GoGold Secures US$60.4 Million Financing for Los Ricos Project

GoGold Resources reports the closing of its previously announced bought deal offering, which involved the sale of 47,391,500 common shares at CA$1.82 each. The aggregate gross proceeds from the offering totaled CA$86.2 million, which includes the full exercise of the over-allotment option to purchase an additional 6,181,500 common shares. BMO Capital Markets and Stifel Nicolaus Canada acted as joint bookrunners for the offering, on behalf of a syndicate of underwriters. The company said the resources will be used for exploration efforts at its Los Ricos South and North in Jalisco. 

The initial agreement for the bought deal offering announced on Mar. 19, 2025, outlined the sale of 41,210,000 common shares, with the offering expected to generate gross proceeds of approximately CA$75 million, as noted in a previous GoGold’s press release.

GoGold Resources intends to use the net proceeds from the offering for the development of its Los Ricos South project, exploration activities at both the Los Ricos South and North projects, and for general corporate purposes.
 

Los Ricos South 

On Jan. 24, 2025, MBN reported that GoGold Resources released a feasibility study for its Los Ricos South. The study detailed a 15-year mine life, commencing with 12 years of underground operations followed by an open-pit phase. The project has a construction budget of US$227 million and is projected to produce a total of 80Moz AgEq, including 41Moz of silver, 424,000oz of gold, and 11Mlb of copper. The first five years of production are expected to average 7.3Moz AgEq annually, utilizing a processing plant with a capacity of 2,000t/d.

Los Ricos South is one of five mines scheduled to begin operations within 1H25, including Minera Alamos' Santa María mine in Sonora, Endeavour Silver's Terronera project in Jalisco, Luca Mining's Tahuehueto Mine in Durango, and Torex Gold’s Media Luna project in Guerrero.