000-metre diamond drilling program are underway at the San Francisco project as the company targets a potential production restart in 2027.

Meanwhile, advancement of the Back Forty project in Michigan is subject to ongoing discussions regarding existing gold and silver stream agreements. A permitting milestone under those agreements, which was extended to August 31, 2026, was not met. Goldgroup is currently discussing a further amendment with the counterparty. If an amendment is not obtained and the company defaults, it may be required to repay amounts previously advanced plus interest, and the counterparty may exercise secured party rights over the Back Forty assets.

The company is continuing to evaluate and advance exploration and development opportunities across its portfolio as it builds toward intermediate-producer scale.

Read the full announcement: Goldgroup Files Second Quarter 2026 Financial Results and Provides Update on Combined Company