Goldgroup Mining Names Javier Reyes Interim CEO Amid Ongoing Merger Integration and CEO Search

Javier Reyes Assumes Interim CEO Role to Lead Growth and Integration Efforts

Effective immediately, Javier Reyes, previously Chair of Goldgroup Mining Inc.’s Board of Directors, has taken on the role of Interim CEO following the company’s July 27, 2026 announcement. This leadership change occurs as Goldgroup advances the integration of its recently completed merger and works toward establishing itself as a premier intermediate precious metals producer.

Reyes highlighted that Goldgroup "enters this next chapter from a position of strength," citing the company’s diversified producing and development assets, active exploration pipeline, experienced technical and operational team, and sufficient financial resources to execute its business plan. His appointment, combining board-level oversight with executive leadership, ensures strategic continuity during the transition period.

Allen Palmiere Shifts to Advisory Role Following CEO Tenure

Allen Palmiere, former President and CEO, has stepped down from his executive role and will remain available in an advisory capacity to support a seamless leadership handover. This arrangement facilitates knowledge transfer and operational stability amid significant organizational changes.

Reyes publicly acknowledged Palmiere’s contributions, stating: "On behalf of the Board of Directors, I sincerely thank Allen for his leadership, dedication, and significant contributions to both Gold Resource Corporation and the successful combination with Goldgroup. His efforts have established a strong foundation for the Company’s future growth, and we appreciate his continued support during this transition." The announcement notes that Palmiere’s ongoing advisory role is subject to mutual agreement.

Board Launches Search for Permanent CEO

The Board of Directors has begun a comprehensive search for a permanent Chief Executive Officer to provide long-term leadership at Goldgroup. Details regarding the search timeline, process scope, and selection criteria have not been disclosed.

This CEO search is set against the backdrop of the company’s recent merger integration and its ambition to become a leading intermediate precious metals producer. The complexity of overseeing operations across multiple jurisdictions and asset types may impact the duration of the recruitment process.

Goldgroup Maintains Strategic Focus and Diverse Asset Portfolio

Following the leadership change, Goldgroup’s strategic priorities and asset portfolio remain intact. The company’s holdings include producing and development-stage assets such as the Don David Gold Mine in Oaxaca, Mexico; the Cerro Prieto Gold Mine in Sonora, Mexico; the San Francisco Project in Sonora, Mexico; and the Back Forty Project in Michigan.

Immediate objectives encompass safely optimizing existing operations, expanding resources through ongoing exploration and drilling, advancing development projects like the San Francisco restart and growth initiatives at Cerro Prieto, and progressing the Back Forty Project. These goals align with Goldgroup’s dual strategy of maximizing current asset value while building a pipeline for future production.

Merger Integration Advances as Company Pursues Value Creation

Goldgroup remains committed to integrating assets acquired through its recent merger, which combined Gold Resource Corporation and Goldgroup Mining operations to form a platform aimed at developing an intermediate-scale precious metals producer.

Integration efforts include consolidating operational processes, aligning management structures, optimizing capital allocation, and identifying synergies to enhance shareholder value. The appointment of an Interim CEO with board-level insight supports strategic alignment and continuity during this critical phase.

Experienced Team and Capital Discipline Drive Growth Execution

Goldgroup benefits from a seasoned team with expertise in mine development, operations, exploration, and corporate finance across the Americas. The company emphasized that "the strength of its assets, technical expertise, and disciplined capital allocation provide a solid foundation for future growth."

This expertise supports the interim CEO and Board in executing strategic priorities while minimizing operational disruption during the leadership transition.

Forward-Looking Statements Highlight Risks and Uncertainties

The announcement includes forward-looking statements regarding Palmiere’s advisory role, the CEO search, financial resources, and strategic priorities. It acknowledges risks and uncertainties such as the timing of the CEO appointment and the continuation of Palmiere’s advisory position.

These disclosures reference Goldgroup’s annual information form dated June 10, 2026, and other filings on SEDAR+. The company disclaims any obligation to update forward-looking information except as required by law.

Investor Outlook and Operational Stability During Transition

Investors will likely monitor operational performance across producing mines and development projects during the interim period as indicators of management continuity. Progress on merger integration and strategic initiatives—including optimization at Don David, resource expansion, San Francisco restart planning, and the Back Forty Project—will signal whether the leadership transition impacts value-creation efforts.

The appointment of the Board Chair as Interim CEO may be seen as a stabilizing move ensuring governance involvement during transition. However, the outcome and timing of the permanent CEO search remain key uncertainties affecting perceptions of leadership stability and strategic direction. The company’s statement of having "adequate financial resources" suggests confidence in its balance sheet, though specific liquidity or financing details were not disclosed.

Company Overview and Market Position

Goldgroup Mining Inc. is a Canadian precious metals company focused on becoming a premier intermediate gold and silver producer through disciplined operations, organic growth, and strategic acquisitions. It trades on the TSX Venture Exchange and NYSE American under the ticker symbol GORO, providing access to Canadian and U.S. equity markets.

The company’s vision aligns with industry consolidation trends and the importance of scale in mining. Its portfolio spans Mexico and Michigan, offering geographic diversification and exposure to established and emerging mining regions. The Back Forty Project in Michigan represents a significant development asset in a relatively underexplored gold production area. For more information, visit www.goldgroupmining.com or contact investor relations at [email protected].