PAVING THE WAY TO PRODUCTION
Gran Pilar
Project
ACTIVE
TRENCHING
RESULTS PENDING
ACTIVE DRILLING
Fully Permitted With Active Exploration Underway
PRIME MINING JURISDICTION
Unlocking a District-Scale Opportunity
With over 30,000m of drilling already completed, the Gran Pilar asset boasts exceptional continuity, evidenced by its wide intercepts, and enormous expansion potential. Recent exploration has delivered significant high-grade discoveries in previously untested zones, suggesting the resource footprint is far larger than currently defined.
As Tocvan integrates these stellar results and new geophysical data, the Company is accelerating towards a Maiden Resource Estimate—the critical milestone expected to re-rate the stock and quantify the true scale of this bulk-tonnage, open-pit opportunity in Sonora.
0
Hectares
Sonora
Mining Region
0%
Full Ownership
Au-Ag
Metals
Near-Term
Production
Stage
Epithermal Vein/
Breccia System
Target Style
North Block
100% Owned
- New Surface Discoveries (up to 5.6 g/t Au and 1,225 g/t Ag)
- Pervasive Hydrothermal Alteration - 3.3 km x 1.5 km Target Area
- Top of Epithermal Characteristics
- (Clay Alteration/ Geochemical Pathfinders)
- Never Drilled. Preparing Drill Targets
- Conceptual Target
- 1.6 to 3.2 km strike x 50 m width x 150 m vertical
- 28.8 to 57.6 Mt grading 0.5 g/t to 1.5 g/t Au
South Block
8 km2 100% Interest
1 km2 51% Majority Interest
- Source area for extensive placer gold
- Discovered with Recon - 3 km x 2 km Target Area (Open to East)
- Established Main Zone
- 30,000 m of Drilling
- Permitted For:
- Drilling and TrenchingDrilling and Trenching
- Pilot Mine (50,000 tonnes, 10 years)
- Conceptual Target
- 0.9 to 2.7 km strike x 50 m width x 150 m vertical
- 16.2 to 48.6 Mt grading 0.5 g/t to 1.5 g/t Au
CONTINUOUS EXECUTION
Proven Operational Success
83.5m @
1.3 g/t Au
9.7m @10.3
g/t Au
3.1m @ 19.4 g/t Au within 106.8m of 0.6 g/t Au from surface; 6.1m @ 5.4 g/t Au within 41.2m @ 1.0 g/t Au
Actively drilling and poised for exponential growth
Fully permitted; Road Construction and Trenching Underway
Estimate + PEA
Resource modeling and economic study underway to confirm growth potential.
YOUR QUESTIONS ANSWERED
FAQs
What makes Gran Pilar different from other gold-silver exploration projects in Mexico?
Gran Pilar is advancing from exploration to near-term production with a fully permitted 10-year, 50,000-tonne pilot mine facility in Sonora, Mexico, one of the country’s most prolific gold-producing states. The project benefits from exceptional metallurgical recovery rates when using gravity combined with agitated leach of up to 95-99% for gold and 73-97% for silver, significantly higher than typical heap leach operations. With over 21 km² of 100% controlled prospective ground, high-grade near-surface mineralization, and infrastructure already in place, Gran Pilar offers investors exposure to both production cash flow and significant exploration upside in a mining-friendly jurisdiction.
What are the production timelines and expected economics for the pilot mine?
The pilot mine facility received full permit approval in August 2025 for a 10-year operation. The facility is designed to process 50,000 tonnes with target operational parameters of 1.2 g/t gold head grade and 70% recovery. Based on nearby producers in Sonora such as Mulatos (Alamos Gold) and Santana (Minera Alamos), which operate with all-in sustaining costs of $1,000-$1,400/oz, and with current gold prices exceeding $4,000/oz, the pilot mine is positioned to demonstrate robust economics. The company is targeting pilot mine commencement in 2026 with development work already underway.
How much drilling has been completed at Gran Pilar and what are the best results?
Tocvan has completed over 30,000 meters of drilling at Gran Pilar, including approximately 15,000 meters of historic drilling and over 15,000 meters since 2020. Recent standout results include: 116.9m @ 1.2 g/t Au including 10.2m @ 12 g/t Au, 42.7m @ 41 g/t Ag from surface including 10.7m @ 136 g/t Ag, 21.6 g/t Au and 209 g/t Ag over 3.0 meters, and 83.5m @ 1.3 g/t Au including 9.7m @ 10.3 g/t Au. The consistency of mineralization across both the Main Zone and the 100% controlled expansion areas demonstrates the scale and quality of the system.
When will Tocvan release a mineral resource estimate and what will it cover?
A maiden mineral resource estimate is expected in 2026. However, it’s important to note that the initial resource will cover less than 3% of Gran Pilar’s total land package—specifically the Main Zone (approximately 1 km²). This represents just the starting point, as Tocvan controls over 21 km² of prospective ground with multiple high-priority targets including the North Block which we are actively drilling (spanning 3.2 km by 1.5 km) and South Block expansion areas that remain largely undrilled. The company is targeting 15,000-20,000 meters of additional drilling through the end of 2026.
What is the geological setting and why is it significant for investors?
Gran Pilar is a low-sulfidation epithermal gold-silver system located in Sonora’s prolific Sierra Madre Occidental geological province, which accounts for 36.8% of Mexico’s annual gold production. The project exhibits characteristics similar to major regional producers including oxidized, near-surface mineralization ideal for heap leaching. The system features multiple mineralized trends including the Main Zone, North Hill, 4-Trench Zone, and newly discovered North Alteration Zone, all controlled by northwest-trending structures typical of world-class epithermal deposits. Historic underground workings and artisanal mining throughout the property confirm the presence of high-grade gold-silver mineralization over a district-scale footprint exceeding 22 km².
How does Gran Pilar's metallurgical performance compare to industry standards?
Gran Pilar’s metallurgical results are exceptional. Agitated bottle roll tests demonstrated rapid recovery of 80% gold and 94% silver within just 24 hours. More comprehensive gravity recovery combined with agitated leach testing achieved 95-99% gold recovery and 73-97% silver recovery from five composite samples. Even drill core from 120-meter depth showed 99% gold and 73% silver recovery. The 2023 bulk sample achieved 62% gold recovery over a 46-day leaching period with a head grade of 1.9 g/t Au, providing proof-of-concept for heap leach processing, although we believe there are ways to improve the gold recovery.
What infrastructure and permits are in place at Gran Pilar?
Gran Pilar benefits from excellent infrastructure access, located 140 kilometers from Hermosillo, Sonora’s capital. The project has secured comprehensive permits including a 10-year pilot mine facility with 50,000-tonne capacity, approval for over 30,000 meters of drilling across 45 drill pads, and 67 trenching locations. Water access is available from the local community and ranch, with wells incorporated into the permitted design. The permitted infrastructure includes a 1.76-hectare footprint with hydrometallurgical processing facilities using heap leach and carbon adsorption recovery systems. The mine-friendly jurisdiction of Sonora, combined with existing road access and proximity to skilled labor and support services, significantly reduces development risk and capital requirements.
What is the exploration upside beyond the Main Zone?
The exploration upside at Gran Pilar is substantial. The company controls over 21 km² of prospective ground, where the initial drilling covers less than 1 km². The North Block alone spans 3.2 km by 1.5 km and remains largely undrilled despite showing extensive alteration, historic workings, and high-grade surface samples up to 5.6 g/t Au and 106 g/t Ag. Recent discoveries include two new mineralized targets with 60-meter and 50-meter underground historic workings. The South Block has returned the project’s highest-grade intercepts and the broadest silver zone ever, but we are now actively drilling the North Block. Management estimates the North Alteration Zone and Placer Source Target each hold exploration potential of 1-3 million ounces of gold.
What is the capital requirement to advance Gran Pilar to full production?
One of Gran Pilar’s most attractive features is its low capital intensity pathway to production. Management has indicated that commercial heap leach production would require approximately US$20 million in capital to produce up to 50,000oz/year. This modest requirement reflects the project’s near-surface, oxide-hosted mineralization suitable for low-cost heap leaching, existing infrastructure and water access, and the mine-friendly permitting environment in Sonora. The 50,000-tonne pilot mine will provide critical operating data to de-risk and optimize the transition to full-scale production.
How does the current gold price environment impact Gran Pilar's economics?
With gold prices exceeding $4,000/oz and recently touching record highs, Gran Pilar is positioned in an exceptionally favorable economic environment. Nearby Sonora producers operate with all-in sustaining costs of $1,000-$1,400/oz, suggesting potential margins exceeding $2,600-$3,000/oz at current prices. The project’s high-grade zones and exceptional recovery rates further enhance potential economics. The pilot mine will target to process material averaging 1.2 g/t Au with an estimated 70% recovery. This combination of grade, recovery, and low anticipated operating costs positions Gran Pilar to generate significant cash flow even in more conservative gold price scenarios, while the current high-price environment accelerates payback and maximizes shareholder returns.
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