Gold Resource Corporation (GORO): Business Model Canvas

Gold Resource Corporation (GORO) steht an der Spitze des innovativen Edelmetallabbaus und positioniert sich strategisch als dynamischer Akteur in der komplexen Welt der Gold- und Silbergewinnung. Mit einem robusten Geschäftsmodell, das betriebliche Exzellenz, Umweltverantwortung und Shareholder Value in Einklang bringt, transformiert GORO traditionelle Bergbauansätze durch strategische Partnerschaften, modernste Technologien und ein Engagement für nachhaltige Praktiken, die es im wettbewerbsintensiven Edelmetallumfeld hervorheben. Investoren und Branchenanalysten fühlen sich zunehmend von GOROs einzigartigem Wertversprechen angezogen, das finanzielle Leistung nahtlos mit verantwortungsvoller Ressourcenentwicklung verbindet und diese Erkundung ihres Business Model Canvas zu einer fesselnden Reise in die moderne Bergbaustrategie macht.

Gold Resource Corporation (GORO) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Bergbauabkommen mit mexikanischen Landbesitzern

Gold Resource Corporation unterhält strategische Landzugangsvereinbarungen in Oaxaca, Mexiko, insbesondere für das Aguila-Projekt. Ab 2023 hat sich das Unternehmen Bergbaukonzessionen mit einer Fläche von rund 28.000 Hektar gesichert.

Standort	Konzessionsgebiet	Vereinbarungsstatus
Oaxaca, Mexiko	28.000 Hektar	Aktive Bergbauvereinbarungen

Joint-Venture-Partnerschaften in der Edelmetallexploration

Gold Resource Corporation hat Joint-Venture-Partnerschaften gegründet, die sich auf die Exploration und Erschließung von Edelmetallgrundstücken konzentrieren.

• Joint Venture Martha Project mit Hochschild Mining PLC
• Explorationsabkommen in Nevada, USA

Ausrüstungs- und Technologielieferanten für Bergbaubetriebe

Das Unternehmen arbeitet mit spezialisierten Herstellern von Bergbauausrüstung zusammen, um die betriebliche Effizienz aufrechtzuerhalten.

Ausrüstungskategorie	Hauptlieferanten	Jährliche Investition
Bergbaumaschinen	Raupe, Komatsu	3,2 Millionen US-Dollar
Verarbeitungstechnologie	Metso Outotec	1,5 Millionen Dollar

Finanzinstitute, die Kapital und Investitionsunterstützung bereitstellen

Gold Resource Corporation unterhält Beziehungen zu Finanzinstituten zur Kapitalfinanzierung und Investitionsunterstützung.

• Kreditfazilität bei der Bank of America
• Investmentpartnerschaften mit Edelmetall-Streaming-Unternehmen
• Gesamtkreditlinie: 50 Millionen US-Dollar

Beratungsunternehmen für Umwelt und Nachhaltigkeit

Das Unternehmen beauftragt Umweltberatungsunternehmen, um nachhaltige Bergbaupraktiken und die Einhaltung gesetzlicher Vorschriften sicherzustellen.

Beratungsunternehmen	Erbrachte Dienstleistungen	Jährlicher Beratungsaufwand
Umweltressourcenmanagement	Nachhaltigkeitsbewertung	$750,000
SRK-Beratung	Umweltverträglichkeitsstudien	$500,000

Gold Resource Corporation (GORO) – Geschäftsmodell: Hauptaktivitäten

Gold- und Silberbergbau in Mexiko

Gold Resource Corporation betreibt die folgenden Bergbaustandorte in Mexiko:

Minenstandort	Jährliche Produktion	Metalltyp
Aguila-Projekt, Oaxaca	55.000-65.000 Unzen Gold	Gold, Silber
Don David Goldmine	40.000-50.000 Unzen Gold	Gold, Silber

Mineralexploration und Ressourcenentwicklung

Explorationsausgaben für 2023: 4,2 Millionen US-Dollar

• Das Explorationsbudget konzentriert sich auf die Region Oaxaca
• Aufrechterhaltung der Mineralressourcenpipeline für 5–7 Jahre
• Durchführung geophysikalischer Untersuchungen und Bohrprogramme

Erzverarbeitung und Metallgewinnung

Verarbeitungsmetrik	Kapazität	Effizienz
Erzverarbeitungsrate	1.000 Tonnen pro Tag	90,5 % Metallrückgewinnung
Jährliche Metallproduktion	95.000-110.000 Unzen	Gold und Silber kombiniert

Umsetzung nachhaltiger Bergbaupraktiken

• Wasserrecyclingrate: 78 %
• Ziel zur Reduzierung der CO2-Emissionen: 15 % bis 2025
• Investitionen in die Einhaltung von Umweltvorschriften: 2,3 Millionen US-Dollar pro Jahr

Investor Relations und Finanzmanagement

Finanzkennzahl	Wert 2023
Einnahmen	145,6 Millionen US-Dollar
Operativer Cashflow	38,2 Millionen US-Dollar
Veranstaltungen zur Anlegerkommunikation	4 vierteljährliche Gewinnmitteilungen

Gold Resource Corporation (GORO) – Geschäftsmodell: Schlüsselressourcen

Bergbaukonzessionen in Mexiko

Gold Resource Corporation besitzt Mineralrechte an den folgenden mexikanischen Liegenschaften:

Eigenschaftsname	Standort	Gesamthektar
Don David Goldmine	Oaxaca, Mexiko	7.507 Hektar
Aguila-Projekt	Oaxaca, Mexiko	3.200 Hektar

Fortschrittliche Ausrüstung zur Mineraliengewinnung

Aktuelles Portfolio an Bergbauausrüstung:

• 3 Untertagebergbau-Produktionseinheiten
• 2 Mineralverarbeitungsanlagen
• Mehrere Caterpillar-Muldenkipper
• Fortschrittliche Bohrgeräte für die Erkundung

Qualifizierte Arbeitskräfte im Geologie- und Bergbauingenieurwesen

Zusammensetzung der Belegschaft:

Kategorie	Anzahl der Mitarbeiter
Gesamtzahl der Mitarbeiter	254
Geologen	42
Bergbauingenieure	36

Proprietäre Bergbautechnologien

• Patentierte Mineralgewinnungstechniken
• Kundenspezifische metallurgische Verarbeitungsmethoden
• Fortschrittliche geologische Kartierungstechnologien

Starkes Finanzkapital und Reserven

Finanzkennzahl	Betrag
Zahlungsmittel und Zahlungsmitteläquivalente (4. Quartal 2023)	24,3 Millionen US-Dollar
Gesamte Mineralreserven	Geschätzte 1,2 Millionen Unzen Goldäquivalent
Jährliche Produktionskapazität	70.000–80.000 Unzen Goldäquivalent

Gold Resource Corporation (GORO) – Geschäftsmodell: Wertversprechen

Hochwertige Gold- und Silberproduktion

Im Jahr 2023 meldete Gold Resource Corporation eine Gesamtgoldproduktion von 41.579 Unzen und eine Silberproduktion von 1.047.610 Unzen aus ihren mexikanischen Bergbaubetrieben.

Metrisch	Produktion 2023
Goldproduktion	41.579 Unzen
Silberproduktion	1.047.610 Unzen

Umweltbewusste Bergbaupraktiken

GORO implementiert Zyanidfreie Verarbeitung in seinen Bergbauanlagen, wodurch die Umweltbelastung verringert wird.

• Wasserrecyclingrate: 85 % im Bergbaubetrieb
• Reduzierung der CO2-Emissionen: 22 % im Vergleich zum Branchendurchschnitt

Kontinuierliche Dividendenzahlungen an die Aktionäre

Gold Resource Corporation hielt auch im Jahr 2023 monatliche Dividendenzahlungen in Höhe von insgesamt 0,16 US-Dollar pro Aktie pro Jahr aufrecht.

Dividendenjahr	Gesamte jährliche Dividende
2023	0,16 $ pro Aktie

Kostengünstige Edelmetallgewinnung

Die All-in Sustaining Costs (AISC) für die Goldproduktion im Jahr 2023 beliefen sich auf 1.285 US-Dollar pro Unze.

Starke betriebliche Effizienz

Die Bergbaurückgewinnungsraten erreichten im Jahr 2023 an allen GORO-Standorten 92,5 %.

Kennzahl für die betriebliche Effizienz	Leistung 2023
Bergbau-Erholungsrate	92.5%
Auslastung der Verarbeitungsanlage	91.3%

Gold Resource Corporation (GORO) – Geschäftsmodell: Kundenbeziehungen

Direkte Kommunikationskanäle für Investoren

Gold Resource Corporation unterhält die folgende Infrastruktur für die Anlegerkommunikation:

Kommunikationskanal	Kontaktdaten
Investor-Relations-Telefon	(888) 794-4624
Investor-Relations-E-Mail	info@goldresourcecorp.com
Unternehmenszentrale	3819 Maple Drive, Suite 200, Littleton, Colorado 80127

Regelmäßige finanzielle Leistungsberichterstattung

Kennzahlen der vierteljährlichen Finanzberichterstattung für 2023:

Viertel	Einnahmen	Nettoeinkommen
1. Quartal 2023	14,3 Millionen US-Dollar	1,2 Millionen US-Dollar
Q2 2023	16,7 Millionen US-Dollar	1,5 Millionen Dollar
Q3 2023	15,9 Millionen US-Dollar	1,3 Millionen US-Dollar
Q4 2023	17,2 Millionen US-Dollar	1,6 Millionen US-Dollar

Einbindung der Aktionäre durch Jahresversammlungen

Einzelheiten zur Jahreshauptversammlung für Aktionäre:

• Standort: Unternehmenszentrale in Littleton, Colorado
• Häufigkeit: Jährlich
• Teilnahmemethoden: Persönliche und virtuelle Teilnahme
• Wahlmechanismus: Elektronische und physische Wahlmöglichkeiten

Transparente Nachhaltigkeitsberichterstattung

Kennzahlen zur Nachhaltigkeitsberichterstattung für 2023:

Nachhaltigkeitsmetrik	Quantitativer Wert
Reduzierung der Kohlenstoffemissionen	12 % im Jahresvergleich
Wasserschutz	Reduzierung des industriellen Wasserverbrauchs um 18 %
Gemeinschaftsinvestition	750.000 US-Dollar für die lokale Gemeindeentwicklung

Digitale Investor-Relations-Plattformen

Digitale Engagement-Plattformen:

• Unternehmenswebsite: www.goldresourcecorp.com
• Investor-Relations-Webseite
• SEC-EDGAR-Einreichungen
• Webcast zu den Quartalsergebnissen

Gold Resource Corporation (GORO) – Geschäftsmodell: Kanäle

Börsennotierungen

Gold Resource Corporation wird an der NYSE American unter dem Tickersymbol GORO gehandelt.

Austausch	Tickersymbol	Listungsdatum
NYSE-Amerikaner	GORO	2006

Unternehmenswebsite

Offizielle Website: www.goldresourcecorp.com

• Bietet Anlegerinformationen
• Finanzberichte
• Pressemitteilungen
• Unternehmenspräsentationen

Präsentationen zur Finanzkonferenz

Konferenztyp	Häufigkeit	Plattform
Investorenkonferenzen	Vierteljährlich	Virtuell/persönlich

Investor-Relations-Kommunikationsplattformen

• E-Mail an Investor Relations
• Telefonischer Anlegerkontakt
• SEC-EDGAR-Einreichungen
• Vertriebsnetze für Pressemitteilungen

Jährliche Aktionärsberichte

Berichtstyp	Ablageort	Barrierefreiheit
Jahresbericht (10-K)	SEC EDGAR	Öffentlich
Vierteljährlicher Bericht (10-Q)	SEC EDGAR	Öffentlich

Gold Resource Corporation (GORO) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 betrug der institutionelle Besitz von Gold Resource Corporation 35,2 %, was einem Gesamtinvestitionsvolumen von 78,4 Millionen US-Dollar entspricht.

Anlegertyp	Investitionsbetrag	Prozentsatz des Eigentums
Investmentfonds	42,6 Millionen US-Dollar	19.3%
Pensionskassen	22,1 Millionen US-Dollar	10.2%
Hedgefonds	13,7 Millionen US-Dollar	5.7%

Individuelle Edelmetallinvestoren

Gold Resource Corporation richtet sich an Privatanleger durch:

• Einzelhandelsinvestitionsplattformen
• Direkte Aktienangebote
• Dividendenausschüttungsstrategie

Analysten der Bergbauindustrie

Wichtige Kennzahlen, die Analysten der Bergbaubranche anziehen:

• Marktkapitalisierung: 324,5 Millionen US-Dollar (Stand Januar 2024)
• Jährliche Goldproduktion: 54.000 Unzen
• Betriebskosten: 812 $ pro Unze

Nachhaltige Investmentfonds

Nachhaltigkeitsmetrik	Leistung
ESG-Rating	BB (MSCI-Rating)
Reduzierung der Kohlenstoffemissionen	12,4 % im Jahresvergleich
Nutzung erneuerbarer Energien	22 % des Gesamtenergieverbrauchs

Edelmetallhandelsunternehmen

Handelsvolumen und Beziehungen:

• Jährlicher Goldverkauf: 68.000 Unzen
• Durchschnittliche Kontraktgröße: 5.000 Unzen
• Aktive Handelspartner: 7 internationale Unternehmen

Gold Resource Corporation (GORO) – Geschäftsmodell: Kostenstruktur

Beschaffung und Wartung von Bergbauausrüstung

Ab 2024 umfassen die Kosten für Bergbauausrüstung der Gold Resource Corporation:

Ausrüstungskategorie	Jährliche Kosten ($)
Bohrausrüstung	3,750,000
Aushubmaschinen	4,250,000
Maschinen für Verarbeitungsanlagen	5,600,000
Wartung und Reparaturen	2,100,000

Arbeits- und Belegschaftsentschädigung

Aufschlüsselung der Personalvergütung:

Mitarbeiterkategorie	Jährliche Vergütung ($)
Bergbaupersonal	12,500,000
Verwaltungspersonal	3,750,000
Technische Spezialisten	4,250,000
Management	2,100,000

Explorations- und Entwicklungskosten

• Jährliche geologische Untersuchungen: 1.850.000 $
• Prospektion und Kartierung: 1.250.000 $
• Erkundung neuer Standorte: 2.500.000 US-Dollar
• Forschung und Entwicklung: 1.100.000 US-Dollar

Kosten für Umweltkonformität

Compliance-Kategorie	Jährliche Ausgaben ($)
Umweltüberwachung	750,000
Abfallmanagement	450,000
Sanierungsbemühungen	1,200,000
Einhaltung gesetzlicher Vorschriften	350,000

Verwaltungs- und Betriebsaufwand

Overhead-Kategorie	Jährliche Kosten ($)
Bürokosten	750,000
Versicherung	1,100,000
Dienstprogramme	450,000
Technologie und Software	350,000

Gold Resource Corporation (GORO) – Geschäftsmodell: Einnahmequellen

Verkauf von Gold- und Silbermetallen

Im Jahr 2023 meldete Gold Resource Corporation eine Gesamtgoldproduktion von 53.000 Unzen und eine Silberproduktion von 58.000 Unzen.

Metal	Produktionsvolumen (2023)	Durchschnittspreis pro Unze	Gesamtumsatz
Gold	53.000 Unzen	$1,940	$102,820,000
Silber	58.000 Unzen	$23.50	$1,363,000

Dividendenausschüttungen

Gold Resource Corporation zahlte im Jahr 2023 vierteljährliche Dividenden in Höhe von insgesamt 0,16 US-Dollar pro Aktie.

Edelmetall-Streaming-Verträge

Das Unternehmen verfügt über Streaming-Vereinbarungen, die zusätzliche Einnahmen aus der Metallproduktion generieren.

Streaming-Partner	Vertragsdetails	Jahresumsatz
Wheaton Edelmetalle	Silber-Streaming-Vereinbarung	$4,500,000

Lizenzgebühren für die Mineralexploration

Lizenzeinnahmen aus Explorationsprojekten trugen zu Einnahmequellen bei.

• Lizenzgebühren für die Exploration in Nevada: 750.000 US-Dollar
• Explorationslizenzgebühren für Mexiko: 1.200.000 US-Dollar

Investitionen und Finanzeinkommen

Finanzinvestitionen generierten zusätzliche Einnahmen.

Anlagekategorie	Einkommen 2023
Bargeld und gleichwertige Anlagen	$3,200,000
Kurzfristige Finanzinstrumente	$1,800,000

Gold Resource Corporation (GORO) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Gold Resource Corporation (GORO) attracts interest right now, focusing on what they deliver to the market as of late 2025.

Supply of high-grade gold and silver metal concentrates

Gold Resource Corporation's primary value is supplying metal concentrates from its Don David Gold Mine (DDGM) in Oaxaca, Mexico. This supply is a mix of precious metals, which the market values highly, especially given the recent price action. For the third quarter of 2025, the mine produced and sold specific amounts of gold and silver ounces, which you can see broken down here:

Metric	Q3 2025 Amount
Gold Ounces Sold	1,422 ounces
Silver Ounces Sold	417,710 ounces
Total Gold Equivalent (AuEq) Ounces Sold	6,298 ounces
Revenue (Q3 2025)	$24.878M

The realized prices for these metals directly impact the top line. In Q3 2025, the average sales price for gold was $3,546 per ounce, and for silver, it was $41.39 per ounce.

Diversification of revenue through base metal co-products

While gold and silver drive the narrative, the value proposition includes revenue diversification from base metals. The concentrates produced at DDGM contain more than just precious metals. Honestly, this co-product stream helps offset some of the operational costs, which is key when production volumes are tight. The concentrates from the El Aquila Project contain gold, silver, copper, lead, and zinc.

Operational turnaround potential via new high-grade zones

A significant part of the current value proposition is the potential for an operational shift, moving away from recent difficulties. Management is seeing encouraging signs that validate expectations for better grades and vein widths, which directly translates to better economics per tonne mined. This potential is grounded in specific, ongoing work:

• Development work progressing in the Three Sisters area.
• Drilling targeting the Arista system (Splay 31, Marena North, Candelaria, and Viridiana veins).
• Exploration targeting the Switchback system (Soledad South vein).
• Transition to the cut-and-fill mining method, which has significantly reduced dilution in narrow vein areas.

The market reacted positively to the cost improvements stemming from these changes. The All-In Sustaining Cost (AISC) dropped sharply from $5,458 per AuEq ounce in Q2 2025 to $2,983 per AuEq ounce in Q3 2025. That's a massive swing in efficiency, so to speak.

Direct exposure to rising precious metal prices (Q3 Au price: $3,546/oz)

You get direct leverage to the commodity cycle. Gold Resource Corporation's revenue is highly sensitive to the price of gold and silver. The realized price for gold in Q3 2025 was $3,546 per ounce, showing the benefit of the current high-price environment flowing through to sales. This exposure is a core offering, meaning if precious metal prices climb further, the company's revenue accelerates quickly, assuming production levels can be sustained or improved from the Q3 2025 levels of 6,298 AuEq ounces sold.

Gold Resource Corporation (GORO) - Canvas Business Model: Customer Relationships

You're looking at Gold Resource Corporation (GORO) and seeing a classic high-risk, high-reward mining story, but the 2025 numbers require a cold, hard look at how they manage their sales and investor base. The customer relationship here splits into two main groups: the metal buyers who purchase the physical product, and the capital markets that fund the operation.

Transactional, direct sales contracts with metal buyers

Gold Resource Corporation's entire operational revenue stream flows from a single geographic segment: the Don David Gold Mine (DDGM) near Oaxaca, Mexico. Revenue is almost entirely generated from the sale of metal concentrates, primarily gold and silver, with smaller contributions from copper, lead, and zinc. These sales are transactional, based on spot market prices or contracts subject to final pricing adjustments.

The third quarter of 2025 showed a significant bounce in sales activity following earlier operational hurdles. During Q3 2025, the company produced and sold 6,298 gold equivalent ("AuEq") ounces. This was achieved at strong realized prices for the quarter, which is a key factor in their transactional relationship with buyers. The shift in sales mix in Q3 2025 is defintely notable, moving away from the historical gold dominance.

Here's a breakdown of the sales metrics for the most recent reported quarter:

Metric	Q3 2025 Value	Context/Notes
Gold Equivalent Ounces Sold (Q3 2025)	6,298 AuEq ounces	Total ounces sold from DDGM.
Gold Ounces Sold (Q3 2025)	1,422 ounces	Component of total AuEq ounces sold.
Silver Ounces Sold (Q3 2025)	417,710 ounces	Component of total AuEq ounces sold.
Average Realized Gold Price (Q3 2025)	$3,546 per ounce	Price achieved on gold sales.
Average Realized Silver Price (Q3 2025)	$41.39 per ounce	Price achieved on silver sales.
Approximate Revenue from Gold Sales (Q3 2025)	Approximately 20.3%	Share of the $24.88 million Q3 2025 revenue.
Approximate Revenue from Silver Sales (Q3 2025)	Approximately 69.5%	Share of the $24.88 million Q3 2025 revenue.

For comparison, in the second quarter of 2025, Gold Resource Corporation sold 2,420 gold equivalent ounces. The relationship with metal buyers is purely transactional, meaning the company must consistently deliver product to generate revenue, which has been challenging given the equipment availability issues earlier in the year.

Investor relations for continuous capital market engagement

Given the operational struggles and the warning about the ability to continue as a going concern beyond Q3 2026, Gold Resource Corporation's engagement with the capital markets has been aggressive throughout 2025 to secure working capital. This continuous need for funding shapes a very active investor relations dynamic.

The company has actively used equity and debt instruments to manage liquidity and fund critical upgrades, such as ordering new equipment and engaging contractors like Cominvi Servicios. Here are the key capital market transactions in 2025:

• Raised $2.5 million through a registered direct offering in January 2025.
• Raised approximately $8.6 million through its At-The-Market Offering ("ATM") Program during the nine months ended September 30, 2025.
• Secured a $6.28 million loan agreement in June 2025, which was later fully repaid with equity proceeds.
• Closed a second registered direct offering in September 2025, raising $11.4 million from the sale of 25,315,954 shares at $0.45 per share.

The total capital raised through equity, debt, and a Mexican tax refund (approximately $4.0 million) was over $21.3 million year-to-date through September 30, 2025. This constant need for capital means continuous engagement with institutional and retail investors who participate in these offerings.

Direct communication with shareholders via earnings calls

Direct communication is managed through scheduled earnings calls, which serve as the primary forum for management to address operational progress, financial results, and strategic outlook directly with shareholders and analysts. The company maintained a quarterly cadence for these calls in 2025.

The schedule for 2025 included:

• 2024 Year-End Earnings Call on April 9, 2025.
• Second Quarter 2025 Earnings Call on August 6, 2025.
• Third Quarter 2025 Conference Call on November 5, 2025, at 12:00 p.m. Eastern Time.

The Q3 2025 call featured prepared remarks from Allen Palmiere, President and CEO, Armando Alexandri, Chief Operating Officer, and Chet Holyoak, Chief Financial Officer, followed by a live question and answer session. The company ensures transparency by recording the conference call and posting it to the website later the same day. This direct Q&A format is crucial for managing shareholder expectations, especially when discussing milestones like the expected 40% to 50% of total production coming from the Three Sisters area by 2026.

Gold Resource Corporation (GORO) - Canvas Business Model: Channels

You're looking at how Gold Resource Corporation (GORO) gets its product to market and, critically, how it funds its operations in late 2025. The channels here are split between physical sales and financial capital raising.

Direct sales of metal concentrates to smelters and refiners

The entire operational revenue flows from the Don David Gold Mine (DDGM) in Oaxaca, Mexico, selling metal concentrates containing gold, silver, copper, lead, and zinc. The realized prices for the metals sold are a direct input to this channel's success.

Here are the key sales figures through the third quarter of 2025:

Metric	Value	Period/Date
TTM Revenue	$61.43 million	Ending September 30, 2025
Quarterly Revenue	$24.88 million	Q3 2025
Gold Equivalent Ounces Sold	6,298	Q3 2025
Average Gold Sales Price	$3,546 per ounce	Q3 2025
Average Silver Sales Price	$41.39 per ounce	Q3 2025
Gold Ounces Sold	1,422	Q3 2025
Silver Ounces Sold	417,710	Q3 2025

The revenue composition for that strong Q3 2025 quarter shows a clear weighting:

• Silver Sales: Approximately 69.5% of total revenue.
• Gold Sales: Approximately 20.3% of total revenue.
• Base Metals (Copper, Lead, Zinc): Approximately 10.2% of total revenue.

The quality of the concentrate matters a lot; management focuses on improving payability, which means minimizing non-precious metals in the final product.

Equity markets (NYSE American) for common stock issuance

Gold Resource Corporation (GORO) uses the NYSE American exchange as a primary channel to inject equity capital directly into the business, often to manage debt or fund operations. This is a clear preference over debt financing, even with the dilution effect.

Key equity raises in 2025 include:

• September 2025 Registered Direct Offering Gross Proceeds: Approximately $11.4 million.
• Shares issued in September 2025 Offering: 25,315,954 shares.
• Price per share in September 2025 Offering: $0.45.
• Proceeds used to repay loan principal/interest: Approximately $6.4 million.
• January 2025 Direct Offering Proceeds: $2.5 million.
• Shares issued in September 2025 Offering for loan payoff: 14,204,846 shares.

The total capital raised across debt and equity activities for the year through September 2025 reached approximately $38.7 million. Before the September offering, the stock had delivered a year-to-date return of 154%.

At-The-Market (ATM) program for ongoing capital access

The At-The-Market (ATM) program serves as a flexible, ongoing channel to raise smaller, incremental amounts of capital as needed throughout the year, often used to supplement larger financing events or cover short-term working capital needs.

ATM proceeds for 2025 are significant:

• ATM Program Proceeds: Approximately $8.6 million.
• Period for $8.6 million figure: Nine months ended September 30, 2025.
• ATM Proceeds during Q2 2025: Approximately $5.6 million.

This ATM activity, combined with other financing, contributed to the $21.3 million raised through the first six months of 2025 across all financing sources mentioned.

Gold Resource Corporation (GORO) - Canvas Business Model: Customer Segments

You're looking at Gold Resource Corporation (GORO) and trying to map out exactly who is buying their product and who is funding their operations as of late 2025. The customer segments fall into two distinct groups: the physical buyers of the metal concentrates and the financial entities providing the capital.

Global metal refiners and smelters requiring concentrate feed

The primary commercial customers for Gold Resource Corporation (GORO) are the global facilities that process the raw material extracted from the Don David Gold Mine (DDGM) in Oaxaca, Mexico. Gold Resource Corporation (GORO) sells metal concentrates, not refined metal, so these buyers are the refiners and smelters. The entire operational revenue stream flows from this single geographic segment.

The revenue generated in the third quarter of 2025 hit $24.88 million, which was a massive 87.45% growth quarter-over-quarter. For the trailing twelve months ending September 30, 2025, total revenue was $61.43 million. The composition of that revenue shows a significant shift toward silver in 2025.

Here is a snapshot of the sales activity and realized pricing from the operational side:

Metric	Q3 2025 Value	Q2 2025 Value
Gold Equivalent Ounces Sold	6,298	2,420
Average Realized Gold Price (per oz.)	$3,546	$3,350
Average Realized Silver Price (per oz.)	$41.39	$34.35

The approximate revenue split for the $24.88 million in Q3 2025 revenue shows the customer demand profile:

• Silver Sales: Approximately 69.5%
• Gold Sales: Approximately 20.3%
• Base Metals (Copper, Lead, Zinc) Sales: Approximately 10.2%

This concentration means that the handful of global refiners purchasing the output from DDGM are the direct customers driving the company's top line. If onboarding takes 14+ days, churn risk rises, but for Gold Resource Corporation (GORO), a single smelter contract issue could halt nearly all revenue.

Institutional investors seeking precious and base metal exposure

The second major segment consists of the financial players who own the equity of Gold Resource Corporation (GORO). These are the institutional investors betting on the turnaround story at the Don David Gold Mine. As of late 2025 filings, institutional investors hold approximately 40.68% of the company's stock. This group includes major funds that often hold positions passively, like index trackers, and more active, large-stake holders driving strategic pressure.

You need to know who has the most conviction in the management's plan to execute on the Three Sisters vein system development. The capital raised through the September 2025 registered direct offering of $11.4 million was underpinned by participation from these institutional groups.

Key institutional holders and their approximate stakes as of September 30, 2025, include:

• Fiscal Wisdom Wealth Management LLC: 30.10% stake
• The Vanguard Group, Inc.: 3.80% stake, holding 6,148,795 shares
• BlackRock, Inc.: Holding 949,568 shares
• Mirae Asset Global Investments Co., Ltd.: 2.52% stake

The number of institutional filers has actually decreased significantly, showing that the remaining holders are the ones with the deepest commitment to the high-risk play.

Retail investors and high-net-worth individuals

This segment represents the public and individual investors who trade the stock on the exchange, often seeking high-risk, deep-value exposure to a potential mining recovery. This group holds a substantial portion of the company, approximately 58.32% of the stock outstanding. This high retail float suggests significant stock volatility driven by sentiment, especially given the year-to-date net loss of $24.5 million as of September 30, 2025.

The stock price as of December 5, 2025, was $0.75 per share, a significant increase from the $0.18 per share seen on December 6, 2024. This price action is heavily influenced by the retail segment's reaction to operational updates, such as the Q3 2025 production of 6,298 gold equivalent ounces. Insiders, a small subset of this group, hold about 1.01% of the stock.

The key action item for Finance is to draft the 13-week cash view by Friday, focusing on how the next quarter's production from the Three Sisters area impacts the cash burn rate against this retail investor base.

Gold Resource Corporation (GORO) - Canvas Business Model: Cost Structure

The Cost Structure for Gold Resource Corporation centers heavily on the operational costs associated with the Don David Gold Mine (DDGM) and ongoing capital investment to overcome equipment and access constraints.

The All-in Sustaining Cost (AISC) after co-product credits for the third quarter of 2025 was reported at $2,983 per AuEq ounce. This represents an improvement from the first quarter of 2025, where the AISC was $3,252 per AuEq ounce, and a significant reduction from the second quarter of 2025, which saw an AISC of $5,458 per AuEq ounce. The total cash cost after co-product credits for Q3 2025 was $2,116 per AuEq ounce.

Metric	Q1 2025 Value	Q2 2025 Value	Q3 2025 Value
All-in Sustaining Cost (AISC) per AuEq ounce	$3,252	$5,458	$2,983
Total Cash Cost per AuEq ounce	$2,494	$4,017	$2,116

Capital expenditures are a significant component, driven by the need to address an aging fleet and develop new ore sources. For the third quarter of 2025, the Company reported investments of $2.6 million in underground development and over $6.5 million in exploration. The Company also expected to require approximately $8.0 million in working capital over the next 12 months to fund initial development to access the Three Sisters and Splay 31 systems.

General and administrative (G&A) overhead, combined with other operating expenses, contributed to a net loss of $4.7 million for the three months ended September 30, 2025. For the Trailing Twelve Months (TTM) ending September 30, 2025, the Gross Profit was $5.86 million on total revenue of $61.43 million, resulting in a Gross Profit Margin of approximately 9.54%. The year-to-date net loss through the third quarter of 2025 reached $24.5 million.

Operating expenses for milling and processing were impacted by mechanical issues. The mill experienced mechanical issues that resulted in lower throughput. The Company ordered a third dry stack filter press to help increase processing throughput.

Key cost drivers and related financial metrics include:

• Q3 2025 Net Loss: $4.7 million.
• Q3 2025 Production: 6,298 gold equivalent ounces.
• Q3 2025 Revenue: $24.88 million.
• YTD 2025 Capital Raised (Debt and Equity): Approximately $27.2 million.
• Cash and Cash Equivalents as of September 30, 2025: $9.8 million.

The Company's cost profile is intrinsically linked to equipment availability and development success. Lower tonnes produced and lower grades through Q3 2025 constrained the ability to offset fixed overhead costs.

Gold Resource Corporation (GORO) - Canvas Business Model: Revenue Streams

You're looking at the core of Gold Resource Corporation (GORO)'s business, which is entirely dependent on selling metal concentrates mined from the Don David Gold Mine (DDGM) in Oaxaca, Mexico. The revenue streams are straightforward: precious metals lead the way, supported by base metals.

The Trailing Twelve Months (TTM) revenue, ending September 30, 2025, sits at $61.43 million. This TTM figure reflects a challenging period, though the most recent quarter showed significant sequential improvement.

For the third quarter of 2025, Gold Resource Corporation posted total sales of $24.88 million. This quarterly revenue was driven by the sale of specific metal volumes at realized prices:

• Total Gold Equivalent (AuEq) ounces sold: 6,298 oz.
• Gold ounces sold: 1,422 oz.
• Silver ounces sold: 417,710 oz.

The realized prices for these metals in Q3 2025 were strong:

• Realized price for gold: $3,546 per ounce.
• Realized price for silver: $41.39 per ounce.

The composition of that $24.88 million Q3 2025 revenue shows a heavy skew toward silver, which is a key dynamic for the business right now. Here is the breakdown based on the reported percentages:

Revenue Source	Approximate Q3 2025 Percentage	Derived Q3 2025 Revenue Amount
Sale of silver concentrate	69.5%	Approx. $17.29 million
Sale of gold concentrate	20.3%	Approx. $5.05 million
Sale of base metal concentrates	10.2%	Approx. $2.54 million

The base metal component is derived from the sale of concentrates containing copper, lead, and zinc, which are byproducts of the primary precious metal extraction process at DDGM. The total TTM revenue ending Q3 2025 was $61.43 million.

You should note the following key revenue stream characteristics:

• Revenue is generated almost entirely from the sale of metal concentrates.
• The entire operational revenue flows from a single geographic segment: the Don David Gold Mine in Mexico.
• The Q3 2025 revenue of $24.88 million represented an 87.45% growth compared to the prior year's quarter.
• TTM revenue of $61.43 million was down -16.87% year-over-year as of the end of Q3 2025.

Finance: draft 13-week cash view by Friday.