Today’s news-release provides the clearest outline to date of how Tocvan Ventures Corp. plans to transition the Gran Pilar Project from exploration into pilot-scale production over the coming months.
The newly published 6-phase development plan sets out the path from ongoing trenching and mineralized material transport through construction of the mine infrastructure to a targeted first gold-silver doré pour in Q4 2026.
At the heart of the plan is the fully permitted 50,000 tonne pilot mine, including its heap-leach and processing facilities.
The pilot operation is designed to generate initial revenue and operating cash flow, validate metallurgical performance under real operating conditions and provide important technical and economic data for evaluating a potential larger-scale commercial development.
Tocvan is no longer operating solely at the planning stage. Construction is already well advanced, heavy equipment is on site, local crushing equipment has been contracted and components for the processing plant are currently being fabricated in Hermosillo.
Tocvan CEO Brodie Sutherland described the current status of the project in today’s news-release as follows:
“Gran Pilar is entering a pivotal phase. This pilot operation is the first step toward establishing Gran Pilar as a scalable, long-life gold-silver producer. With construction progressing, equipment on site, and processing infrastructure being built, we remain firmly on track for our first gold-silver doré pour in Q4 2026. The operating data and cash flow generated will directly inform our commercial development strategy.”
Importantly, this is no longer simply a discussion about exploration success. With permits secured, construction underway and processing infrastructure being assembled, Tocvan has entered the execution phase of project development. The company’s focus is now expanding beyond discovering mineralization to demonstrating that Gran Pilar can be mined and processed efficiently under real operating conditions.
Sutherland therefore presents the pilot operation not as an isolated test, but as the first operational building block within a broader development strategy. The technical, metallurgical, operating and cost data generated are intended to feed directly into planning for the project’s next stage of development and help determine how Gran Pilar could be advanced toward a scalable commercial gold-silver operation.
A FAVORABLE ENVIRONMENT FOR PRODUCTION
The timing of Tocvan’s planned transition from exploration to pilot-scale production could prove significant. Although the gold price has recently corrected following its strong advance, it remains at historically elevated levels over the longer term. At the same time, established gold producers continue to generate strong operating margins despite higher energy and operating costs, as their production costs remain well below current gold prices.
For mining companies, the gold price often acts as an operational lever. A significant portion of mining costs is fixed or rises much more slowly than the selling price of the metal. As a result, increases in the gold price can translate into disproportionately higher operating margins and cash flow, while declining gold prices can have the opposite effect. This operating leverage is one reason why gold mining equities typically exhibit greater volatility than the gold price itself.
For Tocvan, this relationship is particularly relevant because the planned pilot operation is expected to generate the company’s first production, operating cost and cash flow data. If the transition to pilot production proceeds as planned, Gran Pilar may increasingly be seen not only for its drill results and geological potential, but also for its actual metallurgical performance, operating costs and ability to generate cash flow in a strong gold price environment.
While the pilot operation is not intended to represent large-scale commercial production, it is substantially larger than a conventional bulk sample or metallurgical test program. The pilot operation is designed to demonstrate whether the near-surface mineralized material can be processed efficiently under real operating conditions and whether metallurgical recoveries previously achieved through laboratory and bulk-sample testing can be replicated at pilot scale. Such validation could become an important factor in supporting future project financing and the evaluation of a larger commercial mining operation.
A CLEARLY STRUCTURED DEVELOPMENT PLAN
The development roadmap released today divides the construction and operation of the pilot mine into 6 sequential phases. Several work streams are progressing simultaneously in order to maintain the targeted schedule toward the first gold-silver doré pour in Q4 2026.
The roadmap illustrates that Tocvan is approaching the transition to pilot production in a structured, step-by-step manner, with each phase building on the previous one and serving a clearly defined technical objective.
Phase 1: Trenching and Material Transport
Ongoing through Q3 2026
Objective: Secure and prepare a total of 50,000 tonnes of high-grade mineralized material for the pilot operation.
Key activities:
- Expanding dozer trenching across priority target areas within the South Block.
- Exposing near-surface mineralization based on previous drilling, surface sampling and geological mapping.
- Geological logging and classification of the excavated material.
- Loading mineralized rock using excavators and transporting it with haul trucks.
- Establishing separate stockpiles in preparation for processing.
- Collecting additional geological information regarding the thickness and continuity of the mineralized zones.
- Selecting material from near-surface, higher-grade areas previously identified through drilling, trenching and surface sampling.
Why this phase is important: Rather than developing a large open-pit for the pilot operation, Tocvan plans to selectively mine higher-grade near-surface material that can be processed with relatively modest capital requirements.
Milestone: A total of 50,000 tonnes of mineralized material stockpiled and available for the pilot operation.
Phase 2: Construction of the Heap-Leach Facility
Ongoing through Q3 2026
Objective: Construct the fully engineered heap-leach facility.
Key activities:
- Grading and compaction of the entire leach-pad area.
- Installation of a multi-layer liner system to protect the underlying ground.
- Installation of solution collection piping for the metal-bearing process solution.
- Construction of containment berms, solution ponds and emergency ponds.
- Installation of environmental monitoring systems, including water-monitoring wells.
- Completion of all required environmental inspections and approvals.
Why this phase is important: The heap-leach facility forms the core of the pilot operation. This is where the mineralized material will be leached over several weeks, while all process solutions are collected in a controlled manner and recirculated through the system.
Milestone: The facility receives technical certification and environmental clearance for stacking.
Phase 3: Material Crushing and Stacking
Planned for Q3 2026
Objective: Prepare the mineralized material for gold and silver leaching.
Key activities:
- Crushing the mineralized material to the optimal particle size.
- Transporting the crushed material to the heap-leach pad.
- Stacking the material in several lifts ~4-6 m high.
- Preconditioning the material, including the addition of lime to regulate pH.
- Distributing the material evenly to optimize metal recovery during the leaching process.
Why this phase is important: A consistent particle size and a uniformly constructed heap are essential to ensure that the leach solution flows evenly through the material and efficiently dissolves the gold and silver.
Milestone: The full 50,000 tonnes of mineralized material have been crushed, stacked and prepared for the leaching process.
Phase 4: Construction of the Processing Facility
Concurrent with Phases 2 and 3, with completion targeted for Q3 2026
Objective: Commission the hydrometallurgical processing facility.
Key activities:
- Installing the processing equipment currently being fabricated.
- Building the 5-column activated-carbon adsorption circuit.
- Installing pumps, piping and process-control systems.
- Integrating the solution ponds into the closed-loop processing circuit.
- Carrying out comprehensive dry and functional testing.
Why this phase is important: While gold and silver are dissolved from the mineralized material on the leach pad, the processing facility is where the metals are recovered from the process solution.
Milestone: The entire processing facility is fully commissioned and operational.
Phase 5: Leaching and Metal Recovery
Q3-Q4 2026
Objective: Recover gold and silver through continuous pilot-scale operations.
Key activities:
- Applying a dilute sodium cyanide solution to the stacked mineralized material through a drip-irrigation system.
- Operating the leach cycle for ~60-90 days.
- Collecting the metal-bearing solution through the installed piping system.
- Recovering the precious metals using activated carbon.
- Recirculating the process solution through a closed-loop system.
- Continuously monitoring metal recovery, cyanide concentration, pH, energy consumption and other key process parameters.
- Recording detailed operating and cost data.
- Assessing under real operating conditions whether the metallurgical results achieved in laboratory and bulk-sample testing can be replicated at pilot scale.
- Tocvan is targeting gold recovery of ~70% from the heap-leach operation.
Why this phase is important: This phase will provide the first indication of how the laboratory and bulk-sample results translate into continuous pilot-scale operations. It is also expected to generate meaningful technical and economic data for evaluating a potential future expansion of the project.
Milestone: Targeted overall gold recovery of ~70%, together with comprehensive metallurgical, operating and cost data.
Phase 6: First Doré Pour, Evaluation and Optimization
Targeted for late Q4 2026
Objective: Achieve initial pilot-scale gold-silver production and complete a detailed evaluation of the pilot operation.
Key activities:
- Further processing of the activated carbon loaded with precious metals.
- Recovery and smelting of the gold-silver concentrate.
- Production of the first doré bar.
- Weighing and assaying the recovered precious metals.
- Preparing a cash flow analysis.
- Determining actual operating costs and metal recoveries.
- Evaluating operating costs, recovery rates and optimization data and incorporating the results into a technical report and cash flow analysis.
- Using these findings to assess a potential second-stage expansion of the pilot or processing operation.
Why this phase is important: The first gold-silver doré pour would represent more than a symbolic milestone. It would mark Tocvan’s transition from exploration into pilot-scale production and provide technical and economic data that could support the evaluation of a larger future development.
Milestone: Initial gold-silver production, potential first revenue and a more robust operating dataset to support the next stage of development at Gran Pilar.
BOTTOM LINE
A notable aspect of Tocvan’s strategy is that development of the pilot mine is progressing alongside continued exploration. While construction advances, work remains focused on several high-priority target areas within both the South Block and North Block. At the same time, numerous assay results from the ongoing drill program remain pending.
Tocvan is therefore pursuing 2 objectives in parallel: On the one hand, continued exploration is intended to expand the project’s mineralized footprint and improve the geological understanding of Gran Pilar. On the other, the pilot operation is designed to create the conditions for initial revenue generation and produce valuable operating data that could inform the assessment of a larger commercial development.
The roadmap released today provides the clearest outline to date of how Tocvan intends to move Gran Pilar from exploration into pilot-scale production. While further exploration and drilling continue, the infrastructure required for initial gold-silver production is already being built.
If the announced schedule is maintained, Tocvan is targeting its first gold-silver doré pour from Gran Pilar in Q4 2026.
If successfully completed, the pilot operation could represent a significant milestone in Gran Pilar’s evolution from an exploration asset toward a potential commercial mining operation. Beyond demonstrating the technical aspects of the project, it is expected to provide operating, metallurgical and cost data that could substantially improve the technical understanding of the project and support planning for future expansion.
Company Details
Tocvan Ventures Corp.
Suite 1150 Iveagh House
707 – 7th Avenue S.W.
Calgary, Alberta, Canada T2P 3H6
Phone: +1 403 668 7855
Email: bsutherland@tocvan.ca (Brodie Sutherland)
www.tocvan.com
ISIN: CA88900N1050
Shares Issued & Outstanding: 78,735,014
Canada Symbol (CSE): TOC
Current Price: 0.57 CAD (07/14/2026)
Market Capitalization: 45 Million CAD
Germany Symbol / WKN (Tradegate): TV3 / A2PE64
Current Price: 0.353 EUR (07/14/2026)
Market Capitalization: 28 Million EUR
Contact
Rockstone News & Research
Stephan Bogner (Dipl. Kfm., FH)
Müligässli 1, 8598 Bottighofen
Switzerland
Phone: +41-71-5896911
Email: info@rockstone-news.com
Disclaimer and Forward-Looking Information: Rockstone and Tocvan Ventures Corp. (“Tocvan”; “the Company”) expressly point out that all forward-looking information contained in this report does not represent a guarantee of future results or performance. Actual results may differ materially from those projected. Readers are referred to Tocvan’s public filings, available on SEDAR+ at www.sedarplus.ca, for a more detailed discussion of risk factors and their potential impact. All statements in this report, other than statements of historical fact, constitute forward-looking statements. This report includes expectations, interpretations, projections and assumptions based on information available at the time of writing, including public disclosures by the Company and statements made by its management. Forward-looking statements include, but are not limited to, statements, expectations and assumptions regarding: Tocvan Ventures Corp.’s planned transition of the Gran Pilar Gold-Silver Project from exploration to pilot-scale production; the implementation, sequencing, timing and successful completion of the six-phase development plan outlined by the Company; the construction, commissioning and operation of the fully permitted 50,000-tonne pilot mine, including its heap-leach and processing facilities; the planned excavation, characterization, crushing, stacking and processing of approximately 50,000 tonnes of mineralized material; the progress of ongoing trenching, site preparation, infrastructure development and construction activities; the completion of the heap-leach pad, containment ponds and hydrometallurgical processing facility; the performance of the planned heap-leach operation, including anticipated operating parameters, metallurgical recoveries and processing performance; the expected production of the first gold-silver doré bar, the generation of initial revenue and operating cash flow, and the collection of technical, metallurgical, operating and economic data from the pilot operation; the potential use of such data to evaluate future project expansion and commercial development; the interpretation and significance of historical metallurgical test work, bulk-sample results and future pilot-scale operating results; the timing and significance of ongoing exploration activities, pending drill assay results, future drilling programs and potential expansion of mineralized zones; the Company’s ability to execute its development plans, secure required funding and advance Gran Pilar toward future stages of development; and the potential impact of gold and silver prices, operating costs, capital market conditions and investor sentiment on the Company’s future development plans. Statements regarding pilot-scale production, construction progress, metallurgical performance, operating costs, cash flow generation, project expansion, future development, commercial production, economic potential, scalability, future financing, project valuation or similar matters are based on management’s current expectations, technical interpretations, publicly available information and the author’s interpretation as of the date of publication. Such statements are inherently uncertain and should not be interpreted as guarantees of future performance, successful construction or operation of the pilot facility, achievement of anticipated recoveries, commencement of pilot production, commercial production, economic viability, project financing or any specific operational, financial or corporate outcome. There are currently no mineral reserves defined for the Gran Pilar Project and, unless otherwise disclosed by the Company, no completed maiden mineral resource estimate. Forward-looking statements are subject to numerous known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks include, but are not limited to: The speculative nature of mineral exploration and development; geological uncertainties; the possibility that ongoing or future drilling, trenching, sampling or metallurgical work may not support current geological interpretations or expectations; risks relating to the construction, commissioning, operation and performance of the pilot mine and associated processing facilities; uncertainties regarding metallurgical recoveries, operating costs, processing performance, scalability and the ability of pilot-scale results to support future commercial development; delays relating to construction, equipment delivery, infrastructure, contractors, permitting, environmental compliance, community relations, land access, water availability or regulatory approvals; reliance on contractors, laboratories and third-party service providers; financing and liquidity risks; fluctuations in gold and silver prices, operating costs, exchange rates and broader economic conditions; political, regulatory, environmental and social risks associated with operating in Mexico; and other risks beyond the Company’s control. Any references in this report to the significance of the pilot mine, the transition toward production, future expansion, commercial development, operating cash flow, project scalability, project value, investment profile, corporate milestones or similar expressions represent the opinions and interpretations of the author based on publicly available information and should not be interpreted as confirmation of economic viability, commercial production, future financial performance, investment returns or the successful execution of the Company’s development plans. Forward-looking statements are inherently subject to significant risks and uncertainties and there can be no assurance that such statements will prove to be accurate. Actual results, developments and future events may differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on forward-looking statements. Neither Rockstone, the author nor Tocvan Ventures Corp. undertakes any obligation to update or revise forward-looking statements, except as required by applicable law.
Disclosure of Interests and Legal Notice: Nothing in this report should be construed as an invitation to buy or sell securities. Rockstone, its owners, and the author of this report are not registered broker-dealers or financial advisors. Before investing in securities, you should always consult your financial advisor and a registered broker-dealer. Never make an investment decision based solely on online or printed reports, including reports from Rockstone – particularly when it comes to small, thinly traded companies. The author of this report, Stephan Bogner, received compensation from Tocvan Ventures Corp. in the amount of 19,000 CAD for a period of 3 months. In addition, he holds securities of Tocvan and will therefore also benefit from increased trading volume and share price appreciation. This represents a significant conflict of interest that may affect the objectivity of this reporting. The author may buy or sell securities of Tocvan at any time without notice, which may give rise to additional conflicts of interest. This report should be understood as a promotional publication and does not replace individual investment advice. All information is current as of the date of publication and is subject to change without notice. Liability for financial losses resulting from investments made on the basis of this report is excluded. The views of Rockstone and the author regarding the companies presented in this report reflect solely their own assessments and are based on information from public sources deemed reliable. Rockstone and the author have not conducted independent due diligence. Neither Rockstone nor the author guarantees the accuracy, completeness, or usefulness of the content, nor its suitability for any particular purpose. There is likewise no guarantee that the companies mentioned will perform as expected, or that comparisons with other companies will prove valid. Please read the full disclaimer carefully. If you do not agree with it, do not use this website or report. By using the website or this report, you agree to the disclaimer, regardless of whether you have read it in full. The information provided is of a general and educational nature. Data, tables, figures, and images, unless otherwise indicated or linked, originate from Tradingview.com, Stockwatch.com, Tocvan Ventures Corp., and publicly available sources.