Sonoro Gold Secures Cerro Caliche Concessions, Eyes Mine Spin-Out

Canada-based junior company Sonoro Gold announced it has raised over CA$6.1 million (US$4.3 million) in gross proceeds from two recent private placements and has secured 100% ownership of its flagship Cerro Caliche gold project in Sonora, Mexico. The company also provided updates on permitting, a planned Preliminary Economic Assessment (PEA), and a potential asset spin-out, the company revealed in a letter to investors.

In the letter, John Darch, Chair, Sonoro Gold, reported that the company closed non-brokered private placements on Sept. 10, 2025, and Oct. 22, 2025, for total proceeds of over CA$6.1 million, which will be used for the development of Cerro Caliche and a proposed spin-out of the San Marcial project. Sonoro also noted it has received CA$415,000 in VAT refunds to date, with an additional CA$2.1 million expected by 1Q26. 

Shareholders and insiders continue to exercise warrants, with over 34.3 million warrants exercised to date in 2025, as reported by Sonoro Gold. The company noted that insiders hold over 26% of all outstanding shares issued and often provide unsecured loans to minimize dilution.

On Oct. 30, 2025, Sonoro made a final concession payment of US$919,907.71, completing the acquisition of the project's 15 concession titles. This fulfilled the total consideration of US$5.18 million under the option agreements established in 2018, which was later accepted by the TSX Venture Exchange (TSXV), as reported by MBN.

The company also executed a surface rights agreement with a local landowner on July 4, 2025. The new agreement grants Sonoro Gold's subsidiary exclusive control over 3,908ha for up to 25 years, securing sufficient land for the proposed mine and infrastructure. According to Darch, securing the surface rights now allows the company to advance its Change of Land Use (CUS) permit application, one of two environmental permits required by the Ministry of Environment and Natural Resources (SEMARNAT). Sonoro Gold anticipates filing the CUS submission by the end of 2025. The company's Environmental Impact Assessment (MIA) was formally filed in May 2022 and has since been revised in consultation with the authority.

Sonoro Gold also engaged P&E Mining Consultants in October 2025 to complete an updated, NI 43-101 compliant PEA for the project. The new assessment, expected in 1Q26, will reflect an updated gold price, capital costs, and operating costs, revising the US$1,800 gold price used in the 2023 PEA. An updated Mineral Resource Estimate (MRE) will be released concurrently.

Sonoro Evaluates a San Marcial Project Spin-Out  

Sonoro Gold is currently evaluating a strategic reorganization to spin out its 100%-owned San Marcial gold-silver project into a wholly-owned subsidiary, Oronos Gold Corp. The company stated this move could unlock the value of the asset without diluting Sonoro Gold shareholders. The potential spin-out would be subject to shareholder approval, court approval, and TSXV listing requirements. A final decision is pending an independent valuation and tax review.

The company is proceeding cautiously, stating that spinning out an asset is a timely and costly process. No formal reorganization will be announced until the board has reviewed an independent valuation of San Marcial and confirmed all potential tax liabilities. To satisfy TSXV listing requirements, Oronos Gold would need to demonstrate CA$100,000 in prior exploration expenses, have CA$200,000 for a new exploration program, and hold another CA$100,000 in unallocated working capital, which would likely be funded by a private placement, according to Sonoro Gold. 

Sonoro Gold also announced that CFO Salil Dhaumya resigned on Oct. 30, 2025. Katharine Regan, Board Member and Corporate Secretary, Sonoro Gold, will assume the role of interim CFO.