Sonoro Gold Company (SGO-TSXV, Smoove-OTCQB, 23SP) says that in response to investor demand, it is increasing the size of its previously announced private placement funding which is now expected to raise $15 million. This is higher than the previous target of $10 million. Proceeds from the offering will be used to advance the continued development of the company’s Cerro Caliche gold project in Sonora, Mexico, where the company plans a two-phase exploration campaign, including 50,000 meters of drilling to expand the resource.
The company is increasing the offering to 60 million units at a price of 25 cents per unit, with each unit consisting of one common share and one common share purchase warrant. Each warrant gives the holder the right to purchase one additional share for a period of three years from the closing date at an exercise price of 34 cents per common share.
On Friday, Sonoro Gold shares were unchanged at 26 cents and traded in a 52-week range of 33.5 cents and 13 cents.
Sonoro recently announced the results of an updated preliminary economic evaluation of its flagship Cerro Caliche project. The company said the PEA demonstrates the feasibility of the mine, open pit and pile mining operation for a period of 10 years with an initial one-year production rate of 12,000 tons per day increasing to 16,000 tons per day for the remainder of the project’s life.
The updated performance rating reflects the higher gold price as well as higher capital costs and operating cost estimates. It envisions a 10-year life with average production of 46,000 ounces of gold equivalent (AuEq) at 0.38 g/t or 459,000 ounces of AuEq over 10 years. Initial capital expenditures are expected to be US$83 million, including a US$11 million contingency. Sonoro owns 100% of the surface rights to the Cerro Caliche concessions and the surrounding area covering an initial area of 3,908 hectares.
The Cerro Caliche feature contains low-sulfur refractory gold and silver deposits in and around northwest-oriented vein structural zones that contain precious metals within the veins, veins and fractures.
According to the latest update, the project has a measured and indicated resource of 51.7 million tonnes at 0.37 g/t and 3.7 g/t silver or 640,000 ounces of gold equivalent (AuEq) within the enhanced hole casing. Furthermore, there is an inferred resource of 97,000 ounces of AuEq.
In a press release dated May 12, 2026, Sonoro said it had executed three binding letters of intent with two Sonora, Mexico residents to acquire a 100% interest in 24 mineral concessions, and up to a 51% interest in five additional mineral concessions adjacent to the Cerro Caliche project. Sonoro believes the acquisition represents a strategic opportunity to demonstrate the potential of the Cerro Caliche project as part of a larger thermal gold system, with large-scale potential to host multiple mineralized zones.
