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Sonoro Gold

Gold developer, with a project stated to be in Santa Eulalia.

Sonora · Mexico — as stated on the recordings

developer gold Sonora, Mexico
Dec 2025 → May 2026Covered
7 of 10Topics on record
5Figures tracked over time
2 executivesNamed on the record
Generate Claims & Checks What management and commentators said, and what still needs independent verification 4 interviews with the company · 5 independent recordings
Stage
Developer
Primary commodity
Gold
Jurisdiction
Santa Eulalia
Deposit
16,000 tons per day throughput over a 10-year life of mine
Latest appearance
26 May 2026
On record
4 interviews · 60 statements · 3 executives

At a glance

What the record holds today. Every card names where it came from — a management representation is not an established fact, and the page never blurs the two.

What is in the ground
just under 800,000 minable ounces from drilling from 2018 to 23
Management-stated Kenneth MacLeod May 2026
Grade
production of just under half a million ounces
Management-stated John Darch May 2026
Money on hand
$24 million dollars
Stated capital need: 10 million yesterday and 12 million three weeks ago
Management-stated Kenneth MacLeod May 2026
What happens next
3 months to finalize detailed engineering after environmental impact approval, then 13 months to first pour
Management-stated Kenneth MacLeod May 2026
The main open question
The company awaits environmental impact statement approval in Mexico, a process that has stretched 2.5 years with no timeline certain.
Weighed from the statements below, not our opinion of the company.
Our reading
How outsiders read it
3 independent voices on record — 5 constructive
Colin Kettell, Unknown speaker, John Feneck
Outside voices

How the stated figures have moved

The same figure, as management put it on the earliest and the latest recording we hold. A difference may be a genuine update, a different measure of the same thing (total against indicated), or a mis-heard number — both quotes are here, and both recordings are one click away.

Ownership ● Broadly unchanged 3 statements on record
18 Dec 2025
28%
“insiders to participate to maintain our 28% interest in in our holdings”
14 May 2026
28% of the shares
“The insiders, proven business people, successful, who have a lot of their own money into this. We own 28% of the shares”
Resource size ≠ Different basis One statement qualifies the figure and the other does not (drilling) 4 statements on record
14 May 2026
up to 3 million ounces
“The potential for that was up to 3 million ounces.”
26 May 2026
just under 800,000 minable ounces from drilling from 2018 to 23
“we just demonstrated we have just under 800,000 minable allowances from the drilling from 2018 to 23.”
Capital needed ? Stated at several levels 4 statements on record — these are the earliest and the latest, not a trend 4 statements on record
18 Dec 2025
$4 million Canadian
“It's a $4 million Canadian financing and it's really the precursor to us securing the project financing next year”
26 May 2026
10 million yesterday and 12 million three weeks ago
“10 million yesterday and uh we we raised another I believe it was 12 million to three weeks ago.”
Permitting ? Wording changed No comparable date in one of the two statements 5 statements on record
14 May 2026
environmental impact statement approval in progress
“as we continue to push forward to get the the MIA or the environmental impact statement approved”
26 May 2026
extension to the east increased concession from 4,000 hectare to 9,000 hectares, announced last week
“the extension to the east that we just announced last week. And that extension to the east increased the the size of the concession from 4,000 hectare to 9,000 hectares.”
Financing ? New figure The earlier statement put no number on this 2 statements on record
18 Dec 2025
fully committed, closing by end of December
“It's fully committed for right now. So we're we are proceeding now in the basis of closing this financing within the by the end of this year actually by the 28th or 29th of December”
14 May 2026
51% interest acquired through $9 million in exploration expenditure
“acquiring a 51% interest through the expenditure of $9 million dollars in exploration of the property”

Management view vs outside view

Management interviews are promotional by nature; the outside view is the counterweight. Both are quoted from the recordings, not added by us.

What management spends its time on

Counted from Sonoro Gold's own claims across 4 interviews — most-covered theme first.

What outside voices pick up on

3 independent voices — people who do not speak for the company — across 5 mentions.

5 constructive
  • Colin Kettell “Mentioned as a recent $10 million equity position with insider interest.”
  • Unknown speaker “Team says the project has a large NPV versus a smaller market cap and expects drilling and financing progress.”
  • John Feneck “He likes the bootstrapped ownership, strong insider alignment, and permit upside in Mexico.”

Bull · Bear · Watch next

Weighed from the statements on this page — management's pitch and the outside view. Not financial advice, and not our opinion of the company.

▲ Bull case

Management says the company controls 9,000 hectares in Mexico with ~800,000 minable ounces demonstrated from 2018–23 drilling, a 50,000-meter program underway, and $24 million raised to fund exploration.

What it rests on
Evidence: 3 moments from 2 interviews
Read the full case

Management says the company controls 9,000 hectares in Mexico with ~800,000 minable ounces demonstrated from 2018–23 drilling, a 50,000-meter program underway, and $24 million raised to fund exploration. At current $4,700 gold, management claims IRR approaches 100% with $1,800 cash costs; outside investors note low capex, bootstrapped ownership with 28% insider stakes, and positioning at the Lassonde inflection point ahead of permit approval.

▼ Bear case

The company awaits environmental impact statement approval in Mexico, a process that has stretched 2.5 years with no timeline certain.

What it rests on
Evidence: 2 moments from 1 interview
Read the full case

The company awaits environmental impact statement approval in Mexico, a process that has stretched 2.5 years with no timeline certain. Management assumes a 100% drilling success rate converting sterile ground to mineralized zones by following surface veins—an untested premise on the newly expanded concessions. Construction start remains contingent on permitting, with first production 16+ months thereafter; financing risk, dilution, and commodity price risk are unaddressed.

◆ Watch next

Environmental impact statement approval in Mexico is the gate to the timeline: three months engineering post-approval, then 13 months to first pour.

What it rests on
Evidence: 2 moments from 1 interview
Read the full case

Environmental impact statement approval in Mexico is the gate to the timeline: three months engineering post-approval, then 13 months to first pour. Near-term: assay results mid-to-late June (50,000-meter program initiated last week, two rigs ramping within 30 days). The PEA update expected next year will test capex and AISC assumptions; any mine permit slip or drilling failure on the expanded 2,700-hectare northern extension would reset expectations.

Each moment links to the exact point in the source recording. The cases are drawn from the transcripts, weighed as written — they are not a rating, a target or a recommendation.

Project 23 statements

The deposit 10

Key takeaway. Regarding Sonoro Gold's deposit, management said in May 2026 that drilling from 2018 to 2023 defined just under 800,000 minable ounces, with production expected to yield just under half a million ounces.

Read the full summary

They also cited multi-million-ounce potential and up to 3 million ounces of potential for the original 1,400-hectare concession, while noting the company now controls 9,000 hectares total.

What was actually said
exploration upside
3 million ounces potential for original 1,400 hectare concession
“we've always maintained that the potential for that original Serakiche 1,400 uh what was it now? 14 Yeah, 1,400 hectare concession potential was 3 million ounces.”
Kenneth MacLeod· 26 May 2026·
resource size
just under 800,000 minable ounces from drilling from 2018 to 23
“we just demonstrated we have just under 800,000 minable allowances from the drilling from 2018 to 23.”
Kenneth MacLeod· 26 May 2026·
deposit type
16,000 tons per day throughput over a 10-year life of mine
“the PEA was based upon uh, 16,000 tons per day throughput over a 10-year life of mine.”
John Darch· 14 May 2026·
Show the other 7 statements
exploration upside
potential for multi-million ounces
“we feel has a potential for multi-million ounces of potential”
John Darch· 14 May 2026·
grade
production of just under half a million ounces
“production of just under half a million ounces.”
John Darch· 14 May 2026·
reserve size
production of just under half a million ounces
“production of just under half a million ounces.”
Kenneth MacLeod· 14 May 2026·
reserve size
mineable ounces of very close to 800,000 ounces
“based upon um, um, mineable ounces of very close to 800,000 ounces.”
John Darch· 14 May 2026·
resource size
up to 3 million ounces
“The potential for that was up to 3 million ounces.”
John Darch· 14 May 2026·
resource size
multi-million ounces of potential
“we have a district district scale property that we feel has a potential for multi-million ounces of potential”
Kenneth MacLeod· 14 May 2026·
resource size
9,000 hectares total area under control
“brings the total area under our control to 9000 hectares.”
Kenneth MacLeod· 14 May 2026·

Jurisdiction 11

Key takeaway. Management reports that its concessions in Sonora, Mexico, near the historic Santa Eulalia district, have grown from about 4,000 hectares to 9,000 hectares, driven by an extension to the north of 2,700 hectares (announced about a month and…

Read the full summary

a half ago) and a separate extension to the east (announced last week). The company is currently pursuing and awaiting approval of its environmental impact statement in Mexico.

What was actually said
permit status
extended concession by three-fold to the north about a month and a half ago
“we extended the concession by increasing the area by three-fold to the north.”
Kenneth MacLeod· 26 May 2026·
permit status
waiting for environmental impact statement approval in Mexico
“waiting for the approval for the environmental impact statement in Mexico and it's that's been going on for several years and for two and a half years”
Kenneth MacLeod· 26 May 2026·
permit status
extension to the east increased concession from 4,000 hectare to 9,000 hectares, announced last week
“the extension to the east that we just announced last week. And that extension to the east increased the the size of the concession from 4,000 hectare to 9,000 hectares.”
Kenneth MacLeod· 26 May 2026·
Show the other 8 statements
country
Mexico
“the buzzword in the in the mining community in Mexico is that Sonora and our concession”
Kenneth MacLeod· 14 May 2026·
permit status
environmental impact statement approval in progress
“as we continue to push forward to get the the MIA or the environmental impact statement approved”
Kenneth MacLeod· 14 May 2026·
permit status
pursuing environmental impact statement approval
“we continue to push forward to get the the MIA or the environmental impact statement approved”
John Darch· 14 May 2026·
region
Santa Eulalia
“exciting times with the drilling at Santa Eulalia.”
John Darch· 14 May 2026·
region
9,000 hectares under total control
“which brings the total area under our control to 9000 hectares.”
John Darch· 14 May 2026·
region
4,000 hectares total concessions, expanded to north by 2,700 hectares
“expanded to the north by approximately >> [clears throat] >> 20 24 2700 hectares in total. So we in in essence, we tripled the size of the resource”
John Darch· 14 May 2026·
country
Mexico
“the recent announcements by the Mexican government on the fact that they're opening up the mining sector”
Kenneth MacLeod· 18 Dec 2025·
region
Sonora
“the support we're getting from the government of Sonora which of course is the number one gold producer in Mexico”
Kenneth MacLeod· 18 Dec 2025·

Technical risk 2

Key takeaway. Management states that a potentially 100% degree of drilling success is realistic at the project, but this is based on the key assumption that drilling can convert what is currently classified as sterile ground into mineralized material by…

Read the full summary

following vein structures exposed at surface (May 2026). The company presents this as a stated risk, acknowledging that the outcome depends entirely on that assumption holding true.

What was actually said
key assumption
convert sterile ground classified material into mineralized material through drilling, following vein structures exposed at surface
“convert that into material mineralized material. And we're following vein structures that are exposed at surface.”
Kenneth MacLeod· 26 May 2026·
stated risk
potentially 100% degree of success with the drilling is realistic
“the idea of having um a potentially 100% degree of success with the drilling is realistic.”
Kenneth MacLeod· 26 May 2026·

Economics 19 statements

Economics 11

Key takeaway. In December 2025, management said Sonoro Gold's previous preliminary assessment was based on $1,800-per-ounce gold, and that a new PA was expected at a discount to $4,000 — or at around $2,800 or $3,000 an ounce.

Read the full summary

By May 2026, the company was citing $3,500 and $4,700 gold prices, reporting an after-tax net pre internal rate of return of over 50% at $3,500 and an IRR closer to 100% at $4,700. Management also stated a current cash operating cost of $1,800 per ounce and described a 16,000-tons-per-day throughput over a 10-year mine life.

What was actually said
capex
16,000 tons per day throughput over a 10-year life of mine
“the PEA was based upon uh, 16,000 tons per day throughput over a 10-year life of mine.”
Kenneth MacLeod· 14 May 2026·
irr
after-tax net pre internal rate of return of over 50% at $3,500 gold
“we're looking at an after-tax net pre internal rate of return of over 50%.”
John Darch· 14 May 2026·
irr
internal rate of return goes closer to 100% at $4,700 gold
“when you take gold at the current price of $4,700 the internal rate of return goes closer to 100%.”
John Darch· 14 May 2026·
Show the other 8 statements
irr
over 50%
“we're looking at an after-tax net pre internal rate of return of over 50%.”
Kenneth MacLeod· 14 May 2026·
irr
closer to 100%
“And when you take gold at the current price of $4,700 the internal rate of return goes closer to 100%.”
Kenneth MacLeod· 14 May 2026·
operating cost
$1,800 cash cost per ounce
“I do expect that from the current $1,800 cash cost per ounce, that by filling some of these areas that are currently sterile, that we can reduce”
Kenneth MacLeod· 14 May 2026·
operating cost
current $1,800 cash cost per ounce
“from the current $1,800 cash cost per ounce, that by filling some of these areas that are currently sterile, that we can reduce [clears throat] the cash cost per ounce”
John Darch· 14 May 2026·
price assumption
$4,700
“And when you take gold at the current price of $4,700 the internal rate of return goes closer to 100%.”
Kenneth MacLeod· 14 May 2026·
price assumption
$3,500 an ounce
“Because when you look at taking gold at $3,500 an ounce we're looking at an after-tax net pre internal rate of return of over 50%.”
Kenneth MacLeod· 14 May 2026·
price assumption
previous PA based on $1,800 per ounce; new PA expected at discount to $4,000
“the previous PA was based on $1,800 an ounce, if you look at where it's going to be based now, whether the reports going to be at $2,800 or $3,000, and we know it's going to be a discount to the current $4,000”
Kenneth MacLeod· 18 Dec 2025·
price assumption
previous PA based on $1,800 an ounce, new one expected at $2,800 or $3,000
“if you look at the previous PA was based on $1,800 an ounce, if you look at where it's going to be based now, whether the reports going to be at $2,800 or $3,000”
John Darch· 18 Dec 2025·

Financing 8

Key takeaway. Management provided financing updates at two different dates.

Read the full summary

In December 2025, the company said a C$4 million financing was fully committed and closing by end of that month, with insiders participating to maintain a 28% interest. By May 2026, management reported having raised $24 million, with a cash position of $24 million. In those later comments, they also stated that $9 million in exploration expenditure had been incurred to acquire a 51% interest, while the capital needed had shifted — described as $10 million "yesterday" and $12 million three weeks prior.

What was actually said
capital needed
10 million yesterday and 12 million three weeks ago
“10 million yesterday and uh we we raised another I believe it was 12 million to three weeks ago.”
Kenneth MacLeod· 26 May 2026·
capital needed
$9 million dollars in exploration
“51% interest through the expenditure of $9 million dollars in exploration of the property”
Kenneth MacLeod· 14 May 2026·
capital needed
24 million dollars raised
“you guys have raised a war chest, uh, 24 million dollars”
John Darch· 14 May 2026·
Show the other 5 statements
cash position
$24 million dollars
“you guys have raised a war chest, uh, 24 million dollars, correct me if I'm wrong.”
Kenneth MacLeod· 14 May 2026·
financing status
51% interest acquired through $9 million in exploration expenditure
“acquiring a 51% interest through the expenditure of $9 million dollars in exploration of the property”
John Darch· 14 May 2026·
capital needed
$4 million Canadian
“It's a $4 million Canadian financing and it's really the precursor to us securing the project financing next year”
Kenneth MacLeod· 18 Dec 2025·
dilution
insiders participating to maintain 28% interest
“We the insidider are participating to maintain our 28% interest in in our holdings”
Kenneth MacLeod· 18 Dec 2025·
financing status
fully committed, closing by end of December
“It's fully committed for right now. So we're we are proceeding now in the basis of closing this financing within the by the end of this year actually by the 28th or 29th of December”
Kenneth MacLeod· 18 Dec 2025·

Timeline 15 statements

Timeline 15

Key takeaway. Management has outlined a two-phase timeline, with statements from December 2025 and May 2026.

Read the full summary

In December 2025 the company said it expected MIA approval and a new PEA with economic figures in Q1 2026, with the full PEA report within 40 days of those figures. By May 2026, management reported that a 50,000-meter drilling program had just started and that the first rig was operating 24/7 with two shifts, with a second rig arriving within 30 days; first assay results were expected by the middle to third week of June. The company also stated that construction would begin 3 months after finalizing detailed engineering following environmental impact approval, with first pour targeted 13 months after that.

What was actually said
construction start
3 months to finalize detailed engineering after environmental impact approval, then 13 months to first pour
“we'd need another three months of to finalize the engineering. From that point we start construction. Then it's about a 13-month period to to pour the first Dory bar”
Kenneth MacLeod· 26 May 2026·
milestone
first rig operating 24/7 with two shifts, second rig within 30 days
“we started off last week with one rig operating 247. So, we have two shifts. And then the second rig will be within 30 days.”
Kenneth MacLeod· 26 May 2026·
milestone
50,000 meter drilling program just started last week
“We've initiated a 50,000 meter drilling programs just started last week actually on the original area we drilled where the pitch shells are located”
Kenneth MacLeod· 26 May 2026·
Show the other 12 statements
milestone
first set of assays should be announced by middle to third week of June
“we should be able to announce that I would say by by the middle to the third week of June, we should have some assays.”
Kenneth MacLeod· 26 May 2026·
milestone
50,000 m drilling program over 12 to 15 months
“50,000 m over the next uh 12 to 15 months.”
Kenneth MacLeod· 14 May 2026·
milestone
drilling started yesterday
“As of yesterday, we started the drilling program.”
Kenneth MacLeod· 14 May 2026·
milestone
50,000 m drilling program over next 12 to 15 months
“50,000 m over the next uh 12 to 15 months.”
John Darch· 14 May 2026·
milestone
LOIs to be converted into formal agreements within about 10 days
“when they get converted into uh formal agreements, which hopefully will be within about 10 days or so”
Kenneth MacLeod· 14 May 2026·
milestone
started the drilling program yesterday
“As of yesterday, we started the drilling program.”
John Darch· 14 May 2026·
milestone
full PEA report within 40 days of economic figures announcement
“the best estimate of announcing the economic factors would be by the end of January and then within 40 days of that we should be releasing the the full report”
John Darch· 18 Dec 2025·
milestone
economic figures announcement by end of January; full report within 40 days
“the uh best estimate of uh announcing the economic factors would be by the end of January and then within 40 days of that uh we should be releasing the the full report”
Kenneth MacLeod· 18 Dec 2025·
permit timing
Q1 of 2026
“we believe very strongly that in Q1 of 2026 we should be able to achieve that distinction of having the MIA approved”
John Darch· 18 Dec 2025·
permit timing
Q1 of 2026 for MIA approval
“We believe very strongly that in Q1 of 2026 we should be able to achieve that distinction of having the MIA approved”
Kenneth MacLeod· 18 Dec 2025·
study due
Q1 of 2026, economic figures by end of January
“a brand new pea which should be also coming out in final form in Q1 of 2026 and hopefully by the end of January we'll have the economic figures re released”
John Darch· 18 Dec 2025·
study due
Q1 of 2026 for new PEA; economic figures by end of January
“We are also producing a brand new pea which should be also coming out in final form in Q1 of 2026 and hopefully by the end of January we'll have the economic figures re released”
Kenneth MacLeod· 18 Dec 2025·

Corporate 3 statements

Share structure 3

Key takeaway. Management of Sonoro Gold notes that insiders own 28% of the company's shares.

Read the full summary

That figure comes from two different dates: the company reported 28% in December 2025 and again in May 2026.

What was actually said
insider stake
insiders own 28% of the shares
“We own 28% of the shares at some 20-odd cents plus.”
John Darch· 14 May 2026·
insider stake
28% of the shares
“The insiders, proven business people, successful, who have a lot of their own money into this. We own 28% of the shares”
Kenneth MacLeod· 14 May 2026·
insider stake
28%
“insiders to participate to maintain our 28% interest in in our holdings”
John Darch· 18 Dec 2025·

Outside views 5 mentions

5 mentions by people who do not speak for the company — 5 constructive, 0 cautious, 0 neutral. These are their views, not the company's.

Colin Kettell
bullish
Mentioned as a recent $10 million equity position with insider interest.
Palisades Gold Radio· 15 Jul 2026·
Unknown speaker
bullish
Team says the project has a large NPV versus a smaller market cap and expects drilling and financing progress.
The Deep Dive· 03 Mar 2026·
John Feneck
bullish
He likes the bootstrapped ownership, strong insider alignment, and permit upside in Mexico.
Investing News· 17 Dec 2025·
John Feneck
bullish
He likes low capex, low AISC, and the planned PEA update next year.
Investing News· 02 Nov 2025·
Show the other 1 mention
John Feneck
bullish
He expects permits and eventual production in Mexico, though timing slipped.
The Deep Dive· 11 Mar 2025·

Sources 4 interviews

Every interview 4

DateChannelInterviewStatements
26 May 2026 The Deep Dive Instead of Waiting, This Gold Developer Went Bigger | Kenneth McLeod - Sonoro Gold 12
14 May 2026 Natural Resource Stocks Sonoro Gold’s 50,000 Meter Drill Push Could Transform The Story 34
15 Jan 2026 Natural Resource Stocks 10 New Claims Added at Cerro Caliche — Why This Expansion Matters No claims identified
18 Dec 2025 Natural Resource Stocks Sonoro Gold Updates $4M Fully Committed Financing and Path to Production 14

What else those interviews covered

Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.

mercedes mine 2
gold 2
cerro caliche 2
mexican environmental permit 1
mia 1
pea 1
santa eulalia 1
sar khichia project 1

Questions people ask

What is Sonoro Gold's project and where is it?

Sonoro Gold is a developer gold company, with a project stated to be in Sonora, Mexico. Everything here is drawn from its executives' own interviews.

Which interviews mention Sonoro Gold?

We track 4 interviews mentioning Sonoro Gold, across 2 channels (Natural Resource Stocks, The Deep Dive).

What are investors saying about Sonoro Gold?

5 independent voices — people who do not speak for the company — are on record discussing it (5 bullish). Their reasoning is quoted in the outside-view section above.

What do recent interviews with Sonoro Gold cover?

The most-discussed topics on record are timeline, economics, jurisdiction, the deposit — each claim quoted and dated in the sections above.

How to read this page

What is here

Statements made by company representatives in the interviews listed above — each one carrying the words that made it, the date, and the recording. Nothing is added from any other source: if it was not said on a recording, it is not on this page. The one exception lives in the Claims & Checks record, which cites a metal price from our own feed so a stated cost can be set against it — and labels it as ours wherever it appears.

What is not verified

All of it. Resource figures, economics, timelines and promotional framing are management's own representations, checked against no filing and no technical report. Transcripts are automatic; we repair a clearly mis-heard word but never a number, a date, a unit or a speaker's hedge — “about 8.6 million ounces” keeps its “about”.

How to use it

Treat it as a map of what has been said, not as a source of fact. Where a figure matters to you, open the recording and read the company's filings. Nothing here is financial advice, a recommendation, or an offer to buy or sell any security — these are interested parties discussing their own company.

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