Goldgroup Mining: A Cool, Quiet Opportunity For Risk-Takers

Goldgroup Mining trades at a risked P/NAV of ~0.69x, reflecting both asset potential and significant execution, reserve, and jurisdictional risks. The San Francisco mine restart and Back Forty feasibility study, expected within 12 months, are pivotal catalysts that could double NAV and drive 70-100% upside. The current market cap of ~$369 million is supported by a risked NAV of $535 million, but a downside to $2.40/share exists if catalysts do not materialize. Concentrated ownership and index exclusion create volatility; position sizing should await drill results and mine plan clarity, especially for San Francisco. Goldgroup Mining Inc. is a Mexico-focused producer with mixed gold and silver assets. It took its current form in July 2026, when the old Goldgroup absorbed NYSE-listed Gold Resource Corporation and inherited