San Francisco Project
A large-scale, past-producing open-pit gold mine in Sonora, Mexico, 100%-owned and restart-ready, with 1.23 million ounces of Measured & Indicated gold.
A restart-ready Sonoran gold mine
Acquired 100% in June 2026 through the purchase of Molimentales del Noroeste, the San Francisco Project is a large-scale, formerly-producing open-pit gold mine located approximately 150 kilometres north of Hermosillo, Sonora. The property comprises 13 concessions totalling 33,667 hectares, plus 13,284 hectares of regional concessions, and hosts a mesothermal gold deposit across two former pits, San Francisco and La Chicharra, with further upside in the North Pit and Llano extensions. Installed infrastructure includes 16,875 tpd of crushing capacity, twin ADR plants, grid power and haul roads contiguous with the highway, pointing to a low-capital restart producing gold doré with potential output of 50,000–60,000 ounces of gold-equivalent per year.
Mineral Resource Estimate
Independent NI 43-101 mineral resource estimate with an effective date of April 30, 2026.
| Category | Tonnes (Kt) | Grade (g/t Au) | Gold (Koz) |
|---|---|---|---|
| Measured | 48,265 | 0.37 | 581.7 |
| Indicated | 56,821 | 0.35 | 644.9 |
| Measured & Indicated | 105,086 | 0.36 | 1,226.6 |
| Inferred | 17,268 | 0.32 | 178.4 |
Effective date April 30, 2026. Break-even cut-off grades range 0.10–0.12 g/t Au; marginal cut-off grades 0.07–0.09 g/t Au depending on pit. Qualified Persons: William J. Lewis, P.Geo.; Richard M. Gowans, P.Eng.; Tudorel Ciuculescu, P.Geo. Mineral resources are not mineral reserves and do not have demonstrated economic viability. The Company has not made a production decision on San Francisco; references to production potential are conceptual, and any restart decision made without established mineral reserves and a completed feasibility study carries a higher risk of economic or technical failure.
The mine complex
San Francisco is a built mine, not a greenfield prospect. Open pits, crushing circuits, gold-recovery plants and supporting infrastructure are already on the ground, underpinning a low-capital path back to production.
All infrastructure in place for a cost-effective, timely restart:
Why San Francisco
Large-scale upside
A large-scale project with significant upside potential and multiple exploration targets.
Two former pits
Two pits, San Francisco and La Chicharra, were in operation, hosting large-volume disseminated gold deposits.
Infrastructure in place
Heap-leach processing facilities and associated infrastructure are already in place for a cost-effective, timely restart.
Resource upside
Resource upside with multiple high-priority exploration targets identified across the concession package.
The road to restart
A staged plan advances San Francisco from technical work today toward full gold production, leveraging infrastructure already in place.
24,000 m diamond drilling to optimize the mine plan.
Crushing circuit & ADR plant readied for production.
Mining recommences across the open pits.
Ramp to full output and gold doré.