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Goldgroup Mining ($GORO): Building a Multi-Asset Gold and Silver Producer

Investor TV Aug 18, 2026

Summary

Goldgroup's $15M acquisition of Gold Resource Corp added the Don David silver-gold mine, transforming a single-asset producer into a multi-asset Mexican platform.

A 26,000-meter drill program at San Francisco targets resource expansion; restart capital is roughly $25M with a target output of about 50,000 ounces a year.

Goldgroup is advancing the Back 40 copper-gold project in Michigan but cites an 18-month permitting risk in a Democratic-leaning state.

Eric Sprott, Cala, and other insiders control roughly 70% of the float, sharply limiting the risk of a lowball takeover.

Forced Russell 2000 selling after a 15-day inclusion window wiped out half the market cap — a mechanical dip that disciplined investors exploited.

Key points on Agnico Eagle Mines

  • TOP: Felipe Medina, formerly a top Agnico Mexico executive, is now on Gold Group's team and helped secure Mexico's first Greenfield open-pit permit in over eight years for the Agnico/Teck joint venture in Zacatecas.
  • Agnico owns 26% of Cartier Resources, which John Bennett has held for years on the thesis that Agnico could eventually take the company out at higher gold prices.
  • Agnico Mexico historically contributed roughly 30% of the company's net profits, and the speaker uses Felipe's Agnico track record to argue Mexico is open for mining again under the new administration.

Key points on Denarius Metals

  • TOP: Closed the July debenture news on the last day of the month, which initially took the stock to US$0.29; it has since recovered to US$0.43 (as of the interview) after the company announced a 15.6% stake in a major copper project in Colombia.
  • Picked up 15.6% of a copper-focused company with 1.1 billion tons of copper in Colombia, where CEO Serafino Iacono has decades of relationships and access.
  • Don likes the high-grade Zancudo mine (about 8 g/t, similar to Aris Mining) plus the additional Spain and Udo assets on a risk-reward basis.
  • The dilution used to retire debt upset some shareholders, but Don sees it as constructive given the underlying asset quality.

Key points on Discovery Silver Corp

  • Josef Abalera leads the in-country team pursuing Discovery's underground permit, which the host says should benefit from Mexico's first Greenfield open-pit approval in over eight years.
  • The host was surprised Discovery's share price did not jump on the Mexican permitting news.

Key points on Fortuna Mining

  • Described as a former concession neighbor of Gold Resource (now Gold Group) that built into roughly a $4 billion company.

Key points on Goldgroup Mining Inc

  • TOP: CEO Javier Reyes frames the strategy as buying fully permitted, already-built Mexican assets that other operators failed on, and turning them around with strong in-country teams rather than 'eagle' CEOs pretending to know Mexico.
  • San Francisco (Sonora) hosts roughly 1 million ounces at about 0.65 g/t with a potential 10-year mine life and 50,000 oz/year at around a US$2,000/oz margin (~US$100M/year at current gold prices); capex to restart is ~US$25M with a target restart by end of Q1 next year.
  • The July 17 Gold Resource merger added the cash-flowing Don David silver mine (about 60% silver) and the Back 40 Michigan project (estimated at almost US$1 billion NPV at current prices, with an ~18-month permitting path).
  • Insider ownership keeps public float around 25-30% — Eric Sprott and Calleo/associates each near 10%, plus other close associates and small institutions — which the host treats as protection against a take-under.
  • Lost roughly half of its market cap (from ~US$560M to ~US$300M) when the Russell 2000 added GORO on June 30 and removed it on July 15 (the index requires US domicile), triggering forced passive selling of ~US$200M in a week; the CEO stresses nothing changed about the underlying business.

Key points on Jaguar Mining Inc

  • Mid-tier producer Don has championed, with three mills where one is on care and maintenance and two are running at half capacity, framing growth as fully organic.
  • Don likes the team's free cash flow multiple.

Key points on 1911 Gold

  • TOP: Don argues the stock at under US$1 is 'unbelievably cheap' given that the True North mine in Manitoba is on track to go into production this year.
  • The Rockland-Ogama deposit was upgraded from 350,000 ounces to 700,000 ounces at 8 g/t (versus roughly 3.5-4 g/t at True North), which Don expects to add around 50,000 ounces on top of the starter mine.
  • Carries very little debt and is positioned to start generating cash flow once production begins, which Don sees as the catalyst when sentiment finally turns.

Key points on Silver Tiger Metals

  • Has already received its underground permit, according to the speaker's summary of recent Mexican permitting wins.

Key points on Vizsla Silver

  • TOP: Share price fell from about US$3.15-$3.20 two weeks earlier to roughly US$0.95 at the time of recording, which the host calls 'super cheap' and which Vizsla-affiliated executive Michael Connor also described as 'dirt cheap' on stage at Beaver Creek.
  • The host expects Vizsla to receive its permit this year, possibly very soon after the Gold Group/Agnico/Teck JV approval signals Mexico is open again.
  • Vizsla is ready to start building the mine once permitted, transitioning the company from developer to active capex spender.
  • Earlier 2025 issues appear to be behind the company, per the host.

Key points on Cartier Resources Inc

  • Gold play with about 3.2 million ounces in Quebec on the Cadillac fault.
  • 26% owned by Agnico Eagle, which John Bennett thinks could eventually take the company out at higher gold prices.

Don Durrett's takeaways

  • Top takeaway TOP: Don calls the Gold Group/Gold Resource merger a 'transformative deal' and values the combined company as a five-bagger once San Francisco is in production, with the merged asset now an aggressive emerging mid-tier producer.
  • Likes Denarius Metals as a 7-out-of-10 risk-reward play, citing the high-grade Zancudo mine (~8 g/t, similar to Aris Mining) and the CEO's Colombia copper stake.
  • Bullish on 1911 Gold at under US$1, citing True North going into production this year and the Rockland-Ogama deposit upgrade to 700,000 ounces at 8 g/t.
  • Saw Vizsla Silver executive Michael Connor describe the stock as 'dirt cheap' on stage at Beaver Creek after its drop to about US$0.95.

John Bennett's takeaways

  • Top takeaway TOP: Host who owns Gold Group Mining and added to his position during the Russell 2000 forced selling, calling the pullback 'a real blessing' and 'a gift for people listening'.
  • Long-time holder of Cartier Resources, partly on the thesis that Agnico Eagle's 26% stake hints at a future takeout at higher gold prices.
  • Frames his investing approach as value-buying — buying when no one is interested rather than chasing strength — and targets a 7-out-of-10 hit rate on individual mining picks.

Javier Reyes de la Campa's takeaways

  • Top takeaway TOP: Frames Gold Group's strategy as acquiring underperforming but fully permitted, already-built Mexican assets and turning them around with strong in-country teams rather than outside CEOs who don't understand Mexico.
  • San Francisco (Sonora) hosts roughly 1 million ounces at ~0.65 g/t with a potential 10-year mine life and 50,000 oz/year at ~US$2,000/oz margin; capex to restart is ~US$25M with a target restart by end of Q1 next year.
  • Don David mine (from the Gold Resource merger) is now cash-flowing monthly after a roughly $25 million investment that retired vendor debt and stabilized operations; the team is now expanding into new areas like Margarita and El Ray.
  • The Back 40 Michigan project has an estimated almost-US$1 billion NPV at current prices and is in an ~18-month permitting process; the company has shifted the design from open-pit to underground to reduce permitting friction.
  • Argues the recent Agnico/Teck JV Greenfield open-pit permit in Zacatecas is a clear signal that Mexico is open for mining again under the new administration, helped by team member Felipe Medina.