Sonoro Gold CorpTSXV: SGO

Updated mineral resource estimate and preliminary economic assessment on the cerro caliche gold project, sonora, mexico

· Issued by Sonoro Gold Corp


UPDATED MINERAL RESOURCE ESTIMATE AND PRELIMINARY ECONOMIC ASSESSMENT ON THE CERRO CALICHE GOLD PROJECT, SONORA, MEXICO UTM NAD27 MEXICO ZONE 12N 536,540 m E AND 3,365,395 m N LONGITUDE 110°37'10" W AND LATITUDE 30°25' 12" N FOR SONORO GOLD CORP. NI 43-101 & 43-101F1 TECHNICAL REPORT Andrew Bradfield, P.Eng. Jarita Barry, P.Geo. Fred H. Brown, P.Geo. David Burga, P.Geo. D. Grant Feasby, P.Eng. Eugene Puritch, P.Eng., FEC, CET William Stone, Ph.D., P.Geo. P&E Mining Consultants Inc. Report 488 Effective Date: December 4, 2025 Signing Date: April 14, 2026 Table of Contents

  1. EXECUTIVE SUMMARY 1

  2. Property Location and Description 1

  3. Accessibility, Climate, Local Resources, Infrastructure and Physiography 1

  4. History 2

  5. Geological Setting, Mineralization and Deposit Type 3

  6. Exploration 3

  7. Drilling 4

  8. Sampling, Analyses and Data Verification 4

  9. Mineral Processing and Metallurgy 5

  10. Mineral Resource Estimate 5

  11. Mining Methods 6

  12. Recovery Methods 8

  13. Project Infrastructure 9

  14. Market Studies and Contracts 9

  15. Environmental Studies, Permits and Social or Community Impacts 10

  16. Capital and Operating Costs 10

  17. Economic Analysis 12

  18. Adjacent Properties 14

  19. Risks and Opportunities 14

  20. Conclusions 14

  21. Recommendations 15

  1. INTRODUCTION AND TERMS OF REFERENCE 16

  2. Terms of Reference 16

  3. Independent Site Visit 16

  4. Effective Date 16

  5. Sources of Information 17

    1. Previous Technical Reports 17

  6. Author Responsibilities 17

  7. Units and Currency 18

  1. RELIANCE ON OTHER EXPERTS 25

  2. PROPERTY DESCRIPTION AND LOCATION 26

    1. Location 26

    2. Property Description and Mineral Tenure 27

      1. Option Agreements 29

        1. Cerro Caliche Concessions Option Agreement 29

        2. Cabeza Blanca Concession Option Agreement 30

        3. El Colorado Concession Option Agreement 31

        4. Tres Amigos Concession Option Agreement 31

        5. Rosario Concessions Option Agreement 32

      2. Surface Rights 33

        1. Mexican Mining Law 34

    3. Environmental and Permitting 36

      1. Environmental Liabilities 36

        1. Required Permits and Status 37

    4. Author Comments 37

  3. ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY 38

    1. Access 38

    2. Climate 40

    3. Infrastructure 41

    4. Physiography 42

  4. HISTORY 44

    1. Sonoro Gold Corp. Company History 44

    2. Prior Ownership 44

    3. Project Historical Exploration and Development Results 46

      1. Cambior Inc. Exploration (1990s) 47

      2. Sidney Mining and Exploration (2000s) 47

      3. Corex Exploration (2007 to 2008) 48

      4. Paget Southern Resources (2011) 48

    4. Historical Mineral Resource Estimates 48

    5. Past Production 48

  5. GEOLOGICAL SETTING AND MINERALIZATION 50

    1. Regional Geology 50

    2. Property Geology 52

    3. Mineralization 54

    4. Structural setting 54

    5. Alteration 55

    6. Significant Mineralized Vein Zones 56

      1. Los Japoneses Zone (Including Cuervos, Boludito and Buena Vista) 58

      2. Abejas, Veta del Oro, Rincon with Chinos NW and Chinos Altos Zones 60

      3. Cabeza Blanca, Guadalupe, and El Colorado Zones 60

      4. La Española Zone 63

  6. DEPOSIT TYPE 64

    1. Geological Deposit Model 64

    2. Author Comments 66

  7. EXPLORATION 67

    1. Historical Exploration 67

    2. Sonoro Exploration 67

    3. Significant Results and Interpretation 72

    4. Author Comments 73

  8. DRILLING 74

    1. Type and Extent 74

      1. Historical Drilling Pre-2018 74

      2. Sonoro Drilling 2018 to Present 74

    2. Procedures 81

      1. Historical Drilling 81

        1. Collar Surveys 81

        2. Down Hole Deviation Surveys 81

        3. Logging 81

        4. Sampling 81

      2. Sonoro Drilling 82

        1. Collar Surveys 82

        2. Downhole Deviation Surveys 82

        3. Logging 82

        4. Sampling 83

    3. SAMPLE Recovery 83

    4. Sample Length Versus True Thickness 85

    5. Summary of Drill Hole Locations and Intercepts 89

  9. SAMPLE PREPARATION, ANALYSIS AND SECURITY 90

    1. Historical Data 90

      1. Cambior (1997) 90

      2. Corex (2007 - 2008) 90

      3. Paget (2011 - 2012) 95

    2. Sonoro Sampling (2018 - 2021) 99

      1. Sampling and Security 99

        1. Reverse Circulation Drilling 99

        2. Diamond Drilling 99

      2. Sample Analyses 101

    3. Bulk Density 101

    4. 2018-2021 Sonoro Quality Assurance/Quality Control Review 102

      1. Performance of Certified Reference Materials 102

      2. Performance of Blanks 106

      3. Performance of Field Duplicates 107

    5. Conclusions 108

  10. DATA VERIFICATION 109

    1. Database Verification 109

    2. Database Validation 109

    3. October 2025 Site Visit and Independent Sampling 109

    4. Adequacy of Data 114

    5. Conclusion 114

  11. MINERAL PROCESSING AND METALLURGICAL TESTING 115

    1. Metallurgical Test Programs 115

      1. Interminera Metallurgical Program 115

        1. Cyanide Test Column Results 116

        2. Particle Size Distribution - Head Analysis 116

        3. Size Distribution and Gold Content of Leach Tailings 118

        4. Column Test Results 119

        5. Conclusions and Recommendations from Interminera Program 122

      2. McClelland Metallurgical Program 123

        1. Bottle Roll Testing and Variability Testing Summary and Conclusions 125

        2. Head Analysis Results and Cyanide Solubility Results 128

        3. Bottle Roll Test Procedure and Results 130

        4. Column Percolation Leach Test Procedures and Results 134

    2. Summary and Conclusions 142

  12. MINERAL RESOURCE ESTIMATES 143

    1. Data Supplied 144

    2. Economic Considerations 146

    3. Mineralized Domains 146

    4. Exploratory Data Analysis 147

    5. Compositing 148

    6. Treatment of Extreme Values 149

    7. Continuity Analysis 149

    8. Block Model 150

    9. Bulk Density, Grade Estimation and Classification 150

    10. Mineral Resource Estimate 151

    11. Mineral Resource Sensitivity 152

    12. Validation 154

  13. MINERAL RESERVE ESTIMATES 156

  14. MINING METHODS 157

    1. Introduction 157

    2. Pit Optimization 157

    3. Pit Designs 160

    4. Geotechnical Studies 161

    5. Hydrogeological Studies 162

    6. Mining Dilution and Mining Losses 162

    7. Potentially Mineable Portion of the Mineral Resource 162

    8. Open Pit Sequencing 163

    9. Production Schedule 163

    10. Open Pit Mining Practices 166

      1. Drilling and Blasting 166

      2. Loading and Hauling 167

      3. Pit Dewatering 167

      4. Auxiliary Pit Services and Support Equipment 167

      5. Waste Material Storage 167

      6. Support Facilities 168

      7. Mining Manpower 168

  15. RECOVERY METHODS 170

    1. Summary 170

    2. Plant Design 174

      1. Design Criteria 174

      2. Operating Schedule and Availability 175

    3. 16,000 tpd Process Plant Description 175

      1. Primary Crushing Circuit 175

      2. Primary Crushed Mineralized Material Stockpile and Reclaim 176

      3. Secondary and Tertiary Crushing Circuit 176

      4. Heap Leach Pad System and Solution Distribution 179

      5. Carbon In Columns (CIC) Adsorption Circuit 179

      6. Carbon Forwarding and Recovery Circuit 179

      7. Reagent Handling and Storage 180

      8. Assay and Metallurgical Laboratory 180

      9. Water Supply 180

      10. Domestic Services 180

Company analysis