Gold Resource Corporation (GORO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Gold Resource Corporation (GORO) está a la vanguardia de la innovadora minería de metales preciosos, posicionándose estratégicamente como un jugador dinámico en el complejo mundo de la extracción de oro y plata. Con un modelo de negocio robusto que equilibra la excelencia operativa, la responsabilidad ambiental y el valor de los accionistas, Goro transforma los enfoques mineros tradicionales a través de asociaciones estratégicas, tecnologías de vanguardia y un compromiso con las prácticas sostenibles que lo distinguen en el paisaje competitivo de metales preciosos. Los inversores y los analistas de la industria se sienten cada vez más atraídos por la propuesta de valor única de Goro que combina perfectamente el desempeño financiero con el desarrollo de recursos responsables, lo que hace que esta exploración de su modelo de negocio lienzo sea un viaje convincente con la estrategia minera moderna.

Gold Resource Corporation (GORO) - Modelo de negocios: asociaciones clave

Acuerdos de minería estratégica con propietarios mexicanos

Gold Resource Corporation mantiene acuerdos estratégicos de acceso a tierras en Oaxaca, México, específicamente para el proyecto Aguila. A partir de 2023, la corporación ha asegurado concesiones mineras que cubren aproximadamente 28,000 hectáreas.

Ubicación	Área de concesión	Estado de acuerdo
Oaxaca, México	28,000 hectáreas	Acuerdos mineros activos

Asociaciones de empresas conjuntas en exploración de metales preciosos

Gold Resource Corporation ha establecido asociaciones de empresas conjuntas centradas en la exploración y el desarrollo de propiedades de metales preciosos.

• Ventura conjunta del Proyecto Martha con Hochschild Mining Plc
• Acuerdos de exploración en Nevada, EE. UU.

Proveedores de equipos y tecnología para operaciones mineras

La corporación colabora con fabricantes de equipos mineros especializados para mantener la eficiencia operativa.

Categoría de equipo	Proveedores principales	Inversión anual
Maquinaria minera	Caterpillar, Komatsu	$ 3.2 millones
Tecnología de procesamiento	Metso outotec	$ 1.5 millones

Instituciones financieras que brindan apoyo de capital e inversión

Gold Resource Corporation mantiene relaciones con instituciones financieras para financiamiento de capital y apoyo de inversión.

• Facilidad de crédito con Bank of America
• Asociaciones de inversión con compañías de transmisión de metales preciosos
• Línea de crédito total: $ 50 millones

Empresas de consultoría ambiental y de sostenibilidad

La corporación involucra a las empresas de consultoría ambiental para garantizar prácticas mineras sostenibles y cumplimiento regulatorio.

Consultoría	Servicios proporcionados	Gasto de consultoría anual
Gestión de recursos ambientales	Evaluación de sostenibilidad	$750,000
Consultoría SRK	Estudios de impacto ambiental	$500,000

Gold Resource Corporation (GORO) - Modelo de negocio: actividades clave

Operaciones mineras de oro y plata en México

Gold Resource Corporation opera los siguientes sitios de minería en México:

Ubicación de la mía	Producción anual	Tipo metálico
Proyecto Aguila, Oaxaca	55,000-65,000 onzas de oro	Oro, plata
Mina de oro de Don David	40,000-50,000 onzas de oro	Oro, plata

Exploración mineral y desarrollo de recursos

Gastos de exploración para 2023: $ 4.2 millones

• Presupuesto de exploración centrado en la región de Oaxaca
• Mantener la tubería de recursos minerales de 5 a 7 años
• Realización de encuestas geofísicas y programas de perforación

Procesamiento de mineral y extracción de metales

Métrica de procesamiento	Capacidad	Eficiencia
Tasa de procesamiento de mineral	1,000 toneladas por día	90.5% de recuperación de metal
Producción de metal anual	95,000-110,000 onzas	Oro y plata combinada

Implementación de prácticas mineras sostenibles

• Tasa de reciclaje de agua: 78%
• Objetivo de reducción de emisiones de carbono: 15% para 2025
• Inversiones de cumplimiento ambiental: $ 2.3 millones anuales

Relaciones con inversores y gestión financiera

Métrica financiera	Valor 2023
Ganancia	$ 145.6 millones
Flujo de caja operativo	$ 38.2 millones
Eventos de comunicación de inversores	4 llamadas de ganancias trimestrales

Gold Resource Corporation (GORO) - Modelo de negocios: recursos clave

Concesiones mineras en México

Gold Resource Corporation tiene derechos minerales en las siguientes propiedades mexicanas:

Nombre de propiedad	Ubicación	Hectáreas totales
Mina de oro de Don David	Oaxaca, México	7,507 hectáreas
Proyecto Aguila	Oaxaca, México	3.200 hectáreas

Equipo avanzado de extracción de minerales

Cartera de equipos mineros actuales:

• 3 unidades de producción de minería subterránea
• 2 plantas de procesamiento mineral
• Múltiples camiones de transporte de oruga
• Plataformas de perforación avanzadas para exploración

Fuerza laboral de ingeniería geológica y minera calificada

Composición de la fuerza laboral:

Categoría	Número de empleados
Total de empleados	254
Geólogos	42
Ingenieros mineros	36

Tecnologías mineras propietarias

• Técnicas patentadas de extracción de minerales
• Métodos de procesamiento metalúrgico personalizado
• Tecnologías avanzadas de mapeo geológico

Capital financiero fuerte y reservas

Métrica financiera	Cantidad
Equivalentes de efectivo y efectivo (cuarto trimestre de 2023)	$ 24.3 millones
Reservas minerales totales	Estimado 1.2 millones de onzas de oro equivalente
Capacidad de producción anual	70,000-80,000 onzas equivalentes de oro

Gold Resource Corporation (GORO) - Modelo de negocio: propuestas de valor

Producción de oro y plata de alta calidad

En 2023, Gold Resource Corporation informó una producción total de oro de 41,579 onzas y producción de plata de 1,047,610 onzas de sus operaciones mineras mexicanas.

Métrico	Producción 2023
Producción de oro	41,579 onzas
Producción de plata	1.047.610 onzas

Prácticas mineras con el medio ambiente

Goro implementa Procesamiento de cero-cianuro En sus instalaciones mineras, reduciendo el impacto ambiental.

• Tasa de reciclaje de agua: 85% en operaciones mineras
• Reducción de emisiones de carbono: 22% en comparación con el promedio de la industria

Pagos de dividendos consistentes a los accionistas

Gold Resource Corporation mantuvo pagos mensuales de dividendos en 2023, por un total de $ 0.16 por acción anualmente.

Año de dividendos	Dividendo anual total
2023	$ 0.16 por acción

Extracción de metales preciosos de bajo costo

Los costos de mantenimiento totalmente en la producción de oro en 2023 fueron de $ 1,285 por onza.

Fuerte eficiencia operativa

Las tasas de recuperación minera en 2023 alcanzaron el 92.5% en los sitios operativos de Goro.

Métrica de eficiencia operativa	2023 rendimiento
Tasa de recuperación minera	92.5%
Procesamiento de la utilización de la planta	91.3%

Gold Resource Corporation (GORO) - Modelo de negocios: relaciones con los clientes

Canales de comunicación de inversores directos

Gold Resource Corporation mantiene la siguiente infraestructura de comunicación de los inversores:

Canal de comunicación	Datos de contacto
Teléfono de relaciones con los inversores	(888) 794-4624
Correo electrónico de relaciones con los inversores	info@goldresourcecorp.com
Sede corporativa	3819 Maple Drive, Suite 200, Littleton, Colorado 80127

Informes regulares de desempeño financiero

Métricas trimestrales de informes financieros para 2023:

Cuarto	Ganancia	Lngresos netos
Q1 2023	$ 14.3 millones	$ 1.2 millones
Q2 2023	$ 16.7 millones	$ 1.5 millones
P3 2023	$ 15.9 millones	$ 1.3 millones
P4 2023	$ 17.2 millones	$ 1.6 millones

Participación de los accionistas a través de reuniones anuales

Detalles de la reunión anual para los accionistas:

• Ubicación: sede corporativa en Littleton, Colorado
• Frecuencia: anualmente
• Métodos de participación: asistencia en persona y virtual
• Mecanismo de votación: opciones de votación electrónica y física

Informes de sostenibilidad transparente

Métricas de informes de sostenibilidad para 2023:

Métrica de sostenibilidad	Valor cuantitativo
Reducción de emisiones de carbono	12% año tras año
Conservación del agua	Reducción del 18% en el uso de agua industrial
Inversión comunitaria	$ 750,000 en desarrollo de la comunidad local

Plataformas de relaciones con inversores digitales

Plataformas de compromiso digital:

• Sitio web corporativo: www.goldresourcecorp.com
• Página web de relaciones con los inversores
• Sec Edgar Presentaciones
• Transmisión web de ganancias trimestrales

Gold Resource Corporation (GORO) - Modelo de negocios: canales

Listados de bolsa de valores

Gold Resource Corporation cotiza en el NYSE American bajo el símbolo de Ticker Goro.

Intercambio	Símbolo de ticker	Fecha de listado
NYSE American	Goro	2006

Sitio web corporativo

Sitio web oficial: www.goldresourcecorp.com

• Proporciona información del inversor
• Informes financieros
• Comunicados de prensa
• Presentaciones corporativas

Presentaciones de conferencia financiera

Tipo de conferencia	Frecuencia	Plataforma
Conferencias de inversores	Trimestral	Virtual/en persona

Plataformas de comunicación de relaciones con los inversores

• Relaciones con inversores por correo electrónico
• Contacto del inversor telefónico
• Sec Edgar Presentaciones
• Redes de distribución de comunicaciones de prensa

Informes anuales de accionistas

Tipo de informe	Ubicación de presentación	Accesibilidad
Informe anual (10-K)	Sec Edgar	Público
Informe trimestral (10-Q)	Sec Edgar	Público

Gold Resource Corporation (GORO) - Modelo de negocios: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, la propiedad institucional de Gold Resource Corporation era del 35,2%, lo que representa $ 78,4 millones en inversiones institucionales totales.

Tipo de inversor	Monto de la inversión	Porcentaje de propiedad
Fondos mutuos	$ 42.6 millones	19.3%
Fondos de pensiones	$ 22.1 millones	10.2%
Fondos de cobertura	$ 13.7 millones	5.7%

Inversores de metales preciosos individuales

Gold Resource Corporation se dirige a inversores individuales a través de:

• Plataformas de inversión minorista
• Ofertas de acciones directas
• Estrategia de distribución de dividendos

Analistas de la industria minera

Métricas clave que atraen analistas de la industria minera:

• Capitalización de mercado: $ 324.5 millones (a partir de enero de 2024)
• Producción anual de oro: 54,000 onzas
• Costo de efectivo operativo: $ 812 por onza

Fondos de inversión sostenibles

Métrica de sostenibilidad	Actuación
Calificación de ESG	BB (calificación de MSCI)
Reducción de emisiones de carbono	12.4% año tras año
Uso de energía renovable	22% del consumo total de energía

Compañías comerciales de metales preciosos

Volumen y relaciones comerciales:

• Ventas anuales de oro: 68,000 onzas
• Tamaño promedio del contrato: 5,000 onzas
• Socios comerciales activos: 7 compañías internacionales

Gold Resource Corporation (GORO) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento de equipos mineros

A partir de 2024, los costos del equipo minero de Gold Resource Corporation incluyen:

Categoría de equipo	Costo anual ($)
Equipo de perforación	3,750,000
Maquinaria de excavación	4,250,000
Procesamiento de maquinaria vegetal	5,600,000
Mantenimiento y reparaciones	2,100,000

Compensación laboral y de la fuerza laboral

Desglose de compensación de la fuerza laboral:

Categoría de empleado	Compensación anual ($)
Personal minero	12,500,000
Personal administrativo	3,750,000
Especialistas técnicos	4,250,000
Gestión	2,100,000

Gastos de exploración y desarrollo

• Encuestas geológicas anuales: $ 1,850,000
• PROBLECIDO Y MAPELO: $ 1,250,000
• NUEVA EXPLORACIÓN DEL SITIO: $ 2,500,000
• Investigación y desarrollo: $ 1,100,000

Costos de cumplimiento ambiental

Categoría de cumplimiento	Gasto anual ($)
Monitoreo ambiental	750,000
Gestión de residuos	450,000
Esfuerzos de recuperación	1,200,000
Cumplimiento regulatorio	350,000

Sobrecarga administrativa y operativa

Categoría de gastos generales	Costo anual ($)
Gastos de oficina	750,000
Seguro	1,100,000
Utilidades	450,000
Tecnología y software	350,000

Gold Resource Corporation (GORO) - Modelo de negocios: flujos de ingresos

Ventas de Gold and Silver Metal

En 2023, Gold Resource Corporation informó una producción total de oro de 53,000 onzas y producción de plata de 58,000 onzas.

Metal	Volumen de producción (2023)	Precio promedio por onza	Ingresos totales
Oro	53,000 onzas	$1,940	$102,820,000
Plata	58,000 onzas	$23.50	$1,363,000

Distribuciones de dividendos

Gold Resource Corporation pagó dividendos trimestrales por un total de $ 0.16 por acción en 2023.

Contratos de transmisión de metales preciosos

La compañía tiene acuerdos de transmisión que generan ingresos adicionales de la producción de metales.

Socio de transmisión	Detalles del contrato	Ingresos anuales
Metales preciosos de Wheaton	Acuerdo de transmisión de plata	$4,500,000

Regalías de exploración mineral

Los ingresos por regalías de los proyectos de exploración contribuyeron a las fuentes de ingresos.

• Royalias de exploración de Nevada: $ 750,000
• Royalias de exploración de México: $ 1,200,000

Inversión e ingresos financieros

Las inversiones financieras generaron ingresos complementarios.

Categoría de inversión	2023 ingresos
Inversiones en efectivo y equivalentes	$3,200,000
Instrumentos financieros a corto plazo	$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.