Goldgroup names Reyes as permanent CEO, releases Q2 results
Goldgroup Mining Inc. [GORO-TSXV, GORO-NYSE] said it has filed its financial and statements and management’s discussion and analysis for the second quarter ended June 30, 2026.
The company also said its Board of Directors has appointed Javier Reyes, who has been serving as Interim CEO, as the company’s permanent CEO. Reyes is a mining entrepreneur and corporate executive with more than 25 years of leadership experience in the natural resources and financial sectors.
In addition, the company has released an update on its activities across its expanded portfolio following the completion of its combination with Gold Resource Corp. (GRC) on July 17, 2026.
The combined company’s assets include GRC’s producing Don David Gold Mine in Oaxaca, Mexico and advanced-stage Back Forty Project in Michigan, U.S.A., and Goldgroup’s Cerro Prieto Mine and recently acquired San Francisco Mine, a past producer with restart potential. Both the Cerro Prieto and San Francisco mines are located in
Sonora State, Mexico. Pro forma revenues are expected to be predominantly silver, driven by production from the Don David Gold Mine, benefiting from a strong silver price momentum.
“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 Resources and therefore do not reflect the financial contribution or operating performance of Don David or Back Forty,’’ the company said in a press release.
Goldgroup reported production of 3,843 gold ounces in the second quarter and revenue of US$21.1 million. Assuming the companies were combined as of June 30, 2026, it would have had a cash balance of US$59 million.
“The real significance for shareholders is what has happened since quarter end,’’ the company said. “We have completed the transformational combination and are now operating a substantially larger company with two producing mines (Don David and Cerro Prieto), a formerly producing operation being evaluated for a potential restart and a major development project. At the same time, we are advancing exploration and development programs across the portfolio.”
The company went on to say that its focus is straightforward: grow production, expand resources, extend mine lives and advance San Francisco and Back Forty toward their next major milestones.
The Don David Gold Mine is now the company’s largest producing asset and is the focus of an aggressive exploration and resource-expansion program. The company completed 25,726 metres of diamond drilling in 123 holes at the Don David Complex with highly encouraging results. The program focused primarily on infill and expansion drilling at the producing Arista and Alta Gracia mines, with the majority of the drilling directed toward resource definition and expansion.
Meanwhile, the company is advancing the 100%-owned San Francisco Gold Project toward a potential production restart in 2027, with a 26,000 metre diamond drilling program underway.
On Tuesday, Goldgroup shares eased 2.7% or 14 cents to $4.99. The shares trade in a 52-week range of $8.64 and $2.65.
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