Portfolio Company Wins Final Approval to Build Silver Mine in Mexico

This week, one of our portfolio companies, GoGold Resources Inc. (TSX: GGD | OTCQX: GLGDF), achieved a major milestone: the Mexican government has granted all necessary permits and approvals to begin construction of the Los Ricos South underground mine.

This is a pivotal development, especially against a backdrop of prior regulatory uncertainty in Mexico. Final construction approvals have been scarce in recent years, making GoGold’s success a significant win—not just for the company, but for the broader mining sector in the jurisdiction.

At Palisades, we view GoGold as a top-tier developer and hold a significant position in the company, including 2,250,000 tradeable warrants (TSX: GGD.WT) exercisable at $3.50 until November 2028. It is currently our largest portfolio holding by market capitalization (over $1 billion).

With construction set to ramp up at Los Ricos South and permitting advances on the complementary Los Ricos North project, we believe GoGold’s share price is well positioned for substantial upside.

Making a Strategic Bet on Mexico

Mexico has a rich history of mineral production, strong infrastructure, and a skilled workforce. While permitting slowed in recent years, we are seeing clear signs of improvement in the regulatory environment—particularly for projects that meet high environmental and social standards. GoGold’s success reinforces our conviction.

In addition to our existing stake in GoGold, we have recently made a meaningful investment in another high-quality Mexican gold developer. Supported by an imminent permit catalyst and our belief that Mexico is cyclically emerging as a more favorable mining jurisdiction, we look forward to sharing more details in the coming weeks.

Across the Palisades portfolio, our companies continue to execute on development plans and position themselves to capitalize on strengthening commodity markets and improving industry tailwinds.

We will keep you updated as further news flows from our portfolio companies.

Best regards,

The Palisades Team

NOTE: This material is for discussion purposes only. This is not an offer to buy or sell or subscribe or invest in securities. The information contained herein has been prepared for informational purposes using sources considered reliable and accurate, however, it is subject to change and we cannot guarantee the accurateness of the information. The material does not necessarily reflect the official policy or position of Palisades Goldcorp Ltd.