Exhibit 99.67

Effective Date: April 30, 2026

Report Date: May 1, 2026

Prepared By:

William J. Lewis, B.Sc., P.Geo.

Richard M. Gowans, P.Eng.

Tudorel Ciuculescu, B.Sc., M.Sc., P. Geo.

Goldgroup Mining Inc. Suite 410 1111 Melville Street Vancouver, B.C. V6E 3V6 Canada

501 – 212 King Street West, Toronto, Ontario, Canada M5H 1K5

+1 416 362 5135 | www.micon-international.com

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1       SUMMARY

Micon International Limited (Micon) has been retained by Goldgroup Mining Inc. (Goldgroup) to prepare an updated Mineral Resource Estimate (MRE) for the San Francisco Project (San Francisco Project or the Project) located in the State of Sonora, Mexico. Goldgroup has also requested that Micon compile and disclose the results of the updated MRE in a National Instrument 43-101 (NI 43-101) Standards of Disclosure for Mineral Projects Technical Report.

Neither Micon nor its QPs have had, does have, nor have previously had any material interest in Goldgroup or related entities. The relationship with Goldgroup and related entities is solely a professional association between the client and the independent consultant. This report is prepared in return for fees based upon agreed commercial rates and the payment of these fees is in no way contingent on the results of this report.

This report includes technical information which requires subsequent calculations or estimates to derive sub-totals, totals and weighted averages. Such calculations or estimations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, neither Micon nor its QPs consider them to be material.

The conclusions and recommendations in this report reflect the authors’ best independent judgment in light of the information available to them at the time of writing. The authors and Micon reserve the right, but will not be obliged, to revise this report and conclusions if additional information becomes known to them subsequent to the date of this report. Use of this report acknowledges acceptance of the foregoing conditions.

This report is intended to be used by Goldgroup subject to the terms and conditions of its agreement with Micon. That agreement permits Goldgroup to file this report as a Technical Report with the Canadian Securities Administrators pursuant to provincial securities legislation or with the SEC in the United States. Except for the purposes legislated under provincial securities laws, any other use of this report, by any third party, is at that party’s sole risk.

The descriptions of geology, mineralization and exploration used in this report are taken from reports prepared by various organizations and companies or their contracted consultants, as well as from various government and academic publications. The conclusions of this report are based in part on data available in published and unpublished reports supplied by the companies which have conducted exploration on the property, and information supplied by Goldgroup. The information provided to Goldgroup was supplied by reputable companies. Micon’s QPs have no reason to doubt its validity and has used the information where it has been verified through its own review and discussions.

Micon is pleased to acknowledge the helpfulcooperationof Goldgroup management andconsulting field staff, all of whom have made any and all data requested available and have responded openly and helpfully to all questions, queries and requests for material.

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The San Francisco property is situated in the north central portion of the state of Sonora, Mexico, approximately 150 kilometres (km) north of the state capital, Hermosillo. In this Technical Report, the term San Francisco Project refers to the area within the exploitation or mining concessions controlled by Molimentales del Noroeste S.A. de C.V, (Molimentales) while the term San Francisco property (the property) refers to the entire land package (mineral exploitation and exploration concessions).

Molimentales is a 100% owned subsidiary of Goldgroup subject to final TSX Venture Exchange (TSXV) approval.

The San Francisco Project is comprised of two previously mined open pits (San Francisco and La Chicharra), together with heap leach processing facilities and associated infrastructure located close to the San Francisco pit. The San Francisco Project leach pads are no longer producing, no mining is being conducted, and the Project is on care and maintenance.

Subject to the final approval of the TSX Venture Exchange (the “TSXV”), Goldgroup Mining Inc. (“Goldgroup or the Company”) has acquired all of the issued and outstanding Series “A” shares in the fixed capital and all the issued and outstanding Series “B” shares in the variable capital (collectively the “Molimentales Shares”) of Molimentales del Noroeste, S.A. de C.V. (“Molimentales”) through a Concurso Mercantil process (restructuring proceeding equivalent to Chapter 11 in the United States). Goldgroup received approval from the Second District Court for Commercial Bankruptcy Matters (the “Mexican Court”) to the plan of arrangement (the “Plan of Arrangement”) the Company filed with the Mexican Court under the Concurso Mercantil process. The judgement issued by the Mexican Court in favour of Goldgroup’s Plan of Arrangement completes the bankruptcy and restructuring of Molimentales. Molimentales’ primary asset is the formerly producing San Francisco Mine and mineral concessions, located in Sonora State, Mexico.

Goldgroup filed a proposal under the Concurso Mercantil process to acquire Molimentales under the Plan of Arrangement with the liquidator (the “Liquidator”) appointed by the Mexican Court to oversee Molimentales’ bankruptcy proceedings. The Plan of Arrangement was approved by over 50% of the recognized creditors of Molimentales as required under Mexican law, recommended by the Liquidator and subsequently filed with the Mexican Court for approval. The Mexican Court approved the Plan of Arrangement by judgement issued effective December 23rd, 2025. The acquisition of Molimentales will be subject to Goldgroup satisfying all the conditions of the Concurso, including paying all creditors under the Plan of Arrangement, all outstanding taxes and concession fees due to the Mexican government, as well as receiving final approval from the TSXV. With the Plan of Arrangement and together with the settlement of outstanding liabilities owed to the Mexican Government in order to maintain the San Francisco Mine in good standing, transfer of ownership of Molimentales and the San Francisco Mine and its associated assets, including mining concessions, processing plants, and all related infrastructure, to Goldgroup, will occur free and clear of all liens and liabilities. except for a 1% NSR on each of the following mining concessions: San Francisco, Patricia, Norma, La Pima, Dulce, and San Judas, and a 2% net smelter return (“NSR”) royalty on gold produced from the San Francisco Mine and surrounding mining concessions.

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Prior to the filing of the Plan of Arrangement, Goldgroup acquired 60.24% of the debts owed to certain major creditors (the “Major Creditors”) as recognized by the Mexican Court for US$ 8,971,000 of which US$ 7,554,000 has been paid to date and the balance of US$ 1,417,000 will be paid to complete the acquisition. Under the terms of the Plan of Arrangement Goldgroup has agreed to pay US$ 2,566,098 in three equal instalments of US$ 855,366 each in December 2026, 2027 and 2028 to the remaining creditors holding 39.76% of the recognized debt in addition to all outstanding mining concession fees (including penalties and interest), taxes, fees owed to the National Water Commission, and certain expenses related to the Concurso proceedings all currently estimated at MX$ 140M (approximately US$ 8.0M). Some of the payments described above are facilitated through Goldgroup acquiring the Molimentales Shares by paying the owners of the Molimentales Shares MX$ 100,000 and capitalizing Molimentales with MX$ 99.9M for a total of MX$ 100M.

The following describes the renegotiated terms for the 1% NSR formerly held by Sandstorm, now held by Royal Gold.

The Company’s San Francisco mining Project has the following obligations owed to SA Targeted Investing Corp., a subsidiary of Royal Gold Inc. (“Royal Gold”):

(i) Gold Delivery: Commencing 5 business days after restart of operations, and every month thereafter, Molimentales shall deliver 75 gold ounces per month for 20 months.

(ii) Net Smelter Royalty: the Company will pay to Royal Gold a 1% NSR on each of the following mining concessions: San Francisco, Patricia, Norma, La Pima, Dulce, and San Judas. The NSR will commence once the Gold Delivery obligation is complete.

When the Mexican mining law was amended in 2006, all mineral concessions granted by the Dirección General de Minas (DGM) became simple mining concessions and there was no longer a distinction between mineral exploration or exploitation concessions. A second change to the mining law resulted in all mining concessions being granted for a period of 50 years, provided that the concessions remained in good standing. As part of the second change, all former exploration concessions which were previously granted for a period of 6 years became eligible for the 50-year term.

On May 08, 2023, an amendment to the Mining Law was published in which, among other modifications, the 50-year term of mining concessions was reduced to a 30-year term renewable for two additional 25-year terms. This validity applies only to new concessions granted after the amendment, so the term of current mining concessions shall not be reduced. This amendment was challenged before the Supreme Court, and, if declared unconstitutional, the term of mining concessions shall remain as previously referred.

For any concession to remain valid, the bi-annual fees must be paid, and a report has to be filed during the month of May of each year which covers the work conducted during the preceding year.

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Concessions are extendable, provided that the application is made within the last two years and no later than one year prior to the expiry of the initial term. To obtain such extension, the bi-annual fee and work requirements must be in good standing, and necessary permits to conduct mining activities must be held. The bi-annual fee paid to the Mexican government for mining concessions of the San Francisco Project in 2025 amounted to approximately US$ 553,777 dollars; this amount is expected to increase slightly during 2026 to US$ 641,510.

All mineral concessions must have their boundaries orientated astronomically north-south and east-west and the lengths of the sides must be one hundred metres or multiples thereof, except where these conditions cannot be satisfied because they border on other mineral concessions. The locations of the concessions are determined on the basis of a fixed point on the land, called the starting point, which is either linked to the perimeter of the concession or located thereupon. Prior to being granted a concession, the company must present a topographic survey to the DGM within 60 days of staking. Once this is completed the DGM will usually grant the concession.

The Project is located in the Arizona-Sonora Desert in the northern portion of the Mexican state of Sonora, 2 km west of the town of Estación Llano (Estación), approximately 150 km north of Hermosillo and 120 km south of the United States/Mexico border city of Nogales along Highway 15 (Pan American highway). The closest accommodations are in Santa Ana, a small city located 21 km to the north on Highway 15.

The climate at the Project site ranges from semi-arid to arid. The average ambient temperature is 21°C, with minimum and maximum temperatures of -5ºC and 50ºC, respectively. The average annual rainfall for the area is 330 mm with an upper extreme of 880 mm. The desert vegetation surrounding the San Francisco mine is composed of low-lying scrub, thickets and various types of cacti, with the vegetation type classified as Sarrocaulus Thicket.

Physiographically, the San Francisco property is situated within the southern Basin and Range Province, characterized by elongate, northwest-trending ranges separated by wide alluvial valleys. The San Francisco mine is located in a relatively flat area of the desert with the elevations ranging between 700 and 750 m above sea level.

After conducting exploration on the Project between 1983 and 1992, Compania Fresnillo S.A. de C.V. (Fresnillo) sold the property in 1992 to Geomaque Explorations Ltd. (Geomaque). After conducting further exploration, Geomaque decided to bring the Project into production in 1995. Due to economic conditions, mining ceased and the operation entered into the leach-only mode in November, 2000. In May, 2002, the last gold pour was conducted; the plant was mothballed, and clean-up activities at the mine site began.

In 2003, Geomaque sought and received shareholder approval to amalgamate the corporation under a new Canadian company, Defiance Mining Corporation (Defiance). On November 24, 2003, Defiance sold its Mexican subsidiaries (Geomaque de Mexico and Mina San Francisco), which held the San Francisco gold mine, to the Astiazaran family of Sonora and their private company.

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Since June, 2006, the Astiazaran family and their company Desarrollos Prodesa S.A. de C.V. have been extracting sand and gravel intermittently from both the waste dumps and the original leach pads for use in highway construction and other construction projects.

Timmins Gold Corp. (Timmins) acquired an option to earn an interest in the property in early 2005, whereupon it conducted a review of the available data and started a reverse circulation drilling program in August and September, 2005. This was followed by a second drilling program comprised of both reverse circulation and diamond drilling in 2006, based on the results of the 2005 drilling program.

From 2007 to 2009, concurrent with the completion of a feasibility study to re-start mining operations, Timmins conducted in-fill and confirmation drilling on the San Francisco and La Chicharra deposits. Commercial production commenced in 2010. Between 2010 and June 2013, Timmins completed an intensive reverse circulation and core drilling program in and around the two open pits, which further delineated the mineralization along strike and down dip. The mineralization remains open, particularly to the southeast of the San Francisco pit and in newly identified zones to the north, where additional in-fill drilling is required to better define the continuity and grade.

In 2017, Timmins changed its name to Alio Gold Inc. (Alio). In 2019, Magna acquired the San Francisco mine from Alio. Magna completed its acquisition of the San Francisco Project from Alio on May 6, 2020.

On March 3, 2023, Magna together with its direct and indirect subsidiaries, announced that it had filed a Notice of Intention to Make a Proposal (the "NOI") under the Bankruptcy and Insolvency Act (Canada) which will provide creditor protection while Magna restructured its affairs. KSV Restructuring Inc. was appointed as proposal trustee under the NOI to monitor Magna's operations and restructuring. The effect of the NOI is an initial and immediate stay of proceedings in favour of Magna Gold for 30 days, which stay can be extended by court order.

In coordination with the NOI, Magna's indirect subsidiary, Molimentales filed an application for restructuring (solicitud de concurso mercantil en fase de concurso) and provisional creditor protection (medidas cautelares) (the Insolvency Application) before the Second District Court for Insolvency Matters located in Mexico City, Mexico (Juzgado Segundo de Distrito en Materia de Concursos Mercantiles con Residencia en la Ciudad de México y Jurisdicción en toda la República Mexicana; the "Concurso Court") under the Mercantile Insolvency Act (Ley de Concursos Mercantiles). Molimentales is the owner and operator of the Company's San Francisco Mine. The initial ruling in connection with the Insolvency Application was issued by the Concurso Court on March 3, 2023 and certain pre-emptive protections were granted in favour of Molimentales including, inter alia, a suspension of all enforcement proceedings against the assets or rights of Molimentales.

As a result of the bankruptcy, the TSX Venture Exchange (TSXV) advised Magna that the trading of Magna's common shares would be transferred to the NEX Board of the TSXV effective at the opening of the market on March 8, 2023.

In the proceedings of bankruptcy 8/2023, filed by Molimentales del Noroeste, Sociedad Anonima de Capital Variable, on April 5, 2024, a judgment was issued declaring the merchant Molimentales del Noroeste, Sociedad Anonima de Capital Variable, to be outright bankrupt.

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Effective Dec 24, 2024, Magna Gold Corp. was delisted from the NEX for failure to maintain exchange requirements; however, its shares had been suspended prior to delisting.

As of December, 2025, no mining is being conducted at the San Francisco mine and previous care and maintenance activities resulted in a complete safe shut down of the heap leach activities.

The San Francisco Project is a gold occurrence with trace to small amounts of other metallic minerals. The gold occurs in granitic gneiss and the deposit contains principally free gold and occasionally electrum. The mineralogy, the possibility of associated tourmaline, the style of mineralization and fluid inclusion studies suggest that the San Francisco deposits may be of mesothermal origin.

The San Francisco deposits are roughly tabular with multiple phases of gold mineralization. The deposits strike 60º to 65º west, dip to the northeast, range in thickness from 4 to 50 metres (m), extend over 1,500 m along strike and are open ended. Another deposit, the La Chicharra zone, was mined by Geomaque, as a separate pit.

As Goldgroup, has just acquired Molimentales there has been no recent exploration or drilling programs conducted as of the date of this Technical Report.

The San Francisco Project has been periodically in production since 2010. When operating, the Project recovered gold from the mineralization mined from the San Francisco and La Chicharra deposits by using conventional crushing and heap leach technologies. Mineralized material was crushed using two crushing and screen circuits, with a combined crushing operating capacity of 22,000 t/d.

Testwork programs have been completed by a number of independent laboratories as well as on-site when the Project was operating. The samples used for the tests are considered by the QP to be representative of the different types of mineralization found at the San Francisco and La Chicharra mineral deposits. The testwork completed to date and operating experience between 2010 to 2020 have not highlighted any deleterious elements or minerals that would have a material negative effect on economic extraction.

The results from on-site historical metallurgical testwork programs undertaken between 2015 and 2017 compared reasonably well with the average gold extraction achieved when operating, which was approximately 65%. However, column leach testwork completed at an independent laboratory in 2012 suggested potentially higher gold leach extractions of above 70% for both San Francisco and La Chicharra mineralization, respectively.

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The resource estimate for this report is partly based on revising the previous work completed by Magna and Micon for the 2020 Mineral Resource Estimate and completing a new Mineral Resource Estimate for the North Pit area based upon drilling completed by Magna. The Mineral Resource Estimates reported for the San Francisco and La Chicharra deposits are supported by Magna block models and have been depleted to reflect the mining completed by Magna before the mine closure. The resources reported in the North Pit are supported by a 2026 block model developed by Micon. The resource estimate is compliant with the current CIM standards and definitions as specified by NI 43-101 and supersedes all previous mineral resource estimates for the San Francisco Project. The effective date of the current mineral resource estimate is April 30, 2026.

Since the previous 2022 report on the San Francisco Project, drilling campaigns in 2020, 2021, and 2022 resulted in 206 additional drill holes totalling 27,269 m added to the drill hole database. The drilling was focused primarily in the northern and eastern parts of San Francisco deposit.

The 2020 mineral resource estimate for the San Francisco and La Chicharra pits used a gold price of US$ 1,500. The current 2026 mineral resource estimate is based on the 2020 block model and uses an adjusted gold price of US$ 3,500 per ounce for the San Francisco and La Chicharra mineral resource estimates. For the North Pit a gold price of US $3,500 was used, while the costs were maintained the same as for San Francisco and La Chicharra.

The resource block models are based on 5 m by 5 m by 6 m high blocks. The coordinate limits of the previous model were retained for this current work. The topography was updated to reflect the mined surface as of November 17, 2022. The undisturbed pre-mining topographic surfaces are also available in the model.

Mineralized lenses were manually interpreted, based on the data available in the database. These were used to constrain the gold grade estimation and assign density values.

The database of the San Francisco and La Chicharra deposits consists of 4,862 drill holes with 457,328 sample intervals, mostly 1.5 m in length, of a total database of 719,247 m of drilling for the entire property, including exploration drilling outside the San Francisco and La Chicharra pits. The current database includes 285 new holes drilled from 2020 to 2022, for a total of 33,596.5 m of drilling.

Approximately 12% of the sampling intervals are greater than or equal to 2 m length, about 85% of the intervals are between 1.5 and 2.0 m in length, and about 3% are less than 1.5 m in length. In the case of duplicate samples, the original sample was used in the database.

High-grade outlier assays were capped at different gold grades, according to the domains within the San Francisco and La Chicharra pits.

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For the North Pit deposit, assays were capped at 4 g/t Au for mineralization domains and 0.7g/t Au for wall rock. Capping was applied on 7 samples in the mineralization domains and three samples in the wall rock.

The assay database was composited to 3-m regular down-hole lengths, which is half the block height of 6 m. Assays were length-weighted for each composite. The relatively short composite length was chosen to unsmooth the resultant block grade distribution and provide a better match between the interpolated block grades and the underlying assay data.

A total of 68 specific gravity determinations were made, covering all rock domains. Results range from a high of 2.84 g/cm3 to a low of 2.61 g/cm3, with an arithmetic mean of 2.76 g/cm3.

At San Francisco and La Chicharra, all blocks in the model were interpolated using the Ordinary Kriging method. The parameters were derived from the variographic analysis and applied to the different domains and zones accordingly.

For the resource estimate in the San Francisco deposit, the interpolation process was relaxed to allow multiple domains to inform blocks on each interpolation run, because the remaining resources are predominantly gabbro (Rock Code 11).

For North Pit, block grades were estimated using the Inverse Distance cubed (ID3) method, in a single pass. In mineralization domains, with relatively thin, vein geometry, a spherical search with 120 m radius was used for sample selection. A minimum of two samples and maximum of 12 samples were used to inform a block, with a maximum of two samples per hole. In the surrounding wall rock domain, grade was estimated the ID3 estimation method, using a search ellipse with radii of 120 m by 120 m by 30 m, oriented along the dip of the mineralization (dip 18°, dip azimuth 25°, pitch 100°). A sample search strategy with minimum of two samples and maximum of 12 samples was used to inform a block, with a maximum of two samples per hole.

Mineralized zones in the San Francisco Project have been classified as a mineral resource according to the CIM definitions. The mineralized zones display good geologic continuity, as demonstrated by the drill results.

The categorization criteria applied to the San Francisco and La Chicharra deposits resource estimates are as follows:

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For the North Pit, blocks in areas with a drill hole spacing of 50 m or less were considered for classification into Indicated category. Estimated blocks within 25 m from a drillhole and informed by at least two drill holes were initially selected, then a wireframe was manually modelled to retain contiguous patches of blocks where the conditions were met. The blocks retained inside the classification wireframe were classified in the Indicated category. The remaining estimated blocks were classified in the Inferred category.

For the 2020 Magna block models, pit optimization studies were run in order to estimate the resources. The gold price used for estimating 2020 mineral resources was US$ 1,500 per ounce. This procedure was used to satisfy the criterion that resources must have reasonable prospects of eventual economic extraction. For the San Francisco and La Chicharra pit areas the 2026 update comprised reviewing the models and material mined up to the point Molimentales ceased operations and it was decided to modify the 2020 parameters by adjusting costs with inflation, and change the gold price to US

$3,500/oz. An updated open pit resource shell was generated and used for mineral resource reporting. Micon’s QPs recommend that Goldgroup updates the San Francisco and La Chicharra models to incorporate the latest geological information available.

The parameters used in the pit optimization are summarized in Table 1.1. The input operating parameters were derived from actual operating costs incurred during the San Francisco Project’s production period and escalated to 2026 US dollars using standard inflation indices

Pit bench heights were set at 6 m (the block height used in the model), and slope angles were based on average overall slope angle of 50° and a minimum operating width of 20 m]

For the North Pit deposit, a pit optimization exercise was conducted, using a gold price of US$ 3,500 per ounce. This procedure was used to satisfy the criterion that resources must have reasonable prospects of eventual economic extraction. The parameters used in the pit optimization are summarized in Table 1.2. The costs inputs used were based on operating costs from 2020, but adjusted US dollar to 2026 inflationary indices Same pit slope parameters as used for the San Francisco pit were assumed for the North Pit.

Table 1.1

Pit Optimization Parameters* for the April 30, 2026, Mineral Resource Estimate for the San Francisco and La Chicharra Deposits

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*Pit optimization parameters for metal prices and costs have been updated from those used in the August, 2020 Technical Report.

Table 1.2

Pit Optimization Parameters for the April 30, 2026, Mineral Resource Estimate for the North Pit Deposit

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As can be seen from Table 1.1, not only do the various rock codes have a different density, but the metallurgical recovery varies with the rock code as well.

The Mineral Resource Estimates which have an effective date of April 30, 2026 are presented in Table 1.3.

Table 1.3

Mineral Resource Estimate for the San Francisco Project as of April 30, 2026

Notes:

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Scattered exploration drilling east of the San Francisco Pit, in what has been termed the El LIano exploration target area, has indicated that the mineralization identified and mined in the pit could potentially continue to the east towards Mexican State Highway 15 (Pan American Highway) which links Hermosillo to Nogales in the American Mexican border.

While the drilling at this time is too widely spaced to infer continuity between the individual mineralized intersections identified in the drill holes, the general intersections are similar to those mined in the San Francisco Pit and generally lie in the easterly strike direction of mineralization located in the San Francisco Pit. Therefore, Micon’s QPs believe that the El Llano exploration target area has the potential to host a mineralized zone similar to that found in the San Francisco Pit.

Table 1.4 summarizes Micon’s QP estimated range for the potential mineralization in the El Llano exploration target area.

Table 1.4

Summary of the Estimated Range for the Potential Mineralization in the El Llano Exploration Target Area

*Notes:

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Goldgroup is in the process of acquiring Molimentales which holds the mining concessions for the San Francisco Project. While a large amount of mineralization has been extracted from the San Francisco and La Chicharra pits since mining first began at the site, it still contains economic mineralization as well as the potential to discover further mineralization nearly equal to that already extracted. Micon’s QPs recommend that Goldgroup proceeds with a thorough review of the information within the Project database and an exploration program to further define the extent of the remaining mineralization at the San Francisco Project once it has completed acquisition.

Table 1.5 identifies some of the significant internal risks, potential impacts and possible risk mitigation measures that could affect the economic outcome of the Project. This excludes the external risks that apply to all mining projects (e.g., changes in metal prices, exchange rates, availability of investment capital, change in government regulations, etc.). Significant opportunities that could improve the economics, timing and permitting of the Project are also identified in this table. Further information and evaluation are required before these opportunities can be included in the project economics.

Table 1.5

Risks and Opportunities at the San Francisco Project

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To assess the nature of the additional mineralization at the San Francisco Project, Goldgroup will undertake a drilling program in the area identified as the North Pit. In order to develop this pit which will be on the northeast side of the main San Francisco pit portions of the original infrastructure will need to be removed such as the Truck maintenance shop, office facilities and potentially even a portion of the ADR Plant 1. To assess the economic nature of the North Pit further, Goldgroup has designed a reverse circulation drill program comprised of both infill and exploration holes at specific sites in and around potential location of the North Pit. Goldgroup plans to upgrade a portion of the indicated mineral resources to the measured resources category and to further confirm the mineralized bodies within Phases 9A and 9B of current mine plan of the San Francisco pit. The program is based on the previous drilling information obtained by Alio and Magna. The 2026 drill program consists of a total of 10,000 m of RC drilling and 10,000 m of core drilling.

Table 1.6 summarizes the estimated budget for the 2026 infill and exploration drilling programs located in the projected area of the North Pit at the San Francisco Project.

Table 1.6

Estimated Budget for the 2026 Infill and Exploration Drilling Program at the San Francisco Mine

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Note: *The unit cost of the RC drilling varies from $56 to $78 dollars per metre, included transportation, additives, rent of a gyro or reflex survey tool, etc., in agreement with three quotations.

Table from Micon International Limited.

Micon’s QPs have reviewed the exploration budgets for the area of the North Pit and the currents pits at the San Francisco Project and recommends that Goldgroup proceed with the budget, subject to funding and other operational changes that may arise.

Given the prospective nature of the property, it is the opinion of Micon’s QPs, that the San Francisco Project and surrounding property merits further exploration with the objective of identifying additional mineralized zones with the potential to extend Project life.

Micon agrees with the general direction of Goldgroup’s exploration and development program for the property and makes the following additional recommendations:

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2       INTRODUCTION

Micon International Limited (Micon) has been retained by Goldgroup Mining Inc. (Goldgroup) to prepare an updated Mineral Resource Estimate (MRE) for the San Francisco Project (San Francisco Project or the Project) located in the State of Sonora, Mexico. Goldgroup has also requested that Micon compile and disclose the results of the updated MRE in a National Instrument 43-101 (NI 43-101) Standards of Disclosure for Mineral Projects Technical Report.

Neither Micon nor its QPs have had, does have, nor have previously had any material interest in Goldgroup or related entities. The relationship with Goldgroup and related entities is solely a professional association between the client and the independent consultant. This report is prepared in return for fees based upon agreed commercial rates and the payment of these fees is in no way contingent on the results of this report.

This report includes technical information which requires subsequent calculations or estimates to derive sub-totals, totals and weighted averages. Such calculations or estimations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, neither Micon nor its QPs consider them to be material.

The conclusions and recommendations in this report reflect the authors’ best independent judgment in light of the information available to them at the time of writing. The authors and Micon reserve the right, but will not be obliged, to revise this report and conclusions if additional information becomes known to them subsequent to the date of this report. Use of this report acknowledges acceptance of the foregoing conditions.

This report is intended to be used by Goldgroup subject to the terms and conditions of its agreement with Micon. That agreement permits Goldgroupto file this report as a Technical Report with the Canadian Securities Administrators pursuant to provincial securities legislation or with the SEC in the United States. Except for the purposes legislated under provincial securities laws, any other use of this report, by any third party, is at that party’s sole risk.

The descriptions of geology, mineralization and exploration used in this report are taken from reports prepared by various organizations and companies or their contracted consultants, as well as from various government and academic publications. The conclusions of this report are based in part on data available in published and unpublished reports supplied by the companies which have conducted exploration on the property, and information supplied by Goldgroup. The information provided to Goldgroup was supplied by reputable companies. Micon’s QPs have no reason to doubt its validity and has used the information where it has been verified through its own review and discussions.

Micon is pleased to acknowledge the helpfulcooperationof Goldgroup management andconsulting field staff, all of whom have made any and all data requested available and responded openly and helpfully to all questions, queries and requests for material.

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Micon’s latest site visit to the San Francisco Project was conducted between December 8, 2025 and December 10, 2025 with one full day (December 9, 2025) on site verifying drill collars for the North Pit location, visiting the San Francisco and La Chicharra Pits, visiting the latest heap leach pile and siting in discussions with Goldgroup contractors and personnel discussing the Project. The site visit was conducted by Messers. William Lewis and Tudorel Ciuculescu, both of whom are Principal Geologists with Micon, based in Toronto, Canada.

During the site visit, a number of drill hole collars for the North zone were inspected (Figure 12.1). The San Francisco and La Chicharra pits and the heap leach pads were visited, as well as other areas of infrastructure. GPS readings taken at the drill hole collars inspected and those recorded at various infrastructure item were in good agreement with the elements contained in the database provided by Goldgroup.

No samples were taken during the site visit as the San Francisco Mine has a well-documented history of production, as well as, Micon QPs having verified the mineralization during multiple site visits between 2005 and 2020.

Mr. Lewis has conducted site visits in relation to nearly all of the previous Technical Reports that Micon has written for the San Francisco Project. These reports spanned the original acquisition by Timmins Gold Corp. (later Alio Gold Inc.) and early exploration through to, and including, the production phase of the Project. Site visits in conjunction with Technical Reports were conducted in 2005, 2007, 2008, 2009, 2010, 2011, 2013, 2016 (two visits), 2017 and the current 2025 Technical Report.

During the site visit a number of drill hole collars for the north zone were inspected, the San Francisco and La Chicharra pits were visited, and various other areas of infrastructure were visited.

A number of discussions were held with Goldgroup personnel during the review of the San Francisco Project and in all cases all information requests were handled expeditiously and in no cases was information not provided to the Micon QPs.

The QPs responsible for the preparation of this report and their areas of responsibility and sites visits are noted in Table 2.1.

Table 2.1

Micon’s Qualified Persons, Areas of Responsibility and Site Visits

Goldgroup Mining Inc.

The review of the San Francisco Project was based on published material researched by Micon, as well as data, professional opinions and unpublished material submitted by the professional staff of Goldgroup or its consultants. Much of these data came from Technical Reports prepared by the previous owners.

The descriptions of geology, mineralization and exploration used in this report are taken from reports prepared by various organizations and companies or their contracted consultants, as well as from various government and academic publications. The conclusions of this report are based in part on data available in published and unpublished reports supplied by the companies which have conducted exploration on the property, and information supplied by Goldgroup. The information provided to Goldgroup was supplied by reputable companies. Micon has no reason to doubt its validity and has used the information where it has been verified through its own review and discussions.

Some of the figures and tables for this report were reproduced or derived from historical reports written on the property by various individuals and/or supplied to Micon by Goldgroup. Most of the photographs were taken by Mr. Lewis during his previous and current site visits. In the cases where photographs, figures or tables were supplied by other individuals or extracted from previous Technical Reports, they are referenced below the inserted item.

Section 27 contains the reference material accessed to compile this Technical Report, including previous Technical Report on the San Francisco Project by previous operators.

All currency amounts are stated in US dollars (US$) or Mexican pesos (MXN $), as specified, with costs and commodity prices typically expressed in US dollars. Quantities are generally stated in metric units, the standard Canadian and international practice, including metric tons (tonnes, t) and kilograms (kg) for weight, kilometres (km) or metres (m) for distance, hectares (ha) for area, grams (g) and grams per metric tonne (g/t) for gold and silver grades (g/t Au, g/t Ag). Wherever applicable, Imperial units have been converted to Système International d’Unités (SI) units for reporting consistency. Precious metal grades may be expressed in parts per million (ppm) or parts per billion (ppb) and their quantities may also be reported in troy ounces (ounces, oz), a common practice in the mining industry. A list of abbreviations is provided in Table 2.1. Appendix 1 contains a glossary of mining and other related terms.

Goldgroup Mining Inc.

Table 2.2

Units and Abbreviations

Goldgroup Mining Inc.

3      RELIANCE ON OTHER EXPERTS

In this report, discussions regarding royalties, permitting, taxation, bullion sales agreements and environmental matters are based on material provided by Goldgroup during discussions. Micon’s QPs are not qualified to comment on such matters and has relied on the representations and email documentation provided by Goldgroup for such discussions.

All data used in this report were originally provided by Goldgroup. Micon’s QPs has reviewed and analysed this data and has drawn its own conclusions therefrom, augmented by its direct field examinations during the 2005, 2006, 2007, 2010, 2011, 2013, 2016 (2), 2017 and 2025 site visits.

Micon offers no legal opinion as to the validity of the title to the mineral concessions claimed by Goldgroup and its wholly owned Mexican subsidiaries and has relied on information provided by them.

Goldgroup Mining Inc.

4      PROPERTY DESCRIPTION AND LOCATION

The San Francisco property is located in the north central portion of the Mexican state of Sonora, which borders on the American state of Arizona, and is approximately 150 km north of the city of Hermosillo, the capital of Sonora. The latitude and longitude for the Project site are approximately 30°21’13” N, 111°06’52” W. The UTM coordinates are 3,357,802 N, 489,017 E and the datum used was NAD 27 Mexico. The Project is located 2 km west of the town of Estación Llano and is accessed via Mexican State Highway 15 (Pan American highway) from Hermosillo.

The term San Francisco Project refers to the area related to the exploitation concessions controlled by Alio, while the term San Francisco property refers to the entire land package (mineral exploitation and exploration concessions) under Goldgroup’s control. The location of the San Francisco property is shown in Figure 4.1.

Figure 4.1

San Francisco Project Location Map

Goldgroup Mining Inc.

Goldgroup advises that it holds the San Francisco Project, which consists of 13 mining concessions, through its indirect wholly owned subsidiary Molimentales. All the concessions are contiguous, and each varies in size for a total property area of 46,931.91hectares (ha). In late 2005, the original Timmins II concession was subdivided into two concessions (Timmins II Fraccion Sur and Pima), as part of separate exploration strategies for the original Timmins II concession. All concessions are subject to a bi-annual fee and the filing of reports in May of each year covering the work accomplished on the property between January and December of the preceding year. The fee rates are estimated in US dollars based on the rates published in the “Diario Oficial de la Federacion (DOF)” as of February 28, 2026.

The size of the primary mineral concessions is approximately 33,647.72 ha, which are believed to contain the most prospective geology and mineralized targets upon which to base further exploration. A further block of regional exploration concessions totalling 13,284.19 ha are believed to contain further mineralized targets which need further exploration.

The information for the thirteen concessions is summarized in Table 4.1. A map of the mineral concessions for the San Francisco property is provided in Figure 4.2.

In 2006, a temporary occupancy agreement was signed with an agrarian community (an Ejido) in Mexico called Los Chinos, whereby Molimentales del Noroeste de S.A. de C.V. (Molimentales) was granted access privileges to 674 ha, the use of the Ejido’s roads, as well as being able to perform all exploration work on the area covered by the agreement.

During August and September, 2009, Molimentales acquired the 800 ha of surface land on which the San Francisco mine is located, by means of five purchase agreements covering all of the Ejido Jesus Garcia Heroe de Nacozari’s five former parcels that together form the 800 ha.

In September, 2011, Molimentales acquired 732 ha from Ejido Los Chinos, which was originally part of the exploration agreement signed in 2006. Therefore, Monumentales owns the surface rights to the area covered by the San Francisco mine and infrastructure.

Other parties control two mineral concessions which are contained within the area of the mineral concessions owned by Molimentales but neither of these concessions impacts the main area of the San Francisco Project. On February 23, 2011, an additional 95,000 ha of claims were staked along the highly prospective Sonora-Mojave Megashear structural province in northern Sonora with additional claims staked in subsequent years. In 2015 and 2016, the regional concessions were reduced with only ground that was deemed significant to future exploration kept. The information regarding the regional mineral concessions staked is summarized in Table 4.2. A map of the regional concessions is provided in Figure 4.3.

On July 6, 2011, Molimentales acquired (through a straight purchase) a 10-ha mineral concession called La Mexicana by paying the vendor, Mr. Agustin Albelais, a buy-out price of US$ 250,000. The La Mexicana mineral concession was the last area in the metamorphic package that did not belong to the Project.

Goldgroup Mining Inc.

Table 4.1

San Francisco Project, Summary of Mineral Concessions (with Fees for 2026 noted)

Table provided by Goldgroup Mining Inc.

Notes:

¹ The Timmins II claim, originally staked with a surface of 39,403.0000 ha, was titled by the Direccion General de Minas (DGM) with a surface of 36,142.0604 ha after surveying was completed. In 2008, due to a change in exploration strategy, the Timmins II claim was divided into two claims, Timmins II Fraccion Sur and Pima. In 2015, the surface area of the Pima claim was reduced from 15,772 ha to 4,997 ha The Timmins II claim, originally staked with a surface of 39,403.0000 ha, was titled by the Direccion General de Minas (DGM) with a surface of 36,142.0604 ha after surveying was completed. In 2008, due to a change in exploration strategy, the Timmins II claim was divided into two claims, Timmins II Fraccion Sur and Pima. In 2015, the surface area of the Pima claim was reduced from 15,772 ha to 4,997 ha.

² Fees are estimated in US dollars based on the rates published in the “Diario Oficial de la Federación (DOF)”. The exchange rate used is 19 pesos = 1 US Dollar.

³ The table includes payment for both semesters of 2025.

Goldgroup Mining Inc.

Table 4.2

San Francisco Project, Summary of the Regional Mineral Concessions (with Fees for 2026 Noted)

Table provided by Goldgroup Mining Inc.

Notes:

¹ Fees are estimated in US dollars based on the rates published in the “Diario Oficial de la Federación (DOF)”. The exchange rate used is 19 pesos = 1 US Dollar.

² The table includes payment for both semesters of 2025.

Goldgroup Mining Inc.

Figure 4.2

San Francisco Property (Concessions) Map

Goldgroup Mining Inc.

Figure 4.3

San Francisco Project Regional Mineral Concessions Map

Goldgroup Mining Inc.

Molimentales has completed the process of converting the 674 hectares contracted from the Los Chinos Ejido into private property. The 674 ha was purchased by Molimentales, in 2011, and the final public instrument documenting the purchase was issued on February 9, 2015.

Since completing the purchase of the 674 ha from the Los Chinos Ejido, Molimentales has not undertaken any further land purchases and believes no further purchases are necessary at this time.

A full history of the Ownership and development of the San Francisco Project is provided for in Section 6 of this Technical Report.

Subject to the final approval of the TSX Venture Exchange (the “TSXV”), Goldgroup Mining Inc. (“Goldgroup or the Company”) has acquired all of the issued and outstanding Series “A” shares in the fixed capital and all the issued and outstanding Series “B” shares in the variable capital (collectively the “Molimentales Shares”) of Molimentales del Noroeste, S.A. de C.V. (“Molimentales”) through a Concurso Mercantil process (restructuring proceeding equivalent to Chapter 11 in the United States). Goldgroup received approval from the Second District Court for Commercial Bankruptcy Matters (the “Mexican Court”) to the plan of arrangement (the “Plan of Arrangement”) the Company filed with the Mexican Court under the Concurso Mercantil process. The judgement issued by the Mexican Court in favour of Goldgroup’s Plan of Arrangement completes the bankruptcy and restructuring of Molimentales. Molimentales’ primary asset is the formerly producing San Francisco Mine, located in Sonora State, Mexico.

Goldgroup filed a proposal under the Concurso Mercantil process to acquire Molimentales under the Plan of Arrangement with the liquidator (the “Liquidator”) appointed by the Mexican Court to oversee Molimentales’ bankruptcy proceedings. The Plan of Arrangement was approved by over 50% of the recognized creditors of Molimentales as required under Mexican law, recommended by the Liquidator and subsequently filed with the Mexican Court for approval. The Mexican Court approved the Plan of Arrangement by judgement issued effective December 23rd, 2025. The acquisition of Molimentales will be subject to Goldgroup satisfying all the conditions of the Concurso, including paying all creditors under the Plan of Arrangement, all outstanding taxes and concession fees due to the Mexican government, as well as receiving final approval from the TSXV. With the Plan of Arrangement and together with the settlement of outstanding liabilities owed to the Mexican Government in order to maintain the San Francisco Mine in good standing, transfer of ownership of Molimentales and the San Francisco Mine and its associated assets, including mining concessions, processing plants, and all related infrastructure, to Goldgroup, will occur free and clear of all liens and liabilities. except for a 1% NSR on each of the following mining concessions: San Francisco, Patricia, Norma, La Pima, Dulce, and San Judas, and a 2% net smelter return (“NSR”) royalty on gold produced from the San Francisco Mine and surrounding mining concessions.

Prior to the filing of the Plan of Arrangement, Goldgroup acquired 60.24% of the debts owed to certain major creditors (the “Major Creditors”) as recognized by the Mexican Court for US$8,971,000 of which US$7,554,000 has been paid to date and the balance of US$1,417,000 will be paid to complete the acquisition. Under the terms of the Plan of Arrangement Goldgroup has agreed to pay US$2,566,098 in three equal instalments of US $855,366 each in December 2026, 2027 and 2028 to the remaining creditors holding 39.76% of the recognized debt in addition to all outstanding mining concession fees (including penalties and interest), taxes, fees owed to the National Water Commission, and certain expenses related to the Concurso proceedings all currently estimated at MX$140M (approximately US$8.0M). Some of the payments described above are facilitated through the Company acquiring the Molimentales Shares by paying the owners of the Molimentales Shares MX$100,000 and capitalizing Molimentales with MX$99.9M for a total of MX$100M.

Goldgroup Mining Inc.

The following describes the renegotiated terms for the 1% NSR formerly held by Sandstorm, now held by Royal Gold.

The Company’s San Francisco mining Project has the following obligations owed to SA Targeted Investing Corp., a subsidiary of Royal Gold Inc. (“Royal Gold”):

(i) Gold Delivery: Commencing 5 business days after restart of operations, and every month thereafter, Molimentales shall deliver 75 gold ounces per month for 20 months.

(ii) Net Smelter Royalty: the Company will pay to Royal Gold a 1% NSR on each of the following mining concessions: San Francisco, Patricia, Norma, La Pima, Dulce, and San Judas. The NSR will commence once the Gold Delivery obligation is complete.

When the Mexican mining law was amended in 2006, all mineral concessions granted by the Dirección General de Minas (DGM) became simple mining concessions and there was no longer a distinction between mineral exploration or exploitation concessions. A second change to the mining law resulted in all mining concessions being granted for a period of 50 years, provided that the concessions remained in good standing. As part of the second change, all former exploration concessions which were previously granted for a period of 6 years became eligible for the 50-year term.

On May 08, 2023, an amendment to the Mining Law was published in which, among other modifications, the 50-year term of mining concessions was reduced to a 30-year term renewable for two additional 25-year terms. This validity applies only to new concessions granted after the amendment, so the term of current mining concessions shall not be reduced. This amendment was challenged before the Supreme Court, and, if declared unconstitutional, the term of mining concessions shall remain as previously referred.

For any concession to remain valid, the bi-annual fees must be paid, and a report has to be filed during the month of May of each year which covers the work conducted during the preceding year. Concessions are extendable, provided that the application is made within the last two years and no later than one year prior to the expiry of the initial term. To obtain such extension, the bi-annual fee and work requirements must be in good standing, and necessary permits to conduct mining activities must be held. The bi-annual fee paid to the Mexican government for mining concessions of the San Francisco Project in 2025 amounted to approximately US$553,777 dollars; this amount is expected to increase slightly during 2026 to US$641,510.

Goldgroup Mining Inc.

All mineral concessions must have their boundaries orientated astronomically north-south and east-west and the lengths of the sides must be one hundred metres or multiples thereof, except where these conditions cannot be satisfied because they border on other mineral concessions. The locations of the concessions are determined on the basis of a fixed point on the land, called the starting point, which is either linked to the perimeter of the concession or located thereupon. Prior to being granted a concession, the company must present a topographic survey to the DGM within 60 days of staking. Once this is completed the DGM will usually grant the concession.

Since the San Francisco Project is located on a number of concessions upon which mining has previously been conducted, all exploration work continues to be covered by the environmental permitting already in place and no further notice is required to be given to any division of the Mexican government. The specific environmental permitting of the San Francisco mine site was obtained in December, 2007, via an environmental assessment, and it is valid for the duration of the seven mining concessions that comprise the mine, provided that Molimentales keeps the permitting in good standing. Water for any drilling programs at the San Francisco Project is obtained from the on-site water wells.

The San Francisco Project is sufficiently large enough to continue supporting year-round mining operations as well as further expansion.

Goldgroup Mining Inc.

5      ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

The San Francisco property is readily accessible from Hermosillo, the state capital of Sonora, via Mexican State Highway 15 (Pan American Highway). The property is 150 km north of Hermosillo and is 120 km south of the United States/Mexico border city of Nogales, also on Highway 15. The San Francisco mine site is 2 km west of the town of Estación Llano. The major population centre for the region is Magdalena de Kino (Magdalena) to the north, with a population of over 50,000 inhabitants. Figure 5.1 is a view of the San Francisco mine from Highway 15 driving south towards Hermosillo.

Figure 5.1

San Francisco Mine as Viewed from Highway 15 Driving South from Santa An

The mineral concessions are located approximately due west and north of Estación Llano, with the closest accommodations being in Santa Ana, a small city located to the north on Highway 15.

Goldgroup Mining Inc.

The Project is located in the Arizona-Sonora desert in the northern portion of the Mexican state of Sonora. The climate at the Project site ranges from semi-arid to arid. The average ambient temperature is 21°C, with minimum and maximum temperatures of -5ºC and 50ºC, respectively. The average annual rainfall for the area is 330 mm, with an upper extreme of 880 mm.

The wet season or desert monsoon season is between July and September and heavy rainfall can hamper exploration at times. Exploration and operations can be conducted on a year-round basis.

The San Francisco property is situated within the southern Basin and Range physiographic province, which is characterized by elongate, northwest-trending ranges separated by wide alluvial valleys. The San Francisco mine is located in a relatively flat area of the desert with the topography ranging between 700 and 750 m above sea level.

The desert vegetation surrounding the San Francisco mine is composed of low-lying scrub, thickets and various types of cacti, with the vegetation type classified as Sarrocaulus Thicket. The state of Sonora is well known for its mining and cattle industries, although US manufacturing firms have moved into the larger centres as a result of the North American Free Trade Agreement (NAFTA). See Figure 5.2 for a view of the desert surrounding the San Francisco Project, between the distant hills, as viewed driving south towards the Project from the community of Santa Ana.

Figure 5.2

View of the Sonora Desert Surrounding the Property

Goldgroup Mining Inc.

Guarded gates are maintained across the access road to the mine and immediate Project area. Exploration can be conducted throughout the year, with the desert monsoon season occurring between July and September. Materials needed to supply the mine are transported by either truck (utilizing Mexican State Highway 15) or by rail (utilizing the Ferrocarril del Pacifico railway), both of which pass through the community of Estación Llano.

Goldgroup owns the surface rights at the San Francisco mine granted by the DGM for the duration of the exploitation concessions. In the case of an exploration concession, the holder is granted temporary occupancy for the creation of land easements needed to carry out exploration for the duration of the mineral concession. In order to commence mining, the holder of the concession is required to negotiate the surface rights with the legal holder of these rights or to acquire the surface rights through a temporary expropriation. The current surface rights are more than adequate to cover the infrastructure, mining and stockpile areas needed for the life of the Project.

Water for the drilling programs is available from three wells located on the mine site. The water table in the area of the mine is approximately 25 m below the surface. A typical water well is shown in Figure 5.3.

Figure 5.3

View of a Water Well Located on the San Francisco Project

Figures 5.4 and 5.5 shows the current state of the San Francisco and La Chicharra Pits as of the December, 2025 site visit.

Goldgroup Mining Inc.

Figure 5.4

San Francisco Pit, December, 2025

Figure 5.5

La Chicharra Pit, December, 2025

Goldgroup Mining Inc.

6      HISTORY

The San Francisco mine is a heap leach operation which was in production originally between 1995 and 2002. However, during the last two years of operation, gold was being recovered from the leach pads only, with no mining being conducted from the San Francisco and La Chicharra open pits.

Placer mining and small-scale underground mining began in the San Francisco mine area during the early 1940s. This limited work drew Fresnillo to the area in 1983. In 1985, three diamond drill holes and 30 conventional percussion drill holes were completed on the property. The results of these drill holes were encouraging enough to warrant additional diamond drilling during 1986. In 1987, 540 m of underground development was conducted, including a decline and a number of drifts and crosscuts. The decline was completed to the 685 m elevation above sea level, where numerous 1.8 by 1.5 m drifts and crosscuts were developed. Fresnillo drilled 10 diamond drill holes and 25 reverse circulation drill holes in 1988, and an additional 226 reverse circulation holes in 1989. Metallurgical testing and an induced polarization survey were also completed in 1989. In 1990 and 1991, Fresnillo completed an additional 108 reverse circulation drill holes. See Figure 6.1 for an example of one of the rotary drill site locations southeast of the main pit.

Figure 6.1

Location of One of the Rotary Drill Sites Located to Southeast of the Main Pit

Goldgroup Mining Inc.

Fresnillo decided to sell the property in 1992, at which time it was acquired by Geomaque. As part of the Geomaque purchase, Fresnillo retained a 3% NSR royalty and the option to re-acquire a 50% interest by paying Geomaque twice the amount which it had expended. Geomaque completed a feasibility study in 1993 and drilled a further 69 reverse circulation drill holes in 1994. Geomaque acquired the NSR royalty and option back from Fresnillo in 1995 for US$ 4,700,000.

Geomaque conducted its activities in Mexico through its subsidiaries, Geomaque de Mexico, S.A. de C.V. (Geomaque de Mexico) and Mina San Francisco, S.A. de C.V. (Mina San Francisco).

Geomaque began construction of the San Francisco mine in 1995, with production beginning late in that year. Production began at the rate of 3,000 t/d of ore or 30,000 oz/y of gold. As a result of the discovery of additional reserves, an expansion of the mining fleet, crushing system and gold recovery plant was undertaken in an effort to increase production to 10,000 t/d of ore. Due to the prevailing market conditions in February, 2000, Geomaque announced a revised mine plan whereby higher-grade ore with a lower stripping ratio would be mined from the San Francisco pit and the La Chicharra deposit, which is located west of the San Francisco pit.

The San Francisco area contained the El Manto, the San Francisco, the En Medio and the El Polvorin deposits. All of these deposits were later incorporated into the main San Francisco pit. The La Chicharra zone was mined during the last two years of production as a second pit.

Mining ended and the operation entered into a leach-only mode in November, 2000. In May, 2002, the last gold pour was conducted, the plant was mothballed, and clean-up activities at the mine site began. See Figure 6.2 for a photographic overview of the San Francisco pit and leach pad taken from a hill to the southwest of the mine site prior to the current phase of production. Much of the foreground now is within the limits of the pit.

Figure 6.2

View of the San Francisco Gold Mine with Estación Llano in the Background (Looking Northeast)

Goldgroup Mining Inc.

In 2001, to settle debts related to lease arrangements of construction equipment to Geomaque de Mexico, Butler Machinery Co. (Butler) accepted a payment of US$ 500,000, the proceeds in excess of US$ 500,000 on the sale of certain equipment from the San Francisco mine and a 1% net smelter return (NSR) royalty on any future gold production from the unmined resources in the main pit of the San Francisco mine. No present value was ascribed to the rights at the time of the agreement. Micon was advised by Timmins that the agreement between Geomaque and Butler had ended and that it has received an opinion that the property was transferred to Molimentales free of any royalties. It was the opinion of Timmin’s solicitors that Timmins had free and clear title to the equipment on the property and no obligations to pay any NSR royalties.

Geomaque signed a Surface Rights Agreement with a group of rights holders (the Ejido Jesus Garcia Heroe De Nacozari (Ejido Jesus Garcia)). Based on a letter agreement dated July 7, 1999, the Ejido Jesus Garcia agreed to transfer to Geomaque a surface area of 800 ha, for a total consideration of US$ 1,000,000, of which US$ 75,000 was due and payable on signing of the agreement. The letter agreement and its efficacy were the subject of litigation between Geomaque and the Ejido Jesus Garcia, whereby Geomaque sought to have the agreement declared void, its deposit returned and other remedies, and the Ejido Jesus Garcia sought to have the agreement held effective and sought, inter alia, the payment of the balance of the purchase price and other relief.

In the summer of 2003, Geomaque sought and received shareholder approval to amalgamate the corporation under a new Canadian company, Defiance Mining Corporation (Defiance).

On November 24, 2003, Defiance sold its Mexican subsidiaries, Geomaque de Mexico and Mina San Francisco, to the Astiazaran family and their private Mexican company for a total consideration of US$ 235,000. The Mexican subsidiaries held the San Francisco gold mine and the sale relieved Defiance of long-term liabilities totalling US$ 1,900,000, including a US$ 925,000 surface rights purchase obligation, approximately US$ 760,000 in reclamation provisions and other payables totalling US$ 263,000. The litigation of the surface rights between the Ejido Jesus Garcia and Geomaque de Mexico was settled in favour of Geomaque de Mexico on January 20, 2005. Geomaque de Mexico was granted by the DGM the temporary occupation of surface rights at the San Francisco mine for the duration of the exploitation concessions.

Since June, 2006, the Astiazaran family and their company, Desarrollos Prodesa S.A. de C.V. (Prodesa) have retained ownership of the waste dumps and the original leach pads and have been extracting sand and gravel intermittently for use in highway construction and other construction projects. Figure 6.3 is a view of gravel extraction from the original leach pads at the San Francisco mine site in 2005. The reprocessing and extraction of sand and gravel material has continued from the original leach pads and was ongoing during the 2013, 2016 and 2017 site visits.

Timmins Gold Corp. (Timmins) was incorporated on March 17, 2005 under the Business Corporations Act ( British Columbia) and changed its name to Alio Gold Inc. on May 12, 2017. Timmins originally acquired the exploitation concessions covering the San Francisco Project through its wholly owned Mexican subsidiary, via an option agreement with Geomaque de Mexico on April 18, 2005. That option agreement was subsequently superseded by an acquisition agreement. Initially, Timmins had the option to earn a 50% interest in the exploitation concessions by spending US$ 2,500,000 on exploration and development over a two-year period and, after Timmins had earned its interest, the property would be operated as a joint venture, with Timmins as the operator.

Goldgroup Mining Inc.

Figure 6.3

Extraction of Gravel from the Original Leach Pads for Construction Use

In a press release dated March 19, 2007, Timmins announced that it had entered into an agreement to acquire a 100% interest in Molimentales, a company specifically formed to own 100% of the past producing San Francisco mine. On October 29, 2007, Timmins announced that it had paid the full and final US$ 2.5 million to complete the acquisition of the San Francisco mine.

In April, 2010, Timmins announced that the San Francisco mine had entered back into production.

On March 23, 2011, Timmins announced that its common shares were, as of that date, listed for trading on the Toronto Stock Exchange (TSX) and delisted from the TSX Venture Exchange (TSX-V).

On November 1, 2011, Timmins announced that its common shares would be listed for trading on the NYSE Amex under the ticker symbol TGD as of November 4, 2011. It also noted that the shares would continue to trade on TSX.

On May 12, 2017, Timmins announced that its shareholders had approved its name change from Timmins Gold Corp. to Alio Gold Inc.

Goldgroup Mining Inc.

During 2019, Alio ceased processing material from the open pits and concentrated on processing material from the stockpiles.

On March 6, 2020, Magna announced that it has entered into a definitive purchase agreement with Timmins Gold Corp Mexico S.A. de C.V. (Timmins), a wholly owned subsidiary of Alio Gold Inc. (Alio), to acquire the San Francisco mine. Under the terms of the definitive purchase agreement, Magna acquired 100% of Alio’s indirect wholly owned subsidiary Molimentales del Noroeste, S.A. de C.V., which owns a 100% interest in the San Francisco mine and the surrounding mineral concessions.

On May 6, 2020, Magna announced that it had closed the acquisition of the San Francisco mine pursuant to a definitive share purchase agreement dated March 5, 2020, as amended April 24, 2020, between Timmins, a wholly owned subsidiary of Alio, and itself.

On June 29, 2021, Magna announced it had achieved full-scale and steady state commercial production at the San Francisco Mine. Commercial production was achieved on June 1, 2021.

On March 3, 2023, Magna together with its direct and indirect subsidiaries, announced that it had filed a Notice of Intention to Make a Proposal (the "NOI") under the Bankruptcy and Insolvency Act (Canada) which will provide creditor protection while Magna restructured its affairs. KSV Restructuring Inc. was appointed as proposal trustee under the NOI to monitor Magna's operations and restructuring. The effect of the NOI is an initial and immediate stay of proceedings in favour of Magna Gold for 30 days, which stay can be extended by court order.

In coordination with the NOI, Magna's indirect subsidiary, Molimentales filed an application for restructuring (solicitud de concurso mercantil en fase de concurso) and provisional creditor protection (medidas cautelares) (the Insolvency Application) before the Second District Court for Insolvency Matters located in Mexico City, Mexico (Juzgado Segundo de Distrito en Materia de Concursos Mercantiles con Residencia en la Ciudad de México y Jurisdicción en toda la República Mexicana; the "Concurso Court") under the Mercantile Insolvency Act (Ley de Concursos Mercantiles). Molimentales is the owner and operator of the Company's San Francisco Mine. The initial ruling in connection with the Insolvency Application was issued by the Concurso Court on March 3, 2023 and certain pre-emptive protections were granted in favour of Molimentales including, inter alia, a suspension of all enforcement proceedings against the assets or rights of Molimentales.

As a result of the bankruptcy, the TSX Venture Exchange (TSXV) advised Magna that the trading of Magna's common shares would be transferred to the NEX Board of the TSXV effective at the opening of the market on March 8, 2023.

In the proceedings of bankruptcy 8/2023, filed by Molimentales del Noroeste, Sociedad Anonima de Capital Variable, on April 5, 2024, a judgment was issued declaring the merchant Molimentales del Noroeste, Sociedad Anonima de Capital Variable, to be outright bankrupt.

Effective Dec 24, 2024, Magna Gold Corp. was delisted from the NEX for failure to maintain exchange requirements; however, its shares had been suspended prior to delisting.

Goldgroup Mining Inc.

On December 24, 2025 Goldgroup announced that “subject to the final approval of the TSX Venture Exchange (the “TSXV”), it has acquired all of the issued and outstanding Series “A” shares in the fixed capital and all the issued and outstanding Series “B” shares in the variable capital (collectively the “Molimentales Shares”) of Molimentales del Noroeste, S.A. de C.V. (“Molimentales”) through a Concurso Mercantil process (restructuring proceeding equivalent to Chapter 11 in the United States). Goldgroup received approval from the Second District Court for Commercial Bankruptcy Matters (the “Mexican Court”) to the plan of arrangement (the “Plan of Arrangement”) the Company filed with the Mexican Court under the Concurso Mercantil process. The judgement issued by the Mexican Court in favour of Goldgroup’s Plan of Arrangement completes the bankruptcy and restructuring of Molimentales. Molimentales’ primary asset is the formerly producing San Francisco Mine and mineral concessions, located in Sonora State, Mexico.

As of December, 2025, no mining is being conducted at the San Francisco mine and previous care and maintenance activities resulted in a complete safe shut down of the heap leach activities.

Historical mineral resource and reserve estimates for the San Francisco Project date back to the 1990s; however, all of these historical mineral resource and reserve estimates have been superseded by the mineral resource estimate contained in Section 14 of this Technical Report. Since all the historical mineral resource and reserve estimates have been superseded by the current mineral resource estimate contained in Section 14 of this report, they will not be discussed further in this report.

Historical production occurred at the San Francisco gold mine between 1996 and 2002. Production was conducted using open pit mining methods, with gold recovered by heap leaching. During this production phase, the San Francisco mine extracted 13,490,184 t at a grade of 1.13 g/t gold for a total of 488,680 contained ounces of gold (Table 6.1). A total of 300,281 oz gold and 96,149 oz of silver were recovered, with the gold recovery estimated to be 61.4%.

The San Francisco mine resumed commercial production in April, 2010. Table 6.2 summarizes production from April, 2010 to the end of 2019, by quarter. Ore of lower grade was stockpiled for processing at the end of the mine life. Alio reports that, at the end of March, 2016, a total of 8.121 Mt at an average grade of 0.260 g/t gold had been placed on the low-grade stockpile since 2010, as shown in Table 6.3. As the end of December, 2019, Alio had processed from the stockpiles a total of 7.406 Mt at an average grade of 0.224 g/t gold.

Goldgroup Mining Inc.

Table 6.1

San Francisco Project, Geomaque Annual Production 1996 to 2002

Note: 301,893 tonnes of mineral and 975,900 tonnes of waste rock were mined in 1995.

Table taken from the 2006 San Francisco Scoping Study by Sol & Adobe Ingenieros Asociados S.A. de C.V.

Table 6.2

San Francisco Project, Timmins/Alio Annual Production from April, 2010 to the End of December, 2019 (by Quarter)

Goldgroup Mining Inc.

Table extracted from the August, 2020, Technical Report by Micon.

NOTES:

Goldgroup Mining Inc.

Table 6.3

San Francisco Project, Timmins/Alio Annual Ore Stockpiled and Processed from April, 2010 to the End of December, 2019 (by Quarter)

Table extracted from the August, 2020, Technical Report by Micon.

Goldgroup Mining Inc.

During July, 2011, Alio expanded the crushing system to 15,000 t/d. In December, 2012, a new crushing circuit was installed to provide an additional capacity of 5,000 t/d. In August, 2013, the second crushing circuit was expanded by 2,000 t/d. The processing rate at the time of the 2017 Micon Technical Report was 22,000 t/d and had been operating at this rate since the 2013 Micon Technical Report was released. During 2019, Alio ceased processing material from the open pits and concentrated on processing material from the stockpiles. When Magna acquired the Project in 2020 the operation was on residual leach.

On May 6, 2020, Magna announced that it had closed the acquisition of the San Francisco mine pursuant to a definitive share purchase agreement between Timmins, a wholly owned subsidiary of Alio, and itself.

On June 29, 2021, Magna announced it had achieved full-scale and steady state commercial production at the San Francisco Mine. Commercial production was achieved on June 1, 2021.

On March 3, 2023, Magna together with its direct and indirect subsidiaries, announced that it had filed a Notice of Intention to Make a Proposal under the Bankruptcy and Insolvency Act (Canada) which provided creditor protection while Magna restructured its affairs.

Table 6.4 summarizes production by Magna from 2020 to June, 2023.

Table 6.4

San Francisco Project, Magna’s Annual Production from 2020 to June, 2023