DENVER--(BUSINESS WIRE)--March 18, 2026--
Gold Resource Corporation (NYSE American: GORO) (the "Company") is pleased to announce its full-year operational results from its Don David Gold Mine ("DDGM") near Oaxaca, Mexico, and a corporate update on its other activities.
"We are pleased to report a successful operational turnaround during 2025 that culminated in a strong fourth quarter finish and over $25 million in cash and equivalents on the balance sheet," said Allen Palmiere, President and CEO. "Obviously, favorable metal prices were a meaningful contribution which realized an average of $55 per ounce for silver and $4,234 per ounce for gold metal sales. Production from our Three Sisters zone made a significant contribution, as expected, and as a result we anticipate that silver will represent approximately 40% of our output from this zone in 2026 and enhance our leverage to the silver market. Our operations team in Mexico has executed exceptionally well on our 2025 objectives, delivering solid year end results, positioning us for continued momentum in the year ahead."
Don David Gold Mine:
-- Production substantially improved, as the Company began receiving newly
acquired equipment at the end of the third quarter. The additional
equipment, combined with the strategic use of third-party contractors,
enabled an increase in available headings to mine and a subsequent
improvement in production.
-- DDGM produced and sold a total of 23,125 gold equivalent ounces,
comprising of 4,944 gold ounces and 1,461,898 silver ounces, sold at an
average price per ounce of $3,657 and $45.48, respectively. DDGM total
cash costs after co-product credits per gold equivalent ("AuEq")1 ounce
sold and DDGM all-in sustaining cost per AuEq ounce sold for the year
were $2,205 and $2,807, respectively. See Item 7. Management's Discussion
and Analysis of Financial Condition and Results of Operations--Non-GAAP
Measures for a reconciliation of non-GAAP measures to applicable GAAP
measures.
-- DDGM received the Mexican Empresa Socialmente Responsable ("ESR") award
in 2025 for the eleventh consecutive year.
-- During 2025, the Company's exploration program focused on underground
grade-control and infill drilling in support of near-term production,
primarily at the Three Sisters and Arista vein systems. At Three Sisters,
drilling targeted the Sandy and Sadie vein sets to refine and validate
the geologic model for production planning. Additional definition
drilling was completed on multiple veins within the Arista system,
including Splay 31, Candelaria, Marena, Santa Helena, Viridiana, and
Marena North, as well as the Soledad South vein in the Switchback vein
system. Exploration-related underground development advanced throughout
the year, positioning the Company to continue expansion drilling in early
2026. In addition, limited surface infill drilling also commenced at the
Alta Gracia project in the fourth quarter, focusing on the Mirador vein
system.
Corporate and Financial:
-- The Company closed the year with a $25.0 million cash and cash
equivalents balance at December 31, 2025. The increase of $23.4 million
from December 31, 2024 is the result of the Company's focus on improving
its cash position, mostly through the issuance of debt and equity in
2025, as well as improved production and higher metal prices.
-- The Company raised $2.5 million through a registered direct
offering in January 2025. In September 2025, the Company closed on
a second registered direct offering of $11.4 million for the sale
of 25,315,954 shares of the Company's common stock at a price of
$0.45 per share. The Company issued 14,204,846 of these shares,
for the fair value of approximately $6.4 million, to fully pay off
the term loan received in June 2025, as a non-cash equity
settlement.
-- The Company raised $8.6 million through its At-The-Market
Offering Program (the "ATM Program"), after deducting the agent's
commissions and other expenses.
-- In February 2025, the Company sold its interest in Green Light
Metals for $0.9 million in proceeds.
-- On May 7, 2025, the Company received a tax refund of 79.6
million pesos (approximately $4.0 million) related to DDGM taxes
paid in 2023.
-- Working capital at December 31, 2025, was $32.0 million, a 1,424%
increase from the December 31, 2024 working capital of $2.1 million. The
increase is primarily driven by the increase in cash and cash
equivalents.
2025 Sustaining and Growth Investments Summary
For the year ended December 31, 2025
2025 2024
--------------------- -------------------
Sustaining Investments:
Underground Development $ 3,243 $ 4,634
Other Sustaining Capital 6,149 2,970
Infill Drilling 1,289 977
Surface and Underground
Exploration Development &
Other 1,746 65
--- ---------------- ---------------
Subtotal of Sustaining
Investments: 12,427 8,646
--- ---------------- ---------------
Growth Investments:
DDGM growth:
Surface Exploration /
Other 1,857 1,921
Underground Exploration
Drilling - 38
Underground Exploration
Development 8,906 -
Back Forty growth:
Back Forty Project
Optimization &
Permitting 793 378
--- ---------------- ---------------
Subtotal of Growth
Investments: 11,556 2,337
--- ---------------- ---------------
Total Capital and Exploration: $ 23,983 $ 10,983
=== ================ ===============
Trending Highlights
2024 2025
----------------------------------- -----------------------------------
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
---------------- ------- -------- ------- ------- ------- ------- ------- --------
Operating Data
Total tonnes
milled 98,889 93,687 83,690 80,367 56,906 63,479 65,131 85,888
Average Grade
Gold (g/t) 1.89 1.27 0.54 0.64 0.70 0.56 1.11 0.96
Silver (g/t) 88 102 83 94 169 115 250 298
Copper (%) 0.37 0.26 0.19 0.20 0.18 0.13 0.16 0.16
Lead (%) 1.25 1.00 1.01 1.12 0.72 0.88 0.63 0.58
Zinc (%) 2.82 2.59 2.63 2.73 1.68 2.72 1.57 1.22
Metal production
(before payable
metal
deductions)
Gold (ozs.) 4,757 2,947 944 1,258 903 758 1,646 1,993
Silver (ozs.) 251,707 263,023 194,525 210,581 257,285 196,435 453,057 687,523
Copper (tonnes) 280 181 93 88 54 50 73 87
Lead (tonnes) 812 616 576 678 272 373 241 306
Zinc (tonnes) 2,310 2,020 1,741 1,734 699 1,380 784 750
Metal produced
and sold
Gold (ozs.) 3,557 2,724 1,357 960 859 878 1,422 1,785
Silver (ozs.) 216,535 234,560 181,434 184,804 230,320 150,365 417,710 663,503
Copper (tonnes) 264 197 98 82 50 43 67 80
Lead (tonnes) 667 491 467 548 277 272 212 253
Zinc (tonnes) 1,682 1,771 1,473 1,360 617 1,060 645 618
Average metal
prices realized
Gold ($ per oz.) $ 2,094 $ 2,465 $ 2,561 $ 2,706 $ 2,956 $ 3,350 $ 3,546 $ 4,234
Silver ($ per
oz.) $ 23.29 $ 30.49 $ 30.61 $ 31.11 $ 32.54 $ 34.35 $ 41.39 $ 55.06
Copper ($ per
tonne) $ 8,546 $ 10,428 $ 8,832 $ 8,969 $ 9,656 $ 9,619 $ 9,690 $ 11,224
Lead ($ per
tonne) $ 1,977 $ 2,235 $ 2,065 $ 1,897 $ 1,950 $ 1,887 $ 1,937 $ 1,981
Zinc ($ per
tonne) $ 2,483 $ 2,871 $ 2,854 $ 3,062 $ 2,710 $ 2,607 $ 2,841 $ 3,258
Gold equivalent
ounces sold
Gold Ounces 3,557 2,724 1,357 960 859 878 1,422 1,785
Gold Equivalent
Ounces from
Silver 2,408 2,901 2,169 2,125 2,535 1,542 4,876 8,628
Total AuEq oz 5,965 5,625 3,526 3,085 3,394 2,420 6,298 10,413
Year-End 2025 Conference Call
The Company has elected not to hold a conference call at this time. A conference call will be scheduled in the near future to present operational results.
About GRC:
(MORE TO FOLLOW) Dow Jones Newswires
March 18, 2026 17:43 ET (21:43 GMT)
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