November 4, 2025
Dear Valued Shareholder,
On September 10, 2025, and October 22, 2025, Sonoro Gold (“Sonoro”) closed consecutive non-brokered, private placements for
CAD $2M and CAD $4.1M respectively, raising total gross proceeds of over $6.1M. Proceeds have been primarily allocated for the
ongoing development of our flagship Cerro Caliche gold project but a modest amount of funds have also been allocated for the proposed spin-out of the San Marcial gold-silver project.
Shareholders and insiders continue to exercise warrants, with over 34.3 million warrants exercised to date in 2025. Insiders now hold
over 26% of all outstanding shares issued.
Value Added Tax (VAT) refunds received to date total approximately CAD $415,000, with a further CAD $2.1M in VAT refunds expected
by Q1 of 2026.
Mining Concessions and Surface Rights
On October 30, 2025, Sonoro announced that it had made the final concession payment of US $919,907.71 on the Cerro Caliche project, securing 100% ownership of the project’s mineral concession titles. Cerro Caliche is comprised of 15 contiguous mining concessions which Sonoro optioned in 2018 under five separate option agreements for total consideration of US $5.18M.
Financial obligations under the five option agreements have now been met and all concession titles have been registered to Sonoro’s wholly-owned Mexican subsidiary, Minera Mar de Plata (“MMP”).
On July 4, 2025, Sonoro announced that it had executed a surface rights… Read Full PDF Letter Here